Uganda confirms new oil deposits

18 September 2012 Last updated at 11:29 ET

Uganda has confirmed the discovery of an additional one billion barrels of oil in the country.

In 2010, it had announced it had discovered commercially viable deposits of 2.5 billion barrels.

However, the commissioner for petroleum exploration told the BBC that deposits were now at least 3.5 billion barrels.

"This is because of new discoveries, and also the ability to extract more oil from existing wells," Ernest Rubondo told World Business Report.

Investors sought

Mr Rubondo said that out of 77 wells drilled so far, 70 contain oil and gas.

Companies such Tullow Oil, Total and CNOOC already operate in Uganda, but Mr Rubondo said he was looking for other investors to join them.

Before that happens, changes to the previous licensing bills have to be made in parliament,

"Bills were passed before the presence of oil was confirmed and now the risk for commercial companies has reduced," he said.

Continue reading the main story

A nation's security of supply for petroleum products enhances its competitiveness"

End Quote Ernest Rubondo Commissioner for petroleum exploration

Critics say that production in existing fields has been delayed by contractual disagreements, tax disputes and infrastructure setbacks.

"When oil is discovered in the middle of the country there are logistical problems which have to be overcome before it can be shipped," Mr Rubondo said.

"You cannot compare it to oil and gas discovered in the middle of the ocean," he said, "where you just have to load it onto a tanker."

He pointed out that anywhere in the world, it can take between eight and 10 years from the discovery of oil on land, to actually extracting it.

Rather than exporting the oil, he said that it was government policy to refine the oil in Uganda to provide petrol, diesel and jet fuel.

"A nation's security of supply for petroleum products enhances its competitiveness," he said.

When commenting on whether ordinary citizens would share in the wealth generated by oil, he said: "There is a communication strategy on our website so stakeholders can see exactly what is happening.

"The constitution provides laws on how local and central governments share the royalties," he added.

18 Sep, 2012

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Fedex warns of weakening economy

18 September 2012 Last updated at 10:19 ET

Global shipping service company Fedex has cut its full-year profit forecast, warning that the global economy is continuing to weaken.

The company, whose earnings are widely watched because of the number of countries it does business in said its net income for the first quarter had fallen 1% on last year to $459m.

Fedex said it expected annual profits to be about 10% lower than expected.

Customers are moving business from air to slower and less expensive routes.

Fedex is the world's second largest package delivery company.

18 Sep, 2012

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Electronic Arts creates 300 jobs

18 September 2012 Last updated at 09:00 ET

Games company Electronic Arts is creating 300 new jobs at its European customer service centre in Galway, in the Republic of Ireland.

The centre already has a 400-strong workforce.

The US firm said it had received support from the Irish government, which is keen to attract more digital games firms to the country.

Irish premier Enda Kenny said the new jobs showed the "enormous potential" of the gaming industry.

It has been a difficult time for games retailers such as Game Group, which went into administration earlier this year, with the loss of more than 2,000 jobs.

Peter Moore, chief operating officer of Electronic Arts, told BBC News that the industry was changing, adding that some of the Game stores were reopening under new ownership.

And he said that the creation of the customer service showed how quickly the industry was moving away from sales of boxed games on the High Street and "evolving quickly to digital".

"More and more we are dealing direct with consumers," he said.

18 Sep, 2012

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Man Utd net profits rise to £23m

18 September 2012 Last updated at 09:22 ET

Profits at Manchester United football club jumped 79.2% to £23.3m in year to 30 June, according to latest figures.

However, the numbers, the first since the club floated on the New York stock exchange last month, show that total revenues fell 3.3% to £320m.

Earnings from commercial operations, which includes sponsorship, hit a record £117.6, up 13.7%.

Shares in the club were floated 10 August at $14 each, but have since fallen.

18 Sep, 2012

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Bank account exclusion 'rethink'

18 September 2012 Last updated at 08:26 ET

Banks need to "look again" at financial inclusion after new bankrupts saw the end to a choice of bank accounts, a minister has said.

