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MPC committee adds new members
The Bank of England's Monetary Policy Committee (MPC),
which determines the UK's interest rates, has appointed
a journalist and a career civil servant as its newest
members.
Rachel Lomax, who is presently with the Department
of Transport, will join former editor of the Financial
Times, Richard Lambert.
Rachel Lomax will also take up the position of Deputy
Governor of the Bank of England when the new governor,
Mervyn King, is appointed on July 1.
The MPC was established in June of 1998 by Chancellor
Gordon Brown, when he removed the power to set interest
rates from his own office in an attempt to make the
process more independent in June of 1998.
The MPC's other core objectives include maintaining
the integrity and value of the currency, maintaining
the stability of the financial system and ensuring the
effectiveness of the UK's financial services.
Classrooms of the future
British classrooms of the future could become havens
of sleek and modern designs and see the more traditional
type of schoolroom furniture banished forever.
Over sixty design teams, including some of the nation's
top designers, partnered with manufactures to bid for
funding to create a new generation of classroom furniture.
Three successful teams were each given £20,000
by the Design Council and the Department for Education
and Skills (DfES), to come up with new ideas for desks,
chairs and workbenches for UK schools.
"Furniture for the Future is central to our push
to create school buildings and equipment which inspire
learning," says Stephen Crowe, Head of Resources
at the DfES.
British Petrol expands Russian oil interests
BP ignored political and economic concerns in the region
and invested $6.75 billion in Russian oil.
The oil giant will now own 50 per cent of Russia's
fourth-largest oil producer, TNK, creating the country's
third-largest oil and gas business.
The new combined company will have production of some
1.2 million barrels of oil a day and BP's share of the
resources will be in line with its 50 per cent interest
in the company. Its share of oil production will total
more than 500,000 barrels a day.
"Over the past year we have conducted a very thorough
examination of the assets involved in this deal, including
rigorous and extensive physical inspections. We have
also taken great care to put in place a system of governance
that safeguards the interests of all parties."
said Lord Browne, BP Chief Executive.
BP also revealed that it was to invest $20 billion
in five countries that were not traditionally oil-producing,
such as Angola and Trinidad.
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