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: 105
Dated: 11 April 1999
Welcome to the Business Credit News UK.
In this weeks edition you will find the following topics.
UKWOOLF DAY - 26 April 1999 - visit http://www.creditman.co.uk/legal/woolf.html
The modernisation of the English and Welsh Court system with regard to debt litigation is explained, in detail, on the Business Credit Management UK website. The changes will affect your business - visit the website for the latest news on the Woolf Report - contact Webmaster John Arnold if you require any further information.
THE EURO - REPORT FROM THE INSTITUTE OF DIRECTORS
New IoD report says keep the pound for the foreseeable future.
A new report from the Institute of Directors, 'The UK and the Euro - Better Out than In?', provides a comprehensive critique of UK participation in the euro.
Its four key conclusions are:
For a copy of the report or further information please contact:
Graeme Leach, Chief Economist, Tel: 0171-451-3366 (office); 01189-440582 (home).CBI/DELOITTE & TOUCHE SURVEY
Confidence among firms in consumer, business and professional services has recovered since November, with firms expecting robust growth over the second quarter of this year. The second survey of this sector by the Confederation of British Industry and Deloitte & Touche published last week, shows that confidence recovered strongly from the level reported in the last quarter of 1998, particularly among consumer services.
Optimism has improved with more firms in both sectors now optimistic about the business situation than pessimistic. In the consumer services there was a balance of plus 21 per cent, up from minus 41 per cent in November (which indicated declining confidence), and in the business and professional services the balance was plus 10 per cent, up from minus 19 per cent.
Sudhir Junankar, the CBI's Associate Director of Economic Analysis, said: "Confidence among firms in the consumer, business and professional services has bounced back from the low level reported in November. This recovery reflects the rises in the value and volume of business expected over the next few months in sectors which jointly account for 20 per cent of GDP.
With their profitability expected to rise sharply, firms are becoming more confident about their business growing over the coming year and expanding capacity is becoming a key reason for future investment."
The survey says that firms reported slight increases in the value of business over the past three months, and expect the value to rise at a faster rate over the second quarter of this year especially in the business and professional services. The volume of business among the business and professional services grew, although at a slower rate than over the last quarter of 1998. In the consumer services the volume of business fell slightly. However, for the coming three months business is expected to grow rapidly in the business and professional services, and pick-up in the consumer services.
George Westropp, a Senior Partner and Communications Director at Deloitte & Touche, said: "With confidence up in the consumer, business and professional services firms expect to take on more staff over the next three months. This may cause some problems for firms in the business and professional services who are beginning to find it hard to recruit the professional staff they need. There is also a rise in costs. However, the future looks bright for both the consumer and business and professional services as the uncertainty about demand eases."
Average selling prices in the consumer services rose significantly, surprising firms' expectations of a fall. This upward trend is expected to continue over the next three months. The prices charged by firms in business and professional services fell for the second survey in a row, and are expected to be flat over the second quarter of the year. Costs rose markedly in both sectors, and further rises are expected over the coming months. Business profitability increased markedly among firms in the consumer services, and was unchanged in the business and professional services. Over the coming three months firms in both sectors expect profitability to increase sharply.
The business and professional services are more upbeat about expanding over the next 12 months than firms in consumer services. In the consumer services firms report that lack of demand, domestic competition and the lack of ability to raise funds are likely to hold back growth. For the business and professional services lack of demand, the availability of professional staff and domestic competition are the main limits on growth. For both sectors the level of demand has eased as a constraint since November. Employment continued to grow strongly among business and professional service firms, with more people expected to be taken on over the coming three months.
The number of jobs in the consumer services also increased, going against firms' expectations of job cuts, and this increase is expected to continue in the second quarter of the year. Replacing equipment, capacity expansion, and increases in efficiency are the main reasons for investment planned by firms in both sectors. Expanding capacity has become a more important factor since November for firms in both sectors, and for firms in the business and professional services in particular preparations for the year 2000 have increased in significance. Factors limiting investment plans include uncertainty about demand, inadequate net returns and a shortage of internal finance - although uncertainty about demand has eased slightly as a constraint since November in both sectors. For the business and professional services a shortage of labour is also becoming more of a constraint.
BANK OF ENGLAND REDUCES INTEREST RATES BY 0.25% TO 5.25%
The Bank of England's Monetary Policy Committee voted last week to reduce the Bank's repo rate by 0.25% to 5.25%.
The minutes of the meeting will be published at 9.30am on Wednesday 21 April.
INDUSTRY RELIEVED BY QUARTER POINT INTEREST RATE CUT - CBI
The quarter point cut in interest rates is good news, but a bigger cut was needed to deal with the imbalance in the economy said the Confederation of British Industry last week.
Kate Barker, CBI's Chief Economic Adviser, said: "Business is pleased by the Bank's decision to keep interest rates moving down, which should bring some relief to the problems still being caused by the strength of sterling. But inflationary pressures are still weak so we believe that, although today's cut is certainly useful, a half percentage point cut would have been justified. "Although the service sector is now picking-up, we clearly have a two-speed economy. With indications of a weakening labour market, and in particular lower pay settlements, interest rates could fall to 5 per cent now without putting the Government's inflation target at risk. Past interest rate cuts have helped the UK to avoid an outright recession, but policy should be more ambitious and aim to promote a robust recovery."
