Editor: Pat Williams. E-mail pwilliams@creditman.co.uk
John Arnold. E-mail jarnold@creditman.co.uk
Site: Business Credit Management UK
URL: http://www.creditman.co.uk
Issue: Vol 4 Issue 6
Dated: 13 February 2000
Welcome to the Business Credit News UK.
In this weeks edition you will find the following topics.
UKCBI CRITICISES BANK'S DECISION TO RAISE INTEREST RATES BY 0.25 PERCENTAGE POINTS
The Confederation of British Industry last Thursday criticised the quarter-point rise in interest rates, announced by the Bank of England's Monetary Policy Committee.
Kate Barker, CBI Chief Economic Advisor, said: "This is more bad news for manufacturers, who have had precious little to cheer about as sterling has hit record highs against the euro.
"Companies are working hard to cope with the exchange rate, but this rise in interest rates will be an additional handicap. It will be a setback to fragile confidence as firms try to take advantage of growth in global markets.
"Many companies will find the rise hard to understand when inflationary pressure remains so low in most sectors. Competition is intense and upward pressure on pay settlements has been modest, despite rising employment.
"We believe that the previous rate rises were enough to keep the lid on inflation."
CHAMBERS URGE CHANCELLOR TO TAKE PRESSURE OFF INTEREST RATES
Reacting to last weeks decision by the Bank of England’s Monetary Policy Committee to raise interest rates by a quarter point, Dr Ian Peters, Deputy Director General of the British Chambers of Commerce (BCC) said:
‘’This fourth rate rise in six months will inflict severe pressure on UK business. The Monetary Policy Committee appears to be repeating its mistake of 1998 by squeezing growth too hard.
‘’With intense competition and an overvalued pound keeping inflation at bay, now is not the time to slam on the brakes. By ignoring clear signs that business growth is slowing, the MPC risks doing untold damage to the manufacturing and traded sectors.’’
The BCC’s Budget submission, to be published next week, will urge the Chancellor to adopt fiscal policies that take the pressure off the MPC to raise rates further:
Dr Ian Peters continued:
‘’The government has let interest rates take too much of the strain in controlling consumer demand over the past two years. It is this over-reliance on monetary policy that has led to growth being spread unevenly across sectors and between regions.’’
CONSULTATION DOCUMENT ON TRADE UNION RECOGNITION LAUNCHED
A consultation exercise on two areas of procedure relating to trade union recognition was launched on the 7 February by the Minister for Competitiveness, Alan Johnson.
The two pieces of legislation published for consultation are:
The trade union recognition procedure, contained in the Employment Relations Act 1999, is due to come into effect shortly after Easter.
Announcing the consultation, Mr Johnson said:
"Even before coming into effect, Employment Relations Act is having a positive effect in helping to resolve disputes about union recognition. In ever increasing numbers, employers and unions are anticipating the Act's effects and entering voluntary recognition agreements.
"I have no doubt that this trend towards the voluntary resolution of disputes will continue when this part of the Act takes effect. At every stage in the statutory procedure, the parties are actively encouraged to resolve their differences voluntarily.
"The statutory procedure should be viewed as a fall-back to be used in those relatively few cases where matters cannot be resolved by voluntary means."
And Mr Johnson added:
"We have shaped our proposals following informal consultations with the CBI, the TUC and others, and I look forward to receiving the formal response of these organisations and all other interested parties."
The Employment Relations Act 1999 gained Royal Assent on 27 July last year. It contains provisions to introduce a statutory procedure whereby unions can be recognised (or derecognised) for collective bargaining purposes where it is the clear wish of the workers comprising the relevant bargaining unit.
The consultation document contains the following :
The deadline for responses to the consultation is 20 March 2000.
Following consultation, the draft code and the draft specification order must be approved by Parliament.
Copies of the consultation document can be obtained from: Shaun Moriarty, Employment Relations Directorate, Department of Trade and Industry, Bay 2110, 1 Victoria Street, London SW1H 0ET
The text of the consultation document will be available on DTI's website at http://www.dti.gov.uk/ir/consultz.htm
BYERS CALLS FOR A EUROPEAN CHARTER FOR SMALL FIRMS
As part of the Government's modernisation and reform agenda for Europe, the Secretary of State for Trade and Industry, Stephen Byers on the 8 February called for the European Union to adopt a Charter for Small Firms which will help deliver the environment in Europe which is necessary for small firms to prosper and grow.
Speaking to businesses in Lisbon, Stephen Byers revealed that the latest figures showed the need to cut start-up costs for new businesses. Contrasting the United States where it takes about a week and costs $500 to set up a business with Europe where on average it takes 12 weeks and costs $2000.
