China Business Digest: Consumer Inflation Slows to 14-Month Low, U.K. Chip Designer Says China CEO Was Fired

China’s May consumer inflation data is in, and easing food prices kept the rate at its lowest level in 14 months. Meanwhile, SoftBank Group Corp.’s Arm Ltd. and its Chinese chip venture are in a public spat over whether the venture’s CEO has been fired. And small and midsize banks are being told not to worry about dipping into loss reserves and to lend more instead.