Editor: Pat Williams. E-mail pwilliams@creditman.co.uk
John Arnold. E-mail jarnold@creditman.co.uk
Site: Business Credit Management UK
URL: http://www.creditman.co.uk
Issue: 48
Dated: 1st February 1998
Welcome to the Business Credit News UK.
In this weeks edition you will find the following topics.
UKMANUFACTURERS` CONFIDENCE AT LOWEST LEVEL FOR OVER TWO YEARS AS EXPORT ORDERS CONTINUE TO FALL SAYS CBI SURVEY
Business confidence among Britain’s manufacturers has experienced its sharpest fall since October 1995 during the past four months, as export orders continue their downward slide, according to the latest Confederation of British Industry quarterly industrial trends survey out last week.
Twenty four per cent of manufacturers said they were less optimistic than they were four months ago about the general business situation, compared to 13 per cent who said they were more optimistic, giving a negative balance of 11 per cent. This compares with positive balances of two per cent in October and nine per cent one year ago.
The fall in export orders is in line with the last two surveys and comes despite the largest ever recorded export prices fall. Total new orders grew modestly over the past four months due to a slight pickup in domestic demand. However capital goods industries reported a sharp slowdown.
Over the next four months the growth in domestic orders is expected to ease and export demand to fall more slowly. Andrew Buxton, Chairman of the CBI’s Economic Affairs Committee, said: "Our survey shows that business confidence amongst Britain’s manufacturers has fallen sharply. There is also added caution in anticipation of the knock-on effect of the East Asian economic crisis. The CBI believes that there is no pressure to raise interest rates, as there is an overall slowing down of economic growth coupled with no inflationary pressure in manufacturing as a result of both weak costs and prices."
The survey shows that inflationary pressures remain very weak with falls reported by manufacturers in both unit costs and domestic prices. A negative balance of 12 per cent of companies said their unit costs had fallen over the past four months: a rate last reached in January 1994, which was the lowest result recorded since the survey began. Export prices fell for the seventh consecutive survey and at the sharpest rate since the survey started monitoring them in 1961. Domestic prices fell at their quickest rate since October 1996.
Over the next four months, unit costs and export prices are still expected to fall but at a slower rate than recorded in this survey. Domestic prices are expected to be virtually unchanged: the weakest expectation in a January survey since 1993. Manufacturing output grew slightly over the past four months although the rise was less than expected due to slower growth in capital goods output and only a modest rise for consumer goods producers.
Output expectations for the next four months have moderated and are now the least positive in a quarterly survey since October 1993.Manufacturers list demand shortage as the factor most likely to limit output over the next four months. This constraint is now at its highest level since last April.
Shortages of skilled labour has eased back as a constraint on future output, although they still remain at a higher level than in the first half of 1997. Employment fell slightly over the past four months, although expectations were for a much sharper fall. It is now expected to level off.
Firms’ plant and machinery investment intentions for the year ahead moderated further and are now the least positive since July 1994. Capacity utilisation rose to the highest level since April 1995.
The survey was carried out between 11 December 1997 and 14 January 1998. 994 manufacturing firms completed the survey. The survey covers 50 industries and accounts for around a half of the UK’s manufacturing exports and some two million employees. During the survey period the dollar averaged 1.64 against sterling and the mark averaged 2.95, compared with 1.61 and 2.86 in last October’s survey.
RADIOCOMMUNICATIONS AGENCY APPOINTS FINANCIAL ADVISER FOR THIRD GENERATION TELECOMS LICENSING PROCESS
The Radiocommunications Agency (RA) has appointed N M Rothschild & Sons Limited (Rothschilds) to advise on the possible auction of spectrum licences for Universal Mobile Telecommunications Service (UMTS), the third generation of mobile telecommunications. This is a key step towards the Government's and industry's shared goal of early licensing certainty for UMTS.
Rothschilds will provide a range of assistance including advice on the feasibility and timescale of an auction, and on policy issues affecting auction design. If the Government decides to proceed with an auction during the financial year 1998-99, Rothschilds will undertake the marketing and run the auction itself.
Any auction remains subject to the completion of Parliamentary consideration of, and Royal Assent being given to, the Wireless Telegraphy Bill. The Bill requires secondary legislation to be laid before Parliament setting out the framework for the auction.
