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: 139
Dated: 12 December 1999
Welcome to the Business Credit News UK.
In this weeks edition you will find the following topics.
UKBAH HUMBUG
Bah Humbug! The Office Christmas Party Might Be More Taxing For Employers This Year Warns KPMG
As we enter the festive season, employers should be aware the Inland Revenue is in no mood to play Santa this year. While the ‘£75 per head’ rule still applies for office Christmas parties, the Revenue is clamping down on the tax treatment of employee entertaining.
Inez Anderson, Employee Issues Tax partner, KPMG, said: ‘The Revenue announced back in August that there was to be a significant tightening up in their approach in this area. While the long-standing income tax and NIC exemption for staff parties costing up to £75 per head is still there - though don’t forget this includes associated costs like taxis and hotel bills - the Revenue have dropped a concession that many tax offices operated.’
She continued: ‘The strict position was always that staff entertaining was allowable for corporation tax purposes, but taxable on the individual employee. But in practice, tax offices often said that provided employers did not claim for the staff parties, then they would not tax the employees on the benefit. This will no longer be the case, which will increase employers’ administration and possibly their tax bills too. The Revenue is now focusing specifically on employee entertaining and if companies fail to adapt to this new approach and do not treat expenses correctly they could find themselves subject to a Revenue review.’
The 1999 Christmas season also marks the end of another perk: it is the last year in which non-cash gifts such as hampers can be given to staff free of NICs.
Inez Anderson said: ‘It is ironic that this final festive season of the millennium will be the last where employers can give gifts to staff to reward their hard work during the year without having NICs slapped on them. Also, from the employer’s point of view, if they have been generous enough to pay the tax on a gift , it may be no bad idea to let their staff know the full value of that expenditure, including tax and NICs. This will ensure they don’t pay tax by putting details of the gift on their tax returns.’
CBI WELCOMES 'NO CHANGE' DECISION ON INTEREST RATES
The Bank of England's decision to keep interest rates on hold gets the support of the Confederation of British Industry. Kate Barker, Chief Economic Adviser, says:
"Today's decision is a welcome Christmas bonus for business. Keeping interest rates on hold this month is good news at a time when there is plenty of uncertainty around. Exporters may be seeing volumes pick up at last, but sterling remains both strong and volatile. And consumers are continuing to be cautious, rather than indulge in a pre-Millennium spending spree.
"With the pace of economic growth flattening out, the inflation indicators are increasingly reassuring - reflecting an environment of subdued price pressures. Retailers have reported low price expectations and the rate of increase of average earnings has also eased back.
"The MPC should now leave rates on hold into the New Year, when Millennium distortions, such as increased build up of stocks, will have unwound and allowed a better assessment of the underlying trend of the data. The latest news on inflation suggests that it will be safe to do so."
CHAMBERS BACK BANK’S SENSIBLE COURSE
Reacting to the decision by the Bank of England’s Monetary Policy Committee to keep interest rates on hold, Dr Ian Peters, Deputy Director General of the British Chambers of Commerce (BCC) said:
"The Bank has taken the only sensible course of action for UK business. A further interest rate rise at this stage would have been overkill. The strength of the pound and fierce competitive pressures in the economy are keeping inflation at bay.
"Welcome signs of more balanced growth in recent economic data should not be treated as a threat but embraced as an opportunity. What the UK economy needs now is a chance to absorb fully the effects of the previous rate rises."
E-COMMERCE - CONFIDENCE FOR BUSINESS & CONSUMERS
Agreement on lifting barriers to E-commerce across the EU was reached on the 7 December at the Internal Market Council in Brussels. Helen Liddell, the UK's European Competitiveness Minister said the new rules will help achieve e-commerce growth across Europe by giving confidence to business and consumers.
Mrs Liddell added:
"Today's agreement goes a long way to pushing the EU to the forefront of the e-commerce revolution. The knowledge-driven economy needs a modern legal framework that allows e-commerce to thrive.
