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 5
Dated: 6 February 2000
Welcome to the Business Credit News UK.
In this weeks edition you will find the following topics.
UKRETAIL SALES SLOWED IN JANUARY ALTHOUGH BETTER THAN EXPECTED - CBI SURVEY
Retail sales growth slowed in January although by less than had previously been expected. Annual sales growth is expected to slow down further in February, according to a Confederation of British Industry Survey out last Wednesday.
The latest CBI Distributive Trades Survey, covering sales from 6 to 26 of January, shows 47 per cent of retailers reporting increased sales and 18 per cent reporting a fall in sales compared with a year earlier. This gives a positive balance of 29 per cent and compares with 41 per cent in December and 23 per cent in November. However the survey's three monthly moving average of sales volumes has edged up since December, suggesting that the underlying trend in retail sales growth is holding up but not accelerating.
Sales volumes in January were reported to be significantly above average for the time of year, and to the greatest extent since October 1996. Business is expected to remain above average for the time of year in February, but to a much lesser extent than in January.
Unlike the December survey when all sectors reported a rise in sales growth compared with a year earlier, the picture in January is a patchy one across retailing. Chemists, grocers and retailers of durable household goods reported the sharpest increases in sales volumes in January compared with a year ago. Booksellers and stationers, furniture and carpets retailers and hardware, china and DIY stores also continued to report strong growth. However, footwear and leather retailers and specialist food stores reported the most significant drop in sales, while confectioners reported a more modest fall in volumes compared with a year earlier.
Alastair Eperon, Chairman of the CBI's Distributive Trades Survey Panel, said: "January's survey suggests that with Christmas and New Year behind us, the underlying growth in retail sales is now no higher than the levels seen last Autumn and showing no signs of accelerating. Moreover, with growth expected to slacken in February and with business less buoyant for the time of year, there is nothing in this survey to put at risk the Chancellor's inflation target and justify further interest rate rises."
Orders placed on suppliers rose in January and by more than had been expected. However annual growth has slowed significantly since December. Stocks were built up over the past month despite prior expectations pointing to a modest run-down in stock levels.
Wholesalers' annual sales volumes fell significantly in January, broadly in line with prior expectations. This is the second survey in a row showing a decrease in sales compared with a year earlier. A more moderate fall is expected in the year to February. Sales for January were viewed as well below average for the time of year in line with expectations. Wholesalers considered sales to be below average to the greatest extent since September 1998.
Motor traders' annual sales volumes fell sharply in January and at a faster pace than had been expected. Sales volumes have now fallen sharply for four consecutive surveys. A further sharp fall in annual sales is expected in the year to February. (The change in the seasonal pattern of car sales continues to make the survey figures difficult to interpret).
GOVERNMENT HONOURS PLEDGE TO INDEX LINK EMPLOYMENT RIGHTS PAYMENTS
For the first time, payments and awards made to workers have been index linked and the new higher limits come into force last week, the Minister for Competitiveness Alan Johnson has announced.
The increased limits include statutory redundancy payment; the basic award for unfair dismissal; the limit on guarantee payment made when employees are not provided with work and the minimum basic award for unfair dismissal in health and safety cases.
The new limits announced today reflect changes in the retail prices index between September 1997 and September 1999. Also, these new limits will be index linked from now on.
Alan Johnson said:
"This is good news for employees. It is a further part of this Government's commitment to ensure that the British worker is treated fairly in the workplace.
And he added: "We had widespread support from employers and employee organisations when we promised to index link these payments in our Fairness at Work White Paper."
Changes to the various limits which came into force on the 1 February 2000 are set out below:
Increase in limit from £220 to £230 - This is the new limit on a week's pay for calculating statutory redundancy payments; the basic award for loss of job security following unfair dismissal; the additional award for an employer's failure to comply with a re-employment order; and, the weekly amount payable to former employees if their company becomes insolvent e.g. unpaid wages;
Increase in limit from £15.35 to £16.10 - This is the new limit on guarantee payments made when an employee is not provided with work throughout a day when he would normally be required to work;
Increase in minimum basic awards from £2,900 to £3,100 - This is the new minimum basic award for unfair dismissal in health and safety, employee representative, and trade union cases; and,
Increase in minimum amount of compensation awards from £5,000 to £5,300 - This is the new minimum amount of compensation awards for employees excluded or expelled from a trade union.