ORDERS FOR NEW CONSTRUCTION: NOVEMBER 1997
The total volume of construction new orders for November have improved on the level seen in October. In particular the private new housing sector has seen the largest increase. The three-monthly figure for all new work is up by nine per cent compared with the previous period. The total volume of new orders received by contractors for construction work in Great Britain in the three months September 1997 to November 1997 was nine per cent higher compared with the three months June 1997 to August 1997 and eight per cent higher compared with the three months September 1996 to November 1996.
These provisional figures reflect the volume of orders at constant (1990) prices adjusted to exclude normal seasonal variations.
New orders in the private housing sector in the three months September 1997 to November 1997 were nine per cent higher compared with the previous three months and four per cent higher than in the corresponding period a year ago. Public housing and housing association orders in the latest three months were eight per cent higher than in the previous three months but 21 per cent lower than in the same period a year earlier.
Infrastructure orders in the latest three months were 11 per cent lower compared with the previous three months and 27 per cent lower compared with the corresponding period a year earlier.
Public non-housing orders (excluding infrastructure) in the latest three months were nine per cent higher compared with the previous three months and nine per cent higher than in the corresponding period a year ago.
Private industrial orders in the latest three months were eight per cent lower compared with the previous three months but ten per cent higher compared with the same period a year ago.
Private commercial orders in the latest three months were 27 per cent higher compared with the previous three months and 39 per cent higher than in the corresponding period a year ago.
In current prices the total value of new orders in November was #2131 million.
CHANNEL RAIL LINK AND EUROSTAR
Refusing a subsidy of 1.2 billion pounds ($2 billion), the government threatened to take over the Channel Rail Link and Eurostar passenger service unless the consortium in charge of the project can secure private finance within 30 days.
SINGAPORE
Contributed by Bernice Kuo, kuopb@singnet.com.sg
Investments For Local BusinessThe Economic Development Board (EDB) is looking into areas to provide working capital funds of those promising local business (PLB) who are facing a credit squeeze from the banks. It was also reported that the EDB will increase its efforts to maintain last year's investment level of $8.5 billion, despite of the regional countries' financial turmoil. Singapore's cost of doing business will be reduced in order to maintain its attraction as an investment centre. Should there be changes in the companies' investment plan, much would depend on the type of product and where their markets are. The EDB would assist those promising local business in the manufacture of goods and services, but not those businesses in shares and properties sector. The EDB aim to groom those in the PLB scheme in revenues of $100 million each by year 2005 to be Asian multinational companies with turnovers of $400 million to $500 million.
MALAYSIA
Contributed by Bernice Kuo, kuopb@singnet.com.sg
Debt RepaymentDespite of the financial crisis, Malaysia will continue repayment of its corporate debt, instead of following Indonesia of having a pause in repayments. There are no changes in policies, as the measures have already been in place to revive the country's economy. The government have asked their people not to expect instant profits, or to do things that may cause the country to suffer losses for the benefit of reaping instant profits. The government is confident that the country's economic & financial crisis will recover in due course, with the co-operation of the people, and the business.
The final report of the Hampel Committee on Corporate Governance was published last week. The Government will issue a Green Paper on proposals for a major review of company law in the Spring.
Commenting on the report, the President of the Board of Trade, Margaret Beckett said:
"Good corporate governance alone does not lead to competitiveness and growth. There is also a need to ensure that the framework of self regulation and company law works consistently to promote these ends. I therefore plan to issue a Green Paper in the Spring which will set out my proposals for a major review of company law."
MONEY TO BE MADE FROM FUN IN THE SUN
UK exporters urged to exploit #5 billion leisure market in the Gulf.
A new three year campaign to increase exports to the Persian Gulf was launched by the DTI and the Birmingham Chamber of Commerce at the Cafe Royal in Central London on 29 January. The Gulf Leisure Experience aims to help UK manufacturers capitalise on a leisure market worth an estimated #5 billion over the next five years.
Richard Parry, who heads the DTI's Gulf Team said:
"Thanks to the influence of satellite TV and the internet, there has been an explosion of interest in tourism, sport, fashion, leisure shopping and learning for fun in the Gulf.
"The success of Saudi Arabia's football team in qualifying for the World Cup finals and Dubai's enthusiasm for hosting international sporting events such as PGA Golf, tennis, squash and powerboat racing mean that the demand for sports equipment and leisure wear has risen sharply.
