Editor: John Arnold. E-mail jarnold@creditman.co.uk
Pat Williams. E-mail pwilliams@creditman.co.uk
Site: Business Credit Management UK
URL: http://www.creditman.co.uk
Issue: Vol 5 Issue 34
Dated: 2 September 2001
Welcome to the Business Credit News UK.
In this weeks edition you will find the following topics.
UKMPC: FURTHER RATE CUTS LIKELY BUT NOT THIS WEEK SAYS KPMG
UK Monetary Policy Committee Meeting, September 5-6, 2001: pre-meeting note
The MPC has demonstrated a preference for growth - even of the unbalanced variety - over recession and revealed growing concern about the international outlook, leaving the door open for a further policy easing in the next few months.
Having cut interest rates in August, the Monetary Policy Committee is unlikely to make a further move in September, particularly since there has been little domestic data in the intervening period to substantially alter the picture painted in the latest Inflation Report. Revisions to second quarter GDP left overall growth unchanged at a meagre 0.3% but confirmed that the consumer was in ebullient spending mood, while service sector output growth was revised up from 0.6% to a more robust 0.8%. A bounce in retail sales in July after a flat June re-emphasised that the high street is still fizzing along and there are as yet no real signs of a cooling in the housing market. The buoyancy of consumer confidence also reflects, no doubt, the tight labour market where employment is holding up remarkably well.
…but it clearly prefers unbalanced growth to no growth…
However, as the August decision demonstrated, none of this per se rules out lower interest rates. While the consumer/service sectors remain robust, the contrast with beleaguered manufacturing industry, now officially in recession, is becoming ever more pronounced. It is clear that, given a choice between unbalanced growth and the risk of full-blown recession, the majority on the MPC will - rightly in our view - opt for growth every time.
Indeed, given that it is only the strength of consumer spending that is holding the economy up as investment and net trade collapse, it would be perverse not to try to ensure that the consumer continues to spend. As the Committee acknowledged, at some point there will have to be a correction to the two-speed economy, possibly with inflationary consequences, but the majority was in the mood not to worry about that at present. Moreover, some members have started to argue that, if a depreciation of sterling becomes part of the adjustment process, the direct one-off effect on the price level "could be accommodated", i.e the resultant temporary acceleration in inflation need not be offset (albeit acknowledging that this effect would be easier to identify if the pound fell abruptly than if there were a volatile and gradual decline).
…and while inflation remains subdued…
Of course, the current subdued inflation picture helps. Retail price inflation has come off its peak (which itself anyway remained below target) and producer price measures continue to subside. The main concern centres around average earnings growth which is again above the 4½% unofficial "speed limit" but, with output growth expected to be running below trend over the next two years, any incipient wage pressures can be expected to dissipate. The latest forecast sees RPIX inflation dipping to around 2% twelve months out, albeit exhibiting short-term volatility.
…and the global economy deteriorates…
Meanwhile the impact at home of the deteriorating global economy is a major concern. Revised second quarter data showed that the US economy has virtually ground to a halt, reflecting the slump in profits, business investment, inventories and exports. Consumer spending is now also cooling and confidence surveys suggest that worries about employment prospects may be taking their toll. Elsewhere, too, the picture is bleak: output is plummeting in Japan, and in Europe the ECB is reacting only belatedly to falling industrial production and rising unemployment in the major European economies.
…the door is open for more rate cuts
Against this background, the majority of the Committee in August put more weight on the risks to growth from the deteriorating international outlook than on concerns about exacerbating imbalances in the domestic economy and the possible but uncertain future consequences for inflation. We expect them to continue to do so. Although another cut is unlikely immediately, the Bank's latest projections suggest that growth will stay below potential for the next two years and inflation will only approach target two years out. With the balance of risks to both growth and inflation still heavily on the downside, the door is open for a further policy easing in the next few months.
AROUND THE WORLD
The European Central Bank cut interest rates by a quarter of a percentage point to 4.25%. Despite widespread and repeated calls to reduce rates, this latest move is only the second cut this year.
Growth in America's GDP for the second quarter was revised down from 0.7% to a paltry 0.2% compared with the previous quarter at an annual rate, the worst performance for eight years. The economy was saved from contracting only by a sharp upward revision of consumer spending, as Americans shopped even though the rest of the economy is sluggish.
Japan's government reacted to its weakening labour market--its official unemployment rate hit 5% in July--by preparing to unveil measures costing GBP1.7 trillion ($14.2 billion) to assist the jobless. Adding to the gloom, industrial production fell by 2.8% in July, leaving it 8.5% down on a year earlier.
