Editor: John Arnold. E-mail jarnold@creditman.co.uk
Pat Williams. E-mail pwilliams@creditman.co.uk
Site: Business Credit Management UK
URL: http://www.creditman.co.uk
Issue: Vol 5 Issue 6
Dated: 11 February 2001
Welcome to the Business Credit News UK.
In this weeks edition you will find the following topics.
UKINTEREST RATES - THE CBI AND BCC COMMENT
CBI PLEASED BY QUARTER-POINT CUT IN RATES
The Confederation of British Industry last Thursday welcomed the 0.25 percentage points cut in rates as a well-judged and timely decision.
Kate Barker, CBI Chief Economist, said: "This cut has come at the right time. Firms are finding the economic tea-leaves harder than usual to read. Companies needed this cut to bolster their confidence and to sustain investment, which is vital to the UK's long-term future. Low inflation gives room for a cut now without damaging stability.
"Scope for further cuts will depend critically on whether or not tighter labour market conditions start to push up wages, and on a cautious Budget package in March."
CHAMBERS WELCOME RATE CUT BUT WARN AGAINST INFLATIONARY BUDGET
Reacting to last Thursday's decision by the Bank of England's Monetary Policy Committee to cut interest rates by a quarter percent, Ian Fletcher, Chief Economist at the British Chambers of Commerce (BCC) said:
''It's been a long time coming, but this decision will help reassure UK businesses and investors at a time of growing economic uncertainty.
"With UK manufacturing still struggling on investment, in export markets, and at home in the face of tough import competition, this rate cut will help protect against the knock-on effects of weaker global demand on our economy.
"There remains a danger that, should the Chancellor play a predictable pre-election hand in the forthcoming Budget, inflationary consequences could result. With business looking for further cuts in interests rates over the coming months, the Chancellor should be cautious of even the most modest tax cuts and spending increases."
COMPACT DISC INQUIRY
A competition inquiry into the supply of compact discs was launched on the 9 February 2001 by the OFT .
Formal notices have gone out to seven major record companies, requiring information to be given to the OFT by 23rd February. Retailers and wholesalers are also being asked for information.
The inquiry will consider whether the way in which the record companies have responded to imports of cheaper CDs from elsewhere in Europe into the UK amounts to a breach of the Competition Act 1998. The Act prohibits cartels, concerted practices and abuse of a dominant position which stifle competition.
The record companies are:
The inquiry is expected to take six months.
The Competition Act 1998, which came into force on 1 March 2000, bans activities that stifle competition such as cartels, concerted practices and abusing a dominant position in a market. The Director General has the power to fine any undertaking caught infringing the provisions of the Act. The penalties could be up to 10 per cent of UK turnover for every year of the infringement up to a maximum of three years. Concerted practice is co-operation between two or more undertakings which stops short of a formal agreement.
ADVANCE ENERGY STATISTICS
Provisional statistics showing energy production and consumption and petroleum product prices in the fourth quarter of 2000 are published on the 6 February 2001 by the Department of Trade and Industry. Some figures for typical retail prices of motor spirit and diesel fuel in January 2001 are also given.
Provisional figures for 2000 as a whole are also published for the first time. The main points are:
Energy production in 2000 was 21/2 per cent lower than in 1999
This advance information on December 2000 along with more complete statistics for each month is available at: - http://www.dti.gov.uk/epa & ( http://213.38.88.195/coi/coipress.nsf )
Prices of motor spirits and diesel have decreased in the month to mid January, reflecting a large fall in crude oil prices in December. In terms of prices at the pump, the prices of premium unleaded, lead replacement petrol (LRP) and diesel have all fallen by about 3 pence per litre, compared to the mid December prices.
In the year to mid-January 2001, rises of 1.5, 1.4 and 3.9 pence per litre were seen for premium unleaded, lead replacement petrol (LRP) and diesel respectively - these represent increases of around 2 per cent for motor spirits, and 5 per cent for diesel. In the month to mid-December, the price of super unleaded fell by 0.7 pence per litre and was around 51/2 per cent higher than a year ago; an actual increase of 4.6 pence per litre.
During 2000 the prices of motor fuels rose overall. Most of the price fluctuations can be attributed to movements in crude oil prices. There were sharp increases in March and June due to increases in crude oil prices largely as a result of key oil producers adhering to production targets. Price increases from April reflect changes in duty rates that took effect on 21 March. The duty on Lead Replacement Petrol (LRP) was increased by 1.68 pence per litre before VAT (1.97 including VAT), whilst the rates of duty on premium unleaded petrol and diesel increased by 1.61 pence per litre before VAT (1.89 pence per litre including VAT). In October 2000 the duty rate on ultra low sulphur petrol (ULSP) was reduced to 47.82, 1 pence less than for ordinary unleaded. However, at the end of 2000 ULSP was being sold at about the same price as premium unleaded on average. The 1 pence reduction in duty covers the higher production costs for this fuel. A further reduction of 2 pence will be made in the 2001 Budget provided ULSP is made widely available. It is expected that the 2 pence per litre cut in duty will be passed on to the consumer. Prices fell slightly in September and October leading up to the fuel crisis, but then increased in November as a result of increases in the wholesale price of motor spirits.