"The draft directive aims to remove obstacles to the growth and competitiveness of e-commerce within the EU. The UK is strongly committed to creating an environment across Europe where entrepreneurs and businesses flourish, and where consumers have the confidence to buy on-line.
"This Directive must come into force as soon as possible. We all know that technology is rapidly developing. This progressive legislation is about giving Europe competitive advantage."
The directive sets out on-line conditions for:
The directive sets out to regulate only in those areas necessary to promote an effective single market at the present time. This is because e-commerce is developing with such rapidity that provisions which are important now may be irrelevant in a few years time. The directive will be reviewed in the light of technical, economic and legal developments every two years.
Further information can be obtained from: http://www.dti.gov.uk/cii/ecomdirective/index.htm
ADVANCE ENERGY STATISTICS
Provisional statistics showing energy production and consumption and petroleum product prices in the three months to October 1999 were published on the 7 December 1999 by the Department of Trade and Industry. Some figures for typical retail prices of motor spirit and diesel fuel in November are also given.
Production of indigenous primary fuels in the three months to October 1999, at 69.6 million tonnes of oil equivalent, was 3.9 per cent higher than in the corresponding period a year ago. Production of coal fell by 3.4 per cent, whilst production of oil and gas rose by 4.3 per cent and 9.7 per cent respectively. Production of primary electricity fell by 8.3 per cent because of a higher level of outages for maintenance and refuelling at nuclear stations.
Total inland consumption of primary fuels, which includes deliveries into consumption, during the three months to October 1999, at 49.5 million tonnes of oil equivalent, was 2.4 per cent lower than that recorded for the same period a year ago. Consumption of gas rose by 4.7 per cent, whilst consumption of coal, oil and primary electricity fell by 9.1 per cent, 4.0 per cent and 5.4 per cent respectively. Consumption of coal fell because of lower use at power stations.
Total use of petroleum, including non-energy use, in the period August to October 1999 was 19.6 million tonnes, 4.9 per cent lower than a year earlier. Energy use decreased by 3.8 per cent while non-energy use decreased by 1.7 per cent. Total motor spirit deliveries were down 4.5 per cent, with deliveries of unleaded petrol 5.8 per cent higher due to the continuing move away from leaded petrol in the UK. In the period, unleaded petrol deliveries (excluding Lead Replacement Petrol (LRP)) represented 88.5 per cent of total motor spirit deliveries, compared with 79.9 per cent a year earlier. Derv fuel deliveries decreased by 2.2 per cent, while deliveries of other gas diesel oils, primarily used for heating purposes, increased by 5.2 per cent. Fuel oil deliveries fell by 35.4 per cent, continuing its decline as a source of energy for industry and electricity generation. Deliveries of other products decreased by 3.5 per cent (with deliveries of aviation turbine fuel 1.2 per cent lower).
Prices of motor fuels have fallen slightly in November following a sharp increase in the month to mid October. This fall reflects a temporary fall in crude oil prices in October.
In terms of prices at the pump, figures show that prices of motor fuels decreased in the month to mid-November with decreases of around .5 pence per litre for Lead Replacement Petrol (LRP), premium unleaded and diesel. It should be noted that as of October 1999 the figures given under the heading of Four Star are actually average prices for LRP. These figures are therefore not strictly comparable with earlier figures, however the differences in pump prices of LRP and Four Star are negligible. In the year to mid-November 1999, rises of 8.4, 9.0 and 9.5 pence per litre were seen for premium unleaded, Four Star and diesel respectively - these represent increases of around 12 to 14 per cent in the price of these fuels.
In the month to mid-October, the price of super unleaded fell by 1.2 pence per litre and was around 6 per cent higher than a year ago; an actual increase of 4.8 pence per litre. This reflected a reduction in the rate of duty payable on higher octane unleaded fuels as of 1 October 1999. The rate of duty was reduced from 52.33 pence per litre to 49.21 pence per litre.
