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: 65
Dated: June 7 1998
Welcome to the Business Credit News UK.
In this weeks edition you will find the following topics.
UKBANK OF ENGLAND RAISES INTEREST RATES BY 0.25% TO 7.50%
The Bank of England's Monetary Policy Committee last week voted to raise the Bank's repo rate by 0.25% to 7.50%. The increase takes immediate effect.
In the May Inflation Report, the Committee said that: "In the central projection, inflation is expected to remain close to its target throughout the forecast period after the temporary increase in the second quarter of this year. But there are major uncertainties which mean that the outlook for monetary policy remains finely balanced."
The central issue for monetary policy remains whether aggregate demand will slow sufficiently quickly to bring down domestically generated inflation before the restraining price effects of the earlier increase in the exchange rate and falls in commodity prices wear off. As the May Inflation Report made clear, developments in the labour market are a key determinant of domestically generated inflation. Evidence has emerged over the past month that the cumulative tightening of the labour market has resulted in a rate of private sector earnings growth that jeopardises achievement of the inflation target over the medium run. Moreover the sterling exchange rate has remained about 3% lower than in the central projection of the May Inflation Report. While there are increased uncertainties in the external environment, inflationary pressures appear greater than in the May projection, and the need for a slowdown in domestic demand growth has become more pressing. In these circumstances, the Committee voted to raise interest rates by 0.25%.
The last change in interest rates was a rise of 0.25% on 6 November 1997.
The minutes of last weeks Monetary Policy Committee meeting will be published on Wednesday 15 July. Minutes of the meeting held in May will be published on Wednesday 10 June.
CHANNEL TUNNEL RAIL LINK
The British government rescued the Channel Tunnel Rail Link with a subsidy of more than 2 billion pounds ($3.3 billion), and awarded the franchise to run the Eurostar high-speed rail service to a consortium headed by British Airways and National Express, a coach operator. Richard Branson's losing Virgin Group objected.
Source - The Economist
PREFERRED BIDDER FOR CONSTRUCTIONLINE ANNOUNCED
Capita Business Services is be the preferred bidder for the Constructionline partnership. Constructionline is the Department of the Environment, Transport and the Regions on-line register of approved construction contractors and consultants. Currently this is used primarily by central government.
Subject to post-bid consultation, it is hoped that the transfer of Constructionline to Capita Business Services Limited will take place in late July.
Mr Nick Raynsford, Construction Minister said:
"We believe that Constructionline has a major part to play in combatting cowboy builders. It will be accessible to both industry and private householders and we intend to treble the number of reputable builders registered on the service within three years.
Constructionline represents a significant step forward in public/private partnership. The Department will protect the public interest in the development of Constructionline, but will look to the private sector to provide the commercial resources necessary to ensure that the service develops to its full potential. This is a very exciting opportunity for all involved in improving standards in the construction industry, and in streamlining the procurement process".
Constructionline is an on-line system which allows users access to a single database of approved firms. The data can be accessed by on-line computer link. Constructionline was formerly known as CMIS and ConReg.
Work carried out by the Construction Industry Board's Working Groups following the publication of Sir Michael Latham's report, recognised that an expanded database for use by the whole of the public sector, would greatly reduce the effort made by industry in having to apply to many hundreds of individually held lists.
In its recent consultation paper "Beating the Cowboy", the Department foresees the possibility of Constructionline being opened to the private sector, in an effort to improve standards within the industry.
The private sector partner will be responsible for the day to day operation of Constructionline, and ensuring its development.
SINGAPORE NEWS
Contributed by Bernice Kuo, kuopb@singnet.com.sg
Economy Still CompetitiveSeveral of the Singapore venture projects were disrupted by Indonesia financial & political turmoil. The region's economic uncertainties has slow the pace of development, and many were said to be considering withdrawing from the venture. The crisis no doubt has "dampened" the development, however, it does not affect Singapore from having a regional infrastructure in linking up all Asia Pacific countries with high capacity communications network. Also, in recent Swiss based World Economic Forum report, Singapore still ranked as one of the world's most competitive economy despite of the impact from Asia's financial crisis. There were short-term spillover as its natural to be affected by their neighbours' situation. Its not likely Singapore will slip into recession, as there are no underlying weakness in Singapore, in view of its leading position in the transparency, finance, infrastructure, technology, management, financial institutions and labour.
We are pleased to announce a further new service. We are now able to accept payment by all the major credit cards using secure server facilities for all our information products . For just 28.50 pounds sterling per report our friends and customers have access to Equifax Europe reports on 1.4 million UK registered companies. Equifax Europe quality reports contain up to four years financial information, details of shareholding, details including home addresses of directors and a lot lot more. Reports will normally be sent the same day by e-mail or fax. Full details can be found at our website.