Guidance on standards of behaviour expected of consumer credit licence holders has been issued on the 9 February 2001 by the OFT.
The guidelines make clear what sort of behaviour is likely to lead to action being taken to refuse or remove a licence. They outline the type of conduct which is not consistent with fitness to hold a licence - a test all licence holders must meet.
Examples of behaviour likely to lead to OFT action are: dishonesty, discrimination, the use of oppressive sales techniques and unreasonably failing to offer consumers redress.
John Vickers, Director General of Fair Trading, said:
"Ensuring that credit providers are fit to hold their licences is vital for borrowers and a key part of the OFT's work. These guidelines are not designed to be a comprehensive checklist but make clear what we regard as acceptable and unacceptable conduct. They will assist honest businesses as well as borrowers and will also ensure that speedier action can be taken against behaviour which clearly falls below the standard required."
The guidelines will be sent to all those applying for or renewing a licence and to trade bodies for issue to their members. They are also on the OFT's website at www.oft.gov.uk
The OFT plans to add to these general guidelines later this year with specific guidance for business sectors that attract high levels of complaint, such as debt collection, credit broking, used cars and home improvements.
Consumer Credit Licences - Guidance for holders and applicants is available on http://www.oft.gov.uk
Hard copies will be available from the OFT's Consumer Credit Licensing Bureau on 020 7211 8626.
Under Section 25 (2) (d) of the Consumer Credit Act 1974 the Director General can, when determining whether or not a licensee is fit to hold a licence to carry on the business of providing consumer credit, consider evidence of the licensee engaging in business practices appearing to him to be deceitful or oppressive or otherwise unfair or improper (whether unlawful or not).
Decisions to revoke a consumer credit licence are made by an Adjudicating Officer for and on behalf of the Director General of Fair Trading. Before a licence is revoked the Adjudicating Officer issues a minded to revoke notice to the licensee. The licensee is then given the opportunity to make representations before a final determination is made. In the event that the determination is adverse, the licensee has the right to appeal against the determination to the Department of Trade and Industry.
Once a licensee has its credit licence revoked it is not able to offer credit facilities. Consumer credit agreements already made are not affected.
BUSINESS RECOVERY PROFESSION SAVES GOVERNMENT £500 MILLION A YEAR
Business recovery professionals saved the government half a billion pounds through the successful rescue of nearly 100,000 jobs in failing companies, figures released recently by R3 reveal.
The Ninth R3 Survey of Business Recovery in the UK shows insolvency practitioners saved nearly 1 in 5 jobs in insolvent companies between 1998 and 1999. For the first time the survey examined the employment implications of informal turnaround cases. Nearly 98% of jobs potentially at risk were secured in turnaround cases undertaken by R3's members. The survey can be viewed online at www.businessrecovery.org.uk
Stephen Gale, R3 president and head of corporate recovery at Herbert Smith, said the figures reflected the business recovery profession's dedication to rescuing companies in difficulty.
"R3's members saved the Treasury over £200 million in unemployment benefits and nearly £300 million in income tax revenue through saving 100,000 jobs over the course of the year. We believe this total of half a billion pounds is a conservative estimate.
"These figures are pleasing as they highlight just how hard the business recovery profession works at rescuing companies, as opposed to merely liquidating them.
"The government's recent paper on proposed company rescue mechanisms expressed the view that the profession needs to demonstrate that it is more rescue orientated. Our figures show that R3's members have been dedicated to company rescue for many years, and that we have a record to be proud of.
"The government and the profession have made considerable strides towards establishing a more positive environment for business rescue in Britain. We need this commitment to continue and we hope early legislation will be brought forward to energise the process. It is vital that the future of business rescue is not submerged by a year of electioneering politics".
IS THE 'RESCUE CULTURE' JUST GOVERNMENT HYPE OR CAN LEGISLATION BE CHANGED TO HELP SAVE BRITISH BUSINESSES?
Last year 16,278 UK companies were declared insolvent, of which only 1 in 25 survived with the remainder being liquidated. Now, a new firm of turnaround practitioners has responded to a government call to review company rescue procedures, and drafted a radical set of proposals that could help many of these struggling businesses avoid insolvency and turnaround back to viability.
Turnaround experts, K2 Partners, have put together the proposals in response to the DTI report into Company Rescue and Business Reconstruction Mechanisms (Review Group 2000), which asked for feedback by 5 February 2001. K2 concludes that there is an urgent need for a formal rescue procedure in order to shift current business attitudes away from the 'death' of insolvency and towards a positive rescue. K2 Partner, Tony Groom, feels that much more can be done to halt the spiral of decline that can result in a business failing. "The fact is that in this country, there are formal insolvency procedures that are creditor driven and fundamentally creditor managed. What we now need is an equivalent formal rescue procedure that is can be implemented as soon as a company runs into trouble and can be used to effectively turn that company around, instead of simply signing it's death warrant".
