The South African Reserve Bank Governor Lesetja Kganyago announced that the interest rate was reduced to 7% and the prime lending rate was reduced to 10.5%.
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France arrests Russian tycoon in tax, sanctions probe
French police have arrested Russian billionaire Alexei Kuzmichev, one of the co-founders of the Alfa Group and who is targeted by EU sanctions, on suspicion of tax fraud and violating sanctions, sources close to the case said. Kuzmichev has launched an appeal to get the EU sanctions against him lifted, a source close to the case said.
Prada sees slowing sales growth in third quarter
Prada saw its sales growth decelerate during the third quarter but the Italian luxury group said Tuesday sales for the year were still solidly higher thanks to strong performances in Asia and Europe, its top markets. Luxury groups have recently seen growth slow, in part due to China's weak economy.
US Fed poised to keep rates unchanged as it opens key meeting
The US central bank opened a key policy meeting Tuesday, with officials widely expected to hold interest rates at a 22-year-high as they balance efforts to lower inflation while staving off a recession. With financial conditions tightening, analysts expect the Fed can continue holding rates steady.
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