Source - The Economist
BUSINESS LEADERS WARN OF CYBERCRIME THREAT TO INTERNET DEVELOPMENT
Business leaders last Wednesday warned that cybercrime is deterring firms from selling goods and services on the internet.
They will publish a survey of companies showing two thirds of respondents have, in the past year, experienced a "serious incident" such as hacking, virus attack or credit card fraud. And they will call for a package of measures to help cut on-line criminal activity.
The survey was produced by the CBI in collaboration with the Fraud Advisory Panel, PricewaterhouseCoopers, ArmorGroup and The Nottingham Trent University International Fraud Prevention Research Centre.
It shows that:
Organisations are more confident about security procedures for conducting Business to Business (B2B) over the internet than they are about Business to Consumer (B2C) transactions. Around 53 per cent of respondents regard the internet as a safe place to do B2B but only 32 per cent regard it as safe to do B2C.
Small and medium-sized firms (SMEs) are more willing to adopt B2C than B2B initiatives but are inhibited by lack of resources and a fear of cybercrime. Seventy per cent of firms with more than 10,000 employees have the facility to sell over the internet, compared with 32 per cent of SMEs (firms with fewer than 500 employees).
Hackers and viruses now pose the main threat to organisations. Other surveys have previously identified that the greatest threat comes from within an organisation. Today's figures show the main perpetrators are hackers (45 per cent), former employees (13 per cent), organised crime (13 per cent) and current employees (11 per cent).
The source of threats varies between sectors. Terrorists are viewed as an important source of threats by some parts of manufacturing but of minor importance to retailing and services. Threats from current and former employees are a higher priority in telecommunications and technology and the professional/consultancy sectors than in the financial services and manufacturing sectors. However, the threat of hackers is particularly high in the financial services industry.
Loss of reputation, through adverse publicity and loss of trust is a greater fear than financial loss for most organisations. Sixty-nine per cent of respondents consider their e-business financial loss to be negligible and credit card fraud represents a mere four per cent of the most serious incidents over the past year.
Companies need to review their security controls and ensure that they are given high priority within the organisation. Seventy-two per cent of companies with a director responsible for risk management as well as 55 per cent of those without, report cases of serious attacks in the past year.
The survey concludes that there is a need for a co-ordinated approach to understanding and minimising the risks of cybercrime. The key recommendations include:
For Firms
Regularly evaluate all e-business risks, including cybercrime risks.
Review internet strategy and related risk management at board level, along the lines of the Turnbull Report's guidance on internal controls for directors of listed companies.
Emphasise training and awareness for employees.
For Government
Contribute to tackling and prosecution of cross-border cybercrime.
Create a UK Centre for Cybercrime Complaints - similar to the Internet Fraud Complaint Centre in the US. A database of internet fraud from where complaints can be channelled to the relevant investigating bodies.
Extend the Computer Misuse Act 1990 to attacks that cause IT systems to fail.
For Business Organisations and Advisory Bodies
Work with Government in promoting awareness, preventative measures and best practice.
Digby Jones, Director-General of the CBI said: "This survey clearly shows that fears about potential financial losses and damage to reputation from cybercrime are stalling the growth of e-business, especially for business to consumer transactions. That will only be overcome when all parties are reassured that adequate security is in place to protect them. Achieving that means firms understanding what the threats are and Government keeping the law up to date and making sure it's properly enforced."
George Staple, Chairman of the Fraud Advisory Panel, an independent body supported by the Institute of Chartered Accountants in England and Wales, said: "Giving users confidence that trading on line is safe and secure is crucial to the development of e-business. The findings of this survey will provide valuable help to government and business when they decide where to target resources in the fight against cybercrime."
Contributed by www.CollectionIndustry.com - a leading provider of content to credit grantors, lenders and the professional debt collection community
Research conducted recently by Visa in the UK shows that many travellers to Europe this winter are planning to rely on their Visa payment cards when the new single European currency euro notes and coins are introduced in Austria, Belgium, France, Finland, Germany, Greece, Italy, Ireland, Luxembourg, The Netherlands, Portugal, and Spain on January 1, 2002.