K2, which has recently been formed by a number of experienced turnaround practitioners, proposes four main measures to assist business facing a crisis.
"If a rescue culture is to be established in UK then we need legislation and procedures that encourage collaboration among key parties when a company is in difficulties. The current procedures involve a turf war over assets rather than getting everyone involved with finding a solution" says Tony Groom. A full copy of the K2 report is available from Tony Groom on 020 7720 8000.
THE COUNTDOWN STARTS HERE .
Credit 2001 the most important event for the UK commercial and consumer credit industry
Have you sent in your registration form to attend Credit 2001. Can you really afford to miss the opportunity to compare and contrast so many existing and future suppliers all in one place at one time?
At Credit 2001 you can meet and discuss all your credit requirements with over 80 companies who offer products and services to EVERY sector of the credit management industry. There will be brand new product launches exclusive to the show; special discounts, and you could even accelerate your career by visiting one of the specialist credit industry recruitment companies who are exhibiting at Olympia.
You will be able to visit the features which are new to this years event, including:
Simply complete the form on line at www.creditevents.com to ensure you receive your fast track entry badge and show news packed full of information.
We look forwards to seeing you 7th - 8th March.
Credit 2001 Team
When faced with corporate multiple debt situations disgruntled creditors often want, to put it euphemistically, to "bring the directors to book".
The Insolvency Act 1986 goes some way towards ensuring delinquent directors are subject to criminal sanction. The Appeal Court's decision of Regina v Bevis illustrates the sanction the court will impose where it has been proven a director has concealed or salted away a company's assets the effect of which prevents its liquidator from making an effective distribution to the creditors.
S208 of the Act provides when a company is being wound up a criminal offence will be committed if any of its officers fails to disclose company property to the liquidator. Company directors will be under a duty of disclosure all of the company's property to the liquidator and any associated transactions relating to it. Directors will be able to rely on the defence there was an absence to defraud or conceal as well as there being no intent to defeat the law.
S208 should be contrasted with S213, headed "Fraudulent Trading". To prove fraudulent trading the court will have to be satisfied the company's business was being conducted with the intention of defrauding its creditors. Where actual dishonesty involving real moral blame has been proven the court has power to order the directors (and others) to make such contribution to the company's assets as it thinks proper. Such contribution can be punitive as well as compensatory.
Roger Birch was a director of a company and on its winding up he failed to detail all of its property to the Official Receiver. He was found guilty of an offence under S208. Presumably the action was not taken under S213 because there was only an implication of dishonesty rather than an intention to defraud. Nevertheless he was sentenced to 18 months imprisonment. Appealing against perceived harshness of the decision because no cash had been actually taken for his personal benefit the court still sustained the opinion of the lower court that Birch's omission did amount to fraud.
However the court did accept the sentence was too harsh where Birch had made no personal gain even although there had been a deliberate failure to disclose the company's assets to the liquidator. Noting the more serious charge of fraudulent trading had not been brought and previous good character Birch's custodial sentence was reduced from 18 to 9 months.
Whilst creditors may be delighted to see the imposition of criminal sanctions in these circumstances a word of caution should prevail. Firstly the company has first to be put into insolvency for the legislation even to be contemplated. Many companies simply cease trading and whilst there may be statutory obligations to wind the company up these are often ignored. Secondly creditors should know if a director is obliged to make a financial contribution to the company's assets it is the general body of creditors who will gain, often by a slightly increased dividend payment once a distribution is made - not the particular petitioning creditor.
Stephen Cowan
Yuill & Kyle,
Debt Recovery Lawyers, Scotland.