The Employment Rights (Increase of Limits) Order 1999 (SI 1999 No.3375) sets out the new limits and exercises the powers contained in section 34 of the Employment Relations Act 1999.
The Employment Relations Act aims to promote best practice in employment by providing minimum standards for employees, helping parents to combine their work and family responsibilities and promoting partnerships between workers and employers.
On 25 October 1999, the maximum compensation award to workers who have been unfairly dismissed was increased to £50,000. This award relates to loss of earnings and work-related benefits e.g. a company car.
COMPANIES TO RECEIVE IMMUNITY IF THEY BLOW THE WHISTLE ON SECRET CARTELS
Whistleblowers who lift the lid on price-rigging cartels are to receive immunity, Trade and Industry Secretary Stephen Byers announced last week.
Businesses will escape hefty fines if they are the first to come forward with evidence which helps investigators to root out cartels.
Under the Competition Act, which comes into force on 1 March 2000, companies who engage in anti-competitive practices will face financial penalties which could run into tens of millions of pounds.
The Act will allow the Director General of Fair Trading (DGFT) and utility sector regulators to impose fines of up to 10 per cent of UK turnover for each year of the infringement for up to three years.
Mr Byers said he had accepted the DGFT's recommendation to encourage whistleblowing by offering companies complete immunity because the benefits of ending secret cartels outweighed the interests of imposing fines on those who co-operated.
Mr Byers said:
"The tough new approach being adopted by the Director General of FairTrading will send out a strong message that both consumers and businesses deserve a better deal. Price-fixing by cartels hits ordinary people in the pocket. It means lower quality at higher prices. The vast majority of businesses which work so hard to compete also deserve better protection from the few that cheat.
"We are also linking penalties to the period of infringement to make sure that the punishment fits the crime. A business which engages in a long-running price-fixing cartel must face a greater penalty than for a briefer infringement. No-one should be under the impression that they should profit from anti-competitive behaviour.
"Recent successes by the US Department of Justice have shown just how effective immunities can be in uncovering illegal cartels who are by their nature secretive. In the last two years, co-operation from whistleblowers has resulted in nearly 30 convictions and over $1bn in fines."
For example, F Hoffman-La Roche and BASF receiving fines of $500m and $225m respectively following an investigation which included co-operation from a whistleblower whose identity remained confidential.
In the UK Volvo recently admitted that it had been involved in price-fixing which resulted in British motorists paying thousands of pounds too much for new cars. Had the Competition Act been in force Volvo could have been fined up to ten percent of their UK turnover for each year that the DGFT deemed the infringement to have existed.
The DGFT's guidance on the appropriate level of a penalty under the ACT is now available on the Office on Fair Trading website, www.oft.gov.uk
The Chief Executive of the Court Service, Ian Magee, on the 31 January published a consultation paper on Civil Court Fees. Comments are sought by 25 February 2000.
The Court Service recently completed its first review of income since the fees were last revised on 26 April 1999 to support the new civil procedure rules.
The review concluded that fees would need to be increased to prevent a shortfall of £18m in 2000-2001. While protection will continue to be provided for those of modest means, in the majority of cases litigants should not expect the taxpayer to pay for the services they use, if they can afford to do so themselves.
Earlier this month the Lord Chancellor, Lord Irvine, announced his decision to abolish the £80 allocation fee for money claims of £1000 or less on the grounds that the fee was disproportionate for such claims. The change, which comes into force on 25 April 2000, will benefit both individuals and members of the small business community pursuing low value debts.
Mr Magee, said: "The fee shortfall has come about because there has been a downturn in the volume of claims issued through the courts - up to 23% in the case of fees payable on commencement of non-family proceedings.
