A round-up of today's other business news in brief ...

Glanbia plan to cut 210 jobs confirmed

Food group Glanbia is seeking 210 redundancies as part of a previously- announced cost-saving plan, it was confirmed yesterday.

In a letter to staff, Glanbia said the redundancies were part of its “rationalisation programme” and would apply to its 2,200 staff in the Republic and the North.

Globally the group employs almost 4,000 people.

A spokeswoman said “the majority” of the redundancies would be voluntary but declined to provide a timeframe for the job losses.

The programme will result in an exceptional cost of €16 million this year.

Dragon Oil’s 645m barrels of reserves

Dublin-listed oil and gas producer Dragon Oil said yesterday the Cheleken exploration field in Turkmenistan contained proved and probable reserves of 645 million barrels of oil and condensate.

A full-field remapping also showed 3.2 trillion cubic feet of gas resources, it said.

“We can now continue to proceed confidently with the field development plan,” said chief executive Abdul-Jaleel Al-Khalifa.

Rankin seeking deal with creditors

Belfast-based celebrity chef Paul Rankin has hired business advisers Grant Thornton to help him reach a deal with creditors to avert a bankruptcy petition.

Rankin has confirmed that he and his wife are working with the advisers to reach an individual voluntary arrangement (IVA) with creditors.

This is a legal agreement between an individual and their creditors to pay part or all of the money they owe.

It is understood the Rankins’ IVA proposes a payment equivalent to 52p in the pound to their creditors.

GM to cut workforce by 10,000 this year

General Motors said it will cut its global salaried work force by about 10,000, or 14 per cent, this year and impose pay cuts on most remaining white-collar US workers as it scrambles to slash costs under a restructuring mandated by its US government bailout.

GM said it would cut its salaried workforce to about 63,000. – (Reuters)

Manufacturing down 13% last year

Production by Irish-based manufacturers declined by 13 per cent in the year to December, in line with trends in many other countries.

Industrial production and turnover figures from the Central Statistics Office show significant declines in the modern sector of the economy, including pharmaceutical and chemical manufacturing, which fell by 20 per cent last year.