"In addition to consumer goods, there are also opportunities in the construction sector with theme parks, hotels and conference facilities being built throughout the region.
"The people most likely to enjoy the boom in sport and leisure are the Gulf's youngsters. Half the population of the region is under the age of sixteen. Not only are they an important market in themselves, they are also the decision-makers of the future. We want them to think of Britain as a natural partner. The chief aim of the Gulf Leisure Experience is to reach this audience and encourage them to think of Britain as a vibrant and interesting place."
The Gulf offers an enticing prospect for exporters. Consumers are becoming increasingly sophisticated and the region has one of the best payments records in the world. UK goods already enjoy a high reputation in the Gulf and English is generally spoken as the language of business.
The Gulf Leisure Experience will offer exporters support to attend trade fairs such as the Planet Youth and Middle East International Leisure Exhibitions in Dubai, the Magic World prequalification show and the Saudi Leisure Exhibition. In addition, it will arrange outward trade missions to the Gulf in 1998 and 1999 and invite buyers in the region to visit the UK. It will also organise awareness raising seminars throughout the UK.
The Gulf region includes Saudi Arabia, Kuwait, Bahrain, Qatar, the United Arab Emirates, Dubai, Abu Dhabi, Muscat, Oman and Yemen. Exports to the area in 1997 totalled #6.5 billion.
CLOSER CO-OPERATION WITH ZIMBABWE A MUST FOR BRITISH BUSINESS
Lord Clinton-Davis, Minister for Trade, departs for Zimbabwe on 3 February to promote British trade, including in the service and support sectors.
He will formally unveil, with President Mugabe, the new Land Rover Freelander - the very first Freelander in the whole of Africa. He will also speak at the official opening ceremony of the UK-Zimbabwe Co-operation Week where up to 50 companies will be exhibiting, including many in the education sector.
Lord Clinton-Davis said: "Our co-operation with Zimbabwe lasts much longer than just one week. It's a fact that our two countries have been co-operating for many years in many fields. What we are witnessing this week is a vibrant example of that long-term commitment. I am particularly pleased to see a large number of British companies participating in one way or another this week, alongside many Zimbabwean companies."
The Minister will make calls on the Zimbabwean Minister for Industry and Commerce, the Minister of Finance, and the Minister of Transport and Energy.
Zimbabwe is the UK's fifth largest market in sub-Saharan Africa. The UK is the leading supplier after South Africa and the largest foreign investor. In 1996 (the latest full years' figures available), UK exports to Zimbabwe reached #103.8m. The UK share of OECD exports to Zimbabwe in 1995, at 17.8 per cent, is considerably higher than the UK global average market share of 4.8 per cent.
DTI SUPPORTS YOUNG BRITISH FASHION
Young British fashion designers trying to break into new international markets can call upon the support of trade experts from the DTI at this year's Interseason - The London Show.
Interseason - The London Show, which is being supported by the DTI for the first time this year, is an important showcase for young, talented designers who have yet to make their mark on the fashion scene. The show features street-style, cutting-edge fashion for men and women, where Britain is regarded as one of the most advanced trend-setting nations.
'We decided to support the show as part of our current initiative to promote British export goods and services to European audiences. The show is now in its fifth year, and attracts great interest from overseas buyers, especially from European countries, where British fashion design is increasingly popular', said Mike Jump, one of the DTI's export promoters with particular experience in the fashion industry. 'It is precisely these buyers that young designers have to impress if they are going to break in to the international markets.'
The DTI is on Stand G74 at the show, promoting services to small businesses seeking to enter export markets. The emphasis will be particularly on Western and Central Europe, which offer some of the best opportunities for new exporters. DTI staff and export promoters will be on hand to offer young designers support and advice on various aspects of exporting, and will be explaining the various schemes available to help them explore and identify potential new export markets.
Fashion is one of the DTI's target sectors for export promotion. The next major DTI event is to be a Central European fashion exhibition which will be taking place in Warsaw on 3-4 July 1998. This will involve a number of major British fashion designers and retailers showing their collections to audiences drawn from Poland, the Baltic States, Russia, Romania, Austria, the Czech Republic, Slovakia, Hungary and Slovenia.
'Britain has a strong and vibrant fashion industry, and our young designers are amongst the most creative and talented in the world' commented Mike Jump. 'It always makes sense to play to our strengths, which is why the Department of Trade is putting its weight behind this exciting and fast-growing industry'.