"The Court Service has to maintain a court infrastructure in England and Wales to ensure access to justice for all potential litigants. Many of our costs are fixed, so there is a limit to what we can do in the short term. However we are always looking to reduce costs through introducing efficiencies. We will always look for the most cost-effective means to deliver our services to the public."
Fee changes are proposed in the following areas:
A copy of the consultation paper has been placed on the LCD website www.open.gov.uk/lcd - see What's New?
On 6 January 2000 the Lord Chancellor announced his decision to abolish the £80 'allocation fee' on defended money claims not exceeding £1,000.
A new insolvency regime supporting the Government's aim of encouraging entrepreneurship and risk-taking was announced on the 4 February by Stephen Byers, Secretary of State for Trade and Industry.
It is expected that 500 firms a year could have breathing space to put in place a rescue plan as a result of this Bill.
The proposals included in the Insolvency Bill will:
Publishing the Bill, Mr Byers said:
"Promoting entrepreneurship and responsible risk-taking in the UK is a key element in fostering a more competitive nation. The new regime proposed in the Insolvency Bill would help to achieve that.
"This Bill strikes the right balance of protecting the rights of consumers and creditors, improving the insolvency system and allowing financially troubled firms some breathing space in an increasingly competitive business world.
"To help stop fundamentally viable businesses going to the wall, this Bill introduces a moratorium for firms in financial trouble using Company Voluntary Arrangements (CVAs). This means that managers of around 500 small firms a year could have the breathing space needed to put a rescue plan to creditors without fear of legal action.
"This will benefit the management, workers, creditors, suppliers and the wider economy."
The Bill also proposes changes to the way directors are disqualified.
"At present there can be lengthy delays while the courts disqualify someone from being a director. This Bill will introduce a fast-track system where, if the director agrees, disqualification can be done administratively rather than through the courts.
"Some 1,500 unfit directors were disqualified last year after a company failure and, with only 10 per cent of cases contested and going to a full court hearing, there is obviously a great deal of scope to reduce the burden on the courts, free up more of their time to deal with other issues and to save costs.
"Our commitment to disqualifying unfit directors and protecting the public is unequivocal - our improvements to the disqualification system prove that."
Mr Byers also announced that the Government has decided not to proceed with an initial proposal to require floating chargeholders to give a period of notice before the appointment of an administrative receiver.
Mr Byers said:
"Following consultation on the proposed changes, and listening to the views of the Trade and Industry Select Committee, that proposal is not included in the Bill.
"There was concern that company rescues might be thwarted where, for example, a bank acted over-hastily and appointed administrative receivers before a voluntary agreement could be agreed. Views suggested that in practice, receivers are only appointed following discussions with the company and attempts to rescue it, or where there is a well-founded fear of fraud or malpractice. However, I will be looking to banks and other financial institutions to make sure that any such problems do not occur in future."
Publication of the Insolvency Bill came on the day the latest insolvency statistics were released. The statistics showed that there were 3,450 company insolvencies in the final quarter of 1999. The total number of company insolvencies in England and Wales for 1999 was 14,280.
Mr Byers commented:
"This Government appreciates that among the very many businesses that do succeed and thrive in an enterprising economy, some businesses will fail, for various reasons. The new insolvency regime will aid small firms overcome short term financial difficulties by giving them sufficient time to put together a suitable rescue plan.
"The last few years have seen a record number of business start-ups - around a million in the last two years alone. I am confident that this new insolvency regime will make a big difference if firms do encounter short term financial worries."
Company Voluntary Arrangements were introduced by the Insolvency Act 1986 Part I and provide a means for financially troubled companies to reach a legally binding agreement with their creditors in satisfaction of their debts or a scheme or arrangement of their affairs.
There were: 475 CVA's approved in 1999
470 in 1998; and
629 in 1997;
Under Section 6 of the Company Directors Act 1986 a person can be disqualified by the courts, by way of a disqualification order, from being an insolvency practitioner or director, or from being involved in the promotion, formation and management of a company, for between two and fifteen years, if his conduct in an insolvent company (or partnership in England and Wales) makes him unfit and if other specified condition are satisfied.
