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.

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.

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%.