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US Federal Reserve sees inflation progress but envisions only one rate cut this year

washington —  Federal Reserve officials said Wednesday that inflation has fallen further toward their target level in recent months but signaled they expect to cut their benchmark interest rate just once this year. The policymakers’ forecast for one rate cut…

World Bank: Inflation, poverty keep climbing in war-torn Myanmar

Bangkok —  Myanmar’s economy shows no signs of recovering from the 2021 military coup, as civil war drives more workers abroad, pushes inflation into triple digits in some parts of the country and pulls it deeper into poverty, a new…

US inflation cooled in May in sign that price pressures may be easing

WASHINGTON —  Inflation in the United States eased in May for a second straight month, a hopeful sign that a pickup in prices that occurred early this year may have passed. The trend, if it holds, could move the Federal…

EU to hit Chinese electric vehicles with increased tariffs

The European Commission said Wednesday it plans to impose increased duties of up to 38% on imported Chinese electric vehicles starting in July, escalating a trade dispute that Brussels sees as part of an effort to protect EU-bloc manufacturers. The…

Volvo shifts EV production to Belgium to avoid China tariffs

Volvo cars has started to shift production of Chinese-made electric vehicles to Belgium in the expectation that the European Union will drive ahead with a crackdown on Beijing-subsidized imports, according to a report in The Times. Volvo, which is majority-owned…

G7 to warn small Chinese banks over Russia ties, sources say

Washington —  U.S. officials expect the Group of Seven (G7) wealthy democracies to send a tough new warning next week to smaller Chinese banks to stop assisting Russia in evading Western sanctions, according to two people familiar with the matter….

US employers add a robust 272,000 jobs in May

WASHINGTON —  America’s employers added a strong 272,000 jobs in May, accelerating from April and a sign that companies are still confident enough in the economy to keep hiring despite persistently high interest rates. Last month’s sizable job gain suggests…

No more chicken Big Macs – EU court rules against McDonald’s in trademark case

Brussels —  McDonald’s MCD.N does not have the right to use the term “Big Mac” for poultry products in Europe after not using it for them for five consecutive years, the region’s second top court said on Wednesday, a partial…

US farmers opt for soy to limit losses as all crop prices slump

Chicago —  Mark Tuttle planted more soy and less corn on his northern Illinois farm this spring as prices for both crops hover near three-year lows and soybeans’ lower production costs offered him the best chance of turning a profit…

Algeria seeks to lure tourists to neglected cultural, scenic glories

ORAN, Algeria —  Algeria wants to lure more visitors to the cultural and scenic treasures of Africa’s largest country, shedding its status as a tourism backwater and expanding a sector outshone by competitors in neighboring Morocco and Tunisia. The giant…