The amount of Disqualification Orders made by the court under Section 6 of the Company Directors Disqualification Act 1986 were:
1,489 in 1999;
1,359 in 1998; and
1,219 in 1997.
The Insolvency Bill was announced in the Queen's Speech on 17 November 1999.
Copies of the Bill can be purchased from the Stationery Office.
It can also be found at: www.parliament.the-stationery-office.co.uk/pa/ld199900/ldbills/028/2000028.htm
INSOLVENCIES IN THE FOURTH QUARTER 1999
Statistics showing insolvencies in the fourth quarter 1999 were published on the 4 February by the Department of Trade and Industry.
COMPANY INSOLVENCIES
There were 3,450 company insolvencies in England and Wales in the fourth quarter of 1999 on a seasonally adjusted basis. This was a decrease of 0.5% on the previous quarter, and an increase of 1.6% on the same period a year ago.
1.2% of active companies became insolvent in the twelve months ended Q4 1999, the same as in the previous quarter and in the corresponding quarter in 1998.
INDIVIDUAL INSOLVENCIES
There were 7,351 individual insolvencies in England and Wales in the fourth quarter of 1999 on a seasonally adjusted basis. This was a decrease of 0.6% on the previous quarter and an increase of 11.5% on the same period a year ago.
Number of Insolvencies in England and Wales (seasonally adjusted)
1998 1999 1999 1999 1999 Q4 1999 on:
Q4 Q1r Q2r Q3r Q4p Q3 1999 Q4 1998
Companies 3,397 3,705 3,657 3,468 3,450 0.5 % 1.6%
Individuals 6,593 6, 868 7,194 7,393 7,351 -0.6 % 11.5 %
p = provisional, r = revised
The Official Insolvency Statistics are the most comprehensive record of the number of insolvencies and bankruptcies and provide a more accurate picture for analysing business conditions. The figures include businesses and individuals, with a breakdown by type of insolvency procedure. The figures treat Scotland separately (as insolvencies are defined differently in Scotland) and give an industrial analysis (for which the figures are published one quarter in arrears).
The statistics are derived from administrative records of the DTI Insolvency Service and Companies House Executive Agencies. The figures for company insolvencies are made up of compulsory liquidations (winding-up orders made by the courts) and creditors' voluntary liquidations registered at Companies House. Figures for individual insolvencies comprise bankruptcy orders and individual voluntary arrangements under the Insolvency Act 1986 and deeds of arrangement under the Deeds ofArrangement Act 1914.
Numbers of insolvencies are not directly comparable with numbers of new business formations. Statistics of business starts and stops that are directly comparable with each other have been assembled from VAT records and are published by the Department of Trade and Industry. The latest figures are those for 1998, and were issued in a DTI press notice on 26 August 1999. More detailed figures are available via the on-line database NOMIS. Additionally, analysis into the number of firms in the United Kingdom estimated the total number of businesses at the start of 1998 at 3.7 million.
The seasonal adjustment methodology has been updated for the Press Releases covering the fourth quarter of 1997 onwards. The X11ARIMA program (developed by Statistics Canada) is now being used, this being the recommended program for seasonal adjustment within the Government Statistical Service.
A company or individual with debts that they are unable to pay as they fall due is said to be insolvent.
Insolvent companies are dealt with under the Insolvency Act of 1986. They can either be the subject of a compulsory liquidation (winding-up) order obtained from the Court by a creditor, member or director or themselves pass a resolution, subject to the approval of acreditors' meetingg that the company be wound up voluntarilycreditor's voluntaryry liquidations). In either case they are said to habeen wound-up-up, and numbers are given in Tables 1 and 6. A third type of winding-up, members' voluntary liquidation, is not included because it does not involve insolvency.
The Insolvency Act 1986 also introduced the procedures of company administration orders and company voluntary arrangements. The administration procedure gives a period of time during which creditors are restrained from taking action and a court appointed administrator puts forward proposals to deal with the company's financial difficulties. The Company Voluntary Arrangement procedure aids business by enabling a company in financial difficulty to come to a binding agreement with its creditors. These are listed separately in Table 3.
