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: Vol 4 Issue 9
Dated: 5 March 2000
Welcome to the Business Credit News UK.
In this weeks edition you will find the following topics.
UKWE ARE MOVING
At the end of the week we will be moving so we may not be able to produce next week's edition of the Business Credit News UK however if we can we will - keep checking your mailbox.
THE EURO
The EURO plunged to new lows against the dollar, dipping in one day by 3.6% to $0.939 in Asian markets before bouncing back above $0.97. Also, EURO-AREA INFLATION hit the European Central Bank's target ceiling of 2% in January, the highest rate since January 1997.
GROWTH IN RETAIL SALES PICKS UP BUT PRICES DIP TO ALL TIME LOW - CBI
Retail sales grew strongly in February but prices fell for the first time on record, according to a survey out last week.
The latest Confederation of British Industry's quarterly Distributive Trades Survey, covering sales from 2 to 22 February, shows that, when compared to a year ago, 61 per cent of retailers reported increased sales, while 14 per cent reported falls. This gives a positive balance of 47 per cent, the highest seen since November 1996. This compares with plus 29 per cent in January and plus 41 per cent in December.
The three month moving average of sales volumes moved up to plus 39 per cent from plus 31 per cent in January and plus 27 per cent in November.
Sales were considered to be above average for the time of year and were higher than retailers had previously expected. This has boosted retailers' confidence to a three-year-high. Thirty-one per cent expect the business situation to improve in the next six months, while only three per cent expect the situation to get worse. This gives a positive balance of plus 28 per cent, which compares to plus 19 per cent in November and plus 6 per cent a year ago.
Prices dipped for the first time in the survey's 16-year history. Thirty per cent of retailers said they had cut prices, while 26 per cent put prices up, leaving a negative balance of 4 per cent. This decline is expected to speed up in the coming months. Import penetration has increased at the fastest rate for almost ten years, with a greater share of retailers' deliveries from suppliers coming from imports.
Alastair Eperon, Chairman of the Distributive Trades Panel, said: "Retailers' confidence is at a three year high. However, unlike the late 1980's, growth is being won in fiercely competitive markets, with prices being cut and margins under pressure. The strong pound continues to bite, with retailers buying more of their supplies from abroad. Moreover, with growth set to cool in March and prices expected to dip further the clear message from this survey is that interest rates can be kept safely on hold next week."
Grocers, furniture & carpet retailers, and chemists reported the sharpest increases in sales when compared with a year ago. Confectioners reported sharp falls in volumes and off-licences saw no change. Durable household goods and hardware, china and DIY stores saw sales growth remain robust, reflecting the impact of a healthy housing market.
Orders placed with suppliers rose significantly in February and increased more than had been reported and expected in January. This increase is expected to continue in March but at a slower rate. Stocks built up slightly over the past month and are more than adequate to meet demand.
Retailers' intentions to invest over the year ahead have strengthened since last November's survey and are now slightly positive for the first time since February last year. The employment picture remains unchanged, although retailers expect to create more jobs over the coming months.
Wholesalers' annual sales rose modestly in February, after sharp falls in the previous month. This rise in volumes is expected to continue in March. Wholesalers felt that business was slightly below average for the time of year, although this was less pronounced than in January. Prices increased slightly and are expected to continue to increase, together with employment. Wholesalers are also feeling more confident about the general business situation than at any time since mid 1997. Investment intentions are also positive for the first time in two years.
Motor traders' annual sales fell sharply in February, but at a slower pace than in the previous month. Further falls are expected in March, despite the introduction of the 'W' registration. Business is considered to be well below average for the time of year. Prices continue to drop and business confidence has declined for the eighth consecutive survey. However, the new system for registrations has not yet settled down and it is difficult to identify the underlying trend.
REGIONAL DISPARITIES REVEALED BY LATEST COMPETITIVENESS INDICATORS
Publishing the latest set of regional competitiveness indicators the Secretary of State for Trade and Industry Stephen Byers said:
"Whilst these indicators show that the description 'north- south' divide is an over simplification they do reveal in stark terms that there are clear disparities between regions.
"These issues are complex. Within each region there are areas of prosperity and pockets of poverty. However, these indicators show that clear differences do exist between regions and that the increase in national economic prosperity is not being spread evenly around the country.
"Of course this is not new but as a Government elected to govern for all our people this state of affairs cannot be ignored.
"The United Kingdom's economic success depends on all our regions achieving their full potential. The regional indicators show that many of our regions are underperforming.
"We need to put in place policies which will tackle the underlying weaknesses of some of our regions. But it is clearer that there are no quick fixes - we are dealing with problems that go back generations.
"It is necessary to have an active regional policy. Not making the mistakes of the past by trying to pick winners or throwing money at failing businesses or simply leaving everything to the market.
"Instead we need to have a clear economic strategy for each region which identifies key challenges and opportunities.
"We then need to target government support so that we actually add value; by promoting investment and innovation; encouraging clusters; build up skills and research and development.