E-mail pdw@lubs.leeds.ac.uk
Website http://cmrc.vsp.co.uk
Business failure rates will continue to increase well into the year 2000, according to research findings published on the 9 December. The latest results from the Credit Management Quarterly Review, published next month, predict that insolvencies will rise as the UK begins its next economic cycle, even though the economy is widely expected to expand in the short term.
The results come from an econometric model developed by the Credit Management Research Centre during the last four years. The model attempts to unravel the effects of macroeconomic variables such as GDP, unemployment, interest rates, inflation and housing prices on business failure rates.
Professor Nick Wilson, Head of the Credit Management Research Centre at Leeds University says, "evidence from the Credit Management Quarterly Review Survey suggests that the economy is not growing as fast as some recent forecasts have predicted, although there is evidence of a significant pick up in exporting activity which is expected to continue into 2000. Business failures, however, will continue to increase and may be exacerbated by recent interest rate rises and a growth in new business start ups during 1999. New businesses are prone to overtrading and premature failure in periods of economic expansion. Our research findings show that risks remain and a strong economy does not necessarily filter through to create financial health in the short term".
Professor Wilson explains, "Although business failures will continue to increase next year, respondents to our Quarterly Survey expect growth in demand for their products and services. This is because it can take up to a year for changes in the economy to have a direct impact on business solvency and the failure rate of smaller companies often rises as the economy recovers from recession".
ECGD'S TRADING POSITION BACK ON COURSE TO MEET MINISTERIAL TARGETS - 1998/99 ANNUAL REPORT PUBLISHED 6 DECEMBER
ECGD's Annual Report and Trading Accounts for 1998/99 were published on the 6 December.
Highlights of the year were:
ECGD now on track to return to 1.5 reserve coverage target by April 2000.
Stephen Byers, the Secretary of State for Trade and Industry, said: "These financial results are very impressive, particularly given the rather gloomy picture for the world economy that some were predicting this time last year. ECGD's Annual Report also provides firm evidence that, with Government support, British exporters have been performing well in difficult conditions."
At a Press Conference to mark the publication of the Report and Accounts, Vivian Brown, ECGD's Chief Executive, said:
"The 1998/99 Annual Report covers what was a very challenging period for the global economy. I am delighted the results prove that we have not only weathered the storm but are emerging stronger in terms of financial health. This provides a good basis for our support to British exporters.
"Export credit agencies like ECGD need to take a long term view of global economic developments if they are to provide exporters with continuity of support. I know our customers attach great importance to this, particularly in times of uncertainty. Looking back over the year, especially now that things are starting to pick up, I think we were right to adopt a supportive, yet prudent, approach to backing exporters' bids.
"We can now look to the future with renewed optimism. ECGD is well on course to meeting the financial targets set by Ministers. We are also continuing to develop our product range to meet the changing needs of our existing customers as well as to attract new ones. The review of our Mission and Status should take this another stage forward and help identify how best ECGD can respond to the fresh challenges of the 21st Century."