Receivership appointments comprise administrative receivers appointed under the 1986 Act and certain other receivership appointments, for example under the Law of Property Act 1925. Due to the use of the same statutory documentation for different types of receivership, it is not possible to give a breakdown between them.
For individuals the term bankrupt is used to indicate insolvency.
Insolvent individuals in England and Wales are dealt with mainly under the Insolvency Act 1986. A bankruptcy order is made on the petition of the debtor or his creditor when the Court is satisfied that there is no prospect of the debt being paid. (Figures for bankruptcy orders include administration orders, which are bankruptcy orders relating to the estate of a deceased debtor). There are aindividual voluntarytary arrangements and deeds of arrangement, which enable debtors to come to an agreement with their creditors. All these are listed in Table 2.
Insolvent individuals in Scotland are subject to sequestration under the Bankruptcy (Scotland) Act 1985. (There are no deeds of arrangement or individual voluntary arrangements in Scotland). The Bankruptcy (Scotland) Act 1993 amending the 1985 Act came into force on 1 April 1993 and will have affected the number of sequestrations in the Scottish Courts.
Insolvent partnerships may either be wound-up like an unregistered company under the Insolvency Act 1986, or the estate, if the partnership may fall to be administered following joint bankruptcy orders against the partners. Department of Trade and Industry 1 Victoria Street London SW1H 0ET
INTERNET: Statistics Directorate: www.dti.gov.uk/sd
*** 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 07/02/2000 to 15/02/2000 Number of Creditor meetings : 180 Section Company Time Venue 138 Scotland - Interim Liquidator calling Creditors Meeting 07/02/2000 DMS (Scotland) Ltd 11.00 am Glasgow 08/02/2000 West End Building Services Ltd 02.30 pm Paisley 09/02/2000 G Robertson (Insurance Brokers) Ltd 10.00 am Perth 10/02/2000 Craig Douglas Plumb & Heat Serv Ltd 11.00 am Edinburgh 11/02/2000 Claykinsman Ltd 12.00 pm Hamilton 23 Administrator Calling a meeting of Creditors 10/02/2000 Bestcare Properties Ltd 12.00 pm London Hawthornbay Ltd 10.00 am Bournemouth Industrial Contract Services Ltd 11.00 am Maidstone 14/02/2000 Preston & Rowland Ltd 02.00 pm Widnes 15/02/2000 Kingsway (Nissan) Ltd 12.00 pm Manchester 48 Receiver calling unsecured Creditors Meeting 07/02/2000 Mecha Production Services Ltd 12.15 pm London Relatively Stable Ltd 11.00 am Leeds 08/02/2000 Varicol Ltd 11.00 am Birmingham 11/02/2000 Rogersons Urban Regeneration Ltd 02.30 pm Manchester Wye Packaging Ltd 11.00 am Guildford 67 Scotland - Receiver calling Meeting of unsecured Creditors 09/02/2000 Lewis Offshore Ltd 03.00 pm Glasgow 10/02/2000 S C L Breamist Ltd 12.00 pm Orton Westerwood Hotels Ltd 02.30 pm Edinburgh Westerwood Management Ltd 02.30 pm Edinburgh 98 Creditors Voluntary Liquidations 07/02/2000 All Genuine Parts Ltd 02.30 pm Dereham Auto Future Ltd 11.00 am London Bel Services Ltd 10.30 am Droitwich Spa Byron Cleaning Services Ltd 11.00 am Liverpool Clutton Hill Pigs Ltd 10.30 am Shepton Mallet E S B Engineering Co Ltd 11.00 am Manchester Lectrotech Ltd 11.30 am Birmingham London Bearing & Power Transm Co Ltd 10.30 am London Luna Italian Shoes Ltd 11.00 am London M J Tattersall Ltd 12.00 pm Manchester MTM Marketing Ltd 11.00 am Chipping