"It is essential that we create the climate in which enterprise can flourish in all our regions."
REGIONAL COMPETITIVENESS INDICATORS SUMMARY OF THE MAIN FINDINGS
Relative levels of GDP per head have not varied much between regions in recent years. The South East and South West appear to have gained at the expense of London. Scotland and Northern Ireland have also seen some relative improvement. The North East, Wales and Northern Ireland have the lowest levels of GDP per head.
Nor is there much sign that relative levels of income per head have changed as between the North and South in recent years. Household disposable income figures do suggest, however, that some parts of the South were hit harder than the North in the last recession.
Manufacturing productivity has improved across the country during the nineties, most noticeably in the South East.
There has been a modest fall in overall claimant levels over the past four years, most noticeably in London, the West Midlands, and the Eastern region. None of these changes is dramatic.
Behind the figures, disabled claimants for income support have tended to rise, more in Northern regions, Scotland, Wales and Northern Ireland than in the South. Lone parent claimants have tended to fall, save in the North West.
Some regions have seen a higher proportion of their investment in manufacturing done by foreign as opposed to domestically owned companies. Between 1994-97, Scotland and Wales, the West Midlands, the North East and Merseyside all saw an unusually high proportion their investment in manufacturing done by foreign owned companies. Yorkshire and Humberside have the lowest proportions of manufacturing investment from abroad.
Regional figures for exports are included for the first time, broadly reflecting patterns of manufacturing activity. This is a welcome addition but we shall need more figures than those for the first three quarters of 1999 before lessons can be learned.
Earnings per hour have been increasing pretty much in step across the country on a workplace basis, with higher earnings growth in London the clearest exception. This is not inconsistent with a fall in London's relative position in terms of GDP per head, which is also affected by a shift in the location of business out of London into surrounding areas.
The proportion of people of working age in employment has increased across the UK as whole. Behind this, there has been a noticeable increase in Northern Ireland, higher than average improvements in London, the South East, the South West and the North West. The improvement has been least marked in Scotland.
We have less recent figures for the distribution of jobs across the country, but these show signs of a shift of jobs out of London into the South East and South West that was particularly marked in the late 1980s. This is not inconsistent with the proportion of people in jobs having risen in London: the result could flow from people having moved from London into surrounding areas.
Unemployment as measured on the internationally recognised basis has fallen everywhere over the past five years. The fall in unemployment has been most marked in London and Northern Ireland.
London and Northern Ireland also stand out in the fall in claimant count unemployment post the 1991 recession.
Across the country as a whole, long term claimant unemployment rose after the recession before falling back most noticeably over the past two years during which the New Deal became effective. Northern Ireland has consistently had the highest proportion of claimants who have been out of work for over a year. The position in London has improved, but still has the next highest share of long term claimants.
London and the South East stands out as having the highest proportion of economically active adults with at least NVQ Level 3 or equivalent. All others are improving, but London and South East are the only two regions that have so far met the Government's target of 50 per cent.
In firms with more than 50 employees, the North East and Merseyside stand out as having nearly a third of organisations having IiP recognition by November of last year. The target is 45 per cent by 2002. Northern Ireland has the most ground to catch up followed by Scotland and London.
New business registrations have grown steadily in the UK over the past five years as a proportion of the total stock of businesses. London has consistently shown the highest share of new businesses in its stock of businesses, particularly so in services. Merseyside also performs well.
The North East has shown the slowest growth of newly registered businesses in its stock and a fairly low rate of business survival. Northern Ireland has a particularly low start up rate, but businesses there tend to survive longer than elsewhere.
The most recent figures are for 1997. Manufacturers located in the East and South East invest significantly more in R&D as a proportion of their gross value added than those in other regions. Wales and Yorkshire and Humberside rank low. The highest proportion of employee jobs in high tech sectors is in Wales followed by the South East and the South West, then Eastern England.
Industrial property costs are far higher in London and the South East than the rest of the country. Office accommodation in London is far higher than elsewhere, over 80 per cent dearer than the national average.
New business registrations have grown steadily in the UK over the past five years as a proportion of the total stock of businesses. London has consistently shown the highest share of new businesses in its stock of businesses, particularly so in services.
The North East has shown the slowest growth of newly registered businesses in its stock and a fairly low rate of business survival. Northern Ireland has a particularly low start up rate, but businesses there tend to survive longer than elsewhere.
The most recent figures are for 1997. Manufacturers located in the East and South East invest significantly more in R&D as a proportion of their gross value added than those in other regions. Wales and Yorkshire and Humberside rank low. The highest proportion of employee jobs in high tech sectors is in Wales followed by the South East and the South West, then Eastern England.
Industrial property costs are far higher in London and the South East than the rest of the country. Office accommodation in London is far higher than elsewhere, over 80 per cent dearer than the national average.
