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BP to up oil and gas output, slash clean energy spend in overhaul
BP to up oil and gas output, slash clean energy spend in overhaul

BP plans to increase production of its more profitable oil and gas business and slash investment in cleaner energy, the British energy giant announced Wednesday to the dismay of environmentalists. BP will increase oil and gas investment to around $10 billion per year, making up two-thirds of capital expenditure.

Los Angeles wildfires costliest in history: Munich Re
Los Angeles wildfires costliest in history: Munich Re

German reinsurance giant Munich Re said Wednesday that last month's huge wildfires in Los Angeles had been the costliest "in the history of the insurance industry". Nonetheless, the figure would represent "the most substantial wildfire losses in the history of the insurance industry", Munich Re said.