Our aim is to make www.creditman.co.uk your premier resource for UK credit management and company information. The addition of being able to pay by credit card is a further step in our commitment to this cause.
MINISTER FOR TRADE WELCOMES OECD AGREEMENT ON PROJECT FINANCE
Lord Clinton-Davis, the Minister for Trade, has welcomed the OECD's announcement that an agreement had been reached to amend the Consensus Arrangement for Officially Supported Export Credits to allow Agencies like ECGD greater flexibility when supporting projects financed on a "limited recourse" basis.
Lord Clinton-Davis said:
"This is very welcome news not only for major British project exporters but also for the many smaller companies up and down the country who stand to win valuable sub-contracts each time a large order is won by a British contractor. I am particularly pleased that ECGD was able to play such a leading role in putting the agreement in place so quickly."
The amendment to the Consensus Arrangement will come into effect on 1 September 1998 and initially run for a three year trial period (although the new flexibility arrangements will be reviewed after two years).
This added flexibility will now enable Export Credit Agencies to support credit terms which more accurately reflect project cash flows and make it easier for them to work alongside banks and other financing institutions to co-finance complex transactions.
"Limited recourse", or Project Financing, is a term applied when the lenders of export credit loans to a major capital project place reliance primarily on the revenues of the new project for repayment of their loans, and to the assets and contracts of the project for security.
Until this agreement was reached the credit terms that Export Credit Agencies could support for overseas projects financed on a limited recourse basis were constrained by the general terms of the OECD's "Arrangement on Guidelines for Officially Supported Export Credits" (commonly known as the "Consensus"). The agreement will allow them to apply one of two options on a case by case basis:
ECGD, the Export Credits Guarantee Department, Britain's official export credit agency, is a separate Government Department responsible to the President of the Board of Trade.
PRESIDENT OF THE BOARD OF TRADE ANNOUNCES RESPONSE TO EXPORT FINANCE CONSULTATION
Margaret Beckett, the President of the Board of Trade, announced in Parliament last week the Government's initial reaction to the response to ECGD's Consultation Paper "Finance for UK Capital Goods and Project Exports".
In answer to a written question, Mrs Beckett said:
"ECGD has received an excellent response from the UK exporting and financial community to its Consultation Paper. The Minister for Trade will be leading discussions ECGD will be having with banks and exporters to consider the various suggestions made. The focus will be on ways of enhancing exporter competitiveness and the cost-effectiveness of ECGD interest rate support.
The work will inevitably take several months and extend beyond the scheduled 30 June expiry date of ECGD's current support facility, the Fixed Rate Export Finance scheme. Therefore, to ensure continuity of service to exporters and banks while this work is being undertaken, the Government has decided to extend the validity of the current scheme for six months until 31 December 1998."
Since 1991, when its short term credit insurance operations were privatised, ECGD has focused its support on major capital goods and project exports, usually sold on extended credit terms.
In the UK, export finance is provided by the commercial banking system. ECGD itself does not lend money to finance exports, but supplements the market by providing support to banks, where necessary, through loan repayment guarantees and interest rate support facilities.
The traditional heart of ECGD's financing arrangements has been the Fixed Rate Export Finance (FREF) scheme. Under FREF, banks lend to UK exporters and their overseas customers at pre-committed fixed rates of interest in accordance with an OECD agreement known as the "Consensus" to which all major international export credit agencies subscribe.
On 11 February 1998 Lord Clinton-Davis, the Minister for Trade, launched a Consultation Paper "Finance for UK Capital Goods and Project Exports" asking leading members of the exporting and financial community for their views on ECGD's current financing arrangements and on options for change in the future. Feedback from the consultation is currently being evaluated by ECGD.
SUCCESSFUL EXPORTERS NEED TO SPEAK THE RIGHT LANGUAGE
A language and cultural strategy can help companies become more competitive was the message of an Export, Communication and Competitiveness Conference hosted by the DTI in London last week.
The conference featured a hands-on exhibition of the latest technologies designed to help firms overcome language and cultural barriers.
Speaking to an audience of business representatives and policy-makers from around Europe, the Minister for Trade, Lord Clinton-Davis said:
"This conference is about finding solutions to the obstacles that stand in the way of a borderless and open European market. As economic barriers start falling, linguistic and cultural hurdles still remain.
"The future of English as the language of business is far from certain. Chinese, Hindi and Arabic - alongside English - are likely to be world languages by 2050. In a recent DTI survey, one in five exporters said they had encountered cultural barriers and one in eight exporters had experienced problems using British English as opposed to International English.
