Cairn Energy reduces staff to stem costs

By Karolin Schaps LONDON (Reuters) - British-based oil explorer Cairn Energy Plc said it will trim its business to keep a lid on costs as it continued losing money over the first half of the year, with its Indian business under investigation by tax authorities. Cairn pared its first-half loss to $62 million (37 million pounds) after tax from $219 million a year earlier, when it was hit hard by impairments booked in its Indian business. Indian tax authorities are investigating Cairn's tax payments dating back about seven years, having already targeted companies including oil major Shell , South Korea's LG Electronics and France's Cap Gemini in a broad crackdown as India seeks to reduce its budget deficit. "Cairn has re-confirmed with its advisers that throughout its history of operating in India the group has been fully compliant with the tax legislation in force in each year," the company said. Read More http://ift.tt/1kQOLaG