*** 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 13/12/1999 to 23/12/1999 Number of Creditor meetings : 252 Section Company Time Venue 138 Scotland - Interim Liquidator calling Creditors Meeting 14/12/1999 Ellison Harte Developments Plc 10.30 am Edinburgh HLM Services Ltd 10.00 am Kirkcaldy 15/12/1999 Kerr Knitwear Ltd 11.00 am Glasgow 16/12/1999 Tex Mex Ltd 02.00 pm Edinburgh 20/12/1999 North Ayrshire Developments Ltd 11.00 am Glasgow 22/12/1999 Adamspack Ltd 10.30 am Glasgow Paterson Associates Ltd 10.30 am Glasgow 23/12/1999 A & J Roofing Specialists Ltd 11.00 am Glasgow Gas Max Ltd 10.00 am Glasgow 23 Administrator Calling a meeting of Creditors 13/12/1999 Cresvale International Hold (UK) Ltd 03.30 pm London 14/12/1999 Bisco-Invision Ltd 10.30 am London Invision Microsystems Ltd 11.30 am London 16/12/1999 AB Airlines Plc 11.30 am London Air Bristol Ltd 11.30 am London 20/12/1999 Decacia International Ltd 02.30 pm London Quadrillion Publishing Ltd 10.00 am Guildford 21/12/1999 Birtley Construction Ltd 11.00 am Newcastle-u-Tyn 48 Receiver calling unsecured Creditors Meeting 13/12/1999 Stainless Software Ltd 11.30 am Southampton 15/12/1999 Abex Europe Ltd 11.00 am London C S Revill Ltd 10.00 am Sheffield Fashion Master Ltd 12.00 pm London Team Sports (UK) Ltd 10.30 am Sheffield Tilven Computers Ltd 03.00 pm London 16/12/1999 Foursquare Publishing Co Ltd 11.00 am Ipswich 17/12/1999 Four Seasons of London Plc 11.00 am London L J Thermo Insulations Ltd 12.00 pm London 20/12/1999 Ensign Ltd 10.30 am Newcastle-u-Tyn R N Manufacturing Ltd 03.00 pm Sutton 21/12/1999 H B S Trophies Ltd 02.30 pm Birmingham Howard (106) Ltd 02.30 pm Birmingham 23/12/1999 Beverley Pig Products Ltd 03.30 pm Hull Newbald Pigs Ltd 03.30 pm Hull Smis Ltd 11.00 am London 84 N. Ireland - Creditors Voluntary Liquidation 17/12/1999 Precision Fabrications (88) Ltd 11.00 am Belfast 20/12/1999 DMD Electronics Ltd 03.00 pm Dungannon 98 Creditors Voluntary Liquidations 13/12/1999 Allanroy Engineering Services Co Ltd 10.30 am Leeds Box Clever (Giftwrap) Co Ltd - The 02.00 pm Sutton Britannia N W Glass & Glaz UPVC Prd Lt 02.30 pm Caernarfon Brymar Electrics Ltd 11.00 am Liverpool Buon Appetito Ltd 04.00 pm London Champion Fabrications Ltd 11.30 am Fareham Cover Girls (London) Ltd 11.00 am London Cover Girls (UK) Ltd 11.00 am London Cover Girls Ltd 11.00 am London Doxford-Hook Ltd 01.00 pm Manchester Express Developments Ltd 03.00 pm Preston Globe Units (West Yorkshire) Ltd 10.45 am Leeds Grandale Ltd 10.30 am Sevenoaks Hemmingway Executive Recruitment Ltd 11.30 am Walsall Jaspagold Ltd 10.00 am South Ruislip Koroheke Ltd 10.15 am Salisbury NSE Ltd 11.30 am Altrincham Nougat Clothing Ltd 11.30 am London Nova Travel Ltd 11.00 am London Peripherals Direct (UK) Ltd 11.30 am Edgware Premier Glass (Thornton) Ltd 11.30 am Preston Pricespec Ltd 10.30 am Portsmouth Shaws Finishers Ltd 12.30 pm Sevenoaks Stylewalk Ltd 11.30 am London Torfaen Design & Build Construction Lt 02.30 pm Newport W Gerwyn Williams & Underwood Ltd 10.30 am Weathertite Roofing Services Ltd 02.30 pm Sevenoaks Wine Education Centre Ltd - The 12.00 pm