Over half of the 1,000 adults interviewed in the UK said they will use Visa payment cards to pay for goods and services overseas because they are easy to use and will reduce the need to carry cash. For these two key reasons, international travellers from around the world also are likely to use Visa payment cards during this potentially confusing dual currency period........... For the full story please go to
http://www.collectionindustry.com/index.cfm?id=8&news_type=1&news_id=3274&pn=1&pg=1
DUN & BRADSTREET ANNOUNCES PLANS TO SELL AUSTRALIA AND NEW ZEALAND TO LOCAL MANAGEMENT AND PARTNERS
August 30, 2001 — Dun & Bradstreet (NYSE:DNB) today announced it has signed a definitive agreement to sell the majority of its business information and receivables management services operations in Australia and New Zealand to a newly formed company controlled by the existing local management team, led by Christine Christian, and their partners Private Capital, the specialist investment management division of AMP Henderson Global Investors.
Terms of the deal include D&B retaining a 2.5% equity stake in the acquiring company. AMP Henderson and local management will hold a 77.5% and a 20% equity stake, respectively. The transaction price was not disclosed.
In addition to retaining a minority interest in the new entity, Dun & Bradstreet (D&B) will retain a small local staff who will continue to provide technical service and support for its regional operations.
The business units in Australia and New Zealand that are impacted by the transaction will operate under the name D&B Australasia Pty Ltd (DBA) and employ approximately 400 people.
``As we said last month, we completed the review of certain businesses and assets as part of our financial flexibility initiative, a key component of our Blueprint for Growth strategy. We identified four additional monetization opportunities and this transaction is one of those four opportunities,'' said Allan Loren, chairman, chief executive officer and president of D&B. ``With this transaction and our continued association with the DBA management team, we ensure that we leverage our brand globally and maintain our global data coverage.''
DBA will continue to offer D&B products, services and global information within the region and both D&B and DBA will view each other as preferred providers. As such, conditions include the continued exchange of data and joint marketing to their shared customers.
``This is a win-win for DBA and D&B,'' said Christine Christian, Managing Director of DBA. ``D&B will gain investment dollars as part of its financial flexibility program and DBA gains a local partner which will allow us to invest and grow the business aggressively in the local markets. We will continue to provide our customers with the same level of service excellence they have come to expect from D&B.''
D&B will provide more information on remaining asset monetization transactions as they close or provide an update on the status of transactions in October during the company's third quarter earnings announcement.
This transaction is expected to close before the end of the third quarter, subject to the satisfaction of closing conditions.
CONSULTATION ON THE FUTURE OF PAYMENTS INTO COURT IN SATISFACTION OF CLAIMS
The Lord Chancellor's Department has published a consultation paper seeking comments on proposals for the reform of the system for payments into court to support offers to settle claims.
The consultation paper, 'Payments into court in satisfaction of claims', examines the current system which allows a defendant to pay money into court to support an offer to settle a claim for debt or damages. This has proved to be an effective mechanism for promoting early settlement of disputes, thereby reducing costs to litigants. The paper sets out various options for streamlining or replacing this system in the future.
Claimants, defendants, insurers, legal professions, advice agencies and consumer associations and other people who use the courts in England and Wales are invited to give their views on whether:
The consultation paper also invites views on whether:
Responses to the consultation are sought by 12 November 2001.
The consultation follows the Quinquennial Review of the Public Trust Office (PTO), published in November 1999, which recommended that: "the Lord Chancellor's Department make the necessary amendments to Court Funds Rules and Regulations to allow the requirement to make actual payment of in satisfaction offers into court to cease. Alternatives, which must of course provide claimants at least as much reassurance in the existence and ready availability of the payment on offer as the present arrangement does, can include payment into escrow accounts or bankers' order". On 11 April 2000 the Lord Chancellor announced a programme of fundamental reform of the PTO. Key changes included transferring the Court Funds Office from the PTO to the Court Service and there was a commitment to wide consultation on the future of the current payment in satisfaction procedure.
The court rules relating to payments in satisfaction are set out in Part 36 of the Civil Procedure Rules and the practice direction supplementing that Part.
The consultation paper is available on the LCD website: http://www.lcd.gov.uk under 'major reports' and 'consultation papers'.
ALLIED GLOBAL HOLDINGS BECOMES FIRST CANADIAN-BASED FIRM TO ACQUIRE US COLLECTION AGENCY
[August 27, 2001, Bethesda, MD] Kaulkin Ginsberg Company (Kaulkin) today announced the sale of Recovery Bureau of America (RBA), based in Valencia, California, to Toronto-based Allied Global Holdings Inc. (Allied). Terms of the sale were not disclosed.