CAUTIOUS WELCOME FOR CAUTIOUS CUT
Reacting to last weeks decision by the Bank of England's Monetary Policy Committee to cut interest rates by a quarter per cent, Dr Ian Peters, Deputy Director-General of the British Chambers of Commerce (BCC) said: "This cut is helpful but insufficient to put the economy firmly on track for recovery. Manufacturing industry in particular will give a cautious welcome to this cautious cut, and seek for the Bank to go further at its May meeting.
With the economy still fragile and inflationary pressures flat, a more significant cut was both workable and necessary. Much work remains to continue the process of restoring business and consumer confidence and to translate this into improved business sales.
UK interest rates remain high by European standards. We must ultimately achieve levels to match our euro-zone competitors and boost UK firms' sales at home and abroad".
GOVERNMENT GIVES ENERGY POLICY CLEARANCE TO PROPOSAL TO BUILD 500MW GAS-FIRED POWER STATION AT BAGLAN BAY
Secretary of State for Trade and Industry, Stephen Byers, last week announced that he will not raise energy policy objections to a proposal by Baglan Cogeneration Company to construct a 500MW gas-fired power station at Baglan Bay, South Wales.
Mr Byers said:
"The potential benefits of this proposal to build a new 500 MW gas-fired power station at Baglan Bay, South Wales, particularly in terms of local employment and economic regeneration, are such that I have decided not to use my powers, under section 14(3) of the Energy Act 1976, to defer or halt this project. However, local planning and other clearances are still required under section 36 of the Electricity Act 1989.
ORDERS FOR NEW CONSTRUCTION: FEBRUARY 1999
The latest provisional figures for construction show a fall in the general level of new orders from the high seen in the previous year. The figures for January and February were higher than the low experienced in December. However, a three monthly comparison of the total volume of construction new orders reveals a fall of 26 per cent. Within this total the infrastructure sector has changed the most significantly.
The total volume of new orders received by contractors for construction work in Great Britain in the three months December 1998 to February 1999 was 26 per cent lower compared with the three months September 1998 to November 1998 and was 24 per cent lower compared with the three months December 1997 to February 1998. These provisional figures reflect the volume of orders at constant (1995) prices adjusted to exclude normal seasonal variations.
New orders in the private housing sector in the three months December 1998 to February 1999 were 11 per cent lower compared with the previous three months and were 32 per cent lower than in the corresponding period a year ago. Public housing and housing association orders in the latest three months were 32 per cent lower compared with the previous three months and were 49 per cent lower than in the same period a year earlier.
Infrastructure orders in the latest three months were 47 per cent lower compared with the previous three months and nine per cent lower compared with the corresponding period a year earlier.
Public non-housing orders (excluding infrastructure) in the latest three months were 19 per cent lower compared with the previous three months and six per cent lower compared with the corresponding period a year ago. Private industrial orders in the latest three months were 22 per cent lower compared with the previous three months and were 39 per cent lower compared with the same period a year ago. Private commercial orders in the latest three months were 24 per cent lower compared with the previous three months and were 19 per cent lower than in the corresponding period a year ago.
In current prices the total value of new orders in February was £ 1832 million.
HOUSEBUILDING: FEBRUARY 1999
In February 1999, it is provisionally estimated that 15,400 dwellings were started in Great Britain, compared with 16,700 in February 1998. Completions numbered 12,100 compared with 12,600 in the previous year.
In the latest three months 39,800 dwellings were started, down 7 per cent on the same three months a year ago, while completions at 39,800 were down 6 per cent compared with the same period a year ago.
Seasonally adjusted comparisons
In the three months December 1998 to February 1999, total starts rose by 3 per cent and total completions also rose 3 per cent compared with the previous three months. Private enterprise starts rose by 2 per cent while completions rose by 5 per cent (see Notes to Editors).
Registered Social Landlords (and unregistered housing associations) starts of new dwellings in the three months December 1998 to February 1999, rose compared with the previous three months, whilst completions fell. Both starts and completions by local authorities and government departments remained at a low level.
SINGAPORE NEWS
Contributed by Bernice Kuo, mailto:bernicek@internationalcredit99.com
SINGAPORE RANKS 4TH IN THE INFORMATION-DRIVEN ECONOMIES GLOBAL SURVEYBased on its annual Information Society Index rankings for last year, Singapore was ranked fourth by the International Data Corp. Singapore became one of the world's top information-driven economies next to United States, Sweden & Finland. The survey in co-operation with World Times Inc publishing & conference group covers fields in computer, internet usage, and social aspects of IT in the countries. Singapore has opened up its telecommunications industry, as well as promoting heavy usage of computer and internet in schools, offices and factories. Singapore promotes information technology in every way. Even the elderly are included and were taught computer skills so as to promote a knowledge driven economy in affluent Singapore.
Source : The Straits Times
Payment performance tables for more than 2,500 of the largest companies in the United Kingdom have been published by leading lobby group the Federation of Small Businesses (FSB).