0141 572 4251
www.debtscotland.com
scowan@yuill-kyle.co.uk
***CURRENT ADVERTISED WINDING UP PETITIONS***
Winding Up Petitions 22 December 2000 to the 2nd February 2001
*** FORTHCOMING CREDITORS MEETINGS ***
For information on ALL the British Isles insolvency's (liquidation's, receiverships, administrations, dividends, creditors) please visit http://www.insolvency.co.uk
From 12/02/2001 to 20/02/2001 Number of Creditor meetings : 282 Section Company Time Venue 138 Scotland - Interim Liquidator calling Creditors Meeting 12/02/2001 Caledon C & E Ltd 11.00 am Glasgow 13/02/2001 Boondoggle Ltd 11.00 am Glasgow 14/02/2001 Alpha Accident Management Scotland Ltd 11.00 am Aberdeen Ladykirk Estate Hotel Ltd 11.00 am Glasgow Smartlok Ltd 11.00 am Glasgow 15/02/2001 Sweeney Civil Engineering Scotland Ltd 12.00 pm Glasgow Sweeney Civil Engineering Scotland Ltd 12.00 pm Glasgow 16/02/2001 Finlays Auctioneers Ltd 11.00 am Glasgow McConville Transport Ltd 02.00 pm Hamilton Walker Bentick Ltd 12.00 pm Hamilton 20/02/2001 Adflag Europe Ltd 11.00 am Glasgow 23 Administrator Calling a meeting of Creditors 12/02/2001 Premium Petcare Ltd 10.30 am Manchester Procol Solids Control Equipment Ltd 12.00 pm Nottingham 13/02/2001 Gill Aviation Ltd 11.30 am Newcastle-u-Tyn 15/02/2001 Charmese Ltd 11.00 am Stoke-on-Trent 48 Receiver calling unsecured Creditors Meeting 12/02/2001 AEW Ltd 11.30 am Birmingham Autogem (Holdings) Ltd 11.30 am Birmingham Autogem Ltd 11.30 am Birmingham Brackley Clutch Ltd 11.30 am Birmingham Ferraris Piston Service Ltd 11.30 am Birmingham Finelist Group Ltd 11.30 am Birmingham J6093F Ltd 11.30 am Birmingham MW Group Realisations Ltd 11.30 am Birmingham MW Realisations Ltd 11.30 am Birmingham Spigot 29 Lts 11.30 am Birmingham Tuberex Ltd 11.30 am Birmingham Veco Automotive Ltd 11.30 am Birmingham XL Component Distribution Ltd 11.30 am Birmingham 13/02/2001 Auto Grinding Machine & Engin Co Ltd 10.30 am Preston C G M Ltd 10.00 am London T F Corner Ltd 11.00 am Co Durham 14/02/2001 British Jeffrey Diamonds 100 Ltd 10.30 am Wakefield 15/02/2001 MK Realisations Ltd 10.30 am Leeds Malpack Flexible Ltd 10.30 am Leeds 16/02/2001 Taison Lighting Ltd 10.00 am Leeds 67 Scotland - Receiver calling Meeting of unsecured Creditors 12/02/2001 Adam Cunningham & Sons Ltd 11.00 am Glasgow Clyde Ventilation Systems Ltd 03.00 pm Glasgow Snakco Ltd 11.00 am Glasgow 84 N. Ireland - Creditors Voluntary Liquidation 16/02/2001 Customer Care Services Ltd 10.30 am Dunfermline 19/02/2001 Bridge Street Service Station Ltd 10.00 am Comber 95 Members converting to Creditors Voluntary Liquidation 15/02/2001 Stephans Cellar Ltd 03.00 pm Cardiff 98 Creditors Voluntary Liquidations 12/02/2001 A1 Office Furniture Ltd 12.00 pm London Anchor Trimmings Ltd 02.00 pm London Balsacraft (International) Ltd 03.15 pm London Big Blue Steel Tiger Ltd 10.00 am London Ceramic Tile Depot Ltd - The 11.00 am Leeds Clarlon Finance Ltd 10.30 am Watford Class 1 Aquatics Ltd 11.00 am London Closerare Ltd 10.30 am Newcastle-u-Tyn Corporate Executive Services UK Ltd 11.00 am Saffron Walden DGB (Midlands) Ltd 11.00 am Birmingham Deligo Ltd 11.00 am Warwick Diama Ltd 02.30 pm London Edward Goddard Ltd 10.30 am West Bromwich Fabric Care Research Association Ltd 12.00 pm Nottingham Goodrock Building Co Ltd 11.30 am Manchester Healthland UK Ltd 10.30 am London Hughes & Rea Designs Ltd 10.30 am Yarm IGS Design & Build Ltd 11.00 am Chester Jade Reprographics Ltd 10.15 am Southend-on-Sea Jos Travel Deals Ltd 11.30 am Portsmouth Manortex Ltd 10.15 am Bradford Minax Ltd 04.00 pm London One Stop Computer Solutions (Hold) Ltd 12.30 pm Birmingham One Stop Computer Solutions Plc 12.30 pm Birmingham Out of Town Ltd 11.00 am Swindon Pagazzi Interior Lighting Ltd 12.00 pm Ayr Pagazzi Lighting (Hamilton) Ltd 11.30 am Ayr Plain Talking Consultants Ltd 10.30 am Bromsgrove Pride of Venice Ltd 03.00 pm London Regent Graphics Ltd 12.00 pm London Screw Shop Ltd - The 11.00 am Warwick Sheridans Inn Ltd 10.15 am Bately Silverspin Ltd 03.00 pm London Stipefry Ltd 11.30 am Winchester Talkfast International Ltd 02.30 pm London Tower House Graphics