GRIFFITHS TACKLES UNFAIR CONTRACT TERMS
Mr Griffiths, the Competition and Consumer Affairs Minister, has published a consultation paper on proposals to improve consumers' rights over unfair contract terms.
Under the proposed changes consumer groups like the Consumers' Association will, for the first time, have the power to act on behalf of consumers in the court against traders who:
Mr Griffiths said:
"Unfair contract terms are widespread. I am determined to see that we have the best protection from unscrupulous traders who use them.
"The Office of Fair Trading has been playing an important role in tackling unfair terms - gaining significant improvements to contracts for mobile phones, cable and other pay- TV, and car rentals. The OFT has also issued advice explaining why it considers certain terms commonly found in double-glazing and other home improvement contracts to be potentially unfair.
"However, consumers will be better protected if we allow consumer bodies to seek injunctions to ban unfair terms - the present law prevents this.
"I want to hear from all those with an interest in ensuring the new rules create a fair and effective regime."
The consultation document on improvements to the Unfair Terms in Consumer Contracts Regulations will seek views on:
Under the Unfair Terms in Consumer Contracts Regulations 1994, unfair terms in standard contracts are not binding on the consumer. The Director General of Fair Trading (DGFT) can take action to prevent continued use of such terms. An unfair term is one which contrary to the requirement of good faith causes a significant imbalance in the parties' rights and obligations to the detriment of the consumer.
The Regulations implement council directive 93/13/EEC on unfair terms in consumer contracts. Article 7 of the Directive requires Member States to provide for enforcement by enabling organisations with a legitimate interest in protecting consumers. The previous Government placed a duty on the DGFT to consider complaints about unfair terms. He is able to accept undertakings from traders and if necessary seek injunctions against the continued use of unfair terms. The Government has decided to change policy and allow other consumer bodies to act under the Regulations.
Deadline for responses to the consultation document is 27 March 1998. Copies of the consultation document can be obtained from the Department of Trade and Industry, CACP2 Division on 0171-215 0353 or by fax on 0171-215 0339.
The Secretary of State for Trade and Industry has presented, in the High Court in London, a petition to wind up, in the public interest, Equitable (Europe) Limited following enquiries made by the DTI under the provisions of Section 447 of the Companies Act 1985.
On the application of the Secretary of State, the Court appointed the Official Receiver as provisional liquidator of Equitable (Europe) Limited today, pending the hearing of the full petition on 4 March 1998.
Equitable (Europe) Limited was incorporated on 1 April 1997 and traded as a finance broker on behalf of companies and small businesses seeking loan finance for development projects from Altrincham, Cheshire.
The company requested payment in advance from prospective borrowers, but no loan facilities were successfully arranged on behalf of prospective borrowers.
The enquiry found that the company's trading was controlled by an undischarged bankrupt and that it had no accounting records. It has not been possible to establish the extent of the company's trading nor it's financial position.
The registered office of the company is at Croxley House, Lloyd Street, Manchester.
