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July, 26, 2016

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Business > Americas
US consumer price gains slow; underlying inflation supported
U.S. consumer prices moderated in May, but sustained increases in housing and health care costs kept underlying inflation supported, which could allow the Federal Reserve to raise interest rates this year.
 
Fed sees ultra-slow pace of rate hikes ahead
The Federal Reserve signaled Wednesday that it foresees an exceedingly slow pace of interest rate hikes ahead -- and is in no hurry to resume them.
 
A small Florida bank will issue the first U.S. credit card intended for use in Cuba and make it easier for Americans to travel and work on an island largely cut off from the U.S. financial system, the bank announced Tuesday.
 
Venezuelans barter using smartphones
A kilogram of pasta gets you a packet of diapers. A bag of flour buys a bottle of shampoo. Short on basic supplies, Venezuelans have reverted to ancient shopping habits: bartering whatever they have.
 
What goes up...
The Monaco Tower at the Riviera Hotel and Casino crumbles to the ground during a controlled demolition in Las Vegas, Nevada on Tuesday, June 14. The casino opened in 1955 and was closed last year to make room to expand the Las Vegas Convention Center.
 
Aerospace firm successfully tests solar aircraft
A test pilot successfully flew a solar-powered prototype aircraft on Friday for a company that envisions manufacturing a fleet of drones to provide aerial internet service for an estimated 4 billion people worldwide.
 
Blue diamond sells for US$25 mil. in New York
A blue diamond from the South African mine famous for contributing to the British Crown Jewels sold for more than US$25 million in New York on Thursday, Christie's said.
 
Mutual funds are about to get much more real. A big change is coming in how stock indexes measure the market, one that's likely to push tens of billions of dollars into real-estate investments, according to estimates. All that cash could drive further gains for a group of stocks that's already done quite well since the financial crisis. Critics say it could also make an area of the market that they call overvalued even more so.
 
U.S. government agencies are working on temporary rules to allow a private company to land a spacecraft on the moon next year, while the U.S. Congress weighs a more permanent legal framework to govern future commercial missions to the moon, Mars and other destinations beyond Earth's orbit, officials said.
 
A rescue package for debt-stricken Puerto Rico has cleared a major hurdle in the U.S. House of Representatives and now heads to the upper house Senate just three weeks before the island owes a US$2 billion debt payment to creditors.
 
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