Reuters

WASHINGTON (Reuters) - The U.S. Supreme Court on Thursday upheld the Consumer Financial Protection Bureau's funding mechanism in a challenge brought by the payday loan industry, handing a victory to President Joe Biden's administration and a setback to the agency's conservative critics.

The 7-2 decision reversed a lower court's ruling that the CFPB's funding design - drawing money each year from the Federal Reserve instead of from budgets passed by... (continue reading...)

By Patrick Werr and Aidan Lewis

CAIRO (Reuters) - Egypt appears on track to break with past practice and let its currency float in line with IMF-backed reforms, but structural changes that could pull the country out of a cycle of bailouts look less likely.

After two years of chronic foreign currency shortages, Egypt has secured a windfall of funding since late February including $24 billion in new funds for a UAE project to develop a... (continue reading...)

By Howard Schneider

WASHINGTON (Reuters) - Developed economies have so far skirted a damaging wage price spiral from the breakout of inflation that followed the pandemic, two top economists have concluded, with a relatively painless landing from the episode possible in some countries but not yet assured.

For the U.S. in particular, increased productivity and the drop in inflation so far "might even require no increase in unemployment" for... (continue reading...)

STOCKHOLM (Reuters) - The far-right Sweden Democrats, a party the government relies on to keep its coalition afloat, said on Thursday it would reassign staff and change tactics after a TV investigation revealed it had directed online smear campaigns ahead of EU elections.

An investigation by TV4 aired last week, featuring a report with a hidden camera, showed that the Sweden Democrats' communications staff were involved in secret online campaigns... (continue reading...)

WASHINGTON (Reuters) - Production at U.S. factories unexpectedly fell in April amid a decline in motor vehicle output, data showed on Thursday.

Manufacturing output dropped 0.3% last month following a downwardly revised 0.2% increase in March, the Federal Reserve said. Economists polled by Reuters had forecast factory output rising 0.1% after a previously reported 0.5% advance in March.

Production at factories fell 0.5% year-on-year in... (continue reading...)