The tables - based on an analysis of annual company reports by business information firm Dun & Bradstreet - are the first to be published as a result of Government regulations which require all plcs and their large subsidiaries to state in their annual reports the average length of time it takes them to pay their bills.
Amid growing concerns of the effect of late payment on small businesses, the tables show:
Mr Brian Prime, the FSBs Policy Unit Chairman, said: "Regrettably, in recent years, business ethics have declined considerably and late payment has been increasingly accepted as part of everyday business life.
"Small enterprises, in particular, have become accustomed to companies stringing them along because of the power that big firms possess in the business relationship. We believe this public exposure will play a leading role in the improvement of payment times across the board and keep ethical payment practice at the top of the agenda."
Mr Michael Wills, the Small Firms Minister, said: "I welcome the publication of the FSBs league tables showing the payment performance of public limited companies and their large private subsidiaries. Their publication is another important step in helping to change the late payment culture that exists in the UK.
"The tables will provide small businesses with valuable information on how quickly they can expect to be paid when dealing with large customers. They will enable small firms to monitor and compare payment performance, by sector, before deciding whether to do business.
"I congratulate those companies at the top of their sectors. They are demonstrating an understanding of the value of good suppliers and the need for partnership."
Mr Phillip Mellor, Senior Analyst at Dun & Bradstreet, said it had been estimated that a quarter of the 40,000 annual business failures in Britain were caused by payment delays.
"When late payment escalates into a bad or doubtful debt, it is undoubtedly the smaller business that gets the sharp end of the stick."
Sector comparisons show that financial companies (including insurance and real estate) have the best payment performance record with two thirds (64%) paying their bills on average within 30 days. However, of the 354 manufacturing company accounts examined only 42 (12%) reported that bills on average were paid within 30 days.
| PAYMENT PERFORMANCE LEAGUE TABLES BY SECTOR | |||
| Business | |||
| sector | No. of accounts examined | %age and (no.) paying within 30 days | Average payment period in days |
| Agriculture | 6 | 50% (3) | 35 |
| Mining | 13 | 15% (2) | 50 |
| Construction | 92 | 27% (25) | 53 |
| Manufacturing | 354 | 12% (42) | 60 |
| Transportation | 94 | 43% (40) | 39 |
| Retail | 106 | 35% (37) | 45 |
| Finance | 350 | 64% (225) | 34 |
| Services | 408 | 33% (136) | 50 |
| Holding companies | 727 | 30% (216) | 45 |
| Wholesale | 232 | 25% (59) | 51 |
| Others | 155 | 48% (75) | 46 |
| TOTAL | 2537 | 34% (860) | 46 |
| Analysis by Dun & Bradstreet |
| PRIVATE SECTOR PAYMENT PERFORMANCE LEAGUE TABLES | |||
| Executive Summary | |||
| OVERALL RANKINGS | |||
| Best 20 payers overall | Average payment period (days) | Worst 20 payers overall | Average payment period (days) |
| Broadgate Properties | 1 | World Telecom | 258 |
| Electra Investment Trust | 1 | Brookfield Shires | 226 |
| Foreign & Colonial Eurotrust | 1 | Short Leasehold | 205 |
| Hermes Lease Finance | 1 | Rapid News Publications | 203 |
| Magnum Fine Wines | 1 | Birchin International | 189 |
| Middlesex Oemk | 1 | Avmor | 186 |
| Next | 1 | Edward Briscoe International Group | 181 |
| Reflex Systems Services | 1 | Tradeline Management | 180 |
| Sony Europe Finance | 1 | Architectural Partnerships | 180 |
| Squaresum | 1 | Angus Dundee | 180 |
| Aberdeen European Investment Trust | 2 | Tank Rentals | 173 |
| Atlantic Estates | 2 | Universal International | 171 |
| Brazilian Investment Trust | 2 | Systems Team | 166 |
| Corporate Foreign Exchange | 2 | Charterhouse Mercantile Properties | 165 |
| Miletrian | 2 | Tring International Group | 158 |
| Arenson Group | 3 | Cybertec Holdings | 157 |
| Danae Investment Trust | 3 | Centralgrowth | 157 |