"We have to find more ways of enabling businesses to communicate across different languages and cultures and expand their business abroad. We have to continue to raise UK awareness of the benefits of adopting a language and cultural strategy. Through government-supported initiatives like the National Business Language Information Service (NatBLIS) and the Languages for Export Advisory Scheme (LEXAS) we can help companies find the right suppliers to suit their language needs."
Lord Clinton-Davis also spoke of the need to make greater use of language engineering technologies to reduce the scale of cultural and linguistic barriers.
"Language engineering in Britain is poised on the brink of significant and major application. The different technologies - speech recognition, speech synthesis, translation and text processing - are likely to become part of our everyday life.
"With the use of these new technologies, I foresee close collaboration with the European Commission and its own initiatives, which reinforce and complement our policies. Together our mutual aim must be to transform the diversity of cultures and languages that form the rich contours of Europe into a plus, rather than a minus for business.
"There is still much to do. Our challenge is to ensure that the language and culture dimension is integrated into every company's export and business strategy. With the ongoing initiatives and support from the Commission and ourselves we can go some way to meeting this challenge and increasing UK competitiveness."
The Export, Communication and Competitiveness Conference is part of the National Languages for Export Campaign, which addresses the cultural and linguistic difficulties which UK firms encounter in tackling overseas markets.
Speakers at the event included Frans de Bruine, the European Commission's Head of Information Technology and Sir Peter Parker, Chairman of the National Languages for Export Campaign. There were also presentations from previous winners of the National Languages for Export Awards on how linguistic skills have helped them develop their businesses.
The National Languages for Export Awards are given to companies for excelling in the use of languages to help increase exports or for the innovative use of new technologies to solve language problems. There are nine categories and awards range from #1,000 - #5,000.
The National Business Language Information Service (NatBLIS) is a database which provides firms with information on language training, cultural briefing, translation and interpreting services.
The Languages for Export Advisory Scheme (LEXAS) is a pilot scheme administered by the British chambers of Commerce, which offers companies subsidised professional consultancy to help them overcome cultural and linguistic barriers.
The European Commission's Information Society Technologies (IST) Programme researches into information and communication technologies, systems, applications and services. The objective of the programme is to help realise the full potential of the Information Society.
# = pounds sterling
The Secretary of State for Trade and Industry has presented a petition in the High Court to wind up in the public interest Great Portland Entertainments Limited. Following an investigation carried out under Section 447 of the Companies Act 1985 and the department becoming aware that tickets had not been delivered in accordance with contracts embarked into. The company offers to supply tickets for entertainment and sporting events, most notably for the forthcoming World Cup in France for which it has so far received in excess of #2.4 million to provide over 40,000 tickets for the tournament.
Consumer Affairs Minister, Nigel Griffiths explained that the petition was presented following an investigation where a number of matters remain unanswered.
On the application of the Secretary of State the Court appointed the Official Receiver as provisional liquidator of the company. The role of the Official Receiver as provisional liquidator is to protect and preserve the assets and financial records of the company until the hearing of the winding up petition on 22 July 1998.
Great Portland Entertainments Limited was incorporated as a private company on 10 July 1996 to carry on general activities in the entertainment industry.
The registered office of the company is at 925 Finchley Road, London NW 11
The company trades from rented offices at Linen Hall, 162-168 Regent Street, London W1
The petition was presented under Section 124A of the Insolvency Act 1986.
The Price Indications (re-sale of tickets) Regulations 1994 require that anyone who, in the course of a business, re-sells, or offers to re-sell a ticket for an entertainment event and who indicates the price at which the ticket will be available must give information to the purchaser, including the information printed on the ticket, its original price, and the rights it confers.
The legislation governing the sale of tickets for football matches in England and Wales is the Criminal Justice and Public Order Act 1994 which prohibits any unauthorised person from selling tickets for a designated match. Under this legislation a person is unauthorised if not approved in writing to sell tickets for a match by the club or by the organisers of the match. A "designated football match" means a game designated by the Home Secretary's power to 'designate' football matches under the Football (Offences) Act 1991.
Publicity has already alerted the public to the risks of dealing with unauthorised distributors of World Cup tickets.
All public enquiries concerning either company should be made to:
THE OFFICIAL RECEIVER
21 Bloomsbury Street
London WC1B 3SS
# = pounds sterling
DTI PETITION TO WIND UP AURUM MARKETING LIMITED AND APPOINTMENT OF OFFICIAL RECEIVER
The Secretary of State for Trade and Industry has presented a petition in the High Court to wind up Aurum Marketing Limited in the public interest following an investigation under 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 3 June 1998 pending the hearing of the petition on 8th July 1998.