Reading 14/12/1999 A B L Joiner & Glazing Ltd 11.00 am Southend-on-Sea Alpha Structures Ltd 03.00 pm Shrewsbury Blackpool Opry Co Ltd - The 10.30 am Blackpool Brandplus Ltd 11.30 am London C J D Construction Ltd 11.00 am Cardiff Caslee Ltd 11.00 am Plymouth Climbcliff Ltd 11.00 am Southport Core Contracts International Ltd 12.00 pm London Cormlow Ltd 11.00 am London Coventry Care Ltd 11.00 am Birmingham Dai-Ei Sangyo (UK) Ltd 10.00 am London Edition XII Ltd 11.00 am London Engineering Supplies & Maintenance Ltd 11.00 am London Fabmech Engineering Services Ltd 11.00 am Sunderland Hargovind Contractors Ltd 11.00 am Birmingham Honeywork Ltd 03.00 pm London JPS Coolair Ltd 11.00 am London Keighley Business Forum Ltd 11.30 am Leeds Life Guidance Services Ltd 02.30 pm Southampton Meridian Insulation Services Ltd 03.00 pm Portsmouth Monet Fashions Ltd 04.00 pm London Park Avenue Services Ltd 11.00 am Northfleet Performance Paint Systems Ltd 11.00 am Plymouth Plumbrite Ltd 12.00 pm London Questwood Transport Ltd 03.30 pm London RCS7 Ltd 11.00 am Sheffield Random Ltd 10.00 am London Snells Coaches Ltd 11.00 am Exeter Techniframe Ltd 11.30 am Wellingborough UCB Dumfries Ltd 11.30 am London UK Computer Cleaning Corporation Ltd 11.00 am Birmingham Welfare Advice & Law Trust Ltd 12.00 pm Liverpool Wiltshire Shopfitting Northern Ltd 11.00 am Darlington 15/12/1999 A J P Contracts Ltd 11.30 am Birmingham Asmac Ltd 11.00 am Bolton BWA Public Relations Ltd 11.30 am Altrincham Camcal Building Services Ltd 10.00 am Norwich Cox & Lawson Ltd 11.00 am Birmingham Door-Tec (GRP) Ltd 11.30 am Norwich Fashion Enterprises (London) Ltd 12.00 pm London Frank Richards Ltd 11.00 am Wembley General Marketing Ltd 02.30 pm London Industrial Manage Serv (Northern) Ltd 02.30 pm Southend-on-Sea Jones Wood Insurance Consultants Ltd 10.30 am Southend-on-Sea Lema Precision Engineering Ltd 10.30 am Southend-on-Sea Marimax Ltd 04.00 pm London Milano Ltd 10.00 am London Mosvold Bulk Management Ltd 11.30 am Bromley N A S S A S Ltd 10.00 am Exeter Neatcrest Builders Ltd 11.45 am London Nickstan Ltd 11.00 am London Nightingale of India Ltd 12.00 pm Grimsby Paraglobe Consultants Ltd 02.30 pm Croydon Powercleen Ltd 02.00 pm Grimsby R N B Graphics Ltd 11.30 am Southampton Rapid Printing & Stationery Ltd 11.00 am Manchester Sage Building Supplies Ltd 11.00 am Brighton Scrimshaw Ltd 12.15 pm Cheltemham Stanley Evans Electrical Ltd 10.30 am Birmingham T C Property Development Ltd 11.00 am Leeds Thornton Chenie Ltd 11.00 am London Toremint Ltd 11.00 am Croydon Waterside Fine Foods Ltd 10.00 am Halifax Woking Business Watch Ltd 11.00 am Woking Yeo Valley Co Ltd 10.45 am Wells 16/12/1999 Ancom Systems Ltd 02.00 pm Halesowen Ashling Ltd 12.00 pm London B E L Surface Technologies Ltd 11.00 am Northwich Baztel Investments Ltd 11.30 am Bognor Regis Baztel Ltd 11.00 am Bognor Regis Brantley Systems Ltd 10.30 am Liverpool Brave Ltd 11.00 am London Chandos Sports Surfaces Ltd 03.00 pm St Albans Climate Clothing Ltd 12.00 pm Glasgow Commercial Catering Manufactures Ltd 12.00 pm Southend-on-Sea Enna Ltd 02.00 pm London Exploration Holdings Ltd 10.15 