| Eurochange | 3 | Blazes Fireplace Centres | 156 |
| F&C Latin American Investment Trust | 3 | Walton Group | 155 |
| Glotel | 3 | Ashtead Group | 155 |
| PAYMENT PRACTICE BY SECTOR | |||
| Construction | |||
| Best 10 payers | Average payment period (days) | Worst 10 payers | Average payment period (days) |
| Miletrian | 2 | Banner New Homes 2 | 153 |
| Mid Wynd International Investment Trust | 7 | Farebrother Ltd | 133 |
| Bailey Developments | 11 | Malgor Security | 120 |
| J Smart & Co (Contractors) | 14 | Chestall Park (The) | 120 |
| Scarborough Property Group | 17 | Banner New Homes 4 | 115 |
| Weaver | 18 | Lindner Ceilings Floors Partitions | 114 |
| News Digital Systems | 19 | Oakpark Security Services (East Anglia) | 106 |
| Banner New Homes | 20 | Staveley Industries | 98 |
| City Greenwich Lewisham Rail Link | 20 | Joseph Finney | 98 |
| Euro Pools | 21 | First Telecom | 97 |
| Manufacturing | |||
| Best 10 payers | Average payment period (days) | Worst 10 payers | Average payment period (days) |
| Johnson Matthey | 4 | Rapid News Publications | 203 |
| Tricorder Technology | 12 | Angus Dundee | 180 |
| London Emblem | 14 | The Magazine Printing Co | 151 |
| Alan Litman | 17 | Mayfair Print | 146 |
| Cogent Advanced Technologies | 18 | The Living Planet | 144 |
| Bush Radio | 19 | Viners of Sheffield | 136 |
| Highland Distillers | 19 | Quarto Publishing | 130 |
| Lampholder 2000 | 20 | TDS Circuits | 120 |
| Cisa (UK) | 21 | Chemix | 119 |
| Cranswick | 21 | Northern Textiles | 116 |
| Transportation | |||
| Best 10 payers | Average payment period (days) | Worst 10 payers | Average payment period (days) |
| Cosmosair | 4 | World Telecom | 258 |
| London House Travel | 9 | Anglo-Pacific International | 107 |
| Americana Vacations | 10 | Stephen Morris Shipping | 98 |
| Emtel Europe | 10 | Chambers Waste Management | 80 |
| Ovation Communications | 10 | Logistics International | 75 |
| National Power | 12 | CCC Group | 75 |
| Speed Services | 13 | Lombard Shipping | 72 |
| Lincs FM | 14 | Great Central Railway | 72 |
| Liverpool Airport | 14 | Joseph Merritt Group | 70 |
| Amersham Travel | 15 | South Staffordshire Water | 65 |
| Retail | |||
| Best 10 payers | Average payment period (days) | Worst 10 payers | Average payment period (days) |
| The Weisfield Partnership | 8 | Blazes Fireplace Centres | 156 |
| Robina International | 10 | The Restaurant Partnership | 136 |
| Grattan | 15 | Tysonfield | 113 |
| Arriva | 17 | Sanctuary Leisure | 92 |
| James Beattie | 17 | Topps Tiles | 87 |
| The Groucho Club London | 18 | Christopher's American Grill | 85 |
| A Jones & Sons | 20 | Kingfisher Leisure | 84 |
| Fortnum and Mason | 20 | Unchained Growth Pubs 1 | 80 |
| Pentyre | 21 | Tom Hoskins | 80 |
| Woolworths | 21 | Regent Inns | 80 |
| Finance | |||
| Best 10 payers | Average payment period (days) | Worst 10 payers | Average payment period (days) |
| Electra Investment Trust | 1 | Charterhouse Mercantile Properties | 165 |
| Foreign & Colonial Eurotrust | 1 | Tring International Group | 158 |
| Hermes Lease Finance | 1 | Cybertec Holdings | 157 |
| Aberdeen European Investment Trust | 2 | Centralgrowth | 157 |
| Danae Investment Trust | 3 | Walton Group | 155 |
| Eurochange | 3 | Stars 2 | 139 |
| F&C Latin American Investment Trust | 3 | Craig European | 125 |
| Haslemere Estates | 3 | West End Investments | 122 |
| Mitsubishi Corporation Finance | 3 | London & Edinburgh Publishing | 117 |
| Pacific Horizon Investment Trust | 3 | Premium Trust | 116 |
| Services | |||
| Best 10 payers | Average payment period (days) | Worst 10 payers | Average payment period (days) |
| Magnum Fine Wines | 1 | Brookfield Shires | 226 |
| Reflex Systems Services | 1 | Tradeline Management | 180 |
| Sony Europe Finance | 1 | Architectural Partnerships | 180 |
| Squaresum | 1 | Tank Rentals | 173 |
| Corporate Foreign Exchange | 2 | Systems Team | 166 |
| Glotel | 3 | Townley Communications | 129 |
| Blueprint Estates | 4 | Sheffield Wednesday | 125 |
| Chesterton International | 4 | Finex Communications Group | 124 |
| Design Technology International | 4 | DPA-Egami | 120 |
| Livingstone Guarantee | 4 | Milieutech | 117 |