Print & Design Lt 10.30 am London Town & Country Property UK Ltd 03.00 pm London 13/02/2001 AJL Services Ltd 10.30 am Norwich Ailsa (UK) Ltd 11.00 am Glasgow Callcott Anderson Brand Design Ltd 11.00 am London Chemi Petro Engineering Ltd 02.00 pm Halesowen Cole Hansle Creative & Market Cons Ltd 11.00 am Birmingham Computer Engineering Technologies Ltd 11.00 am Birmingham Craig Y Pant Colliery Co Ltd 12.00 pm Cardiff Critchlow Builders Merchants Ltd 10.00 am Manchester Ego Designs Ltd 11.30 am London Ego Separates Ltd 11.00 am London Enterprise Floor Maintenance Ltd 12.00 am Birmingham Eurocare Medical Ltd 11.30 am Manchester Fearless Rubber Co Ltd - The 10.30 am Newcastle-u-Tyn Finishing Touch & Design Ltd - The 10.30 am Halifax Guy Engineering & Tooling Ltd 03.30 pm Southampton Hanley Faith Communications Direct Ltd 11.00 am Newcastle-u-Lym Home & Garden (Low Fell) Ltd 11.30 am Newcastle-u-Tyn Internet Marketing Programmes Plc 11.00 am London J D Process Engineering Ltd 11.30 am Liverpool J P Contracts (Nottingham) Ltd 12.30 pm Nottingham James Lawrence Reproductions Ltd 10.00 am London Kenaway Ltd 12.15 pm Kingston upon Leeway Designs Ltd 12.00 pm London Manorstyle Associates Ltd 12.30 pm London Melbourne Corporation Ltd 11.30 am London Melmead Associates Ltd 11.00 am London Milchester Corporation Ltd 12.00 pm London Mossfield Corporation Ltd 10.30 am London New Century Hair Ltd 11.00 am Sevenoaks P J T Builders & Decorators Ltd 11.00 am Barnet Professional Events Personnel (UK) Ltd 10.30 am Birmingham Southern Conveyors Ltd 11.15 am Gravesend Speedshield (UK) Ltd 11.30 am Liverpool Top Hat Computing Ltd 11.30 am Croydon Trent Joinery (Rugeley) Ltd 11.00 am Birmingham Unique Fabrics Ltd 12.00 pm London 14/02/2001 3 Way Street Ltd 10.30 am Leicester 365 Recruitment Online Ltd 10.30 am London A-Max Computers (UK) Ltd 03.00 pm London Albany Microwave Ltd 11.00 am Birmingham Aldina International Ltd 11.15 am Kingston upon Ashton Wallis Ltd 11.00 am Liverpool Autotech Manufacturing Ltd 12.00 pm Luton Besafe Ltd 11.00 am Barnet Beta Contracts Ltd 10.30 am Reading Coventry Hire Services Ltd 11.30 am Coventry Cross Country Freight Ltd 11.30 am Lutterworth David Michael (Swansea) Ltd 11.00 am Swansea Durabuild Construction Ltd 12.00 pm London Evans Electronic Developments Ltd 11.00 am Birmingham Expandroute Ltd 11.00 am Bristol Francis James Ltd 02.00 pm London Henry Pels (UK) Ltd 12.00 pm High Wycombe Henry Pels Engineering Ltd 11.15 am High Wycombe K M B Commercial Vehicle Services Ltd 11.00 am Wolverhampton Mainsupply Staff Ltd 11.00 am London Medico Dento Pro Ltd 11.00 am Southend-on-Sea Midland Investments Brokers Plc 11.30 am Birmingham Mollin Publishing Ltd 12.00 pm London Neil Foster Associates Ltd 10.30 am Leeds Netslug Ltd 11.00 am London Phone Zone (Leeds) Ltd 10.15 am Bradford Pro X Albums Ltd 02.30 pm Driffield Questport Ltd 10.30 am Salisbury R D Gold & Associates Ltd 11.30 am Liverpool R Nash Construction Essex Ltd 04.00 pm London RHD Co Ltd - The 12.30 pm Nottingham Rapid Data Ltd 03.00 pm London Revalorisation Ltd 11.00 am Manchester Rose & Hubble Ltd 11.00 am London SPC Flooring Consultants Ltd 11.00 am London Sanita Shipping Ltd 11.00 am Huddersfield Selcrest Ltd 03.00 pm Leicester Smart Electronic Retailing Ltd 10.30 am Hull Supalink Ltd 11.15 am Nottingham Trans-Atlantic Publishing Ltd 12.15 pm Kingston upon Zland.Com (UK) Ltd 11.00 am Reading 15/02/2001 Abbey Inks Ltd 10.30 am Huddersfield Abbeylodge Ltd 10.30 am London Access Internet Ltd 11.30 am London Ashdown Foods Ltd 03.30 pm Crawley Authorgraphics Ltd 10.15 am London Bremvale Ltd 02.30 pm Birmingham Bricktech (Lincoln) Ltd 11.00 am Nottingham Brierley Ventilation Ltd 11.00 am Birmingham Cimberton Ltd 11.00 am Sheffield Construction Data Services Ltd 11.30 am Hull Dalerod Ltd 12.00 pm London Designs for Xmas Ltd 10.30 am Southend-on-Sea Elite Windows & Conservatories Ltd 11.45 am London Fatboy.Com Ltd 11.30 am Preston Frontline Fashions Ltd 11.30 am London G W Solutions Ltd 10.30 am Nottingham Graftmaster Ltd 03.00 pm Bexley Harrys Golf Stores Ltd 12.00 pm Liverpool Higherserve Ltd 