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UK inflation in shock rise, dashing rate cut hopes
UK inflation in shock rise, dashing rate cut hopes
Economy
by  AFP

British annual inflation unexpectedly picked up in December, data showed Wednesday, dashing hopes of an early cut to UK interest rates and prolonging a cost-of-living squeeze before an election. The BoE has lifted interest rates to a 15-year peak in a bid to dampen inflation, worsening a cost-of-living crisis as commercial lenders mirror the higher loan costs to businesses and consumers.

BP picks new CEO following Looney sacking
BP picks new CEO following Looney sacking
Economy
by  AFP

British oil giant BP on Wednesday named veteran employee Murray Auchincloss as chief executive officer following a period as interim boss in the wake of Bernard Looney's sacking. "BP announced today that the board has appointed Murray Auchincloss as chief executive officer with immediate effect," the group said in a statement, sticking to a policy of promoting from within.