Since June 1997 the company has operated a scheme to promote sales of 2 health products with money being promised to those who returned questionnaires on the products.
The role of the Official Receiver as provisional liquidator is to protect and preserve the assets and financial records and documents of the company until the hearing of the winding-up petition.
The business address and the registered office of the company is at Temple Court, Cathedral Road, Cardiff CF1 9HA.
The petition was presented under Section 124A of the Insolvency Act 1986. 3. All public enquiries concerning the company should be made to:
THE OFFICIAL RECEIVER
21 Bloomsbury Street
London
WC1B 3SS
*** 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 08/06/98 to 16/06/98
Number of Creditor meetings : 194
Section Company Time Venue
138 Scotland - Interim Liquidator calling Creditors Meeting
09/06/98
Abbscot Windows & Conservatories Ltd 02.30 pm Aberdeen
Calcranes Ltd 03.30 pm Aberdeen
OLX Ltd 12.00 pm Glasgow
10/06/98
Morrison Glasshouse Co Ltd 12.00 pm Glasgow
12/06/98
Clydesforth Contracts Ltd 02.00 pm Glasgow
Quillnote Ltd 11.30 am Edinburgh
Ranfurly Properties Ltd 03.00 pm Glasgow
15/06/98
Staff Technical Services Ltd 11.00 am Glasgow
16/06/98
Scots Ancestry Research 11.00 am Edinburgh
48 Receiver calling unsecured Creditors Meeting
08/06/98
Redcourt Independant Care Ltd 02.00 pm Liverpool
09/06/98
Springshire Holdings Plc 10.00 am Nottingham
T S International Ltd 11.30 am Peterborough
11/06/98
International Shoe Machine Co (GB) Ltd 10.00 am Leicester
12/06/98
Club Clothing Co Ltd 10.00 am London
Tamecrest Ltd 10.00 am Southampton
15/06/98
ABI Caravans Plc 02.00 pm North Ferriby
ABI Leisure Group Plc 02.00 pm North Ferriby
Auto-Trail Ltd 02.00 pm North Ferriby
Toledo Manufacturing Ltd 02.00 pm North Ferriby
67 Scotland - Receiver calling Meeting of unsecured Creditors
08/06/98
Thistle Real Estate Ltd 11.00 am Glasgow
10/06/98
Falkirk Taverns Ltd 11.00 am Edinburgh
W L Reid (Alloa) Ltd 10.30 am Edinburgh
84 N. Ireland - Creditors Voluntary Liquidation
10/06/98
Manna Sales & Marketing Ltd 02.30 pm Belfast
95 Members converting to Creditors Voluntary Liquidation
12/06/98
Berkwickshire Estates Ltd 11.00 am London
98 Creditors Voluntary Liquidations
08/06/98
Benross Ltd 10.45 am Bromley
Church Parker Commercial Assessors Ltd 11.00 am Manchester
David Nagli Ltd 12.00 pm London
Earlcourt Trading Ltd 10.00 am London
Fabrico Ltd 10.15 am Bromley
Fenestra Systems Ltd 02.00 pm London
HMS Engineering Co Ltd 10.30 am Yarm
Hello Marketing Ltd 11.00 am London
Hilltop (Gloucester) Restaurant Ltd 12.00 pm London
Media Aspects Ltd 11.00 am Guildford
Philips Motor Co Ltd 02.30 pm Harrow
Quality Bag Co Ltd - The 11.00 am Birmingham
Toys & Cards Ltd 10.30 am Harrow
Twintarget Associates Ltd 11.30 am London
Well Animal Co Ltd - The 12.30 pm London
West Cheshire Traning Ltd 11.00 am Liverpool
Wingham Media Ltd 11.00 am Ruislip
Wivenhoe Brickwork Ltd 10.15 am Egham
09/06/98
A & K Contract Furnishings Ltd 10.30 am Leeds
A S L (Electricals) Ltd 10.00 am Newcastle-u-Tyne
Active Outdoor & Ski Ltd 11.00 am London
Armstrong & Davies Ltd 11.30 am London
Bowdene Redcar Ltd 10.00 am Newcastle-u-Tyne
Dalley Tarling Partnership Ltd 11.30 am Milton Keynes
David Hughes Ltd 03.30 pm Lutterworth
Errington Promotions Ltd 10.30 am Grimsby
