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Bank of England lifts interest rate to 14-year high
Bank of England lifts interest rate to 14-year high
Business and Economy
by  AFP

The Bank of England on Thursday hiked its interest rate by half a point to 3.5 percent, the highest level in 14 years, in a bid to cool sky-high inflation. Paul Dales, chief UK economist at Capital Economics, said on Thursday that he expected the BoE to keep on hiking up to a peak of 4.5 percent early next year, as inflation remains at historically-high levels. bcp/rfj/raz

New Volkswagen boss eyes tapping the brakes on software drive
New Volkswagen boss eyes tapping the brakes on software drive
Business and Economy
by  AFP

Volkswagen's new boss Oliver Blume will seek to rally the board and shareholders at back-to-back meetings from Thursday to support his strategy on a crucial automotive software that felled his predecessor. That would have potentially serious knock-on effects -- from delays on a flagship model to budget overruns -- that Blume would need to talk the board and shareholders round to accepting.