Northern Rock defers bondholders’ payments

Northern Rock Plc, which is the first bank in England to be nationalized during the credit crisis, has suspended interest payments on some of its subordinated bonds, indicating the poor financial condition of the bank.

The current move of the lender was to save cash resources ahead of reorganization of the bank.

The bank will be reorganized into “good bank” and “bad bank.” Good bank will separate bank’s saving and lending from its old debts like mortgages that have turned bad.

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British Land posts 3.7% fall in its property portfolio

British Land, commercial property giant, reported smaller-than-expected 3.7% fall in its property portfolio to £8.1 billion for the quarter ended June 30.

British Land’s fall in valuation is smaller as compared with its earlier two quarters, indicating that Britain’s ailing market is on the mend.

The company has registered a 10% rise in rental income to £143 million owing to sound letting. Company’s occupancy rate stood at 94%.

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RIM makes BlackBerry App World online

Research in Motion has come up with an online version of its app store, BlackBerry App World. Current move of the company would make shopping comparatively quicker plus easier.

BlackBerry users can now browse hundreds and hundreds of applications and select the desired one from the available apps through their desktop browsers by making a visit to the official site.

The look of the online storefront is kept almost all the same to that experienced by BlackBerry-users on their handsets.

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Pendragon urges govt to widen “cash for bangers” scheme

Pendragon, the UK's largest operator of franchised motor dealerships, has urged the govt. to widen its “cash for bangers” scheme as it has encouraged the car-market and the careworn auto-industry has started taking a U-turn.

Cash-for-bangers scheme provides a rebate worth £2,000 on the purchase of new cars to those buyers who scrap their more than 10-year old cars. 

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Michael Page posts 49% profits for first half

Michael Page, UK's second-biggest recruitment agency has registered a 49 per cent fall in profits to £43.2 million for the first six-month of the current year.

Michael Page's revenue plunged 27 per cent to settle at £364.7 million.

Michael Page showed a profit worth £43.2 million for the first half of 2009, down from £84.1 million for the same period in 2008.

The agency has trimmed down its workforce by 26 per cent to 1,220 in the England.

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