CARTEL AMONGST VOLVO DEALERS UNCOVERED ON EVE OF NEW COMPETITION REGIME
Evidence of another major cartel has been revealed by the OFT on the 29 February on the eve of a new era of tough, new competition law.
Details of a price-fixing cartel involving 17 Volvo dealers (named in the Notes) operating in Hertfordshire, West Sussex, London, Berkshire, Buckinghamshire, Kent, Hampshire and Surrey has been made public by the competition authority.
The agreement restricted the discount rates available to commercial and retail customers. The dealers agreed to limit the level of discounts to 2.5% for Volvo cars to commercial customers, with the exception of certain prestige ranges. These prestige ranges would not have any discount on them at all. The dealers also agreed together to sell the whole range to retail customers at RRP, without any discount at all. The cartel continued from 1994 to the latter part of 1996.
The details have only recently been supplied to the OFT following Volvo Car UK Ltd's admission last year that it had supported price-fixing agreements between its dealers. Volvo Car UK Ltd has not been named as a party to this agreement.
Details have been recorded on the OFT's restrictive practices register. Further action will not be taken because the agreement has come to an end and because the law under which they were investigated - the Restrictive Trade Practices Act - will be replaced on 1 March by the Competition Act 1998, which is not retrospective.
John Bridgeman, Director General of Fair Trading, said:
"This cartel operated in secret for some time. It is impossible to say what effect it had on prices and to what extent consumers lost out. I accept that the cartel ended some time ago but the point of putting details on the register at this late stage is that it could help any consumers who may wish to pursue a private action in the courts.
"I warn companies still involved in cartels like this that they will not get off so lightly in the future. From tomorrow I will have tougher powers of investigation, including the right to enter premises and seize information. Cartels found to be acting after 1 March will be subject to penalties of up to 10% of UK turnover for every year of the infringement up to a maximum of three years.
However the law is not retrospective and cannot be applied to any agreements terminated before 1 March 2000."
Complaints about cartel activity can be made to the OFT's 24 hour cartel hotline telephone/fax: 0207-211-8888.
The following dealers have been identified as being party to the agreement: Pilling Motor Group Ltd (Hemel Hempstead), Kingscroft Motor Co. Ltd (Leatherhead), Hapstead (Ardingly), Volvo Car Central London (Euston Road, London), Marshall's (Slough), Triangle (Stamford Hill, London), Matthew (Guildford), Lex (Reading), Lex (Bourne End), Tamplins (Croydon), Hayward's (Maidstone), Mattham's Motors (Bishop's Stortford), Lex (New Kent Road, London), Evans Halshaw (Cuffley), Alan Gibson (Basingstoke), Tamplins (Heath Road) and Squire Furneaux (Cobham).
The Competition Act 1998 introduces new prohibitions of anti-competitive agreements and abuses of a dominant position (the Chapter I and Chapter II prohibitions). The prohibitions will replace the Restrictive Trade Practices Act and the Resale Prices Act and most of the Competition Act 1980.
Under section 36 of the Act, the Director General (and those regulators with concurrent powers to apply and enforce the Act) may impose a financial penalty on an undertaking that has committed an infringement of the Chapter I or Chapter II prohibitions, if the infringement has been committed intentionally or negligently.
Rome, February 24 - International credit insurer NCM and the Italian bonding and credit insurance company Societa Italiana Cauzioni (SIC) have signed an agreement formalising future close co-operation. Swiss Re as a key shareholder in both companies is supportive of the co-operation and has purchased a further 5% stake in SIC from the Boccia family.
The agreement is seen as a first step and is expected to lead to superior product offering to NCM's and SIC's clients, in their domestic markets.
Over the coming months NCM and SIC will define the detailed framework of the new partnership. They will work together in both the credit and bonding areas, particularly in the fields of development, sales and marketing of insurance products, as well as in claims and collections.
NCM Chairman, Gerard van der Stelt, said: "SIC has an excellent knowledge of the complex but attractive Italian market. The organisation possesses a strong distribution network and is a leader in the Italian credit and bonding market. SIC will benefit from NCM's international know-how and from access to our integrated data-networks."
Welcoming the co-operation with NCM, SIC Managing Director Gianluigi Boccia said: "For some time we have been looking for a partner with the same philosophy to credit risks as SIC and we have now found it in NCM. We are confident that together we will be able to expand the credit insurance and bonding business more effectively. NCM's international networks and expertise will allow us to better service our Italian clients against the risks of international trade."
Swiss Re is a leading reinsurer of the global credit risk market, a majority shareholder in NCM and a key shareholder in SIC. It has facilitated the development of the agreed co-operation between NCM and SIC and in addition has purchased a further 5% stake in SIC, increasing its ownership to approximately 35%. Swiss Re and the Boccia family are also considering an additional increase of Swiss Re's stake in SIC.
