PRESS DIGEST - British business - Aug 9

The Times

BP OIL PRODUCTION HIT AS FIGHTING BREAKS OUT IN CAUCASUS

BP (BP.L) has been forced to cut back production from its oil fields in Azerbaijan because of an attack in Turkey on a pipeline that runs through the volatile Caucasus region, where war broke out on Friday in the disputed territory of South Ossetia. Carlo Gallo, Russia analyst at Control Risks Group, said of the Caucasus: "It's always been a precarious region . Investors are worried."

OFT ALLOWS GLOBAL RADIO TO OWN FIVE LONDON STATIONS

The Office of Fair Trading has provisionally cleared Global Radio's 375 million pound acquisition of GCap Media, a landmark ruling that will allow Global to own five radio stations in London and effectively control half the capital's radio advertising market. Ashley Tabor heads the consortium of investors that will own the enlarged company, which will hold Capital 95.8, Heart 106.2, Xfm, Choice FM and LBC.

PROFITS PLUNGE AT SCHRODERS AS RETAIL INVESTORS FLEE