All public enquiries concerning the business affairs of the company should be made to the Official Receiver at the following address:
The Official Receiver
The Insolvency Service
PO Box 203
21 Bloomsbury Street
London
WC1B 3QW
*** Forthcoming Creditors Meetings ***
Contributed byhttp://www.insolvency.co.uk
For more detailed information and ALL the British Isles insolvency's (liquidation's, receiverships, administrations, dividends, creditors) please visit http://www.insolvency.co.uk
Section Company Time Venue
From 02/02/98 to 10/02/98
Number of Creditor meetings : 171
138 Scotland - Interim Liquidator calling Creditors Meeting
06/02/98
G Stone Ltd 10.00 am Glasgow
10/02/98
Delta Services Ltd 10.00 am Aberdeen
Premier Security Services (Scotl) Ltd 11.00 am Glasgow
23 Administrator Calling a meeting of Creditors
02/02/98
City Marketing (Holdings) Ltd 02.00 pm London
03/02/98
R Perraton B Perraton & A Withers (Par 11.00 am Exeter
04/02/98
Beehive Trading Ltd 10.00 am London
266 Ireland - Creditors Meeting to appoint liquidator
06/02/98
Clifden Glen Lodges Ltd 10.00 am Dublin
Owenglin Lodges Ltd 10.00 am Dublin
10/02/98
Averbrook Enterprises Ltd 04.00 pm Dublin
48 Receiver calling unsecured Creditors Meeting
02/02/98
Eurocrush Plc 12.00 pm Leicester
03/02/98
Converse Activewear Ltd 11.00 am London
Pre-Action Clothing Ltd 11.00 am London
04/02/98
Britannia Tread Industries Ltd 10.30 am Leeds
Malcolm Brown Ltd 11.30 am Leeds
06/02/98
Ipswich Electronics Ltd 11.30 am Ipswich
Travellers Coach Company Ltd 10.30 am London
67 Scotland - Receiver calling Meeting of unsecured Creditors
09/02/98
Bio-Logic Remediation Works Ltd 11.00am Glasgow
98 Creditors Voluntary Liquidations
02/02/98
Ablechain Ltd 12.00 pm London
Arden Petrochemical Ltd 11.00 am London
Broadpulse Ltd 03.00 pm London
Broadpulse Services Ltd 02.50 pm London
Compliance and Regulation Services Ltd 10.15 am London
Extravision (CCTV) Ltd 11.30 am London
Fontwell (UK) Ltd 10.30 am Winchester
Harrison & Killey Ltd 02.30 pm Manchester
Ian Kerry (Machinery) Ltd 12.00 pm London
Larson Thermal Insulations Ltd 11.30 am Warrington
Love's (Civil Engineering) Ltd 12.00 pm Stourbridge
Maple Environmental Services Ltd 11.00 am Bromsgrove
Planned Equipment Ltd 11.00 am London
Renaissance Footwear Ltd 11.00 am Northampton
Stott Homes Ltd 12.00 pm Manchester
Technical Offset Printing Supplies Ltd 10.30 am Haywards Heath
Third Eye Digital Ltd 10.30 am Bradford
Tri-Pharm Marketing Ltd 03.00 pm Bristol
Utility Cleaning Services Ltd 12.00 pm London
Wilstone Ltd 10.15 am Edgware
03/02/98
A-Z Supplies Ltd 12.00 pm Salford
Bellweather Publishing Ltd 11.00 am London
Bodibuilt Ltd 11.00 am Birmingham
Carvel Fashions Ltd 03.30 pm London
Childrens Life Line UK Ltd 11.30 am Liverpool
Churchgate Motors Ltd 03.00 pm Exeter
Coolrain Ltd 02.45 pm London
Delta-T Ltd 11.00 am Sheffield
Eccles Plumbing Supplies Ltd 11.00 am Manchester
Eurostile Interiors (Design) Ltd 04.00 pm London
G H Ratcliffe Ltd 03.30 pm Lutterworth
Glazemere Ltd 12.00 pm London
Goodtime Girls Ltd 11.30 am Southampton
H.E. Hyde (Electrical) Ltd 12.00 pm Walsall
Heavy Vehicle Spares Ltd 11.00 am Birmingham
Holiday & Travel Video Club Ltd 11.30 am Brighton
IBO Designs Ltd 04.00 pm London
Interpoint Ltd 02.30 pm Southampton
Keysection Ltd 12.00 pm London
Lister Taylor Ltd 11.00 am Nottingham
MHM INternet Ltd 11.00 am London
McBain & Company Ltd 10.15 am London
Merton Vehicle Services Ltd 02.00 pm London
Midlands Leisure Ltd 11.30 am Birmingham
Minkcrown Ltd 11.00 am London
Moorson Products Ltd 11.30 am Manchester
Motorvalue Ltd 11.00 am Manchester
N.K.M.A. Ltd 03.45 pm Barnet
Newland Construction Services Ltd 10.30 am Liverpool