The NCM Group, a privately owned company with headquarters in Amsterdam, annually insures about 130 billion Euros (NLG 286,5 billion /Italian Lire 251,7 trillion) of business worldwide against the risk of non-payment, for its customer base. NCM also offers debt collection and related credit management services. It has invested heavily in customer service and technological innovation. It has operations in Belgium, Denmark, France, Germany, Ireland, Italy, Malaysia, the Netherlands, Norway, Spain, Sweden, USA and UK. NCM is also developing a market presence in Japan via an alliance with Tokio Marine and Fire Company. Currently, NCM has a staff of 1377 worldwide and in 1998 turnover amounted to 429 million Euros (NLG 945 m/Italian Lire 830,7 billion).
SIC, established in Rome in 1948, conducts insurance and reinsurance activities as a specialised company in the surety bond and credit insurance sectors. Its main areas of bonding activities are customs, tax and/or similar bonds, judicial bonds, bonds concerning concessions and licenses, bonds concerning purchase of goods and/or services, financial bonds. SIC undertakes domestic credit insurance activities and commercial and/or insolvency risks on exports. SIC Group has 163 staff and 88 agencies throughout Italy and a yearly turnover of Euros 83.2 million (Italian Lire 161 billion/NLG 183 m).
Swiss Re is one of the world's leading reinsurers with over 70 offices in more than 30 countries. In the 1998 financial year, gross premium volume amounted to CHF 18 billion (NLG 24,7 billion/Italian Lire 21,7 trillion) and the result after tax amounted to CHF 2.5 billion (NLG 3,4 billion/Italian Lire 3,0 trillion). During the first half of 1999, Swiss Re achieved an ordinary result of CHF 2.6 billion (NLG 3,6 billion/Italian Lire 3,1 trillion) with gross premium volume rising to CHF 10.7 billion (NLG 14,7 billion/Italian Lire 12,9 trillion). Swiss Re is rated "Aaa" by Moody's and "AAA" by Standard and Poor's.
RADIOCOMMUNICATIONS AGENCY (RA) ANNOUNCES NEW ASSET TRACKING MOBILE DATA LICENSEE
The Radiocommunications Agency (RA) is to award a Wireless Telegraphy Act licence to QNL (UK) Ltd to provide an asset tracking mobile data network in the UK.
This follows the consultation paper in May 1999: "Spectrum for Asset Tracking Mobile Data Networks". The responses to this paper showed:
Asset tracking is an application which enables businesses to trace the actual location of its assets such as cars or lorries, but could also be used to trace other high value assets, such as IT equipment.
Copies of the non-confidential responses and a summary of the main points raised in the responses are on the Agency's web site at: www.radio.gov.uk/document/rad_spec/asset/res_sum.htm
Website: http://www.radio.gov.uk
On 28 February 2000 the Secretary of State for Trade and Industry presented a petition in the High Court of Justice in London to wind up Caring Parents Limited in the public interest following enquiries made by the Companies Investigation Branch of 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 the company on 29 February 2000 pending hearing of the petition. Caring Parents Limited was incorporated on 11 May 1998 and sold licences to "regional directors" throughout the UK to promote and administer the Caring Parents Club. The Club provides various discounts and benefits in return for an annual subscription. Latterly, the company had begun to recruit franchisees to operate below regional directors.
The registered office of the company is at 399 Bury New Road, Salford, Manchester M7 2BT, which is also its trading address.
The petition was presented under Section 124A of the Insolvency Act 1986.
All public enquiries concerning the company should be made to:-
The Official Receiver
Public Interest Unit
The Insolvency Service
P O Box 203
21 Bloomsbury Street
LONDON WC1B 3QW
Tel: 020-7637 6275