| Holding Companies | |||
| Best 10 payers | Average payment period (days) | Worst 10 payers | Average payment period (days) |
| Broadgate Properties | 1 | Birchin International | 189 |
| Middlesex Oemk | 1 | Edward Briscoe International Group | 181 |
| Next | 1 | Ashtead Group | 155 |
| Atlantic Estates | 2 | Glengate Holdings | 141 |
| Brazilian Investment Trust | 2 | Thornfield Holdings | 135 |
| Arenson Group | 3 | Tarsus Group | 134 |
| Travellers Exchange Corporation | 4 | Interoute Telecommunications | 130 |
| Lynton | 5 | Taddale Investments | 128 |
| Northstar Securities | 5 | Ribotargets Holdings | 127 |
| Park Group | 6 | Rex | 123 |
| Wholesale | |||
| Best 10 payers | Average payment period (days) | Worst 10 payers | Average payment period (days) |
| John Swan & Sons | 5 | Universal International | 171 |
| Lanoptics | 6 | Danielle International | 141 |
| Balli Steel | 9 | Grange Brooks | 127 |
| Sidney Newton | 10 | Tracker Network | 120 |
| Commonside | 11 | Rupert Magnus Trading Co | 117 |
| Frontier Software | 12 | Supreme Quilting Co | 115 |
| Rubicon Foods | 12 | Saitek | 108 |
| Designer Interiors (London) | 13 | Temple Knight | 107 |
| GET Group | 13 | Arbiter Group | 107 |
| GET | 13 | AMX | 106 |
| Others | |||
| Best 10 payers | Average payment period (days) | Worst 10 payers | Average payment period (days) |
| Everbalance | 4 | Short Leasehold | 205 |
| International Biotechnology Trust | 4 | Avmor | 186 |
| Cathedral Capital | 5 | Mei Group | 151 |
| Sakhalin Petroleum | 5 | Bessa B&W XV | 136 |
| Bessa Oxbridge V | 6 | Claims Incorporated (Scotland) | 130 |
| Bessa Oxbridge XI | 6 | Autonomy Corporation | 120 |
| Bessa B&W II | 7 | Bessa Springboard II | 107 |
| Bessa Oxbridge IX | 7 | Norcity IV | 104 |
| Finngold Resources | 7 | Norcity III | 104 |
| Invesco Convertible Trust | 8 | Martin Currie Japan Investment Trust | 104 |
| For a full copy of the Private Sector Payment Performance League Tables (price £2 including postage and packing) contact the Federation of Small Businesses, 2 Catherine Place, London SW1E 6HF. Telephone 0171 233 7900; fax 0171 233 7899. |
The Federation of Small Businesses (FSB) is the UKs largest organisation for small firms with 135,000 members. The FSBs website can be visited at www.fsb.org.uk
Dun & Bradstreet (founded 1841), a company of the new Dun & Bradstreet Corporation, is the world's leading provider of commercial credit and business marketing information and receivable management services. D&B Corporation employs more than 16,000 professionals in 40 countries.
CONTACTS:
| Stephen Alambritis | FSB Press Office | 0171 233 7900 |
| Home | 0181 543 6003 | |
| Mobile | 07788 422 155 | |
| David Hands | FSB Press Office | 0171 233 7900 |
| Home | 0171 498 2573 | |
| Mobile | 0385 983 229 | |
| Philip Mellor | Dun & Bradstreet | 01494 423 346 |
*** 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 12/04/99 to 20/04/99 Number of Creditor meetings : 178 Section Company Time Venue 138 Scotland - Interim Liquidator calling Creditors Meeting 12/04/99 Camwell Engineering Ltd 10.00 am Glasgow 13/04/99 Alister McMillan (Joiners) Ltd 11.00 am Glasgow 15/04/99 Scotia Fireplace (Distributors) Ltd 10.00 am Hamilton 20/04/99 Wilmac Civil Engineering (Blantyre) Lt 03.00 pm Glasgow 23 Administrator Calling a meeting of Creditors 12/04/99 Arrow Printing & Packaging Ltd 11.00 am Manchester 16/04/99 Termunique Ltd 11.00 am Leeds 48 Receiver calling unsecured Creditors Meeting 12/04/99 Rochefort Healthcare (Rookstone) Ltd 12.00 pm Durham 14/04/99 Astra Pack Furniture Ltd 10.30 am Manchester Scott (Dudley Hill) Ltd 10.00 am Leeds 19/04/99 Formation Ltd 11.00 am Cheltenham 98 Creditors Voluntary Liquidations 12/04/99 Ablegown Ltd 11.00 am London Axiom Computers (UK) Ltd 03.30 pm London Brimford Trailer Rentals Ltd 10.30 am Hornchurch Britannia Warranties Ltd 12.00 pm Leicester Carlyon Bay Garages Ltd 11.00 am Plymouth Design Technocrats Ltd 10.00 am London Discount Tyre & Exhaust Ltd 11.00 am St Albans Endura Coatings (UK) Ltd 12.30 pm Newcastle-u-Tyn Forget-Me-Not Ltd 11.00 am Carlisle Gaziantep Ltd 04.00 pm London Golden Effects Ltd 02.00 pm