UK gas supplier Centrica to cut 5,000 jobs

 Centrica, which owns British Gas, is cutting 5,000 jobs as it restructures. company says in a statement Thursday that it needed to simplify and modernize business. Group Chief Executive Chris O’Shea says harsh reality is that firm has “lost half its earnings in recent years.’’ He says that changes “are designed to arrest our decline, allow us to focus on our customers and create a sustainable company.” Around half of current 40-strong senior leership team is expected to leave group by end of August.