*** 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
From 06/03/2000 to 14/03/2000 Number of Creditor meetings : 231 Section Company Time Venue 138 Scotland - Interim Liquidator calling Creditors Meeting 08/03/2000 Dryburgh Construction Ltd 10.00 am Glasgow Murray Williamson (Builders) Ltd 11.00 am Edinburgh 48 Receiver calling unsecured Creditors Meeting 07/03/2000 Information Computer Solutions Ltd 11.00 am London 08/03/2000 Euroland Ltd 02.00 pm London J G Crossley & Sons Ltd 11.00 am Manchester William Lusty Group Ltd - The 10.00 am Manchester William Lusty Ltd 10.30 am Manchester 09/03/2000 C M T C Components Ltd 12.00 pm London Carlan Engineering Ltd 11.00 am London Huffey Construction Ltd 12.00 pm London 10/03/2000 Pentney Engineering Ltd 10.00 am Leeds Teddington Bellows (Holdings) Ltd 10.00 am Cardiff Teddington Bellows Ltd 10.00 am Cardiff Thermatrix Ltd 10.00 am Leeds Treste Plant Hire Ltd 11.00 am Leeds W E S Property Ltd 10.00 am Cardiff Wahlco Engineering Products Group Ltd 10.00 am Leeds Wahlco Engineering Products Ltd 10.00 am Leeds 13/03/2000 Silk Mill Sewing Ltd 11.00 am Nottingham 84 N. Ireland - Creditors Voluntary Liquidation 06/03/2000 Armagh City Textiles Ltd 10.00 am Belfast 09/03/2000 Bluepath Industries International Ltd Dungannon 98 Creditors Voluntary Liquidations 06/03/2000 Advanced Vehicle Rentals Ltd 12.00 pm London Bailey Plant Engineering Ltd 10.15 am Bury Bollywood Cinemas Ltd 11.30 am Harrow Class Staff Ltd 03.00 pm Stockport Dianes Hairdressing Ltd 10.30 am Manchester Dining Partnership Ltd - The 11.30 am Southampton First Stop Retail Ltd 10.00 am Manchester Football (UK) Ltd 11.00 am Worcester Harmony Publications Ltd 10.30 am London Kitchenworks Ltd 11.00 am Watford Leocraft Ltd 11.00 am London Minangkabau Ltd 10.15 am Greenford P J Electronics (UK) Ltd 11.00 am Barnsley Porter Builders Ltd 11.00 am Liverpool Premier Distribution Services Ltd 10.30 am West Byfleet QIX Sign Ltd 10.30 am Hayes SBG Sport Ltd 11.00 am Daventry Scotia Fireplace (Distributors) Ltd 11.00 am Hamilton Seeley Associates Ltd 11.00 am London Silversport Ltd 12.00 pm London Spa World UK Ltd 03.30 pm Ilford T D S (New Holland) Ltd 11.15 am Sittingbourne 07/03/2000 Blue Note Clothing Co Ltd 10.30 am Sheffield Business Connections (Publishing) Ltd 11.00 am London C B Academy Ltd 11.00 am Impington Capeguild Ltd 11.30 am Manchester Cascade Computer Supplies Ltd 02.30 pm Birmingham Castle Security Ltd 10.15 am Salisbury Chainace Ltd 11.00 am Birmingham Cheshire Ceramic Imports Ltd 11.00 am Stockport Cheshire Plastering Contractors Ltd 03.00 pm Stockport Cinemat (UK) Ltd 11.00 am Harpenden Circle Line Distribution Centre Ltd 02.30 pm Paddington Construction Guide Ltd - The 11.30 am London Cork and Cask Ltd 11.00 am London Cross Plasterers Ltd 11.30 am Havant Cuneiform International Ltd 11.00 am Bristol Curtaincare Ltd 02.30 pm Hale D P S (Derby) Ltd 11.00 am Nottingham Daljo Ltd 11.30 am Leicester Deed Engineering Ltd 11.00 am Birmingham Design & Develop (Shopfitters) Ltd 12.00 pm Hale Dib Ltd 12.00 pm Bolton Global Link Services Ltd 03.00 pm Harrow Grahams Truck Services Ltd 11.00 am Northampton Halesowen Payroll Services Ltd 03.30 pm Birmingham Holders Hotels Ltd 11.00 am Chelmsford Hydrometrics Ltd 11.30 am Southampton J & P Leisure Ltd 10.00 am Bately J Arthur Dixon Ltd 10.30 am London J J P Tube Manipulation Ltd 10.15 am J J P Tube Manipulation Ltd 10.15 am West Bentley J S Commercial Cleaners Ltd 11.30 am Leeds MV Services Ltd 10.30 am Driffield Media International (UK) Ltd 11.00 am St Albans Midland Wheel Supplies Ltd 02.20 pm Basingstoke Neutral Corner Ltd 11.00 am London P P T Ltd 11.30 am Kingston Player UK Ltd 11.00 am London Praydale Ltd 10.30 am Leeds Republic Enterprises Ltd 10.00 am Kingston-u-Tham Select Seafoods Ltd 11.00 am Newton Abbot Star Laundry Services Ltd 02.30 pm Preston Sylvan Brick Systems Ltd 11.00 am Manchester Travel Temps Ltd 11.45 am London Ultimate Displays Ltd 10.30 am Gloucester Uniplace Ltd 11.00 am London Wessex Dairies Ltd 12.00 pm Bristol 08/03/2000 A M R Bakery Ltd 11.00 am London AGM Business Supplies Ltd 10.30 am Cambridge Allegro Holidays Ltd 11.30 am Cheadle Anglo European Asbestos Removal Ltd 