North Kent Motor Auctions Ltd 02.45 pm Barnet
North Riding Motor Engineering Ltd 11.00 am York
Oakfield Builders Ltd 11.00 am Worksop
Oxon Group Ltd - The 02.30 pm Weybridge
Richardson Transport Services Ltd 11.00 am Barnet
Shop Security Grilles (UK) Ltd 02.30 pm London
Sidedale Ltd 11.00 am Leeds
Stefio Ltd 02.30 pm London
Storm Kids Ltd 10.30 am London
Storm Performance Wear Ltd 11.30 am London
T.I.R. Ltd 11.00 am Chorley
Tanker Hire Ltd 11.30 am Huddersfield
04/02/98
Beyond P R Ltd 10.30 am London
Communications Care Ltd 12.00 pm Southampton
Croston-Coffey Ltd 12.00 pm Manchester
D & M Joinery Ltd 11.30 am Manchester
Denbigh Building Supplies Ltd 12.00 pm Llandudno
Exley Refurbishments Ltd 11.00 am Brighton
Fernstep Ltd 11.30 am Old Colwyn
Harinville Ltd 11.00 AM London
Havering Building & Joinery Co Ltd 11.15 am London
Instep Shoes Ltd 11.30 am Bingham
Jaycara Ltd 11.15 am London
Kempford Marketing Services Ltd 11.00 am Chelmsford
Major Fashions Ltd 01.00 pm London
Mountbright Ltd 12.00 pm London
Nexone International Ltd 12.00 pm London
Palomino Ltd 10.15 am Peterborough
Relax Blue Jean Company Ltd 03.30 pm London
Rhomec Ltd 03.00 pm Manchester
Sabre C.A.P. Ltd 03.45 pm Abingdon
Shropshire Recovery Services Ltd 02.30 pm Shrewsbury
Towervine Ltd 11.30 am London
Tru-Line Ltd 10.30 am London
05/02/98
Cairndale Textiles Ltd 11.00 am Ayr
Felgate News Ltd 11.30 am Chester
Harrison Removals & Storage Ltd 10.30 am Watford
Have Fun (Footwear) Ltd 11.15 am Huddersfield
Hendy Textiles Ltd 11.00 am Sheffield
Higham Insulations Ltd 03.30 pm Lutterworth
Impcrown Ltd 11.00 am London
John Kemble Construction Ltd 11.30 am Plymouth
Lanbury Mechanical Services Ltd 12.00 pm London
Magnum Industries Ltd 12.00 pm Edgware
Maybury Cellars Ltd 10.00 am London
Melting Pot Broadcast Marketing Co Ltd 11.30 am Manchester
Noxin Ltd 10.30 am Nottingham
Professional Surveys (Barwell) Ltd 11.30 am Lutterworth
R Z Garments Ltd 10.30 am Nottingham
Solidcounter Ltd 11.30 am Altrincham
Standsafe Music Accessories Ltd 02.00 pm Halesowen
Trackglen Ltd 11.30 am Southampton
Vastquest Ltd 11.30 am Leeds
06/02/98
Andertex Ltd 02.00 pm London
Asso. Instal. (Air Conditioning) Ltd 02.30 pm Bristol
Associated Installations Ltd 11.00 am Bristol
Bulktalk Ltd 11.00 am Southampton
Corporate Homes Ltd 10.30 am Edgware
E Slater (Glass) Ltd 11.00 am Derby
Ellis & Rogers (Llanelli) Ltd 03.00 pm Swansea
Essex Racing Ltd 11.00 am Watford
Gilbert & Turnbull Masonary Contr Ltd 10.15 am London
Gilbert & Turnbull Restoration Ltd 10.20 am London
Hornsey Timber Supplies Ltd 12.00 pm London
Ian Copestake Ltd 12.00 pm Southport
J and A Edmonds Ltd 11.00 am Birmingham
Last Stop Aluminium Ltd 11.30 am London
Last Stop Glazing Ltd 11.30 am London
Nominal Ltd 04.00 pm London
Primetel Ltd 10.00 am Birmingham
Pulse Building & Roofing Ltd 11.00 am Epping
School Observation & Security Sys Ltd 11.00 am London
Tasc (UK) Ltd 11.00 am Hertford
Tycon Process Systems Ltd 10.30 am Manchester
Uma Ltd 11.00 am London
West Yorkshire Training Group Ltd 10.45 am Huddersfield
09/02/98
Annick Builders Ltd 12.00 pm Glasgow
Armour Electrical Ltd 03.00 pm London
B.K.J. Ltd 12.00 pm London
Chaseride Ltd 11.00 am Newcastle-u-Tyne
Delcourt Ltd 12.00 pm London
Frame Electronics Ltd 10.30 am Winchester
Image Technology Group Ltd 03.30 pm Lutterworth
R M N Marketing Ltd 02.00 pm London
RSD Transmissions Ltd 11.00 am Chatham
S.H. Daniel & Sons Ltd 10.30 am Southend-on-Sea
Serveside Ltd 03.00 pm London
Signature Conservatories Ltd 11.30 am London
Videotext International Ltd 11.00 am London
Walham Green Ltd 11.15 am Leicester
10/02/98
Arnold Grayson of London Ltd 11.00 am South Ruislip
Bartube Ltd 11.30 am London