Norton Nelson Construction Services Ltd 11.30 am Preston Oaklands Design & Build Ltd 10.30 am Preston Science Pictures Ltd 11.00 am St Albans Silverwings Radio Cars Ltd 10.00 am Harrow Storplan Systems Ltd 11.00 am York UK Specialist Cleaning Services Ltd 11.30 am Richmond 08/02/2000 API Business Solutions Ltd 12.00 pm Swansea Calmark (Technical Services) Ltd 10.30 am Colchester Camilla Ltd 12.00 pm Lower Beeding Cato Engineering Ltd 11.30 am Worcester Community Works Ltd 10.30 am London Damar Manchester Ltd 10.30 am Manchester De Rigueur Sports Marketing Ltd 02.00 pm Leicester Go-Tech Creative Imaging Ltd 11.00 am London Grant Die Castings (1996) Ltd 03.00 pm Marlow Howlands Ltd 02.30 pm Newport Hyde Park Restaurant Ltd 02.30 pm Paddington J W Swithenbank Ltd 10.00 am Leeds Keymade 2000 Ltd 10.15 am Bately Lovat Protection Services Ltd 10.30 am London M S Computer Associates Ltd 03.15 pm London Maypark Holdings Ltd 02.15 pm Marlow P & P F James (Photography) Ltd 11.00 am London Senior Installations Ltd 12.00 pm Glasgow Slide Menswear Ltd 11.00 am Stoke-on-Trent Squires & Bartlett Ltd 11.00 am Mickleover Tactronic Instruments Ltd 11.00 am Colchester Travel Shop (Birmingham) Ltd - The 10.30 am Birmingham Westley Employment Ltd 03.00 pm Sawbridgeworth Wettenhall Nursery Ltd 11.30 am Crewe 09/02/2000 Anglian Kuwaiti Investments Ltd 11.00 am Southend-on-Sea Capricorn II Ltd 12.00 pm Manchester Colin Barnett Toolmakers Ltd 11.00 am Birmingham Colour Crew North Ltd - The 10.30 am Manchester Commercial & Agency Security Serv Ltd 11.00 am Reading D F Mooney (Leeds) Ltd 10.30 am Sheffield Diablo (Europe) Ltd 11.15 am Egham East Devon Taxis Ltd 10.30 am Exeter Elizabeth Pine Ltd 12.00 pm Worcester Excel Label Manuf & Printing Co Ltd 10.15 am Rochdale Green Air Fabrication Co Ltd 12.00 pm Cardiff Halifax Construction Co Ltd 10.30 am Halifax IMD Consortium Ltd 12.30 pm Lutterworth Ido Contractors Ltd 11.30 am Manchester International Art Editions Ltd 11.00 am Bristol New Level Ltd 10.30 am Leicester Plumb-It Ltd 11.00 am Salisbury Press Line Ltd 02.30 pm Paddington Quality PR Ltd 12.00 pm London Ramilt Ltd 11.00 am Meriden Rexalink Ltd 12.00 pm London Roy Cook (Electrical Supplies) Ltd 11.00 am Manchester S A Fryer Ltd 11.00 am Sutton Seamarks Coach & Travel Ltd 11.00 am Milton Keynes Smallshaw Precision Plastics Ltd 11.00 am Manchester Sphero Steel Erector Ltd 03.00 pm Romford Valve Specialities Ltd 10.30 am Droitwich Spa Warley Balustrades Ltd 02.00 pm Halesowen 10/02/2000 1st Connect Ltd 10.30 am Halifax A J Ray Contracts Ltd 11.00 am London Alin Designs UK Ltd 04.00 pm London Appliance Installations Ltd 11.00 am Wellingborough Artistic Design Contracts Ltd 02.30 pm Leeds Blue Pacific Ltd 10.45 am London Brown & Nichols (Roofing Contract) Ltd 02.30 pm Hampshire C D Proofing Ltd 11.00 am Southend-on-Sea C L Automation Ltd 10.30 am Ringwood Capital Markets International Ltd 10.00 am London Computer Media Co Ltd 03.00 pm Watford De Vere Corporation Ltd 10.30 am London Exceptblock Ltd 02.30 pm Chandlers Ford F L Moore (Records) Ltd 11.15 am Southampton F M Music Ltd 11.15 am Southampton FC Team Concept Ltd 04.00 pm London Garantrend Ltd 11.30 am Liverpool Hinckley Switchgear Ltd 11.30 am Birmingham Holborn Construction Ltd 12.00 pm London Impressions Printing Technology Ltd 11.30 am Sevenoaks James Taylor (Hackney) Ltd 12.00 pm Reading Lakshmi Leisure Ltd 11.00 am Manchester Limerise Ltd 