Figures also show that small firms account for two out of three jobs in Europe.
Stephen Byers will also warn that regulation can be a barrier to economic growth and job creation.
He will say:
"At the end of March the Portuguese Presidency are hosting a special meeting of the European Council here in Lisbon.
"This is potentially a decisive moment for Europe. It provides an opportunity to signal a new economic direction for Europe and to accelerate the pace of change.
"At the summit the countries of Europe will have to confront a stark fact. In modern times an economy must be based on innovation and knowledge if it is to provide the wealth and growth on which we all depend.
"To be honest, Europe is lagging behind its global competitors.
"We struggle to generate the entrepreneurial dynamism which has helped to put the US economy on top of the world.
"Part of the solution must be to shift our focus to innovation, knowledge and enterprise.
"While in the United States the IT revolution has provided millions of new jobs, in Europe there are still far too many people completely excluded from the labour market.
"At the Lisbon summit members of the European Union will need to embrace a clear programme of reform that combines economic dynamism with social justice.
"Making Europe the most dynamic and socially inclusive knowledge-based economy in the world by 2010.
"I believe Europe is already starting to change as a result of globalisation. The Netherlands is leading welfare to work policies. Both France and Germany are introducing tax cuts to provide greater incentives for enterprise.
"Portugal has become one of the European Union's fastest growing economies, with dramatic reductions in inflation and unemployment.
"The Lisbon summit will provide an opportunity for us to take stock of how far Europe has come in the last two years and chart a new way forward for the next decade.
"We have worked with other Member States and your Government in defining an agenda for the Summit which will make it a turning point in European policy. An agenda for achieving the aim put forward by the Portuguese Presidency of making Europe the most dynamic and competitive economic area in the world by 2010.
"We will be seeking agreement that the Commission should take forward a new programme for an Entrepreneurial Europe, focusing not on regulation but on promoting innovation, economic dynamism and social inclusion.
"A crucial element of this must be a commitment on action for small firms. The economic significance of small firms is often overlooked. They account for two out of three jobs in Europe and generate over half of Europe's turnover.
"If we are to meet the challenge of sustainable growth and employment, Europe must do things differently. We must deliver a positive environment for our entrepreneurs.
"We shall promote a Charter for Small Firms which will deliver the environment which our small firms need to prosper and grow.
"Too few of Europe's small businesses grow big. Fast growth firms account for only 4% of firms in Europe - compared to 19% in the United States. We must create a climate which encourages small businesses to grow.
"There must be a recognition that regulation can be a barrier to economic growth and job creation.
"We need to create a business culture and tax environment which actually rewards risk.
"We need a single European venture capital market, providing better access to finance for small firms and high growth companies.
"We need to drive through telecoms liberalisation, cutting costs and widening access to e-commerce and the internet.
"And we need to develop a new social agenda based on employability and making work pay, not job protection and regulation.
"Above all else, Europe needs to be more forward looking. Working to an agenda on education, enterprise and innovation. To make sure that the knowledge based economy is a bringer of opportunity and not a threat.
"Such a programme would be good for Britain, good for Portugal and good for Europe."
Companies House is the registry for all of the original documentation filed by limited companies in accordance with requirements of the Companies Act 1985. Companies House, therefore, is the original source of all electronic images produced by the scanning of these company documents.
Electronic document images produced at Companies House are scanned, indexed, stored and made available for electronic access as TIF images. No alteration to the content or appearance of original company documents is made during the scanning process at Companies House.
If a document is admissible in evidence, then an electronic image of that document may be treated as secondary evidence in the same manner as a photocopy or a microfiche image. It will be subject to the provisions regarding authentication contained in the Civil Evidence Act 1995 in England and Wales and the Civil Evidence Act (Scotland) 1988 in Scotland.
Under the Companies Act 1985 however, Companies House can also provide a certified copy of a document. This copy is then admissible in evidence as of equal validity with the original document.
ACTION FOLLOWING ENQUIRY INTO GRANTS PAID TO SUBSIDIARIES OF TRANSTEC plc
Following allegations that fraud had been committed against the DTI, officials have interviewed Mr Max Ayriss about the circumstances surrounding grants made to the TransTec group of companies.
In the light of this interview, and following consultation with the West Midlands Police, the DTI has handed over to the West Midlands Police information relating to grant payments made by the Department to subsidiaries of TransTec plc and the information revealed by the Department's enquiries into these matters.
On the advice of the West Midlands Police they will now conduct any further interviews which may be necessary and decide what action they intend to take.
TRADE MINISTER VISITS LINCOLN FACTORY
Richard Caborn, the Minister for Trade, on the 9 February paid a visit to Lincoln, taking time out to meet employees at ABB ALSTOM POWER's main site.