11.30 am Altrincham Belgian Clothing Ltd 11.00 am London Boston I T Ltd 11.15 am Leeds C K Styles Ltd 04.00 pm London Cambridgeshire Windows & Conserv Ltd 11.30 am Peterborough Capital Building & Refurbishment Ltd 12.00 pm London Causeclever Ltd 02.00 pm London Claremont Construction (Manage) Ltd 12.00 pm London Direct Business Products Ltd 03.30 pm Southend-on-Sea Feature Enterprises Ltd 11.00 am London Flowmeter Systems Ltd 02.30 pm Altrincham Gough Harley & Fidler Ltd 10.30 am Hatfield Greenfinch Associates Ltd 03.00 pm Hove Harrow 5678 Ltd 02.00 pm London Hexagon Printing Ltd 11.00 am London IIAM (UK) Ltd 03.00 pm London Imar & VIP Clinique (Harley Street) Lt 11.30 am London Instantscheme Ltd 12.00 pm Chandlers Ford Joss Design Ltd 10.30 am Droitwich Spa Lexon Technology Ltd 11.00 am Harpenden Lion Colours (Park Royal) Ltd 11.30 am Hornchurch M G S Design & Build Ltd 02.30 pm London Marklane Ltd 12.30 pm Southend-on-Sea Micro Abacus (Formby) Ltd 10.15 am Liverpool Micro Abacus (North West) Ltd 10.45 am Liverpool Proj Ini Ltd 10.30 am Leeds Regentforce Ltd 11.00 am Birmingham Salt & Vinegar Ltd 02.00 pm London Showhouse Kitchens Ltd 11.30 am Southend-on-Sea Southend Poultry Ltd 10.30 am Southend-on-Sea Sportscene International Ltd 11.30 am Stoke-on-Trent Stanley Building Management Ltd 10.00 am Taunton Thai Cuisine (Five Stars) Ltd 11.30 am London Tokeley Ltd 11.30 am Southend-on-Sea Ultimate Interior Design Ltd 11.30 am Hyde W B Engineering Ltd 12.00 pm Stockport 09/03/2000 AMG Leisure Ltd 11.30 am London Animation by M & M Design Promo Ltd 03.30 pm Swindon Balham Coachworks (Sales) Ltd 10.45 am Sutton Birmingham Pine Bed Co Ltd - The 11.30 am Birmingham Brigg Management Services Ltd 10.00 am London Buyadvice Ltd 03.00 pm London C C S T Ltd 11.30 am Blackpool Carlyle Decorators Ltd 03.00 pm Liverpool Chase Vehicle Contracts Ltd 11.15 am London Data Data (GB) Ltd 11.00 am Portsmouth Dorset Community Newspapers Ltd 12.00 pm Swindon Economy Print Ltd 11.00 am Southend-on-Sea Eurofashion Ltd 02.30 pm Hale Exercise Asso of England Ltd - The 03.00 pm London Florian Ltd 02.30 pm Hampshire Horizen Contractors Ltd 10.30 am Sheffield Hurlston Design Ltd 11.30 am Aldridge Jack Summers (Huddersfield) Ltd 10.30 am Huddersfield Jagdec Ltd 10.30 am Preston Landstore Ltd 12.00 pm London London Diamonds Ltd 11.00 am London Monoword Resourcing Ltd 11.30 am Lower Beeding Natbuild Ltd 11.30 am Cardiff Oceanbay Ltd 10.15 am Egham Optel Technology Ltd 11.00 am London Page Fixing & Supply Ltd 10.30 am Cambridge Permier Hams Ltd 01.30 pm Swindon Protective Techno Inter Group Ltd 12.00 pm London Protective Technologies Ltd 11.00 am London Relm Tools Ltd 12.00 pm Eye Rubiconline Ltd 12.30 pm Wakefield S S Deighton & Associates Ltd 10.15 am Bately Scarisbrick Construction Ltd 11.00 am Preston Site Fab (UK) Ltd 11.00 am Wolverhampton Steadytrade Ltd 11.00 am London Terraneaus Tours Ltd 11.30 am Exeter Traditional Pub Co Ltd 11.15 am Liverpool Valtex Computer Systems Ltd 11.30 am Ipswich Wheatagrove Ltd 02.15 pm London 10/03/2000 Active Technical Systems Ltd 12.00 pm London Best Kebab Gel Ltd 03.30 pm London Blackbow Slingsby Ltd 02.00 pm London Care-About (Wales) Ltd 12.00 pm Cardiff Crown Construction (Yeovil) Ltd 11.00 am Hendford D W Poole Transport Ltd 10.15 am Newcastle Experience 2000 Ltd 11.30 am Bradford Garfield Precision Engineering Ltd 11.30 am Leicester Gilbert-Lucas Landscape Construct Ltd 03.30 pm Lutterworth Homecare Services (Stoke on Trent) Ltd 10.30 am Newcastle Kirk & Williams Joinery Ltd 12.30 pm Southend-on-Sea Lindway Ltd 12.00 pm Birmingham Lucy Time Ltd 02.00 pm London Mach-Track (UK) Ltd 10.30 am Droitwich Spa Mad Dog Cafe W1 Ltd 04.00 pm London Pett Irrigation Ltd 03.00 pm Boston Pola Colour Ltd 11.30 am Harrow Prince Motor Ltd 02.30 pm London Professional Advisers Invest Serv Lyd 12.00 pm London R H Y Ltd 11.30 am Leeds Ramsborough Ltd 11.00 am Derby Regency Painting Contractors Ltd 10.30 am Sheffield Restaurant 19 Ltd 10.30 am Halifax Sealwest Ltd 10.30 am Taunton Sideshow Ltd 