RBA, founded in 1992, provides debt collection services to the largest banks in the US and employs about 250 people from its two offices. In 2000, the company was awarded one of the most prestigious government collection contracts, from the US Department of Education (DOE), to collect its delinquent student loan debt. RBA services the DOE from its Atlanta office and is already among the leading agencies servicing this government contract. RBA's shareholders will stay on in a consulting capacity.
According to Allied's President, David Rae, "We are very excited about the acquisition of RBA as it will allow us to significantly accelerate our growth plans for the U.S. market. RBA's management team has done a great job growing the company to its current level and we look forward to working with them in continuing to expand the business."
"As RBA's clients continue to grow into new geographic regions, they will clearly recognize the benefit of Allied's global experience," observes Brian Greenberg, who facilitated the deal for Kaulkin. "This is a very good fit for RBA's shareholders, client and employees, as well as for Allied which expands into the US servicing the federal government and some of the most visible names in the banking community."
Since the North American Free Trade Agreement (NAFTA) went into effect in 1994, a number of sizeable deals have been completed in which American companies acquired Canadian agencies. Significant deals include the 1994 sale of Canadian Bond and Credit (CBC) to Equifax, the 1998 sale of FCA International to NCO Group, and the 2000 sale of Equifax's Canadian collection operations to Intellirisk Management Corporation. The RBA transaction, however, is the first notable deal of a Canadian-based agency acquiring a US agency, possibly beginning a trend as Canadian players seek to gain a piece of the growing US collection market.
About Allied Global Holdings
Allied Global Holdings Inc., an international debt collection and accounts receivable management company, now employs a work force of more than 700. The company operates from three production centers in Canada, two in the United Kingdom and three in the USA. In April 2001, Clairvest Group (CVG.TO), a publicly held Canadian investment group became an equity partner by investing in Allied.
About Kaulkin Ginsberg Company
Kaulkin, who initiated this transaction and advised RBA on this deal, is the leading advisor to the debt collection industry and since 1992 has advised on more than 75 agency transactions with deal values well over $1 billion. Kaulkin provides sophisticated M&A advisory services to the specialized outsourced business services sector. The company manages acquisitions and divestitures, locates strategic or financial partners, provides debt and equity funding sources, conducts market research, and provides consulting services. Kaulkin is deeply experienced in advising owners of mid market firms and buyers of any size up to and including Fortune 500 companies. Clients include cash flow oriented enterprises offering professional, third party services to the public or private sector. For information on Kaulkin visit www.Kaulkin.com, and for information on the debt collection industry, visit www.CollectionIndustry.com
SPECIAL CREDIT CONFERENCE 2001 NEWS
International Credit Exhibition & Conference 2001 Singapore - http://www.internationalcredit001.com
Asia 2nd Biennial Event, held Once in every 2 years only.
* Overview of the International Credit Conference - 24 to 26 October, 2001
Day Three - Credit Conference 26 October, 2001 Friday
* Credit Management : - Credit And Competitive Advantage
90 Minutes Special Credit Session By Russell Kennard, MBA, AIMC. Consultant, Kennard & CO
This session looks at the six sources of credit management competitive advantage. It first considers what factors will increase profits in the market place, then reviews just what is required to establish a core competency and having done this goes on to individually discuss each of the sources that lead to competitive advantage.
* Credit Scoring : - Consumer Credit, Custom & Maintenance.
By Terry Franklin MICM, Member of the Institute of Credit Management U K
The presentation will outline what a scorecard is, why one should be considered by businesses offering consumer credit and how to introduce one. Details of the need to capture application data that is statistically robust enough to determine predictive factors will also be covered. I will explain why scorecard cut offs must be geared to a businesses commercial objectives and why the commercial view will be the main determining factor. Finally I will touch on how scoring can be used in the collection process.
* E-Commerce / Payments On The Net : - Reality Of Fraud & The Need For Better Solutions
By Jack R. Selby, Senior Vice President, Corporate & International Development, PayPal, Inc
Card-not-present transactions that are processed on the internet produce fraud rates in excess of 280 basis points. In many industries where e-commerce is currently flourishing (gaming and adult services), such rates are 5x to 10x higher. This situation produces two natural question: 1) are transactions inherently more prone to fraud on the internet, or 2) are plastic cards not ideally suited for card-not-present, or specifically, internet transactions? The discussion will focus on the history of credit fraud, both before and during the rise of internet based transactions. The dialogue will end with an overview of alternatives, and the documented fraud rates and acceptance rates of these alternatives.
