ENERGY & UTILITIESBangladesh oil firm frustrated at Cairn newsBangladesh state run oil and gas corporation Petrobangla has said it is frustrated by claims Cairn Energy's Sangu gas field is running out of reserves
. Director of Petrobangla, Muhammad Muqtadir Ali told the country's media that the corporation had been notified by Cairn that 'gas reserves at Sangu are being exhausted fast and the field may not be able to produce any gas after the end of next year". He claimed Petrobangla had been 'frustrated by this information but will sit with Cairn next week to try to sort out the problem." Bangladesh's only offshore natural gas field has been in production since 1998 but Cairn are convinced the field is nearing the end of its useful life. A spokesman for Cairn would only say: "We have made it clear that the shelf-life of Sangu production is limited."
(The Herald) Read all today's energy and utilities news from scotsman.comFOOD, DRINK & AGRICULTUREInBev sees beer volumes fallInBev, the Belgian brewing giant, has reported yet another fall in UK sales volumes despite increasing its market share. The group reported itself 'far from satisfied' with the figures which saw a 9 per cent fall in second quarter profits in the Western European operation to €195 million. Business in the UK fell by 4.1 per cent in the second quarter while margins for the group which brews Tennents also increased as soaring commodity prices took their toll. Chief executive Carlos Brito commented: "Our overall pricing is healthy, but rising costs continue to put pressure on our margins."
(The Scotsman) Read all today's food, drink and agriculture news from scotsman.comINDUSTRYJob cuts at Borders timber firmOregon Timber Frame Ltd of Selkirk has announced plans to cut its workforce as the downturn in the housing market continues. The group has already cut ten jobs, but it is expected the redundancies will rise to 17 taking the total of job cuts in the last 12 months to 50. Managing director John Merry said: "This strategic cost-cutting exercise will enable a stable business model, which will allow us to expand relatively rapidly when the market returns to normal. The intention, going forward, is to preserve as many jobs as possible to maintain the skills we will need in the future."
(BBC Scotland Online) Read all today's industry news from scotsman.comMANAGEMENTScottish Enterprise tightens its beltScottish Enterprise has reported a £2.5 million surplus on its £535 million budget after the government agency was 'decluttered' by the SNP. The quango has transferred more than 1000 jobs to other bodies and next year will have to get by on a budget of £327 million. The news is in stark contrast to two years ago when the SE board secured inflation busting pay rises of up to 21 per cent. Chief financial officer Hugh Hall commented: "All our executive board members got the basic pay increase of 2.5 per cent across the board. That is what we all received." Hall was ostensibly brought into SE to 'steady the ship' and he claimed to have achieved just that. He added: "For me the big issue going forward is how we can actually build up the resources we have got available, particularly in the investment side and the extent we can develop our sources of finance. Having steadied the ship it is a case of let's see what we can achieve in terms of additional resources." Those resources include £40 million in the Scottish Co-investment Fund which invests in companies alongside private equity groups. Hall noted: "We will use that over the course of the next seven or eight years to invest in growing companies. With an economic downturn already kicking in, one of the areas that may well need our support is equity finance. Even in quarter one this year we are seeing increased demand for our investment fund. Tucking that money away means we are able to meet that demand."
(The Scotsman) Read all today's management news from scotsman.comMEDIA & LEISURETUI bucks trendTUI Travel, the parent company of Thomsons holidays, has revealed an increase in third quarter profits and 'buoyant' trading in the UK. Profits at the holiday operator were up 39 per cent to £65.4 million and the group claimed there was no evidence holidaymakers were trading down or cutting back on their holiday plans in the face of the current economic turmoil. Chief executive Peter Long said: "Our customers continue to place enormous value on their holidays and we are seeing no evidence to suggest that demand is slowing for any of our seasons on sale."
(The Herald)Fair Isle bids for twitcher marketThe National Trust has launched a fund raising drive to create a new bid observatory on Fair Isle as it bids to increase tourist numbers by tapping the twitcher market. The Trust believe the bird watching facilities on the island to be the lynchpin of the economy and is now seeking £1.5 million to open the new building by 2010. More than a quarter of the £4 million costs will be met by Shetland Islands Council but the much of the remainder is expected to raised by public donation.
(BBC Scotland Online) Read all today's media and leisure news from scotsman.comTECHNOLOGYLogica posts surprise sales growthIT service group Logica has startled the City by predicting it will beat its sales growth targets for the financial year. The group is currently cutting 1300 jobs worldwide as it undergoes a major restructuring and has now claimed it expects to see revenues grow 4 per cent rather than the predicted 3 per cent. Analyst Julian Yates commented: "While it is pleasing the group is able to increase its targets, it still implies the momentum is set to markedly slow into the second half. This in turn sets what we would see as a bleak picture for 2009, where we would see mainland Europe start to slow materially."
(The Herald) Read all today's technology news from scotsman.comPROPERTYBellway merge Scottish offices and cut jobsHousebuilder Bellway has merged its two Scottish offices as part of a series of job cuts which it hopes will fight falling margins and sales. The cuts will see some 150 jobs go across the UK after the Newcastle-based group's completed sales fell 14.2 per cent in the 12 months to July 31 with average sales prices falling by £4,300 to £169,000. A company statement read: "Bearing in mind market conditions, and the fact that the cancellation rate increased to unprecedented levels towards the end of the financial year, we consider this to be a satisfactory performance." However, it is believed the overall picture was distorted by a stronger first half and the second half fall may be more precipitous than it seems. Bellway finance director Alastair Leitch commented: "We're in 'feel bad' mode. If there was such a thing as a feel-good index from nought to ten, we're at minus five at the moment. So you could have a freeing up of the credit situation in the next few months and it would take another four or five months before people believe it."
(The Scotsman) Read all today's property news from scotsman.com
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