02.30 pm London Masterdrives (Hull) Ltd 11.30 am Brough Mobility Direct (UK) Ltd 11.00 am Newton Abbot Multimail Ltd 10.30 am Droitwich Spa Out of Africa Trading Post Ltd 12.00 pm London P Griffin & Sons (Coventry) Ltd 11.00 am Birmingham Paddico (1998) Ltd 11.00 am Leeds Premier Power Tools Ltd 11.00 am Wolverhampton Qualtek Engineering Ltd 11.30 am Lutterworth Romac Civil Engineering Ltd 02.00 pm Halesowen Romac Utilities Ltd 11.00 am Halesowen Shorne Express Packaging Ltd 10.15 am Egham Steel Moulds Ltd 10.45 am London Techno Corporation Ltd 12.00 pm Newton Abbot Towerbridge Systems Ltd 11.00 am Shepton Mallet Westfive Ltd 11.00 am Maldon Wigan Kitchen Centre Ltd 11.00 am Manchester Zonebury Ltd 11.30 am Birmingham 11/02/2000 1A Disastermaster Ltd 11.00 am Swansea Allied Industrial Contracting Serv Ltd 12.00 pm Manchester Autovalet Products Ltd 10.30 am Ashbourne Aviasource International Ltd 12.30 pm Hertford Bellanova Ltd 04.00 pm London Buckrose Motors Ltd 10.30 am Driffield C E Hall (Marketing) Ltd 11.00 am London Della Ltd 03.00 pm London Dialog Ltd 11.30 am London Dialogica Ltd 12.30 pm London Dorset Home Improvement Services Ltd 10.30 am Chandlers Ford E T Software Services Ltd 11.30 am Wolverhampton Enviroflow Ltd 10.00 am Lutterworth Fieldcroft Services Ltd 11.00 am Nottingham Global Homecare Ltd 11.00 am Sheffield Guardian Installation Serv (Sussex) Lt 12.00 pm Lewes Harlequin (Burton) Ltd 11.30 am Friar Gate Intaglio Cards Ltd 11.00 am London Kalco International Ltd 11.30 am Guildford M R V Ltd 11.30 am Preston Paraison Products Ltd 10.30 am Bromsgrove Support Logistics Ltd 11.30 am Southend-on-Sea Windmill Services Ltd 11.30 am Birmingham YPL 1999 Ltd 10.30 am Brighouse Yeeves Jewellery Ltd 11.00 am Harpenden 13/02/2000 Rochair Leasing Ltd 11.30 am London 14/02/2000 C W Administration Services Ltd 11.00 am London Croft Precision Engineering Ltd 11.00 am Birmingham Cube Sports Advertising Ltd 12.00 pm London Fewcourt Ltd 11.00 am Birmingham Luna Italian Shoes Ltd 02.30 pm London Mandarin Chinatown Co Ltd 12.00 pm Whitley Bay P Sumerfield Ltd 11.00 am Birmingham Paul Simon Knitwear Ltd 03.30 pm Leicester Reldan Fashions Ltd 02.30 pm London 15/02/2000 Abco Engineering (Hydraulics) Ltd 11.00 am Nottingham Atherhill Ltd 11.00 am London C Reed & Sons Ltd 11.00 am Bristol Chartscreen Ltd 10.30 am Birmingham Electro-Metrics Ltd 11.00 am Harpenden Envirotank Incineration Ltd 01.00 pm Durham Fieldbay Trading Ltd 11.30 am Altrincham Him & Him Calendars Ltd 12.00 pm London Lawfords Financial Services Ltd 11.00 am London MBC Construction Ltd 11.00 am Southend-on-Sea Murrays Leicester Ltd 11.00 am Manchester Octagon Jewellery Ltd 11.00 am Wolverhampton Park West Holdings Ltd 04.00 pm London Peggy Textiles Ltd 03.25 pm Southend-on-Sea Poultry Unit Contractors Ltd 11.00 am Corsham W Garner & Co Ltd 10.30 am Southend-on-Sea WWW.Capitalwebs.com Ltd 02.00 pm Halesowen
TW LW TW LW
USA 1.62 1.63 Canada 2.35 2.35
Austria 22.84 22.86 Portugal 332.88 333.18
France 10.89 10.90 Belgium 66.98 67.03
Finland 9.87 9.88 Italy 3214.96 3217.85
Germany 3.24 3.25 Sweden 14.36 14.29
Holland 3.65 3.66 Switzerland 2.66 2.67
Spain 276.26 276.51 Ireland 1.30 1.30
Australia 2.56 2.59 Denmark 12.39 12.35
Hong Kong 12.65 12.75 Euro 1.66 1.66
Africa Com 10.30 10.31 Saudi Arabia 6.09 6.14
India 70.92 71.41 Malaysia 6.17 6.22
Singapore 2.77 2.78 Norway 13.42 13.42
Japan 173.87 173.80
TW This week LW Last week.