02.15 pm London Simply Sofa Beds Ltd 11.00 am London Universal Strategic Consultants Ltd 11.45 am London Venture Travel Ltd 03.00 pm Swansea Wolsey Hunt Ltd 11.30 am Birmingham 13/03/2000 Bluestar Networks Ltd 02.30 pm Hampshire Chilldale Ltd 10.30 am London Clothes Shop Ltd - The 03.00 pm London D C Tomkinson & Co Ltd 11.30 am Manchester Hendmere Ltd 11.30 am Halifax Hereward Freight Group Ltd 10.30 am Peterborough K2 Marketing & Promotions Ltd 11.30 am Altrincham Lockcourt Ltd 11.00 am London MPA Classique Fashions Ltd 11.00 am Rotherham McCarthy Brench Ltd 03.30 pm Slough Optimus Print & Design Ltd 02.30 pm Luton Reliance Shipping Services Ltd 11.00 am London Timepace Ltd 11.00 am Leicester 14/03/2000 A P L Data Communications Ltd 12.00 pm London Advanced Computer Connections Ltd 12.00 pm Hale Cumbria Car Hire Ltd 11.30 am Preston Danaid UK Ltd 03.00 pm Birmingham Fashions Alive Ltd 11.00 am London Feathers Project Ltd - The 03.00 pm London G & M Computer Services Ltd 10.45 am Manchester Grangefield Ltd 11.00 am London Matdan Ltd 12.00 pm Bexley Media Forge Network Ltd 11.00 am Wolverhampton Media Forge Training Ltd 11.00 am Wolverhampton Motologic Plc 11.00 am London Network 5 Television Ltd 11.00 am Wolverhampton Oxford French Car Co Ltd - The 12.00 pm Reading Solar Room Conservatories Ltd - The 11.30 am Impington Spurbyte Ltd 02.30 pm London Standard Flat Roofing Co Ltd 11.00 am London Stebar Building Services Ltd 02.00 pm London Stephall Ltd 11.30 am Peterborough Teltec Consultants Ltd 03.30 pm London Whitsand Bay Promotions Ltd 11.00 am Plymouth Wilson & Stafford Ltd 11.30 am Leicester
TW LW TW LW
USA 1.58 1.62 Canada 2.29 2.35
Austria 22.51 22.84 Portugal 327.99 332.88
France 10.73 10.89 Belgium 65.99 66.98
Finland 9.72 9.87 Italy 3167.86 3214.96
Germany 3.20 3.24 Sweden 13.84 14.36
Holland 3.60 3.65 Switzerland 2.62 2.66
Spain 272.22 276.26 Ireland 1.28 1.30
Australia 2.63 2.56 Denmark 12.19 12.39
Hong Kong 12.34 12.65 Euro 1.63 1.66
Africa Com 10.06 10.30 Saudi Arabia 5.95 6.09
India 69.14 70.92 Malaysia 6.02 6.17
Singapore 2.72 2.77 Norway 13.22 13.42
Japan 170.57 173.87
TW This week LW Last week.
Davis Service announced pre-tax pfofits of 61.4 million pounds, after exceptional credit, on turnover of 431.3 million, for the year ending 31st December 1999. Earnings per share stand at 31.7p.
Marshalls, the paving and garden products group, announced pre-tax profits of 40.6 million pounds, on turnover of 278.5 million, for the year ending 31st December 1999. Earnings per share stand at 19.9p.
Psion announced pre-tax profits of 4.55 million pounds, after exceptional charge, on turnover of 150.4 million, for the year ending 31st December 1999. Earnings per share stand at 4.2p.
TI Group announced pre-tax profits of 185.9 million pounds, after exceptional charge, on turnover of 2,729 million, for the year ending 31st December 1999. Earnings per share stand at 23.1p, on increased capital.
Cap Gemini, a French consultancy, agreed to acquire the consultancy arm of Ernst & Young, a big-five accountancy firm, for 11.5 billion ($11.1 billion). It will become one of the world's top five consultancies. The deal improves Cap Gemini's global coverage, and helps Ernst & Young avoid regulatory problems in America over employees' shareholdings in companies audited by its accountancy arm.
Source - The Economist
Scottish & Newcastle, the UK's biggest brewer, decided to stick to what it knows best -- beer and pubs -- and sell its Center Parcs and Pontins holiday camps for about 800m pounds ($1.27 billion). Other big British brewers are moving out of drink and into the leisure business as Europe's brewing industry consolidates. S&N will use some of the cash to buy a refreshing European lager, probably Kronenbourg.
Source - The Economist
Powergen made a long-awaited entry into America's liberalising energy market with the acquisition of LG&E, a Kentucky-based electricity and gas company, for $3 billion. In an all-American power deal, Nisource also agreed to acquire Columbia Energy for $6 billion.