am Tunbridge Wells F R Coombes & Co Ltd 11.30 am Leicester Foreword Magazines Ltd 12.00 pm London Goldline Express Ltd 11.00 am Birmingham Holman & Williams (Paper Merchants) Lt 12.00 pm London Lepta Ltd 03.00 pm London Locol Ltd 11.30 am Liverpool MD Technology Ltd 11.00 am Reading Momentum Bikes and Boards Ltd 10.30 am Salisbury Ninagold Ltd 04.00 pm London Oakhaven Developments Ltd 11.30 am Tunbridge Wells Positive Waste Management Ltd 11.30 am Manchester Radius Industry Ltd 10.30 am Leicester Skillman Recruitment Services Ltd 12.00 pm Birmingham Solitaire For 2 Ltd 04.00 pm Barnet Stone Heritage Development Ltd 01.00 pm Manchester Writers Club Ltd - The 01.00 pm London 17/12/1999 1st Industrial Staff Ltd 11.00 am London 60 High Street Ltd 02.30 pm Fleet A S B Moulds Ltd 11.00 am Birmingham ABR Environmental Ltd 04.00 pm London Ace Commericals Ltd 11.15 am London Algi Ltd 10.15 am London Askham Wood Publishing Ltd 10.30 am Rotherham Autorent (UK) Ltd 11.00 am London C & P Marketing (Northern) Ltd 11.00 am Manchester Cantocash Recycling Ltd 11.00 am Manchester Chitty Construction Ltd 10.30 am London Dixonhill Construction Ltd 11.30 am London Equilibre Ltd 11.30 am Salisbury Everypower Ltd 11.00 am North Shields F1 Consultants Ltd 11.30 am Preston First Track Design Ltd 02.00 pm London GLN Doncaster Ltd 11.00 am London Homeimport Ltd 10.30 am Manchester Hopeglow Ltd 11.30 am London Hourshare Ltd 12.15 pm London Informed (UK) Ltd 11.00 am Birmingham J & A Engineering (South Wales) Ltd 12.00 pm Cardiff J P C (Royston) Ltd 12.00 pm Royston K P Pump & Valve Services Ltd 10.30 am Peterborough Littlewood Bros (Electronics) Ltd 11.00 am Birmingham Maypole Products Ltd 10.00 pm Birmingham Midland Wheel Co Ltd - The 11.00 am Birmingham Milltown International Marketing Ltd 11.15 am London New Island Ltd 11.00 am London New World Mobility Centres Ltd 11.30 am Manchester Office Refurbishment Contracts Ltd 10.30 am Croydon Omega Office Furniture Ltd 10.15 am Leeds Paragon Computers Ltd 02.30 pm London Probe Design Services Ltd 11.00 am Birmingham R S Parkes Ltd 11.00 am Gloucester Radmore & Co Ltd 02.30 pm Droitwich Spa Silverbrace Ltd 10.30 am Nuneaton Smartsource Ltd 12.00 pm London Synergy Unity Ltd 11.30 am Weedon Ternex Ltd 04.00 pm London Transdata Communications Ltd 11.30 am London Twin Lamps Ltd 10.30 am Gloucester UK Industrial Pallets Ltd 03.00 pm Royston Wac Waste Management Ltd 11.00 am Hastings Wareing & Sons Ltd 11.30 am Manchester 20/12/1999 A B Dixon Industrial Flooring Ltd 11.30 am Altrincham Applied Photosynthetics Ltd 10.15 am Manchester Axiom Holdings Ltd 12.00 pm London Birch Retail Project Management Ltd 11.15 am Bately Compass Screening & Services Ltd 10.00 am Leeds Continental Camping & Leisure Ltd 03.30 pm Eastbourne Dynamarketing Ltd 02.30 pm Glazebrook Elmhedge Ltd 11.30 am Glazebrook Gerrard-Bram (NW) Ltd 11.00 am Liverpool IGM Security Ltd 11.00 am Southport Imagination by M&M Design Promo Ltd 03.00 pm Billericay JHB Hocknell & Son (Engineers) Ltd 10.30 am Birmingham Kenny of London Ltd 04.00 pm London London and City Consultants Ltd 03.30 pm Brighton Marnel Ltd 11.00 