The new consumer minister, Jo Swinson, said that the Co-op's withdrawal of basic bank accounts for undischarged bankrupts was "disappointing news".

She said the government would continue discussions with the banks.

Barclays is now the only bank to offer a bank account to people in the 12 months after a bankruptcy order.

'Opportunity'

People who have been made bankrupt are generally only allowed to open a basic bank account.

These accounts do not offer overdrafts. Some have a debit card, but only with limited facilities. They do not incur a monthly fee.

On Monday, the Co-op changed its basic Cashminder basic bank account, arguing that all banks should work equally to offer help to those who have been financially excluded.

"The withdrawal of a basic bank account for undischarged bankrupts is disappointing news. Removing options, where there is already limited choice, will only harm those needing access to basic banking services," said Ms Swinson.

"This should be an opportunity for banks to look again at this issue and work with government to make some real progress."

The British Bankers' Association, which represents the UK's major banks, said that banks faced other difficulties if they decided to take on bankrupt customers.

"Banks who accept bankrupt customers open themselves to potential legal challenges from their customer's creditors, who could have a legal claim to money passing through the account," said a BBA spokesman.

18 Sep, 2012

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Two-speed housing market persists

18 September 2012 Last updated at 06:33 ET

House prices continued to accelerate much quicker in London than the rest of the UK, latest figures show.

UK property prices rose by 2% in the year to the end of July - lower than the rate of inflation - according to the Office for National Statistics (ONS).

However, prices increased by 5.7% in London over the same period, the figures show.

There were price falls in Scotland, Wales and Northern Ireland.

Prices dropped by 1.1% over the year in Scotland, by 0.2% in Wales and by 10.9% in Northern Ireland, the ONS statistics show.

In England, property prices grew by 2.4%, although this was driven by the price rises seen in London.

"Equity rich and cash buyers remain the key players in today's housing market, with lending levels still historically subdued - and this is focusing the main price growth in London," said Peter Rollings, chief executive of estate agent Marsh and Parsons.

In the month from June to July, prices were unchanged in the UK as a whole, the ONS said.

18 Sep, 2012

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Spanish bank bad debts at record

The value of bad debts held by Spain's banks in July rose to 169.3bn euros ($221bn; £136bn), according to latest figures from the central bank.

The Bank of Spain said 9.9% of banks' total loans were in arrears, up from 9.4% a month before.
It was the highest bad loan ratio since the central bank began compiling the data in 1962.

Despite the news, Spain raised 4.6bn euros in 12- and 18-month loans on the bond markets on Tuesday.
That helped 10-year Spanish yields ease back from Monday's highs of more than 6%, dipping to 5.97% on Tuesday.

Spanish banks' bad debts have risen steadily since the property bubble burst four years ago and the country fell into recession.

Almost a quarter of Spaniards are now out of work, and many analysts believe Spain is inching closer towards seeking a full financial bailout.

The results of a final stress test on Spain's banks are due to be published on 28 September, and will provide a basis for calculations as to which banks should receive European Union funds and how much they should get.

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Lawyers face tax dodging action

18 September 2012 Last updated at 05:52 ET

Tax inspectors are to target the legal profession among others during their latest trawl for suspected tax dodging.

Solicitors and barristers in London will be examined for a suspected shortfall in tax payments of £3m, HM Revenue and Customs (HMRC) said.

Other sectors to be investigated include motor traders in Scotland and hair and beauty specialists in the North East of England.

HMRC investigators will visit traders and inspect their books.

"These taskforces bring together specialists from across HMRC to find people who are not paying what they should," said Mike Eland, of HMRC.

"If you have paid all your taxes you have nothing to worry about. But for those deliberately evading tax, be warned that HMRC is coming after you."

Collection target

The UK tax authority has previously launched 30 "taskforces" to make rapid inspections of various trades and professions.

These have included the rag trade - involved in the import, wholesale, marketing and sale of clothing - and the motor trade, as well as indoor and outdoor markets. Restaurants and scrap metal firms have also been put under the microscope.