G B Express (Fleet) Ltd 03.15 pm London
G B Express Ltd 11.00 am London
G T Mascall Machine Tools Ltd 11.30 am Birmingham
Green's Demolition & Dismantling Ltd 11.30 am Southampton
Hi-Tech Support Services Ltd 10.00 am London
Intelligent Realtime Internet Syst Ltd 12.00 pm Castle Douglas
Isabell Kristensen (London) Ltd 11.30 am London
Just Windows Ltd 03.00 pm Birmingham
Midlock Ltd 12.00 pm Wallington
P & L Roofing Ltd 11.00 am Birmingham
Pennine Actuators Ltd 11.00 am Leeds
Platemaker Realisations Ltd 11.15 am North Ferriby
Preformed Road Markings Ltd 11.30 am Cardiff
Quasarmode Ltd 11.00 am London
R H D Haulage Services Ltd 12.00 pm Cardiff
Reliance Engineering Co (Nottm) Ltd 11.00 am Nottingham
Replan '91 Ltd 11.30 am Manchester
Rick's Butchery Ltd 11.00 am Abingdon
Soft Options (Contracts) Ltd 12.00 pm London
Sovale Ltd 11.00 am London
Stylish British Kitchens Ltd 11.00 am Reading
Twinmarket Ltd 11.30 pm Keighley
Tyneside Scaffolding Ltd 11.00 am Newcastle-u-Tyne
Vale Sofa & Chair Workshop Ltd 12.00 pm Cardiff
Yuniware Ltd 02.30 pm London
10/06/98
APSCO Components Ltd 11.00 am London
Avdon Ltd 10.30 am Bristol
Basano Ltd 11.00 am London
Basano Restaurants Ltd 11.30 am London
Brisk Beverages Ltd 11.30 am Bradford
Building & Civil Engin Contract Ag Ltd 11.30 am London
C P L Mechan & Pipe Install Spec Ltd 11.00 am Coventry
Central Motorcycle Training Ltd 11.00 am Birmingham
Challenger Karting Ltd 10.30 am Crawley
City & London Trading Co Ltd 11.00 am Barnet
City Of Glas Philharmonic Foundation 12.00 pm Glasgow
Cobra Technologies Ltd 11.00 am Liverpool
Costa Del Finchley Ltd 11.00 am London
Firgrove Trussed Rafters Ltd 11.00 am London
G E Barber & Sons Ltd 11.30 am Cheshire
Gana Ltd 10.00 am London
Gordon Mills & Co (Marple) Ltd 12.00 pm Stockport
Holbrook Hall Nursing Home Ltd 11.30 am Ipswich
Intermaster (Europe) Ltd 10.30 am Leeds
Kegs & Cases Ltd 10.30 am Castleton
Leaflink Ltd 11.30 am London
MLKI Of London Ltd 12.30 pm London
Philip Taylor Associates Ltd 11.00 am London
Reginald Superstore Whole/Retail Ltd 11.30 am Altrincham
Sangster's Polishing Shop Ltd 10.30 am Oxford
Scorpio Taverns Ltd 10.30 am Hartlepool
Speeds (North West) Ltd 02.00 pm Liverpool
Starminster Services Ltd 11.30 am Preston
Supreme Food Services Ltd 10.00 am Darlington
T & C Tool Supplies Ltd 11.00 am Birmingham
Windows 2000 (UK) Ltd 11.00 am London
11/06/98
Ashavon Ltd 11.30 am London
Belfast Leisure Wear Co Ltd - The 12.30 pm London
C K M Ltd 10.30 am London
Computer Co Ltd - The 02.00 pm London
Concrete Division Trans Developm Ltd 11.00 am Birmingham
Debrafield Electric Planned Maint Ltd 11.00 am Southend-on-Sea
Diamond Products Ltd 10.30 am Salisbury
Etarcatner Ltd 11.45 am London
Etes Ltd 11.00 am London
Floor To Ceiling Contracts Ltd 12.30 pm Oxford
Florina Fashions Ltd 10.15 am Bromley
Int Dev & Emergency Relief Cons Ltd 10.15 am Oxford
Kenaul International Transport Ltd 11.15 am Batley
Ketton Stone & Masonry Ltd 11.30 am Norman Cross
MXA International Ltd 10.00 am Newcastle-u-Tyne
Masterpine Ltd 02.30 pm Southampton
Metro X Ltd 11.00 am Plymouth
National Payroll Giving Services Ltd 11.00 am Newton Abbot
Osborn Garages Ltd 11.00 am London
Pristine Building & Electrical Ser Ltd 10.30 am Sawbridgworth
Square & Compasses Ltd - The 10.30 am Billericay
St Ann's Textiles Ltd 10.30 am Nottingham
12/06/98
