South Africa's Reserve Bank plans to eliminate the prime interest rate, transitioning to repo rate loans and adopting ZARONIA, improving transparency in lending.
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Hong Kong faces uphill battle to lure back Chinese tourists
The Lo Wu arrival hall on Hong Kong's border used to throng with visitors during mainland China's "Golden Week", but as the five-day tourism bonanza kicked off on Wednesday, the queues there were modest.
GSK profit drops in first quarter on higher costs
British drugmaker GlaxoSmithKline on Wednesday said its net profit fell 23 percent in the first quarter as the company faced higher exceptional costs compared with a year earlier. Following the update, the group's share price edged up 0.1 percent in early trading on London's top-tier FTSE 100 index, as the group also upgraded its full-year outlook for sales.
US Fed likely to keep rates steady as hopes of early cuts fade
The US Federal Reserve is expected to hold interest rates steady for a sixth straight meeting Wednesday, with a summer start to cuts looking less likely owing to stubborn inflation. Analysts broadly expect an announcement on runoff to come this week or at the next interest rate meeting in June. bys/sst/dan
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Made in Mzansi Celebrates South African Heritage, Local Manufacturing and Everyday Health
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