Mr Caborn paid particular praise to ABB ALSTOM POWER's export achievements over recent years and noted that some of these orders had been won with the help of the Export Credits Guarantee Department (ECGD), one of the two Government Departments for which he is responsible.
Mr Caborn said:
"ABB ALSTOM POWER has worked hard to win a number of valuable overseas orders and bring much needed work to Lincoln. I am pleased that ECGD has been able to play its part in helping to secure some of these successes. I am sure that this partnership will continue to produce results over the longer term."
Mark Papworth, Managing Director of ABB ALSTOM POWER UK Ltd, added:
"ABB ALSTOM POWER is pleased to receive support from ECGD in the Company's endeavour to secure business overseas, and looks forward to continuing this association in the future."
ECGD is currently underwriting £20 million of loans to help PEMEX, the Mexican State Oil Company, buy a range of goods from the ABB ALSTOM POWER factory as part of ongoing gas turbine refurbishment projects.
The Lord Chancellor's Department on the 7 February published statistics for company winding up, and creditors' and debtors' bankruptcy petitions issued in the High Court and county courts of England and Wales during the fourth quarter of 1999.
In the fourth quarter of 1999 the following number of petitions were issued:
Figures on insolvency petitions are published on a quarterly basis.
The publication date for the figures covering the first quarter of 2000 will be Friday 5 May 2000.
The 1999 figures are provisional and liable to revision to take account of any late amendments.
No assumption can be made from these statistics about the number of companies that go into liquidation, or the number of individuals made bankrupt. This information is published quarterly by the Department of Trade and Industry in a DTI Press Notice which is available from their Press Office on 0171-215-6405.
INSOLVENCY
A company or individual with debts that they are unable to pay is said to be 'insolvent'.
COMPANY WINDING UP
When it becomes necessary to terminate a company's existence, whether owing to insolvency or for some other reason, the process is called 'winding up'.
There is a restriction on proceeding that may be commenced in county courts which is based on the paid-up capital of the company. Well over half of winding up proceedings are commenced and handled in the Chancery Division of the High Court at the Royal Courts of Justice in London and at the eight provincial High Court centres.
Company winding up proceedings will normally be commenced at the court centre local to the registered office of the company, which will not necessarily be situated in the same geographical area as the company's base or operational area. The relative regional levels of winding-up activity do not therefore necessarily reflect the geographical distribution of the companies involved.
INDIVIDUAL BANKRUPTCY
For individuals the term bankrupt is used to indicate insolvency.
Proceedings for bankruptcy can be commenced at county courts with the appropriate jurisdiction, or in the Chancery Division of the High Court, either by a creditor (the person to whom the debt is owed) or by a debtor (the person who owes the debt).
*** 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 14/02/2000 to 22/02/2000 Number of Creditor meetings : 229 Section Company Time Venue 138 Scotland - Interim Liquidator calling Creditors Meeting 17/02/2000 G Reid & Son Ltd 10.30 am Glasgow Kilmarnock Tool & Gauze Co Ltd 11.00 am Glasgow Kilmaurs Engineering Co Ltd 12.00 pm Glasgow 22/02/2000 Anlec Engineering Ltd 11.00 am Paisley Material World (Contracts) Ltd 11.30 am Glasgow Material World (Glasgow) Ltd 12.00 pm Glasgow Material World (Scotland) Ltd 12.30 pm Glasgow 23 Administrator Calling a meeting of Creditors 14/02/2000 Preston & Rowland Ltd 02.00 pm Widnes 15/02/2000 Kingsway (Nissan) Ltd 12.00 pm Manchester 16/02/2000 Dingle Belles (St Helens) Ltd 10.30 am Manchester Karin Isken