A H Field & Son (Dunstable) Ltd 02.30 pm Watford
Atlantic Multimedia Ltd 10.15 am Kingston-u-Thames
Botchett & Starbuck Ltd 11.30 am Birmingham
Broadmaster Ltd 11.15 am Batley
Cladtec (UK) Ltd 11.30 am Boston
Constructon Maintenance Services Ltd 11.00 am Leicester
Dun Lewis Plastering Contractors Ltd 11.00 am Bristol
Focaccia Fiorentia (London) Ltd 02.00 pm London
G G S Architectural Ironmongery Ltd 12.00 pm London
Gas Network Ltd - The 11.15 am Egham
Green Submarine Ltd - The 11.35 am Cambridge
Groveland Manufacturing Ltd 03.30 pm Egham
Guro Wines Beers & Spirits Ltd 10.00 am London
Hearnweir Ltd 11.00 am London
Milner Direct Marketing Ltd 12.00 pm London
Olde Oak Publishing Plc 11.30 pm Altrincham
Olivers Associates Ltd 12.00 pm London
Powerbond Investments Ltd 11.00 am London
Shades Fashion Ltd 03.30 pm Northwood
Weslake Commerce Ltd 03.00 pm Northwood
15/06/98
3s (UK) Ltd 10.30 am Halifax
B D S International Ltd 11.00 am Sheffield
Budgetbreak Ltd 11.30 am Liverpool
C R K Autos Ltd 12.00 pm London
City & Regional Securities Ltd 12.15 pm London
City Snooker (Reading) Ltd 12.00 pm London
City Snooker (Snowhill) Ltd 11.45 am London
Deanfix Ltd 11.30 am Hornchurch
Elitevine Ltd 02.45 pm Bromley
Grainsbrook Ltd 11.30 am London
Great Drain Robbers Ltd - The 12.30 pm London
Latimer-Clarke Ltd 12.00 pm London
Leicester Computer Centre Ltd 11.00 am Leicester
Marbleace Ltd 10.00 am London
Meadowbush Ltd 11.00 am Ruislip
Moretower Ltd 11.15 am London
P J Hoare Services Ltd 10.00 am Harpenden
Par Fun Fragrance Cosmet & Toilet Ltd 11.30 am Manchester
Pointlight Ltd 10.15 am London
Readyland Ltd 10.30 am London
SPS Exhibitions Ltd 11.30 am Edinburgh
Speciallotion Ltd 10.30 am Liverpool
Tank Time Ltd 11.00 am London
Team Solo Management Ltd 11.00 am London
Trustwell (UK) Ltd 10.00 am Manchester
Wateriver Ltd 10.45 am London
Wigan Skilled & Technical Services Ltd 12.00 pm Manchester
16/06/98
Absolute Zero Design Ltd 11.30 am Southend-on-Sea
All Engineering Ltd 11.30 am Lutterworth
Armstrong Design Engineering Ltd 11.30 am Birmingham
BPA (Technology & Management) Ltd 12.00 pm London
Beristar Ltd 10.45 am Bromley
Bull Constructions (Corby) Ltd 02.00 pm Halesowen
CCL Design & Manufacture Ltd 10.45 am Wells
Chesterfield Securities Ltd 04.00 pm London
Complete Cable Co Ltd - The 03.30 pm London
Couzens & Brown Ltd 01.00 pm London
Harry Morgan Ltd 11.00 am London
Jeffrey Breslaw Ltd 12.30 pm London
Lydney Haulage Contractors Ltd 11.30 am Cheltenham
MEFO Security Ltd 11.30 am Rotherham
N & P Components (Engineering) Ltd 11.00 am London
Plaspak (UK) Ltd 11.00 am London
Rotherham & District Poultry Ser Ltd 12.00 pm Worksop
Silcock Fresh Foods Ltd 11.30 am Manchester
T S I Corporation Ltd 11.00 am London
TW LW TW LW
USA 1.6391 1.6425 Canada 2.3826 2.3925
Austria 20.5422 20.4845 Portugal 298.735 298.255
France 9.7806 9.7717 Belgium 60.1730 60.1170
Finland 8.8690 8.8590 Italy 2873.87 2873.66
Germany 2.9193 2.9181 Sweden 12.7712 12.7976
Holland 3.2900 3.2865 Switzerland 2.4256 2.4071
Spain 247.720 247.210 Ireland 1.1558 1.1569
Australia 2.6814 2.6569 Denmark 11.1196 11.0896
Hong Kong 12.6998 12.7236 ECU 1.4796 1.4784
Africa Com 8.4182 8.4522 Saudi Arabia 6.1483 6.1602
India 68.4570 67.8060 Malaysia 6.4381 6.3230
Singapore 2.7447 2.7397 Norway 12.2858 12.3926
Japan 227.270 226.120
TW This week LW Last week.