am London Newport & Dist Work Mens Clb & In Ltd 10.30 am Stockton-on-Tee P M L Engineering & Building Serv Ltd 12.00 pm London Peak Fashions Ltd 12.00 pm Derby Phillip Matthews Construction Ltd 12.30 pm Watford Picton Cleaning Services Ltd 11.30 am Liverpool Stone Coatings Ltd 10.30 am Walsall Sussex Logistics Ltd 11.00 am Brighton Theatre In The Downs (The Playhse Co L 03.00 pm Swindon Yorkshire Environmental Services Ltd 12.00 pm Manchester 21/12/1999 Anco Communications Ltd 11.30 am Wembley Blast Tech (UK) Ltd 10.30 am Lewes Chene Ltd 02.30 pm Fleet Dove Marketing Ltd 11.15 am Gerrards Cross Lion Leisure Ltd 11.30 am Paisley Londons Grand Christmas Parade Ltd 02.30 pm Egham M F E Ltd 11.00 am Chatham March Group Plc 11.00 am London Midland Motor Components Ltd 11.30 am Dudley P Van Zelst & Son Ltd 12.00 pm Manchester Pennine Wanderer Ltd 03.00 pm Watford Samuel Jellyman (Cannock) Ltd 11.30 am Aldridge WWW.Com.Internet Ltd 10.15 am Liverpool 22/12/1999 Adwell Construction Ltd 03.00 pm London Hariom Ltd 02.30 pm London Healthworks Ltd 10.15 am Leeds Independent Education Brokers Ltd 11.00 am Redhill Malvern I T Ltd 11.30 am Glazebrook Mellowcraft Furniture Ltd 11.00 am Brighton Millennium Sales Associates Ltd 10.30 am London Music Mania Ltd 01.30 pm Warrington Q A I Ltd 10.15 am Stockton-on-Tee Quest Design Print Ltd 11.00 am Northwich Vibronoise Ltd 11.30 am Altrincham Worklease Ltd 11.00 am London 23/12/1999 BPM Moving Image Ltd 11.30 am Altrincham Nile and Mackenzie Ltd 10.30 am London
TW LW TW LW
USA 1.6310 1.6042 Canada 2.4100 2.3644
Austria 21.8670 21.8786 Portugal 318.593 318.760
France 10.4240 10.4296 Belgium 64.1060 64.1400
Finland 9.4490 9.4540 Italy 3076.99 3078.64
Germany 3.1086 3.1099 Sweden 13.6538 13.6729
Holland 3.5020 3.5038 Switzerland 2.5455 2.5433
Spain 264.400 264.550 Ireland 1.2516 1.2522
Australia 2.5567 2.5184 Denmark 11.8209 11.8222
Hong Kong 12.6800 12.4638 Euro 1.5895 1.5894
Africa Com 10.0339 9.8726 Saudi Arabia 6.1169 6.0164
India 70.8670 69.5660 Malaysia 6.1970 6.0960
Singapore 2.7375 2.6963 Norway 12.9168 12.9209
Japan 167.754 164.560
TW This week LW Last week.
Bass announced pre-tax profits of 572 million pounds, after exceptional charge, on turnover of 4,686 million pounds, for the year ending 30th September 1999. Earnings per share stand at 48.5p, on reduced capital.
Sage announced pre-tax profits of 74.3 million pounds, on turnover of 307 million, for the year ending 30th September 1999. Earnings per share stand at 42.4p, on increased capital.
Stagecoach announced pre-tax profits of 112 million pounds, on turnover of 1,068 million, for the six months ending 31st October 1999. Earnings per share stand at 6.3p.
Victrex, the chemicals group, announced pre-tax profits of 12.7 million pounds, on turnover of 48.7 million, for the year ending 30th September 1999. Earnings per share stand at 11.8p.
Both sides mustered forces in VODAFONE AIRTOUCH's hostile bid for MANNESMANN, now worth around 140 billion ($143 billion). Three small shareholders have applied for a temporary injunction to stop Mannesmann's managers from blocking a higher offer from Vodafone.