03.15 pm Colchester Hird Hastie Paints Ltd 02.30 pm Glasgow I M S Contract Services Ltd 12.30 pm Aylesbury In Touch Resources Plc 12.30 pm London Ipswich Body Repair Centre Ltd 11.00 am Ipswich K & C Cabinets Ltd 11.30 am Manchester Lynport Ltd 10.30 am Southend-on-Sea Michael Devine Ltd 11.30 am Cheadle Nexus Design Consultants Ltd 11.30 am Altrincham PDP Freight Servs (Wellingborough) Ltd 11.00 am Finedon Phitco Ltd 12.00 pm London Polo Associates Ltd 12.30 pm London Prime Finance Solutions Ltd 03.00 pm Barnet Process Innovations Europe Ltd 11.00 am Newcastle-u-Lym Promark Industries Ltd 12.00 pm London Syndicate Enterprises Ltd 10.30 am Tunbridge Wells TDA International Ltd 11.30 am London Top Notch Timber Preservation Ltd 11.15 am London UK Steel Structures Ltd 11.00 am Birmingham Unirays Ltd 03.30 pm London Verrassing Ltd 03.15 pm Salisbury Watermark Engineers Ltd 10.30 am London Wellesley Corporation Ltd 11.00 am London Westdown Ltd 12.00 pm Wakefield Westmill Corporation Ltd 11.30 am London Y D W (Building Services) Ltd 11.00 am Leeds Youngest Ltd 12.00 pm Birmingham 16/02/2001 3 C I B Ltd 11.00 am Plymouth Able Environmental Services Ltd 11.30 am Southampton Alan Taylor (Builder) Ltd 11.00 am Sunderland Artfoil Security Print Ltd 10.30 am Halifax Beanie Luv Ltd 03.00 pm Portswood Calaga Ltd 10.30 am Nottingham City Recruitment Services (Bham) Ltd 11.00 am Manchester City Recruitment Services Ltd 10.30 am Manchester Crysalis Management Services Ltd 11.00 am St Albans Curzonia Knitwear Ltd 11.00 am Leicester D A J Designs Modelling Ltd 02.15 pm Romford Doug Swadling Ltd 11.30 am Lutterworth Economy Drive Leasing Ltd 10.30 am London Edison Interactive Broadcast Ltd 12.00 pm London Electronic Technology (Projects) Ltd 11.15 am Manchester Euro Facilities Group Ltd 12.00 pm London Fairways Sales Ltd 10.00 am London Fashionfile Com Ltd 11.00 am London Formaster Consulting Ltd 10.00 am South Ruislip Formaster Solutions Ltd 11.00 am South Ruislip Harkes Electrical Services Ltd 10.30 am Sheffield Island Farm Avenue Ltd 11.30 am London Juniper Nurseries Ltd 11.00 am Northampton Larmack Ltd 12.00 pm London Newlease Ltd 10.15 am London On-Line Publishing Education Ltd 11.00 am London P L Frames Ltd 12.30 pm Nottingham Peter Dootson Ltd 11.15 am Bately Pickquick Ltd 11.30 am London Poplar Contracts Ltd 11.00 am Manchester R & S G Conservatories Ltd 03.30 pm Hamilton R C Air Conditioning Ltd 11.30 am Southampton R Chapman & Sons (Metal Polishers) Ltd 11.00 am Sutton Richardson European Transport Ltd 12.00 pm Exeter Seven Dials Leisure Ltd 01.00 pm London T & J Marcol Ltd 10.30 am Sileby Teamfind Ltd 11.00 am Manchester Technical Business Ltd 11.00 am Gosforth Thaxted Restaurants Ltd 11.30 am St Albans Ticketcircle.Com Ltd 11.15 am London Tipbright Ltd 11.00 am London Topguard Sports & Leisure Ltd 11.30 am London Trinity Travel & Tours Ltd 10.30 am London Turner & Walker Ltd 10.15 am Sheffield 17/02/2001 Complete Access (UK) Ltd 12.00 pm London 19/02/2001 Brookworld Ltd 11.00 am London City Valeting Ltd 11.00 am Leeds DPH Mechanical Ltd 11.00 am Ipswich Elysees Saveurs Ltd 12.00 pm London Gleniffer Recruitment Ltd 12.00 pm Glasgow Grapes House Management Co Ltd 11.00 am London Grovevclose Ltd 10.15 am London Harris (Flooring Techniques) Ltd 11.30 am Manchester Jeyda Catering Ltd 03.00 pm London Jones Design Co Ltd - The 03.00 pm London Kinetic Needlecraft Ltd 11.00 am Guildford Mas Joinery & Glass Ltd 11.30 am Bradford Mosaic Graphic Communications Ltd 12.00 pm London Mountbrook Ltd 11.00 am Glasgow Reflex Distribution Northern Ltd 10.30 am Newcastle-u-Tyn Shortec Ltd 10.15 am Bradford Steven C Kander (Philatelists) Ltd 11.30 am Pinner Unidrive (UK) Ltd 11.30 am Sileby Williams Industrial Ltd 12.00 pm Ipswich 20/02/2001 Ade Roberts Door & Window Fittings Ltd 02.00 pm Halesowen Berkeley Seers Holdings Ltd 12.00 pm London CBI Associates Ltd 11.00 am Manchester Commercial Vehicles Ltd 10.00 am Haverhill County Electrical Distributors Ltd 10.30 am Droitwich Crownwood Securities Ltd 03.00 pm Chelmsford David Neill & Partners Ltd 12.00 pm London Firebywire Ltd 11.30 am London London Trade Mills Ltd 10.30 am London Pristine Dry Cleaning Ltd 03.00 pm Brighton Roberts & Graham of Billinge Ltd 12.00 pm Manchester Silveride Ltd 11.30 am Cannock Switched on Systems Ltd 11.00 am London T Redman & Co Ltd 12.00 pm Manchester Union Batteries (Europe) Ltd 12.00 pm London Utility Exchange UK Ltd 11.00 am London V B K Transport Interior Ltd 02.00 pm West Drayton West Lindsey Growers Ltd 11.00 am Grimsby