Bristol United Press has announced pre-tax profits of 14.5 million pounds, after exceptional credit, on turnover of 73.1 million, for the year ending 31st March 1998. Earnings per share stand at 40.7p.
Evans of Leeds, the property group, has announced pre-tax profits of 13.9 million pounds, on turnover of 33.3 million for the year ending 31st March 1998. Earnings per share stand at 8.01p.
NFC, the logistics Group, has announced pre-tax profits of 59.4 million pounds, after exceptional credit, on turnover of 1,112 million, for the six months ending 31st March 1998. Earnings per share stand at 4.9p.
Railtrack has announced pre-tax profits of 388 million pounds, after exceptional credit on turnover of 2,467 million, for the year ending 31st March 1998. Earnings per share stand at 39.4p.
Shanks and McEwan, the waste management group, has announced pre-tax profits of 25 million pounds, after exceptional charge, on turnover of 176.7 million, for the year ending 28th March 1998. Earnings per share stand at 8.9p.
Guardian Royal Exchange added strongly to its position in America's mid-west and north-east with its biggest-ever purchase, paying $1.15 billion for the American property and casualty-insurance arm of ING of the Netherlands. ING, in return, is buying Guardian's Canadian unit for $375m, greatly boosting ING's presence there.
Akzo Nobel, a Dutch chemicals group, is close to succeeding in its 1.83 billion pounds ($3 billion) agreed bid for a British rival, Courtaulds. PPG Industries, an American paint maker, agreed not to make a competing offer after Akzo agreed to sell it two of Courtaulds' coatings units.
GEC Alsthom unveiled a new name and a new board in the run-up to its initial public offering later this month, which will mark its independence from Britain's General Electric and France's state- owned Alcatel Alsthom, its joint owners. Pierre Bilger, chairman of Alsthom, valued the company at FFr39.9 billion to FFr46.2 billion ($6.72 billion to $7.78 billion) and was upbeat about prospects.
Booker, Britain's largest cash-and-carry business, gave a profits warning. Among disposals in the pipeline: a 64% stake in the rights to the works of Agatha Christie, and a fish-processing business.
Source: The Economist
MERGER CLEARANCE
The Secretary of State for Trade and Industry has decided, on the information at present before her, and in accordance with the recommendation of the Director General of Fair Trading, not to refer the following mergers to the Monopolies and Mergers Commission under the provisions of the Fair Trading Act 1973:Acquisition by BICC plc of certain assets of Delta plc, namely its copper rod mill and enamelled and winding wire business
Proposed acquisition by Delta plc of certain assets of BICC plc, namely its construction cables business
Proposed acquisition by BICC plc of certain assets of Delta plc, namely its elastomeric and utility power cables businesses
Acquisition by Becton Dickinson and Company of assets of the BOC Group plc, namely the medical devises division of the Ohmeda business.
"Should an e-mail be treated in the same way as conventional letters? Can they ever constitute official records? One of their great advantages is that we can use them in the same way as we use the telephone. Yet they are as valuable a record as more formal letters."
Geoff Hoon MP, Parliamentary Secretary at the Lord Chancellor's Department, was speaking at a Public Record Office Conference on electronic record keeping last week. He underlined the major role new technology was playing in providing improved access to information.
"We must ensure that, where the letter would have been preserved, the e-mail is not simply transferred into an electronic wastebasket. It is the immediacy of e-mail which makes it so valuable. At the same time, its ephemerality might make it vulnerable."
"95% of new documents are now either created or held electronically. It is crucial that the future use and preservation of these records are taken into account at the earliest possible stage."
The Minister said that the Government is working towards a Freedom of Information Act, "which makes it even more important that documents are preserved and readily available.
"The Freedom of Information White Paper defines and increases the public's right to access to information. The Public Record Office will have a major part to play in the freedom of information regime.
"The new regime will mean that more records are released within 30 years and that those which are retained will only be those of the greatest sensitivity. It will also introduce an upper time limit of 100 years so that no material is left indefinitely undisclosed.
"For the public to be able to exercise the rights given to them under the Act it will, of course, be essential that all Government Departments create, maintain, and store records adequately. The Public Record Office will have an important part to play in making sure that this happens."
Mr Hoon explained to the conference audience that every year 1.5 km of paper records were transferred to the Public Record Office from Government Departments and Agencies, equating to about 11 million sheets of paper.
The Minister spelt out the ways in which the Public Record Office is responding to their new challenges, and the new opportunities which technology offers, such as a new electronic records system (EROS). The Office is also developing Internet services to make access to records available on a 24-hour basis, and to an international audience.