Birmingham H J Victor (UK) Ltd 03.00 pm London Harwoods Direct Ltd 12.00 pm London Hendean Ltd 11.30 am Havant Henry Buckland Fine Arts Ltd 11.00 am Bradford Kevin Porter Construction Ltd 03.00 pm Welling Little Angles Homecare Ltd 12.00 pm London Mid-Cheshire Manufacturing Co Ltd 12.00 pm Manchester N M S Software Ltd 11.30 am Birmingham Oregon-X-Press Ltd 12.00 pm London Penruskin Ltd 11.00 am London Pressworks Ltd 11.00 am Birmingham Q C Engineering Ltd 03.30 pm Lutterworth Quest Security Services Group Ltd 11.00 am Worksop Rock-A-Cha Ltd 12.00 pm London SAI Westall Tomkins Ltd 02.00 pm London Sheffield Steelers Ltd 11.00 am Sheffield Startmethod Enterprises Ltd 11.30 am Marlow Street Fashions (Europe) Ltd 10.30 am Leicester 13/04/99 Abbeycore Ltd 11.00 am London Alternative Wood Finishes Ltd 11.00 am Leeds Atlantic Valve Co Ltd 12.00 pm Manchester B A K Design Centre Ltd 01.00 pm London Black Swan Homes Ltd 11.00 am Preston Building Maintenance Services Ltd 10.00 am Sheffield C N C Woodworking Ltd 03.30 pm Lutterworth Caprigrove Ltd 01.00 pm London Clover Ridge Homes Ltd 03.00 pm Rotherham Essex Telegraph Press (East Anglia) Lt 11.00 am Westcliff G Jennery Ltd 11.00 am London Gems Health Club Ltd 11.00 am Harpenden Gems Health Ltd 11.00 am Harpenden J King Engineering Ltd 11.00 am Reading Kis Metal Pressings Ltd 11.30 am Altrincham Newco (Leeds) Ltd 11.15 am Bately PDC Copyprint (Ayr) Ltd 11.00 am Glasgow Scunthorpe Wire Hook & Trad Co Ltd 10.15 am Leeds Securities Glass & Glazing Ltd 11.00 am Rotherham Shire Engineering (Burton) Ltd 11.00 am Birmingham Sovereign TV Ltd 11.00 am Exeter Vectra Construction (UK) Ltd 11.30 am Liverpool Winter Park Hotel Ltd 11.00 am Manchester 14/04/99 Anglia Caravans Ltd 11.00 am London Autumn Cover Ltd 12.00 pm Manchester BK Catering & Vending Ltd 11.00 am Hull Building Direct (UK) Ltd 11.00 am Hornchurch Burnells (Light Tractors) Ltd 03.00 pm Bristol Carshalton Athletic Football Club Ltd 11.30 am Sutton Central Car Spares Ltd 11.00 am Birmingham Classyfinal Ltd 10.15 am Worthing Computer Space Ltd 11.30 am London Cowan Bros. (Haulage) Ltd 11.00 am London E W Wood (Builders) Ltd 10.30 am Nottingham Environmental Technology Control Ltd 11.00 am Bexley General Build Main (Peterborough) Ltd 03.00 pm Peterborough Greater Freedom Ltd 03.00 pm Shrewsbury Health Matters Ltd 12.00 pm Royston Hot Pizza Ltd 04.00 pm London Industrial Demolition Ltd 12.00 pm London J V Trading Co Ltd 10.00 am London Jobec Ltd 11.00 am Manchester Lanesfield Ltd 11.30 am London Maysonic Ultrasonics Ltd 11.00 am Swansea Maysonic Ultrasonics Ltd 11.00 am Swansea Mindzone Training Systems Ltd 11.00 am London Newington Haulage Ltd 11.30 am Ashford Orbit Trade Exhib & Conf (UK) Ltd 12.00 pm London Peetzas Ltd 03.00 pm Bristol R B L Contracts (London) Ltd 11.00 am London Rovic Communications Ltd 11.45 am London Salvidge & Haulage Transport Ltd 12.00 pm Taunton Simple Imports Ltd 11.00 am Huddersfield Sterling Automotive Ltd 10.30 am Reading Sunshades (Ayr) Ltd 12.00 pm Hamilton Transport Support Services Ltd 10.30 am Droitwich Spa Trident Plant & Tool Hire Ltd 11.30 am Croydon Wellbuilt Contractors Ltd 02.00 pm London Wharf Digital Recordings Ltd 11.00 am Southampton Y M H Services Ltd 11.00 am Lowestoft 15/04/99 AZ Commercial Ltd 03.00 pm Slough Atkinsons (Motor Sport) Ltd 11.00 am Skipton Bancroft Ductwork Ltd 11.00 am Hornchurch Bandung Ltd 11.00 am London Custom Moulds Europe Ltd 11.00 am Birmingham Driving Team (Scotland) Ltd - The 12.00 pm London Drum Media Ltd 11.00 am London Family Cars (Reading) Ltd 11.30 am Reading Freeway Clothing Ltd 12.00 pm Glasgow Fuggles of Benenden Ltd 11.30 am Larkfield Garanline Ltd 11.30 am Lutterworth Gary Bettis Associates Ltd 11.15 am Sutton Geoff Moss (Auctions) Ltd 03.00 pm Newmarket Hillside Engineering Ltd 12.00 pm Worksop John Holdsworth Plumbers (Hudd) Ltd 02.30 pm Halifax Kar Sales Ltd 03.00 pm Watford Keybrook Ltd 11.00 am London Lyme Consultants Ltd 11.30 am Manchester M D Roofing Contractors Ltd 11.30 am Longeaton Metropolis Entertainments Ltd 10.15 am Kingston-u-Tham Midland Air Power Ltd 11.30 am Lutterworth Phonefast Ltd 10.30 am London Pipe House