Jessops posts 4.7% fall in sales for quarter ended Aug. 16

Photographic retailer Jessops has posted a 4.7 per cent fall in like-for-like sales for the quarter ended August 16, citing problematic retailing environment.

Earlier, Jessops had witnessed a year-on-year fall of 3.6 per cent during the 8-week period to May 24.

Jessops said that it expected to report another loss in the running financial year.

It is important to mention here that Jessops is in talks with its key lender, HSBC regarding a fundamental restructuring of its debt, a move that can save its business.

FSA rules will not mar shareholder activism

Recent financial crisis has compelled the UK government to review its finance sector. The government wants institutional investors to play an important role in managements' decisions via questioning and collective shareholder agreements.

The Financial Services Authority has stated that its "concert party" rules will not hinder the way of stronger bank-shareholder activism as investors can join forces on inspecting an institution's strategy with out fear of violating regulations on collusion and market abuse.

Sony offers cashback on exchange of old TVs for new ones

Japanese electronics giant, Sony Corp. on Wednesday initiated a scrappage scheme in UK to boost its sales via encouraging cash-strapped customers to exchange their old televisions for new ones.

Sony said it would provide customers with a discount of as much as £150 off the price of new televisions in return for old ones.

The scheme will be kicked off from August 21. Customers will get cashback of £50 on the purchase of 26-inch Bravia and £150 cashback on the purchase of KDL-46WE5 television.

UK local bus sector to face competition probe

Britain's local bus sector is going to face probe as the Office of Fair Trading has proposed to refer the sector to the Competition Commission, saying limited competition has led to higher fares for passengers.

OFT took the current step after a 5-month inquisition into the £3.6 billion industry.

According to the OFT, facts from the study showed that some practices of the local bus services could affect the competition in the sector adversely.

City average pay rises 6%; hiring freeze melts

City workers have witnessed 6 per cent rise in their average pay in July as compared with the previous month.

Average pay for financial workforce in London has been soared to £53,223.

Statistics from Morgan Mckinley, a recruiter, also revealed that the gain that the job market scored in June was continuing through July, revealing a rebound in the job market.

The pay is still 1 per cent lower as compared with last year, but confirmed jobs activity has revealed early signs of revival after the economic downturn.

Rok posts 47% fall in first-half pre-tax profits

Rok, building maintenance firm has posted a 47 per cent fall in its first-half pre-tax profits to £6 million, but said property market started showing signs of revival.

Rok’s revenues stood at £364.5 million for the first half ended June 30, down by 33 per cent.

Under the cost cutting measures, the company hacked as many as 750 jobs in November 2008.

The interim dividend payable on Oct. 9 has been trimmed down by 35pc to 0.75p by the company, making shares of the company to dip 9½ to settle at 48½p.

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