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Bank of England holds rate as inflation stays high

LONDON, United Kingdom — The Bank of England kept its key interest rate at 4 percent Thursday, as elevated UK inflation offsets the country’s stagnant economic growth. The decision widely expected by markets followed a regular policy meeting and came one day after the US Federal Reserve had cut its benchmark borrowing costs for the first

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Ayala drops distribution of Volkswagen cars

MANILA, Philippines — The Ayala group’s Automobile Central Enterprise Inc. (ACEI) has come into an agreement with Volkswagen AG to end the distribution of the German brand’s vehicles in the Philippines. ACEI said in a notice to customers that, considering this, Volkswagen BGC will continue its operations until Sept. 30 only. A member of the Ayala