Source - The Economist
TELEWEST, Britain's second-biggest cable-TV operator, confirmed that it is in the early stages of merger talks with FLEXTECH, a pay-TV content-provider. This latest potential consolidation of British pay-TV was facilitated by Liberty Media, itself owned by AT&T, which holds large minority stakes in both companies.
Source - The Economist
Rupert Murdoch's BSKYB, a British cable-TV company, gained a long-sought bridgehead in a big European market by acquiring 24% of Germany's KIRCH PAYTV for DM2.9 billion ($1.5 billion). Spain's Sogecable may well be BSkyB's next target. This would exert pressure on Vivendi, owners of France's Canal Plus and 25% of BSkyB, to reconsider this year's failed merger between the two.
Source - The Economist
NEWS CORP, another of Mr Murdoch's firms, announced a $1 billion investment in HEALTHEON/WEBMD, a recently merged American Internet health company. Promoting health care through its media outlets will provide a valuable service for sickly News Corp customers.
Source - The Economist
BP AMOCO said it will pay up to $1.5 billion for EXXON MOBIL's share of their European oil joint venture. The sale was ordered by Europe's competition watchdog as the price of the recently finalised merger of Exxon and Mobil.
Source - The Economist
ERNST & YOUNG, one of accountancy's "big five", announced it is in talks to sell its consultancy arm to CAP GEMINI, a French consultancy, for perhaps as much as $4.8 billion.
Source - The Economist
MERGER CLEARANCE
The Secretary of State for Trade and Industry has decided, on the information at present before him, and in accordance with the recommendation of the Director General of Fair Trading, not to refer the following merger to the Monopolies and Mergers Commission under the provisions of the Fair Trading Act 1973:Proposed acquisition by Acertec Holdings Ltd of certainassetss of Tinsley Wire Ltd
Acquisition by KIG Ltd (formally Kee Industrial Group Ltd) of Tubeclamps Ltd, a subsidiary of Burton Industrial Holdings Ltd
Proposed acquisition by Genus Plc of ABS Global Inc
Proposed acquisition by Nampak Limited of Plysu Plc
Proposed acquisition by Wolverhampton and Dudley Breweries plc of Mansfield Brewery plc
British Telecom has just announced a new pricing structure for Internet access, offering unlimited Internet access for flat-rate fees.
The fees range from £6.99 per month for unlimited weekend access, to £34.99 per month for unlimited access at any time.
BT Surftime will be available to both consumers and small businesses from next spring subject to approval by Oftel.
http://www.bt.com/World/news/newsroom/index.htm
MICROSOFT AND ERICSSON
Microsoft and Sweden's Ericsson, the world's third-largest mobile-phone maker, announced a joint venture to develop Internet access, e-mail and other applications for mobile phones. Ericsson says the venture will not harm the Symbian consortium, of which it is a member -- it might even help it by fuelling the demand for mobile services.
Source - The Economist
13 December Wessex branch meeting of the ICM Quiz night The Southampton Yacht Club 1 Channel Way, Southampton 7.00pm for 7.30pm 17 January 2000 Wessex branch meeting of the ICM Would we be better off under Scottish Law? Presentation by Bishop & Robertson The Southampton Yacht Club 1 Channel Way, Southampton 7.00pm for 7.30pm 17 February 2000 The ICM Construction Industry Conference "The Changing Face" Kingsway Hall, London WC2 A must for all those involved in the UK Building and Construction Industry 21 February 2000 Wessex branch meeting of the ICM Mock Meeting of Creditors The Southampton Yacht Club 1 Channel Way, Southampton 7.00pm for 7.30pm 8 March 2000 ICM Conference on Commercial Credit Fraud CBI Conference Centre, London WC1 Exhibitors should telephone Sheila Simmons at the ICM on 01780-722907 14 to the 16 March 2000 Credit 2000 THE UK event for the Commercial and Consumer Credit Industry Olympia, London
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