Wharf (Swansea) Ltd 12.00 pm Cardiff Preference Carriage Co Ltd 11.00 am London Primaries Ltd 11.45 am London Sen Fashions Ltd 11.30 am London Specialised Driver Hire Ltd 12.00 pm Birmingham Supreme Packaging Wolverhampton Ltd 11.00 am Wolverhampton Tempo Logistics Ltd 10.15 am Peterborough Theme Casinos Ltd 11.30 am London Thermal Insulat Co (Swansea) Ltd - The 11.00 am Cardiff Variable Frequency 1 (PR) Ltd 12.30 pm Birmingham 16/04/99 Air Movement Systems Ltd 11.00 am Cardiff Bakewell Trailers Ltd 11.30 am Sheffield Co-Patrick Civil Engineering Ltd 11.30 am Manchester Cygnet Associates Ltd 11.45 am London D R Adams Manufacturing Ltd 11.00 am Edgware George Clarke & Son (Joinery) Ltd 03.00 pm London Leyland Breweries Ltd 03.30 pm Lutterworth Meadow Services Ltd 11.00 am Bristol Meadowbranch Systems Ltd 12.30 pm London Mid Anglia HGV Training Ltd 02.30 pm Sileby Mid Anglia Training Ltd 02.30 pm Sileby Net-Comm (London) Ltd 11.00 am London Quality Upper Closers Ltd 11.30 am London Really Reliable Co Ltd - The 10.30 am London Rexbourne Construction Ltd 02.30 pm Bristol Sovereign Industries Plc 11.00 am Birmingham Stevedore Lettings & Management Ltd 12.30 pm London Stonehams (London) Ltd 02.30 pm London Trans World Computer (UK) Ltd 10.00 am London Transads Ltd 11.30 am South Normanton Valve Plus Home Store Ltd 11.00 am Birmingham Wharfdale Plumbers Merchants Ltd 02.30 pm Bradford World of Power Ltd 10.30 am Derby 19/04/99 Adrenalin Manufacturing Ltd 11.00 am London Globex Ltd 10.45 am Kingston-u-Tham Herald Holdings Ltd 12.00 pm London Indec Ltd 10.30 am Birmingham Mobiles by Mail Ltd 11.30 am Warrington North West Consultancy Ltd 10.30 am Warrington P & L Suswin Ltd 11.00 am Colchester Revolution At Your Feet Ltd 10.30 am Southend-on-Sea St Marys Estates Ltd 11.00 am London 20/04/99 Alphanet Telecom Services (UK) Ltd 03.30 pm St Albans Anadolu Meat Co Ltd 10.30 am London Clan Partnership Ltd - The 03.15 pm Southampton David & Charles Wainwright Ltd 11.00 am London Diesel Control Systems Ltd 02.30 pm London Eurochem Solutions Ltd 11.00 am Manchester Hembro Ltd 11.00 am Birmingham Jigo Ltd 10.30 am Driffield McCoy Clothing Ltd 12.00 pm London Mobility (UK) Ltd 12.00 pm Glasgow New Age Fashions Ltd 04.00 pm London Rossfish Ltd 12.00 pm London Seal Ice Plc 10.30 am London Spectrum Testing Ltd 10.30 am Droitwich Spa Trescon (North West) Ltd 11.30 am Manchester
TW LW TW LW
USA 1.5976 1.6135 Canada 2.4015 2.4306
Austria 20.3676 20.6693 Portugal 296.749 301.142
France 9.7093 9.8531 Belgium 59.7090 59.9195
Finland 8.8010 8.9310 Italy 2866.01 2908.46
Germany 2.8961 2.9392 Sweden 13.2250 13.3662
Holland 3.2619 3.3101 Switzerland 2.3609 2.3950
Spain 246.290 249.940 Ireland 1.1657 1.1830
Australia 2.5445 2.5446 Denmark 10.9972 11.1628
Hong Kong 12.3796 12.5043 Euro 1.4801 1.5023
Africa Com 9.8765 9.9622 Saudi Arabia 5.9918 6.0508
India 68.1730 68.4450 Malaysia 6.0706 6.1311
Singapore 2.7724 2.7907 Norway 12.3987 12.5450
Japan 194.010 193.110
TW This week LW Last week.
British Telecom chose its route into the Chinese mobile-phone market with a 20% stake in SmarTone. It paid HK$3.02 billion ($390m) for the Hong Kong mobile-phone operator.
Source: The Economist
Clinton Cards announced pre-tax profits of 15.8 million pounds, after exceptional charge, on turnover of 208.5 million, for the year ending 31st January 1999. Earnings per share stand at 17.5p.
Financial Times - Wall Street Journal - Moscow Times
Bravely, the Financial Times, the Wall Street Journal and the Moscow Times, published by Independent Media, are joining forces to publish a new Russian Language business daily. The as yet unnamed paper, they say, "will be Russia's only truly independent business newspaper". It is due to be launched in August.
Source: The Economist
Friendly Hotels announced pre-tax profits of 14.7 million pounds, after exceptional credit, on turnover of 77.8 million, for the year ending 27th December 1998. Earnings per share stand at 54.5p, on increased capital.
Marks and Spencer, which is going through its own crisis of confidence and a restructuring to boot, has launched a campaign to restore confidence to its customers as well.
