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As possibility of multiple interest rate cuts dwindle here's what banks and building societies are offering

Petroceltic relinquishes Adriatic oil exploration permit

Reuters - UK Focus

MILAN, Feb 9 (Reuters) - The Italian Industry ministry said on Tuesday it acknowledged a decision by Petroceltic to relinquish a permit for oil and gas exploration in the southern Adriatic sea.

Italy is trying to boost oil and gas production on land and at sea to reduce its dependence on imports, but local opposition to drilling on environmental grounds has slowed development and prompted the introduction of a 12-mile ban on activities within Italy's coastlines and protected areas.

(Reporting by Stephen Jewkes; Editing by David Goodman)