"We live in an Information Age," he concluded, "The public are coming to need, to expect and to demand easier access to information. Greater public access to records encourages a healthy atmosphere of public accountability and thus strengthens democracy."
Mr Hoon was speaking at the PRO's conference - "Electronic Access: Archives in the new Millennium - A Showcase for the European Experience".
8 June Norfolk Branch of the ICM 8.30am to 5.00pm Seminar - Effective Credit Control Branch officers and friends focus on the matters that matter. Prebooking is essential: #75 per place (ICM students #60) Oaklands Hotel, Yarmouth Road, Norwich + Luncheon & Refreshments Bookings and programme: Bill Read (tel: 01603 610911) 9 June Northampton Branch of The ICM Time TBA Talk by Sheriffs Officer, followed by Barbeque Robert Horne, Northampton For further details contact: Kerry Bland on 0966 275454 or Malcolm Swann on 01604 673410 10 June Swindon Branch of the ICM 5.30 for 6.00pm Welcome to new and existing students Student services of the Walcot Building, Swindon College. + Refreshments 10 June Thames Valley Branch of the ICM 8.45am to 5.00pm (approx.) Credit Management Masterclass A workshop to discuss best practices and developments in technology, organisational ideas, and the UK and international business scene. Presentations by professional experts. Fee: #150, members; #195, non-members (includes refreshments, lunch and presenters’ notes). For further information, contact Laurie Beagle - tel: 01494 424851 Thames Riviera Hotel, Maidenhead Bridge 11 June London Branch of the ICM Third Annual Golf Day For further information contact Eric Diamond - Tel: 0181 952 0707 18 hole competition, evening meal and prizegiving Cost per person: Golf & Dinner - #35.00; Dinner - #17.50 Elstree Golf Club, Watling Street, Elstree, Herts WD6 3AA 12 June Thames Valley Branch of the ICM 7.30 to 9.00am Business Breakfast - presentation on Cash Management Eat as much english or continental breakfast as you want in delightful surroundings, and hear a lively and provocative presentation. Presentation by Lindsay Small. Director of Finance - Northern Europe and South Africa. Honeywell Control Systems Ltd. Places limited. Cost: #7.50 per person Advance bookings and payment to: Colin Hingston, 65 Dean Garden Rise, High Wycombe HP11 1RF (fax: 01494 474871) Berkshire Suite Restaurant, Chartered Institute of Marketing, Moor Rail, Cookham 16 June Chilterns Branch meeting of the ICM 6.45 for 7.00pm A Day in the Life of The Lord Mayor Presentation by Sir Roger Cork, ICM Vice President Barns Hotel, Cardington Road, Bedford 17 June Merseyside & North Wales Branch of the ICM Tour of Liverpool Docks Guided tour by coach and foot around the famous docks Meet at Mersey Docks and Harbour Building at Pier Head at 6.00pm sharp + Buffet 23 June Sheffield & District Branch of the ICM Tour of Mansfield Brewery Tour & Tasting! + Buffet & Drinks Coach departs at 6.00pm For further details telephone Richard Marolow on 01246 411931 24 June Northumberland & Durham Branch meeting of the ICM 6.00 for 6.30pm Credit Card Fraud Speaker: Detective Inspector Ian Smith The Old George, Bigg Market, Newcastle on Tyne + Light Refreshments 24th June Kent Branch of the ICM Sports Social - Rounders Linton Park, Maidstone Bookings for Kent Branch meetings - Ian Mella (tel: 01233 756253) Members - #3; Non-Members - #3.50; Students - #1 24 June East Midlands Branch of the ICM 1.30pm Visit to Boots Company Guided tour around company’s exhibition Contact Helen Ansell on 0116 2653512 for further details and to reserve your place. + Afternoon tea 4 July Norfolk Branch of the ICM 2.30pm Afternoon Social - Ten-Pin Challenge Family teams, work teams of 4, with separate kids’ challenge if demand. #5 per person, including 2 games, shoes and food. Norwich Ten-Pin Bowling Club, 6.30pm 193C Plumstead Road, Norwich + Buffet Lane reservations: Ian Austin (tel: 01603 291809) 7 July Wessex Branch of the ICM Visit to the House of Commons Full details in the April Branch Newsletter To book a place, contact Brenda Linger on 01243 863161. 15 July Kent Branch of the ICM 7.15pm The Impact of Bluewater Park on the Economies of Kent, Essex and London Presentation by representative of Lend Lease Plc Combined meeting with Essex and London Branches Bluewater Park, Dartford (free transport available to venue from Dartford Railway Station) Numbers restricted to 100 # = pounds sterling
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