Source: The Economist
Moss Bros. the mens outfitters, announced pre-tax profits of 16.1 million pounds, on turnover of 153.7 million, for the year ending 30th January 1999. Earnings per share stand at 12.2p.
Oasis Stores announced pre-tax profits of 13 million pounds, on turnover of 111.8 million, for the year ending 30th January 1999. Earnings per share stand at 16.7p.
Tie Rack - A turbulent 12 years on the London stockmarket is over for Tie Rack, which agreed to a 22.6m pounds ($36m) takeover by Frangi of Italy, a family firm that makes scarves and ties. Frangi plans to revitalise the specialist British retailer, which expanded a little too rapidly in the 1980s.
Source: The Economist
Zeneca - Astra
Britain's Zeneca and Sweden's Astra completed their $37.7 billion merger to become one of the biggest drug and agrochemical companies in the world, known as Astrazeneca. The merger is the biggest so far in a European industry that is consolidating fast.
Source: The Economist
MERGER CLEARANCE
DTI EXTENDS DEADLINES FOR MMC'S REPORTS ON PORTSMOUTH & SUNDERLAND NEWSPAPERS MERGER INQUIRIESDr Kim Howells, Competition and Consumer Affairs Minister, has announced that he has agreed to a request by the Monopolies and Mergers Commission (MMC) for an extension to 14 May of the time allowed for its successor body, the Competition Commission (CC) to make its reports on the proposed transfers of newspaper titles and related assets of Portsmouth & Sunderland Newspapers plc to Johnston Press plc, or to Newsquest (Investments) Limited ("Newsquest") or to News Communications & Media PLC ("Newscom").
The Minister accepted that there are special reasons why the CC cannot meet the original deadlines for the inquiries (14 April in respect of the Johnston Press inquiry and 30 April in respect of the Newsquest and Newscom inquiries): in particular the need to seek further information from the parties and others, and the complications due to the preparation of a single report covering all three newspaper mergers. He has agreed that the CC should report on all three within the period ending on 14 May 1999.
ETOYS is to sell an 8% stake in itself that will value the Internet toy retailer at more than $1.1 billion.
Source: The Economist
PULLING THE PLUG ON COMPUTER THEFT
Computer theft costs businesses £2,616 per crime according to new research published by the Home Office last week.
The Home Office Policing and Reducing Crime Unit study, Pulling the Plug on Computer Theft, aims to improve the way police deal with computer theft and help businesses protect themselves against computer thieves.
It looks at the experiences of six commercial organisations in the Salford area to reveal the impact of computer theft on staff and business for the purposes of the report.
The report shows:
"The theft of computers hits businesses hard both in terms of time and money.
"Coupled with the loss of the equipment itself comes the considerable disruption that comes with the loss of the information, some of which may be irreplaceable.
"However businesses can fight back. This report is useful as it examines the nature of computer theft and deepens our understanding of the crime.
"Armed with the lessons contained in this report such as increasing security to prevent thefts in the first place and avoid repeat thefts, businesses are in a stronger position to pull the plug on computer theft.
"The report found that companies who used a swift response security patrol scheme never suffered further computer crime. This successful scheme was police approved and the local authority and businesses shared costs - proving the rewards to be gained from a multi- agency approach.
"Computer theft, like all crime and disorder that harms our society, can be best tackled by all segments of community partnerships.
"Burglary of any kind will not be tolerated by this Government - it damages all parts of our community.
"Although this report focuses on commercial theft, combatting residential burglary is also a top priority.
"The Home Secretary has also announced how the first tranche part of the £50 million package to drive down domestic burglary will be spent."
28th - 29th April 1999 Credit Management in Central and Eastern Europe Conference by Vision in Business Ltd and sponsored by Intrum Justitia The Hilton Hotel, Budapest For more information: tel +44 (0) 171 256 5186 Fax +44 (0) 171 9393 Email postmaster@visibis3.demon.co.uk www.visibis.com 11th May 1999 ICM Fellows Luncheon Phyllis Court Club Henley-on-Thames Telephone the ICM on 01780-722907 to reserve places. 19th to the 21st May 1999 ICM Examinations Intermediate and Final Stage 8th June 1999 The 40th Institute of Credit Management National Conference and Exhibition New Millennium - New Risks Cumberland Hotel Marble Arch London W1 To book, or for further information telephone 01780-722907 9th June 1999 ICM Examination Preliminary Certificate in Credit Management 14th to the 16th June International Seminar on Risk Behaviour and Risk Management Run in association with FECMA Stockholm If you would like to attend or take an exhibition stand please telephone Lindsey Burke at the ICM Water Mill on 01780-722912 17th June 1999 South West Credit 1999 Crossmead Conference Centre, University of Exeter All change for the Millennium A one day seminar presented by the South West Branch of the ICM Chaired by Sir Roger Cork For further details contact Consultancy Services on 01275-855675 12th to the 14th October 1999 Tuesday to Thursday Credit North 1999 at the Royal Armouries, Leeds 17 - 19 November 1999 Wednesday to Friday International Credit Exhibition & Conference Raffles City Convention Centre The Westin Stamford, Singapore http://www.internationalcredit99.com Mailto:info@internationalcredit99.com
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