TW LW TW LW
USA 1.45 1.46 Canada 2.19 2.19
Austria 21.69 21.72 Portugal 316.15 316.56
France 10.34 10.35 Belgium 63.61 63.69
Finland 9.37 9.38 Italy 3053.43 3057.38
Germany 3.08 3.08 Sweden 13.99 13.95
Holland 3.47 3.47 Switzerland 2.41 2.40
Spain 262.38 262.72 Ireland 1.24 1.24
Australia 2.69 2.65 Denmark 11.76 11.78
Hong Kong 11.35 11.42 Euro 1.57 1.57
Africa Com 11.59 11.41 Saudi Arabia 5.45 5.49
India 67.56 67.93 Malaysia 5.52 5.56
Singapore 2.54 2.55 Norway 12.87 12.94
Japan 169.42 170.51
TW This week LW Last week.
Ryanair, the Irish budget airline, said that profits for the quarter to the end of December were up 42% and forecast that by 2003 it would have 14m passengers. Online ticket sales (65% of the total) have helped cut costs and make Ryanair one of the world's most profitable airlines.
France Telecom responded to mounting doubts over the prospects for mobile-phone operators by slashing the flotation price of Orange, its mobile subsidiary. Orange, previously priced at up to Euro64.8 billion ($60.4 billion) will now be priced at between Euro45.6 billion and Euro52.8 billion. Earlier valuations had reached Euro150 billion.
Investors were startled when DaimlerChrylser made an early announcement of earnings in 2000, revealing a drop in net income of 44%. Most of the problems are at Chrysler, the firm's American operation.
Halifax, the British bank, appeared to have sealed a deal worth up to .251 billion ($1.5 billion) to buy Equitable Life, the world's oldest mutual life-assurance company. GE Capital had a first (higher) offer rebuffed and, refusing to admit defeat, came back with another. Too late, said Equitable. The company has been up for sale since a ruling that it had acted illegally by cutting guaranteed pay-outs had left it with liabilities of .251.5 billion.
Source - The Economist
AstraZeneca announced pre-tax profits of 3,847 million pounds, after exceptional charge, on turnover of 18.103 million, for the year ending 31st December 2000. Earnings per share stand at 144p.
BT announced pre-tax profits of 1,792 million pounds, after exceptional credit, on turnover of 21,919 million, for the nine months ending 31st December 2000. Earnings per share stand at 17.2p.
ICI announced pre-tax losses of 87 million pounds, after exceptional charge, on turnover of 7,748 million, for the year ending 31st December 2000.
Mersey Docks announced pre-tax profits of 37.9 million pounds, after exceptional charge, on turnover of 242.6 million, for the year ending 31st December 2000. Earnings per share stand at 27.8p.
Tolent announced pre-tax profits of 1.42 million pounds, on turnover of 111.5 million for the the year ending 31st December 2000. Earnings per share stand at 7.4p.
MERGER NEWS
The Secretary of State for Trade and Industry has decided, on the information at present before him, and in accordance with the recommendation of the Director General of Fair Trading, not to refer the following merger/s to the Monopolies and Mergers Commission under the provisions of the Fair Trading Act 1973:Completed merger between Symantec Corporation and Axent Technologies Inc
Completed acquisition by Northern and Shell Group of the Express Newspaper Business
PROPOSED ACQUISITION BY NIMBUS HOLDINGS LTD OF 46% OF NATIONAL AIR TRAFFIC SERVICES LIMITED
STEPHEN BYERS PUBLISHES DRAFT UNDERTAKINGS
Stephen Byers, Secretary of State for Trade and Industry, on the 9 February 2001 published draft undertakings in relation to the proposed acquisition by Nimbus Holdings, a subsidiary of Serco Group plc ("Serco"), of 46% of National Air Traffic Services Ltd ("NATS"). He wishes to give interested parties the opportunity to comment on the text of the draft undertakings.