* E-Commerce Technology For Credit : - Invoicing & Payment In The B2B
By Harry Chopra, Managing Director, CheckFree i-Solutions International
What if you could turn ordinary monthly bills and statements into highly interactive and efficient online tools...tools that not only simplify your customer's life but also give you a mechanism for targeted messaging and customer care? While paper bills and statements offer little more than static, one-way, cold and impersonal communication without much regard for the customer's business processes - e-bill transforms this monthly drill into a targeted, ongoing dialogue that enables you and your customers to communicate frequently and directly via on online document. You'll get closer to your customers and they'll appreciate how easy it is to integrate your bills and statements into their business processes. With e-bill you'll be able to implement quickly, reliably and securely, reducing costs as you increase marketing opportunities and customer service in ways not possible with paper documents. It's the solution you need to attract, retain and grow profitable business fortify customer loyalty.
* Credit Insurance As A Tool To Support Risk Assessment And The Collection Of Receivables
By Michael Lagrue ACII, Director, BPL Global.
The purpose of the talk is to explain the support that the traditional credit insurance companies seek to offer to their policyholders. This includes: - Assessment of new customers ; Ongoing monitoring of insured customers ; Review of customers as new financial information becomes available ; Review of customers where adverse information becomes available. The talk is intended to identify the areas of benefit provided by insurers and highlight those areas that can influence a company in their decision as to whether or not to purchase credit insurance in the first place. A brief comment will also be made as to the advantages and disadvantages of the main trade credit insurance companies.
* Effective Debt Collection : One Day Seminar / Training : 26 October 2001 Friday
Collections: Tips, Traps And Effective Techniques - "How To Collect More Money, A Lot More Money, Quicker...And Still Keep Your Customers!
By Timothy Paulsen, President T. R. Paulsen & Associates
Tim teaches that 'collections is collections'. He says "there are general principals that apply whether one is collecting a personal debt of twenty-five dollars from a brother-in-law, to an amount of several hundred thousand dollars from a corporate client". However, there are differences within professions, countries and cultures. These 'differences' may not allow a successful technique in North America to be used South of the Equator. An approach that works well in Singapore, may not be as effective when dealing with a client in Australia.
The objective of this highly participative program is to ensure the attendees develop a systematic approach to one of their firms biggest assets, 'receivables', that is tailored to their individual needs.
For Full Details & Immediate Information Of the Credit Conference 2001 :
Credit Conference Registration Forms & Bookings at :http://www.internationalcredit001.com/conference.htm
Visitors On-Line Registration For Free Admission Exhibition Pass at : http://www.internationalcredit001.com
Email or contact Organiser for Registration Form & Details Mailto:sales@internationalcredit001.com Tel: (65) 392-9210
Receivers from KPMG have been appointed at the West Bromwich based manufacturing firm, Sandwell Castings Ltd.
The 60 year old business, which employs 182 people, produces aluminium and copper castings, mainly for use in the automotive and truck manufacturing markets.
As with so many other manufacturers, Sandwell Castings has been unable to escape the effects of the economic downturn and was also badly hit when one of its major customers moved some of its business to Eastern Europe. In addition, the usual problem of the strong pound had an effect on the company's exporting activities.
Upon announcing the appointment, Myles Halley, the joint administrative receiver from KPMG in Birmingham, said: "Sandwell Castings has suffered from the same problems that we have seen in so many other business connected to the automotive industry. Our intention is to continue trading the business with the aim of selling it as a going concern. Unfortunately, in order to cut costs, we do have to make some redundancies. To this end, we have made 72 staff redundant with immediate effect."
DTI MOVES TO SHUT DOWN FIVE COMPUTER EQUIPMENT COMPANIES
NU-TECH SUPPLIES LIMITED
ORACAL SYSTEMS LIMITED
PASTEL HOLDINGS LIMITED
NORAD MARKETING LIMITED
TRITECK ELECTRICAL LIMITED
The Secretary of State for Trade and Industry has presented petitions in the High Court to wind up in the public interest Nu-Tech Supplies Limited, Oracal Systems Limited, Pastel Holdings Limited, Norad Marketing Limited and Triteck Electrical Limited.
The companies are all involved in the supply of computer equipment to members of the public.
The petitions were presented following investigations carried out by the Department's Companies Investigation Branch under section 447 of the Companies Act 1985.
On the application of the Secretary of State the Court has appointed the Official Receiver as provisional liquidator of the companies. The role of the Official Receiver as provisional liquidator is to protect and preserve the assets and financial records of the companies until the hearing of the winding-up petitions.
The petitions are listed for hearing on 3 October 2001.