Clark & Clark Management Services Ltd 11.00 am Manchester
Clark & Clark Marketing Ltd 11.00 am Manchester
E.A.S. Engineering Ltd 11.30 am Nottingham
Echotrend Ltd 11.30 am Hayling Island
Floorstyle Interiors Ltd 11.00 am Birmingham
Flywork Ltd 11.45 am London
Global Phone Ltd 11.00 am London
Kade Construction Ltd 11.00 am Gerrards Cross
Macaw Marketing Ltd 10.30 am Leeds
Prestige Plastering & Dry Lining Ltd 11.30 am Southampton
TF Group Plc 03.30 pm London
TWS Technical Window Systems Ltd 02.30 pm Dudley
Wilkin Construction Ltd 12.00 pm Walsall
TW LW TW LW
USA 1.6630 1.6105 Canada 2.4107 2.3400
Austria 20.9172 20.3250 Portugal 304.084 294.146
France 9.9530 9.6550 Belgium 61.3300 59.5500
Finland 8.9900 8.8211 Italy 2934.53 2864.00
Germany 2.9727 2.8956 Sweden 13.1709 12.8569
Holland 3.3494 3.2460 Switzerland 2.4116 2.3575
Spain 252.200 243.634 Ireland 1.1813 1.1601
Australia 2.4758 2.5001 Denmark 11.3398 11.0710
Hong Kong 12.8791 12.4195 ECU 1.5083 1.5025
Africa Com 8.1753 7.9995 Saudi Arabia 6.2371 6.0295
India 64.1340 65.4223 Malaysia 7.6010 7.3286
Singapore 2.9530 2.8580 Norway 12.3107 12.2200
Japan 209.850 208.805
TW This week LW Last week.
Domino Printing Science has announced pre-tax profits of 11.5 million pounds, on turnover of 121.2 million, for the year ending 31st October 1997. Earning per share stand at 28.5p.
Filtronic Comtek has announced pre-tax profits of 5.07 million pounds, on turnover of 41.8 million, for the six months ending 30th November 1997. Earnings per share stand at 8.03p.
H & C Furnishings has announced pre-tax profits of 4.45 million pounds, for the six months ending 25th October 1997. Earnings per share stand at 5.56p, on increased capital.
Haynes Publishing has announced pre-tax profits of 2.52 million pounds, on turnover of 13.8 million, for the six months ending 30th November 1997. Earnings per share stand at 9.8p.
Microgen, the business information group, has announced pre-tax profits of 5.32 million pounds, after exceptional charge, on turnover of 66.4 million, for the year ending 31st October 1997. Earnings per share stand at 8.8p.
J. Saville Gordon has announced pre-tax profits of 6.01 million pounds, after exceptional credit, on turnover of 10.3 million, for the six months ending 31st October 1997. Earnings per share stand at 2.48p, on increased capital.
Wyko Group, the precision engineering group, has announced pre-tax profits of 5.89 million pounds, on turnover of 69.7 million, for the six months ending 31st October 1997. Earnings per share stand at 6.07p, on increased capital.
MERGER CLEARANCE
The Secretary of State for Trade and Industry has decided, on the information at present before her, and in accordance with the recommendation of the Director General of Fair Trading, not to refer the following merger to the Monopolies and Mergers Commission under the provisions of the Fair Trading Act 1973:Proposed acquisition by Air Products (Chemicals) Teeside Limitedof certain assets of ICI Chemicals and Polymers Limited, namely the methylamines and derivatives business.
Acquisition by Beneficial Bank plc of Endeavour Personal Finance Ltd.
Acquisition by Milk Marque Limited of Aeron Valley Holdings Limited
The DGFT has independently announced today under the Fair Trading Act 1973 a monopoly reference of the supply of raw cows milk in Great Britain.
Acquisition by Archer Daniels Midland Company of the Cocoa Processing Business of E D & F Man Group Plc
Proposed acquisition by Flint Ink Corporation of Manders plc
Proposed acquisition by 3M United Kingdom plc of Racal Health & Safety Limited
Proposed acquisition by English Welsh and Scottish Railway Ltd of certain assets of National Power Plc, namely its railfreight business.
