In Short

A roundup of the rest of today's business news in brief

INM’s Australian interest reports lower-than-forecast rise in profit

APN News and Media, the Australian group in which Independent News & Media (INM) has a 32 per cent stake, has reported an uptick in first-half profits and a slight improvement in earnings. The media group had revenues of AUD$507.5 million, which was 1 per cent ahead of the same period of last year. Earnings before interest and tax were AUD$86.9 million, a rise of 11 per cent. However, Davy analyst Simon McGrotty said in a research note that the results were behind his expectations. The broker had forecast earnings of $90 million. He noted that sales in two of the group’s three main divisions were behind his forecasts. APN management said a recovery in advertising was under way.

US workers’ pay ‘similar to India’

Call centre workers are becoming as cheap to hire in the US as they are in India, according to the head of India's largest business process outsourcing company.

High unemployment levels have driven down wages for some low-skilled outsourcing services in some parts of the US, particularly among the Hispanic population.

At the same time, wages in India's outsourcing sector have risen by 10 per cent this year, and senior outsourcing managers based there command salaries above global averages.

Pramod Bhasin, chief executive of global outsourcing firm Genpact, said his company expected to treble its workforce in the US over the next two years, from about 1,500 employees now. "We can hire some seasoned executives with experience in the US for less money." – (Copyright The Financial Times Limited 2010)

Tullow Oil to sell shares in Africa

Tullow Oil, the Dublin and London listed oil and gas exploration firm, has confirmed plans to sell shares in both Uganda and Ghana.

In January this year, the firm said it would cross-list on the two African exchanges, in order to facilitate demand for the company's shares in local markets.

It also wants to demonstrate its long-term commitment to the continent.

Rents lower than same period in 2009

Rents remained largely unchanged in the second quarter of 2010, but are still significantly lower than the same period last year, according to the latest rental report by property website, Daft.ie.

Rents across the Republic fell by less than 1 per cent between April and June, but were 5 per cent lower than the same period last year. The average asking rent now stands at just over €835 per month.