Nu-Tech Supplies Limited was incorporated on 22 September 1998. Its registered office and former trading address is 8 The Centre, Lakes Industrial Park, Lower Chapel, Braintree, Essex CM7 3RM. The directors of the company are Mr Dean Edward Morter and his wife Ms Johann Eileen Skingsley. The secretary of the company is Mr Edward Charles Parker ACCA.
Oracal Systems Limited was incorporated on 9 August 2000. Its registered office and former trading address is 8 The Centre, Lakes Industrial Park, Lower Chapel, Braintree, Essex CM7 3RM. The sole director of the company is Mr Dean Edward Morter. The secretary of the company is Mr Edward Charles Parker ACCA.
Pastel Holdings Limited was incorporated on 5 October 2000. Its registered office and former trading address is The Centre, Lakes Road Industrial Park, Lower Chapel Hill, Braintree, Essex CM7 3RU. The sole director of the company is Mr Dean Edward Morter. The secretary of the company is Mr Edward Charles Parker ACCA.
Norad Marketing Limited was incorporated on 21 January 1999. Its registered office and trading address is Unit 1, Millenium (sic) House, 41 Brook Road, Rayleigh, Essex SS6 7XJ. It also trades from South Park Business Centre, 310 Green Lane, Ilford, Essex. The sole director of the company until 1 April 2001 was Mr Desmond Johnson and thereafter has been Mr Rachid Benkhedda. The secretary of the company is Mr Roy McGaughey FCMA.
Triteck Elecrical Limited was incorporated on 9 August 2000. Its registered office is Hillcrest House, 4 Market Hill, Maldon, Essex CM9 4PZ and its trading address is 48 Spital Road, Maldon, Essex. The directors of the company are Mr Simon Manthorpe and Mr John Brian Goldsmith who is also the secretary of the company. Mr Manthorpe was a former employee of Nu-Tech Supplies Limited and the former secretary of Oracal Systems Limited.
The petitions were presented under Section 124A of the Insolvency Act 1986.
All public enquiries concerning either company should be made to:
THE OFFICIAL RECEIVER
Public Interest Unit
21 Bloomsbury Street
London WC1B 3SS
Tel No: 020 7637 1110
Further information on company investigations is available from http://www.dti.gov.uk/cld/comp inv.htm
Public Enquiries: 020 7215 5000
CITY REACH INTERNATIONAL LIMITED (IN ADMININSTRATION)
KPMG Corporate Recovery have on the 28 August been appointed administrators to City Reach International Limited, and administrative receivers to CRI Holdings No 1 Limited, CRI Holdings No 2 Limited, City Reach Limited, and, City Reach Management Services Limited, all subsidiaries of City Reach International Limited.
City Reach is a pan-European provider of Internet infrastructure and managed IT services providing co-location facilities which are often referred to as data centres. It has built high quality facilities, branded as Secure Internet Exchanges™ ("SIXs") in eight European cities namely, London, Amsterdam, Budapest, Stockholm, Dublin, Munich, Berlin, and Paris.
City Reach's UK head office is in London's Docklands and its UK SIX data centre is in Hayes, Middlesex. The company employs 270 staff group wide.
Jim Tucker, KPMG Corporate Recovery Partner and administrator to City Reach commented:
"We are working with management and are confident of selling the core City Reach sites in London, Amsterdam, Dublin, Stockholm and Budapest centres as going concerns.
"Numerous parties have already made contact with us to explore purchasing the City Reach assets in part or whole. We expect further interest from a number of other European and US companies to progress this opportunity to acquire City Reach's state of-the-art facilities."
*** FORTHCOMING CREDITORS MEETINGS ***
For detailed information on all the British Isles insolvency's (liquidation's, receiverships, administrations, dividends, creditors) please visit http://www.insolvency.com/cgi-bin/gazette/liq/nots.pl
TW LW TW LW
USA 1.44 1.45 Canada 2.24 2.24
Austria 22.03 21.84 Portugal 321.01 318.31
France 10.50 10.41 Belgium 64.59 64.09
Finland 9.52 9.44 Italy 3100.34 3074.28
Germany 3.13 3.10 Sweden 15.16 15.00
Holland 3.52 3.49 Switzerland 2.42 2.40
Spain 266.42 264.18 Ireland 1.26 1.25
Australia 2.74 2.72 Denmark 11.92 11.82
Hong Kong 11.34 11.31 Euro 1.60 1.58
Africa Com 12.17 12.16 Saudi Arabia 5.45 5.44
India 68.57 68.32 Malaysia 5.52 5.51
Singapore 2.54 2.54 Norway 12.90 12.88
Japan 174.43 174.65
TW This week LW Last week.