Mr Byers said:
"On 17 January, I announced that I intended to seek undertakings from Serco to remedy competition concerns arising from this proposed acquisition. If the acquisition went ahead, the new company would have an effective monopoly in the training of UK air traffic controllers. I therefore asked the Director General of Fair Trading to seek undertakings from Serco to ensure the provision of airport ATC training courses to third parties on a non-discriminatory basis.
"The DGFT has now received draft undertakings from Serco which he believes address the adverse effects arising from the proposed acquisition. I should like to offer interested parties an opportunity to comment on the text of the draft undertakings before making a final decision on whether or not to accept them."
Interested parties are invited to comment on the appropriateness of the draft undertakings to remedy the adverse effects of the proposed merger. Copies of the draft undertakings are available from the DTI. Comments should be sent to the Office of Fair Trading by 5 p.m. on 16 February 2001.
Mr Byers has made this decision in the pursuance of his duties relating to UK mergers under the Fair Trading Act 1973. The implementation of a Public-Private Partnership Scheme for air traffic control, and the choice of the Government's preferred partner, are matters for the Secretary of State for the Environment, Transport and the Regions.
Section 75G of the Fair Trading Act 1973 (inserted by Section 147 of the Companies Act 1989 and amended by the Deregulation and Contracting Out Act 1994) enables the Secretary of State to accept undertakings as an alternative to making a merger reference to the Competition Commission. The Secretary of State must consider whether such undertakings remedy or prevent adverse effects of the merger specified by the DGFT.
Full texts of the draft undertakings are available from Trevor Kenny, Competition Policy Directorate, DTI (Tel: 020 7215 5759).
Interested parties are invited to make representations on the contents and scope of the undertakings which should be offered. Any such representations should be sent in writing to Mike Potts, Office of Fair Trading, Fleetbank House 2-6 Salisbury Square, London, EC4Y 8JX (Fax: 020 7211 8916) by 5 p.m. on 16 February 2001.
STEPHEN BYERS CLEARS PROPOSED MERGER BETWEEN BANK OF SCOTLAND AND ABBEY NATIONAL PLC
Stephen Byers, the Secretary of State for Trade and Industry, has decided not to refer the proposed merger between Bank of Scotland and Abbey National plc to the Competition Commission. Mr Byers made his decision in accordance with the advice of the Director General of Fair Trading (DGFT).
Mr Byers said:
"The DGFT has advised me that this proposed merger is unlikely to have a detrimental effect on competition in banking services. The merger would not increase the parties' UK market shares sufficiently to raise competition concerns. I agree with the DGFT's advice and have decided not to refer the proposed merger to the Competition Commission."
This proposed merger qualifies for investigation under the gross assets test of the Fair Trading Act 1973.
But business leaders want faster action
The Confederation of British Industry last Friday welcomed a proposal for EU-wide rules governing sales of financial services on the Internet.
But it called on the European Commission to dramatically speed up the timetable so that business and consumers could benefit from the changes more quickly.
The Commission wants more coherent legislation for on-line sales of financial services, which are currently subject to a variety of different national rules.
Nigel Hickson, CBI Head of E-business, said: "These proposals would create more opportunities for companies and give more choice to consumers.
"But we do have concerns about the slow timetable, which could mean we won't see any improvements for another five years.
"We urge the Commission to be more bold. At the very least, it needs to have agreed changes in time for the adoption of the E-commerce Directive in 2002."
February 19th Wessex Branch of the ICM Mark Burgess of ETS (Export Training Services) Incoterms 2000 Royal Southampton Yacht Club Channel View Road, Southampton. 7pm for 7.30pm start Refreshments provided. 4th to 10th March National Credit Week 7th March Credit Today Awards 2001 Natural History Museum. London Wednesday and Thursday 7th and 8th March Credit 2001 The Event for the Commercial and Consumer Credit Industry Olympia London Thursday 8th March 2001 Companies House Seminar Swallow Hotel Peterborough Lynch Wood Peterborough Business Park Peterborough Registration 5.30pm - 6.00pm Tuesday 13 March Sussex & Surrey Branch of the ICM Alternative Dispute Resolution - Mediation Speaker: Russell Caller of Gillhams, Solicitors The Bridge House Hotel Reigate Time: 7.00 for 7.30 p.m. Sponsored by Gillhams, Solicitors Wednesday, Thursday and Friday 24th to 26th October 2001 International Credit Exhibition & Conference The Westin Stamford, Singapore http://www.internationalcredit001.com Mailto:info@internationalcredit001.com If you have an event coming up which is credit management related and you would like us to make an entry in the Diary section please e-mail the details to jarnold@creditman.co.uk
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