BAA, the UK airport operator, announced pre-tax profits of 311 million, after exceptional charge, on turnover of 1,709 million, for the nine months ending 31st December 1999. Earnings per share stand at 18.5p.
Cammell Laird, the ship repairers, announced pre-tax profits of 7.74 million pounds, on turnover of 61.7 million, for the six months ending 31st October 1999. Earnings per share stand at 2.1p.
Corus (British Steel) announced pre-tax losses of 167 million pounds, on turnover of 2,790 million, for the six months ending 2nd October 1999.
The company was formed by the merger of British Steel and Hoogovens of the Netherlands, last year. It is estimated that the new company will make a pre-tax profit of approximately 250 million pounds this year.
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 acquisition by Chesapeake Corporation of Boxmore International
New measures to keep the UK at the forefront of the digital age will be unveiled later this year, Trade and Industry Secretary Stephen Byers and Culture Secretary Chris Smith announced on the 3 February 2000.
A White Paper will put forward proposals for reforming telecommunications and broadcasting regulation to take account of the convergence of the communications industries.
The White Paper will build on proposals published in the Regulating Communications: The Way Ahead report, in June last year and will take account of the European Commission's proposals for reforming the European Union's regulatory framework for communications.
Stephen Byers, Secretary of State for Trade and Industry said:
"As we move into the twenty-first century and the digital age, we need to ensure that regulations covering the converging broadcasting, telecommunications and information technology industries are flexible and effective, foster competitive markets and ensure the UK remains a world leader in providing communications services."
Chris Smith, Secretary of State for Culture, Media and Sport said:
"The Government's aim is to promote the global competitiveness of our media and communications industries, as well as protect the interests of the consumer. The White Paper will be broad in scope, covering areas such as future regulation of broadcast content, media ownership rules, and the role of public service broadcasting."
Regulating Communications: The Way Ahead was published by the DTI and DCMS on 17 June 1999 and is available on the DTI and DCMS web sites (www.dti.gov.uk and www.culture.gov.uk). The European Commission's 1999 Communications Review Towards a New Framework for Electronic Communications Infrastructure and Associated Services is available on the Commission's website ( www.ispo.cec.be ).
A joint Communications Reform team has been set up, comprising officials from DTI and DCMS. The team plans to publish regular statements on the new legislation and welcomes any comments and contributions. The team can be e-mailed directly at: comms-reform@culture.gov.uk
10th February 2000 Companies House Seminar Shaw Hill Hotel Whittle - le - Woods Chorley Nr Preston Lancashire PR6 7PPW 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 17 February 2000 The ICM Construction Industry Conference "The Changing Face" Kingsway Hall, London WC2 A must for all those involved in the UK Building and Construction Industry 21 February 2000 Wessex branch meeting of the ICM Mock Meeting of Creditors The Southampton Yacht Club 1 Channel Way, Southampton 7.00pm for 7.30pm 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 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
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