Source - The Economist
Tetley Tea, the world's second-largest teabag company and the market leader in the UK, the home of tea drinking, agreed to be acquired by Tata Tea, India's second-largest tea company and part of the Tata Group, for 271m pounds ($431m).
Source - The Economist
BMW scotched rumours that production of Rolls-Royce cars would be shifted to Germany when the rights to use the marque pass to BMW in January 2003. BMW conceded that the Roller is a "national monument", and is considering several English locations.
Source - The Economist
John Taylor resigned as chief executive of troubled British Nuclear Fuels. Other managers may go as the state-owned company clings on to hopes of a partial privatisation. Damaging official reports had blamed management for recent safety lapses at the company.
Source - The Economist
MERGER CLEARANCE
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 to the Monopolies and Mergers Commission under the provisions of the Fair Trading Act 1973:Proposed joint venture between Blackwell Limited and Swets & Zeitlinger BV Proposed acquisition by British European Associated Publishers Ltd of Keesing UK Ltd
Completed acquisition by Algea (UK) Limited of Maxicrop International Limited
Proposed acquisition by NRG Energy Inc of assets of Nitrogen Limited, a wholly owned subsidiary of National Power plc, namely Killingholme Power Station.
KIM HOWELLS CLEARS PROPOSAL BY TELEWEST TO ACQUIRE FLEXTECH
Kim Howells has decided, on the information before him, and in accordance with the recommendation of the Director General of Fair Trading, not to refer the following merger to the Competition Commission under the provisions of the Fair Trading Act 1973:
Proposed acquisition by Telewest Communications plc of Flextech plc
Source - The Economist
General Motors, Ford and DaimlerChrysler announced plans for an online car-parts exchange, in what could turn out to be one of the biggest dot.com ventures so far. Renault and Nissan, of which Renault owns 37%, said they would participate. An early initial public offering is expected. Analysts believe that the exchange could be worth $40 billion after two years.
Source - The Economist
America's Sears, Roebuck and France's Carrefour announced a similar venture, GlobalNetXchange, aimed at linking retailers and suppliers. As yet, they lack the might of the giant car companies; Wal-Mart, the world's largest retailer, is staying out for now.
Source - The Economist
HEWITT ACTS TO KEEP UK AHEAD IN DIGITAL REVOLUTION
Small Business and E-Commerce Minister Patricia Hewitt on the 29 February announced plans to keep the UK a world leader in the digital revolution.
Publishing the 'Digital Content Sector Action Plan for Growth', Ms Hewitt said:
"On the internet, content is king. The UK's digital content industry is among the most creative in the world. But we can and must do more to maintain our lead. This action plan for the digital content sector will build upon our traditional strengths in broadcasting and publishing.
"I welcome the creation of a new industry body - the Digital Content Forum (DCF). We shall work with the DCF to turn the plan's recommendations into reality."
Key recommendations of the action plan include:
The action plan has been produced in partnership with the digital content industry. The industry produce interactive media mostly for the internet and products like CD-ROMs and DVDs. The industry includes: internet publishers such as newspapers, books and magazines; film and TV producers; computer software suppliers; leisure and education software publishers; and digital and interactive media organisations.
The Competitiveness White Paper 1998 (Cm 4176) committed the Government to work with the digital content industries to agree an action plan for growth.
The DCF will launch in March 2000. It will include the 20 industry organisations involved in producing the action plan. Membership will be open to other organisations with an significant interest in digital content. The 20 include:
The action plan is on the DTI website: http://www.dti.gov.uk/cii/digitalcontentaction.htm It is also available in hard copy from the DTI publications hotline 0870 150 2 500 or by email: dtipubs@echristian.co.uk
8 March 2000 ICM Conference on Commercial Credit Fraud CBI Conference Centre, London WC1 Exhibitors should telephone Sheila Simmons at the ICM on 01780-722907 14 to the 16 March 2000 Credit 2000 THE UK event for the Commercial and Consumer Credit Industry Olympia2, London Save 10.00# and register for FREE at www.creditevents.com 20 March 2000 Wessex branch meeting of the ICM - AGM The Southampton Yacht Club 1 Channel Way, Southampton 7.00pm for 7.30pm Sponsored by Croner Publications 17 April 2000 Wessex branch meeting of the ICM The Budget Presentation by Ian Nichol from PricewaterhouseCoopers The Southampton Yacht Club 1 Channel Way, Southampton 7.00pm for 7.30pm 26th April 2000 Companies House Seminar Pine Lodge Hotel Kidderminster Road Bromsgrove B61 9AB Registration 5.30pm - 6.00pm Seminars include a question and answer session and buffet 6.00pm - 9.00pm Cost 37.60 pounds Contact Tamara Bent tbent@companieshouse.gov.uk +44 (0)29 20380911 23 May 2000 The ICM National Conference and Exhibition Cumberland Hotel, Marble Arch, London W1 Credit Management in the Electronic Age For more details of the Conference or to exhibit phone the ICM Training department on 01780-722907
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