Russia to fix small business VAT threshold at 20 mln rubles for three years, Siluanov says

Drought drives U.S. cattle supplies to 75-year low as retail beef price hits record. USDA reports 57% of cattle in drought areas, pasture conditions at 42% poor or very poor.

U.S. ranchers are under pressure to sell or move cattle as drought dries pastures and water sources across major ranching regions, with the USDA reporting that 57% of cattle inventory is in drought areas. Retail beef prices have hit a record high.

Japan's foreign reserves post record $77.11 billion drop in May, largest monthly decline since 2000. Finance Ministry says reserves fell 5.6% to $1.31 trillion amid yen-buying intervention.

Japan's foreign reserve assets fell 5.6% in May from the previous month, marking the largest monthly decline on record, the Finance Ministry said Friday. Official reserves stood at $1.31 trillion at end-May, down $77.11 billion from April.

U.S. consumer spending split by income as affordability strains persist, Fed Beige Book finds. Higher-income households resilient, but middle and low-income consumers show strain.

The Federal Reserve's Beige Book released Wednesday shows U.S. consumer spending is divided by income group amid affordability pressures, with higher-income households resilient, middle-income households cautious, and low-income consumers under financial strain.

Putin meets former German Chancellor Schröder in Kremlin for one-on-one talks, aide says. Schröder has been floated as potential EU negotiator, but Berlin rejects idea.

A meeting between Russian Vladimir Putin and former German Chancellor Gerhard Schröder took place in the Kremlin in a one-on-one format, said Russian presidential aide Yuri Ushakov. The conversation was described as friendly. On May 9, Putin said Schröder is the most suitable candidate for potential negotiations with Russia on behalf of the EU; the German government and EU's Kaja Kallas rejected the idea. Sources from Die Zeit say German authorities have been preparing for possible talks with Russia in recent weeks.