Gateway, an American computer maker, announced that it would shed around 5,000 workers, some 25% of the total, on top of 3,000 job losses announced earlier this year. The job losses follow the company's price war with Dell and declining technology spending as the world economy droops.
Firestone was reported to have paid $7.9m to settle a lawsuit for injuries sustained after tyres that it supplied failed on Ford Explorers. Ford had settled before the trial for $6m. The verdict seemed to support Firestone's contention that Ford was partly to blame for the accidents. Firestone may yet face a thousand similar lawsuits.
Poor prospects for the world economy prompted ThyssenKrupp to issue a profit warning, its second this year. The German steel firm said third-quarter results had not met expectations and that conditions were unlikely to improve before the end of the year.
Cinven, a British venture-capital firm, has reportedly agreed to pay EURO2 billion ($1.8 billion) to Vivendi, a French media group, for a roster of specialist publications and medical magazines
Source - The Economist
Amec the construction and engineering services group, announced pre-tax profits of 29.7 million pounds, after exceptional charge, on turnover of 2,069 million, for the six months ending 30th June 2001. Earnings per share stand at 6.3p.
Atlantic Telecom announced pre-tax losses of 27.5 million pounds, on turnover of 20.1 million, for the three months ending 30th June 2001.
Hilton Group announced pre-tax profits of 160 million pounds, after exceptional credit, on turnover of 1,912 million, for the six months ending 30th June 2001. Earnings per share stand at 8.6p.
Lookers, the car retailers, announced pre-tax profits of 6.53 million pounds, on turnover of 374.4 million, for the six months ending 30th June 2001. Earnings per share stand at 11.8p.
Rexam, the packaging group, announced pre-tax profits of 67 million pounds, on turnover of 1,804 million, for the six months ending 30th June 2001. Earnings per share stand at 4.1p.
MERGER NEWS
The Secretary of State for Trade and Industry has decided, on the information at present before him, and in accordance with the recommendation of the Director General of Fair Trading, not to refer the following merger/s to the Monopolies and Mergers Commission under the provisions of the Fair Trading Act 1973:Proposed acquisition by Telereal General Property Holdings Ltd of the property estate of British Telecommunications plc
Acquisition by Noble House Pub Company Ltd of 214 pubs from Scottish & Newcastle plc
Completed acquisition by The British Land Company of 22 Homebase stores
Completed acquisition by Fenwick Ltd of Bentalls PLC
Acquisition by First Milk of Aeron Valley Holdings Ltd
The e-Envoy, Andrew Pinder, last week announced plans to examine the use of digital signatures and the future of smart cards in the UK. Joining up currently independent strands of work across the public and private sectors, the Office of the e-Envoy will develop a coherent framework enabling citizens, business and Government alike, to realise the full benefits of the digital economy. As well as looking at how to drive usage and build trust, the wider social issues surrounding such technologies will be rigorously addressed.
Digital signatures extend the concept of written signatures to the electronic world. They can be used to provide authentication, integrity, confidentiality and non-repudiation of electronic transactions. They have an important role to play in facilitating the development of electronic commerce.
The next generation of smart cards could allow access to your cash, credit card, library ticket, bus pass and more, all securely protected on a single piece of plastic. They could also allow use of digital signatures simply and securely.
New Policy Working Groups are to be established involving major stakeholders to help Government determine whether a more co-ordinated and strategic approach is needed. Public consultation papers will be produced in November and December. These consultations will cover:
The e-Envoy Andrew Pinder said:
"Digital signatures are fundamental to the development of trust in e-commerce and e-government - but for a variety of reasons they are not yet in widespread use. The Policy Working Groups will address the barriers to wider take-up, and consider how the technology should best be used to enhance on-line privacy.
"Smart Cards are one way of making the technology of digital signatures easier to use and more secure, but they have many other uses too. There are a number of different public and private sector smart card schemes being developed for UK citizens. It is an open question as to whether these schemes need to move forward in tandem to ensure that maximum benefit is gained from them all. People will expect to be able to use their cards with different systems and so the Government wants to consider its role as a potential catalyst in helping schemes co-operate with each other.
"These new Groups will help the Government develop its policy towards the future of these important technologies within the UK. In framing strategies, we will be working with Actica Consulting, and Logica plc, to help ensure industry, the wider public sector and others all have a voice on how the Government moves forward."
