US bookstore giant Borders set to close a third of its outlets

Borders Group has filed for bankruptcy protection and said it would close about one-third of its bookstores after years of shrivelling sales that made it impossible to manage its crushing debt load.

The long-expected Chapter 11 filing will give the second-largest US bookstore chain a chance to try to fix its finances and overhaul its business in an attempt to survive the growing popularity of online book buying and digital formats.

Total wants Uganda oil licence extended

One of Tullow Oil’s partners in Uganda’s lucrative Lake Albert Basin wants the licence for the project extended to compensate for delays caused by a tax row between the country’s government and Heritage Oil.

Tullow agreed to buy Heritage out of its share of part of the field last year for more than €1 billion, and agreed a three-way deal with French major, Total and Chinese giant Cnooc to develop it.

Yesterday, Total's chief executive said the company wants the government to extend the development licence.

Profits halved at EMI Ireland

Profits at EMI Records (Ireland) more than halved in the year ended March 31st, 2010, as declining sales and illegal downloading hit the Irish music industry, writes CAROLINE MADDEN.
The Irish arm of the music group EMI, whose artist list includes Katy Perry and Tinie Tempah, saw total profits fall to ¤1.4 million, from €3.4 million a year earlier. Its capital and reserves rose from €12.1 million to €14.2 million.