Acquisition by Calor Gas Limited of Eurogas Limited
Proposed acquisition by America Online Inc and Bertelsmann AG of joint control over assets of CompuServe Corporation, namely its European on-line services business.
Netscape has reported a larger than expected net loss of $88.3m in the fourth quarter, down from a profit of $8.2m a year earlier. To keep its ever-shrinking lead in a business dominated by Microsoft, the software firm recently decided to give away its browser.
TCI CORPORATION
Companies in the North East may benefit from cheap telecommunications, via the internet, after the TCI Corporation won a 180,000 pound grant from Sunderland City Council. Colin Sinclair, Chief executive of Sunderland City Council said, "Easier access to global markets will have a huge potential spin-off for the region in business and job creation."
3rd February 7.00pm for 7.30pm North East Branch meeting of the ICM Who Pulled Which Plug? Presentation on administrative receiverships by Coopers & Lybrand The Golden Lion Hotel, Lower Briggate, Leeds 10 February 7.00 for 7.30pm North East Branch meeting of the ICM Money Advice to Small Businesses Presentation by The Citizens Advice Bureau Marina Posthouse Hotel, Hull 11 February 6.30 for 7.OOpm West Midlands Branch meeting of the ICM Creative Accounting - the balance sheet which lies Presentation by Cork Gully The Club Suite, Birmingham Chamber of Industry & Commerce, Harbone Road, Edgbaston, Birmingham + Wine & Buffet 12 February 6.15 for 6.3Opm West of Scotland Branch meeting of the ICM The Knock Presentation about the workings of HM Customs & Excise George House, 50 George Square, Glasgow + Buffet 16 February Bristol & West of England Branch meeting of the ICM 6.30 for 700pm Reading and Assessment of Company Accounts Nigel Smith of Dun & Bradstreet Stakis Hotel, Rossiter Road, Bath + Buffet 16 February 6.45 for 730pm Wessex Branch meeting of the ICM Credit Management in the Net Everything you ever wanted to know about the Internet Presentation by John Arnold. The Vine Inn, Romsey Road, Ower (Junc 2, M27) + Buffet 18 February 6.45 for 7.15pm Thames Valley branch meeting of the ICM International Credit Jan Hillenaar, European Credit Manager, 3 Com Europe Ltd John Crane (UK) Ltd, Buckingham Avenue, Slough + Buffet 18 February 6.00pm Merseyside & North Wales meeting of the ICM Branch A.G.M followed by presentation - Insolvency on Trial The Kilmore Room, Atlantic Tower Hotel. Chapel St. Liverpool + Buffet 24 February 6.30 for 700pm Swindon Branch meeting of the ICM Topic to be advised Goddards Hotel, Old Town, Swindon 26 February 6.00 for 6.30pm London Branch A.G.M followed by a Discussion on the Year 2000 - its impact on IT systems and general working environment, as well as the effect on trade credit generally. Trade Indemnity, 1 Canada Square, London E14 5DX + Buffet 3 March 7.00 for 7.30pm North East Branch meeting of the ICM How to Recover Debts Successfully Case studies on what to do and what not to do, by Robert Brown of R C Moorhouse & Co, Solicitors The Golden Lion Hotel, Lower Briggate, Leeds 4 March 6.30 for 7.OOpm West Midlands Branch meeting of the ICM The Fight Against Insolvency Presentation by Roger Lewis and Terry Lipscombe, Putsmans Solicitors The Club Suite, Birmingham Chamber of Industry & Commerce, Harbone Road, Edgbaston, Birmingham + Wine & Buffet 9 March Stoke-on-Trent Branch meeting of the ICM 6.30 for 700pm A G M & Quiz Evening Quiz presented by David Bull MICM (Grad), Branch Education Officer Chamber of Commerce, Festival Park, Etruria, Stoke-on-Trent + Wine & Buffet 10th - 12th March Credit 1998 Novotel Hotel, Hammersmith, London Free seminars - Exhibition Hall 19th May The ICM 1998 National Conference and Exhibition World Trade - The Credit Perspective The Cumberland Hotel, Marble Arch, London W1 Attendees and Exhibitors please call the Training Department at the ICM. Tel 01780-721888
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