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US Fed’s favoured inflation measure cools further

WASHINGTON, July 26 (AFP): The US Federal Reserve's favored inflation measure eased further in June, according to government data published Friday, in more good news for policymakers ahead of next week's interest rate decision.The personal consumption expenditures (PCE) price index eased to an annual rate of 2.5 per cent in...

Brazil's Economy Minister Fernando Haddad (left) and US Treasury Secretary Janet Yellen

Rio de Janeiro: Brazil's Economy Minister Fernando Haddad (left) and US Treasury Secretary Janet Yellen sign an agreement during the G20 economic ministers' meeting in Rio de Janeiro, Brazil on Friday. — AFP

Brent, US crude futures fall on sagging China demand

HOUSTON, July 26 (Reuters): Brent and US oil crude futures fell more than $2 a barrel on Friday on declining Chinese demand and hopes of a Gaza ceasefire agreement that could ease Middle East tensions and accompanying supply concerns.Brent was down $1.81, or 2.2 per cent, at $80.56 a barrel...

Russian central bank hikes key rate to fight inflation

MOSCOW, July 26 (AFP): Russia's central bank raised its key interest to 18 per cent on Friday, the sixth hike in just over a year as it seeks to tame soaring price rises.Governor Elvira Nabiu-llina said Russian businesses were facing higher costs and payment problems as the West puts pressure...

Walmart looks to bet $200m on autonomous forklifts

NEW YORK, July 26 (Reuters): Walmart has plans to potentially spend $200 million on self-driving forklifts as part of broader efforts to automate more warehouse operations, according to three people familiar with the matter.The world's largest retailer wants autonomous forklifts to move pallets of goods in its distribution centres, which...

RBI fines Visa for unauthorised payment method

BENGALURU, July 26 (Reuters): The Reserve Bank of India (RBI) imposed a penalty of 24.1 million rupees (nearly $288,000) on Visa in relation to its usage of an unauthorised payment transfer method, the central bank said on Friday."It was observed that the entity (Visa) had implemented a payment authentication solution...

Electric car woes force German supplier ZF to axe jobs

BERLIN, July 26 (AFP): German car parts manufacturer ZF said Friday it would cut a fifth to a quarter of jobs in Germany as it struggled with the switch to electric vehicles and foreign competition."The number of employees in Germany is to be successively reduced by 11,000 to 14,000 from...