HMRC said that it expected to collect £50m in unpaid tax owing to the work of existing units, as part of a wider campaign aimed at tackling tax avoidance, evasion and fraud.

The latest sectors announced to be targeted, as well as lawyers, are:

• Grocery and retail in South and North Wales, the North West of England and the South West of England - expected to bring in £3.75m
• Hair and beauty in the North East of England - expected to yield £3.75m
• Restaurants in the South East of England and the Solent - expected to discover £2.5m
• The motor trade in Scotland - expected to bring in £3m

"We have made it clear that we will not tolerate tax evasion and we are determined to crack down on the minority who choose to break the rules," said the Exchequer Secretary David Gauke.

18 Sep, 2012

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Digital book sales soar in the UK

18 September 2012 Last updated at 00:49

A "huge increase" in the value of digital book sales in the UK has been announced by trade organisation the Publishers Association.

The value of digital fiction sales in the first half of 2012 was up 188% on the same period in 2011.

Physical book sales saw a drop in value, dipping 0.4% year on year.

Industry experts said that while the figures were healthy, other areas of the industry, such as bookshops, continued to struggle financially.

"Certainly the strong e-book growth has taken the tarnish off the otherwise tricky market," said Philip Jones, editor of The Bookseller.

"It is good news that the market is transitioning and making money from that, but it is moving to a trickier situation where there are fewer booksellers."

The figures show impressive increases across the board in a year where e-book popularity - in particular the likes of Fifty Shades of Grey - hit the headlines for racking up massive sales.

Sales of digital children's books were up 171%, while non-fiction titles increased by 128%.

'Exciting authors and titles'

Continue reading the main story

"Start Quote

The latest figures from the Publishers Association make surprisingly positive reading for anyone in the book trade... The general reader is embracing e-books. "

End Quote

The total value of sales of all books - digital and non-digital - were up by 6.1% for the January-June period.

This generated revenue of £1.1bn for the first half of the year, the Publishers Association (PA) said.

"The huge increase in digital sales shows how rapidly readers and publishers are embracing e-book reading," said Richard Mollet, the trade body's chief executive.

"Whether books are enjoyed physically or electronically, publishers will continue to invest in exciting authors and titles.

"They can do this because of the stability provided by the UK's robust and flexible copyright framework.

"This is why The PA is at the forefront of calls to government to ensure that copyright is not eroded and that creators' rights are protected and supported online."

Cheap tablets

Continue reading the main story

"Start Quote

There's a good deal of uncertainty about what will happen on Boxing Day 2012"

End Quote Philip Jones The Bookseller

Mr Jones, from The Bookseller, told the BBC that independent bookshops were struggling to keep up with their larger rivals such as Amazon.

Some other shops, such as Waterstones, are aiming to increase sales by entering into tie-up deals with popular e-book manufacturers.

The industry is unsure, Mr Jones said, over where exactly consumer interest will head next.

"What we don't know yet is what will happen when more bookreaders get tablet devices," he said.

"This will be the first Christmas where you get more cheap tablet devices from the likes of Barnes and Noble, Amazon and Kobo.

"There's a good deal of uncertainty about what will happen on Boxing Day 2012 when a few million people open up their tablet and think 'What am I going to buy on it?'."

18 Sep, 2012

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Inflation rate falls back to 2.5%

18 September 2012 Last updated at 04:45 ET

The annual rate of inflation in the UK, as measured by the Consumer Prices Index, fell back to 2.5% in August after a surprise rise to 2.6% in July.

The Retail Prices Index (RPI) inflation measure, which includes housing costs, fell to 2.9% in August, the Office for National Statistics (ONS) said.

The fall was partly due to smaller rises in furniture and gas prices.

Apart from July's rise, CPI inflation has been falling steadily since peaking at 5.2% in September last year.

The latest figures show that prices were 2.5% higher in August than they were in the same month last year.

18 Sep, 2012

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