The Government published a Security, Authentication and Smart Card Frameworks in December 1999. They are available at http://www.e-envoy.gov.uk/publications/frameworks_index.htm
Actica Consulting is an independent consultancy and is working with the Office of the e-Envoy on the digital signature policy developments. More information about the company can be found at http://www.actica.co.uk
Logica is a global solutions company providing management and IT consultancy, systems integration, products, services and support. They will work with the Office of the e-Envoy on the smartcard policy development. More information about the company can be found at http://www.logica.com
The Office of the e-Envoy is leading the drive to get the UK online, to ensure that the country, its citizens and its businesses derive maximum benefit from the knowledge economy. To support this aim, the Office has three core objectives:
The Government's programme of work to ensure the UK is a world leader in the knowledge economy revolution is set out in the UK Online Strategy.
Monday 3 September Wessex Branch of the ICM Motivation - Speaker/Sponsor Robert Half International Ltd Venue - Royal Southampton Yacht Club 1 Channel Way, Ocean Village, Southampton SO14 3QF Time : 7.00 pm for 7.30 pm Refreshments provided Wednesday 26 September Sussex & Surrey Branch of the ICM A speaker from Surrey Police Fraud & Financial Investigations Unit Venue - The Bridge House Hotel Reigate Time: 700 for 7.30 p.m. Sponsored by ICC Information Systems Ltd 1 to 2 October Experian UK Conference 2001 Managing customers outside in Celtic Manor Hotel UK 8th and 9th October 2001 FCIB's 107th International Round Table Conference In Europe Brussels Hilton Hotel 38 Boulevard de Waterloo, 1000 Brussels, Belgium FCIB's International Conference 'The Art of Country Risk Analysis' Further information can be obtained from: Tim Lane, Director of European Operations, FCIB Corporation, 7200 The Quorum, Oxford Business Park North, Garsington Road, Oxford OX4 2JZ, England Tel: 44 1865 481630 Fax: 44 1865 481482 (From within the UK, substitute zero (0) for 44) E-mail: timlane@fcib-europe.org Monday 15 October Wessex Branch of the ICM Retention of Title - Speaker/Sponsor Fanshawe Lofts Venue - Royal Southampton Yacht Club 1 Channel Way, Ocean Village, Southampton SO14 3QF Time : 7.00 pm for 7.30 pm Refreshments provided Thursday 18 October Magazines in Credit 2001 Conference and Awards Grosvenor House Park Lane, London W1 Telephone Justin Barry on 020-7400-7534 for more information or e-mail justin.barry@ppa.co.uk or visit the website at www.ppa.co.uk/events/credit2001 Wednesday, Thursday and Friday 24th to 26th October 2001 International Credit Exhibition & Conference The Westin Stamford, Singapore http://www.internationalcredit001.com Mailto:info@internationalcredit001.com Tuesday 30 October Collections 2001 Credit Today National Motorcycle Museum, Birmingham The inaugural Credit Today conference for the UK on Debt Management, Collections Procedures as well as the political issues and regulatory changes affecting your work For more details contact Carleen Bennett on 020 7407 4700 or visit www.credittoday.co.uk Monday 12 November Wessex Branch of the ICM European Credit Checking - Speaker/Sponsor ICC Information Ltd Venue - Royal Southampton Yacht Club 1 Channel Way, Ocean Village, Southampton SO14 3QF Time : 7.00 pm for 7.30 pm Refreshments provided Thursday 22 November Sussex & Surrey Branch of the ICM Factoring/Invoice Discounting/Asset Finance Speaker: To be advised Venue - HSBC, Farncombe Road, Worthing Time: 7.00 for 7.30 p.m. Sponsored by HSBC 23 November Debt Sale & Purchase Credit Today, Savoy Hotel, London The second annual debt sale and purchase conference chaired by Rob Levick. For details e-mail carleen@credittoday.co.uk Monday 10 December Wessex Branch of the ICM Quiz Night - Sponsor Virtual Mailroom Ltd Venue - Royal Southampton Yacht Club 1 Channel Way, Ocean Village, Southampton SO14 3QF Time : 7.00 pm for 7.30 pm Refreshments provided Thursday 24 January 2002 Sussex & Surrey Branch of the ICM Annual General Meeting Followed by Dinner. Speaker: To be advised Venue - The Imperial Hotel, Hove Time: 7.00 for 7.30 p.m. Raise the profile of your event. If you have an event coming up which is credit management related and you would like us to make an entry in the Diary section please e-mail the details to jarnold@creditman.co.uk
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