Ltd 10.00 am London 18/02/2000 I Goldstone (Leeds) Ltd 10.30 am Sheffield Morley & Kemp Ltd 11.30 am Nottingham 22/02/2000 Harland Group Ltd - The 11.30 am Hull Max Technologies Ltd 11.00 am London 48 Receiver calling unsecured Creditors Meeting 15/02/2000 Heat & Control Ltd 11.00 am Glasgow 17/02/2000 Cadogan Furniture Co Ltd - The 10.30 am Bristol Cadogan Projects Ltd 10.30 am Bristol 18/02/2000 Pinkney & Allman Ltd 03.30 pm Leicester 21/02/2000 H & T Walker Ltd 12.00 pm London 22/02/2000 Bios (Consult & Contract Research) Ltd 10.00 am London 84 N. Ireland - Creditors Voluntary Liquidation 18/02/2000 Photoframes Direct Ltd 12.00 pm Coleraine 95 Members converting to Creditors Voluntary Liquidation 16/02/2000 Containerport Shipping Ltd 11.00 am Hull 98 Creditors Voluntary Liquidations 14/02/2000 21st Century Working Guild Ltd 11.30 am London Britannia Sailing Ltd 12.00 pm Shedfield C W Administration Services Ltd 11.00 am London Castle House Windows Ltd 10.30 am Bradford Croft Precision Engineering Ltd 11.00 am Birmingham Cube Sports Advertising Ltd 12.00 pm London Dromont Ltd 09.00 pm Bundoran Entertainment Team Management Ltd - Th 02.30 pm London Fewcourt Ltd 11.00 am Birmingham Fordbrook Community Association Ltd 10.30 am Walsall Foures London Ltd 03.00 pm London Incity Plc 11.30 am London Inter Logistic Ltd 11.00 am Henley-on-Thame Luna Italian Shoes Ltd 02.30 pm London Mandarin Chinatown Co Ltd 12.00 pm Whitley Bay P Sumerfield Ltd 11.00 am Birmingham Paul Simon Knitwear Ltd 03.30 pm Leicester Reldan Fashions Ltd 02.30 pm London Samedia Ltd 11.15 am Sutton Vastmills Ltd 11.30 am Preston 15/02/2000 ASN Appointments Ltd 11.30 am London Abco Engineering (Hydraulics) Ltd 11.00 am Nottingham Adept Construction Services Ltd 12.00 pm London Albert Brasenell (Steel & Export) Ltd 11.00 am Aldridge Atherhill Ltd 11.00 am London Big Red Ltd 11.00 am Barnet Bright Stars Day Nursery Ltd 12.00 pm Southend-on-Sea C Reed & Sons Ltd 11.00 am Bristol Campsie Knitwear Ltd 10.00 am Glasgow Chartscreen Ltd 10.30 am Birmingham City (Slacks) Ltd 12.00 pm London County Graphix Print (2000) Ltd 11.00 am Bristol Dream Snacks Ltd 12.30 pm Ilford Electro-Metrics Ltd 11.00 am Harpenden Envirotank Incineration Ltd 01.00 pm Durham Fieldbay Trading Ltd 11.30 am Altrincham France Medcalf Ltd 11.30 am London Fredericks Bistro Ltd 11.30 am Keswick G T Car Centre Ltd 11.30 am Brixham Greenhouse Services Ltd 10.15 am Bately Guardian Foundations Ltd 02.30 pm Slough Him & Him Calendars Ltd 12.00 pm London Interior Building Services Ltd 11.00 am Bolton Labac Ltd 12.00 pm Glasgow Lawfords Financial Services Ltd 11.00 am London MBC Construction Ltd 11.00 am Southend-on-Sea Manor Micro Systems Centre Ltd 11.30 am Leeds Milan Europe Ltd 11.00 am London Murrays Leicester Ltd 11.00 am Manchester Octagon Jewellery Ltd 11.00 am Wolverhampton P A Meats Ltd 10.15 am Liverpool Park West Holdings Ltd 04.00 pm London Peggy Textiles Ltd 03.25 pm Southend-on-Sea Potten Baber & Murray Ltd 12.30 pm Bristol Pottens Ltd 02.00 pm Bristol Poultry Unit Contractors Ltd 11.00 am Corsham Prima Technologies Ltd 10.15 am Bately Twyford Engineering Ltd 11.00 am London UK Raceways Ltd 11.00 am Newcastle-u-Tyn W Garner & Co Ltd 10.30 am Southend-on-Sea WWW.Capitalwebs.com Ltd 02.00 pm Halesowen Wharfside Car Valet Services Ltd 10.30 am Ilford Wishgem Fashions Ltd 11.30 am Ilford 16/02/2000 Ashgate Property Developments Ltd 10.30 am Sutton Bordan Ltd 11.00 am Dundee Bridgman Doors Ltd 10.30 am London C C L PK Ltd 12.00 pm London Cloud 9 In-Print Ltd 11.00 am Birmingham Commercial Transfer Crates Ltd 11.30 am Bristol Commercial Transfer Ltd 11.30 am Bristol Comtek International Ltd 11.30 am York Congleton Coachworks Ltd 11.30 am Altrincham Crest Consultants Ltd 02.30 pm Stanmore D R Kingham (Wholesale) Ltd 02.30 pm London Direct Carriers Ltd 03.00 pm London E B Precision Engineering Ltd 11.00 am Liverpool Earthhawk Ltd 03.00 pm Welling Fenco Gas Ltd 12.00 pm London Giants (MCR) Ltd - The 12.00 pm Manchester Great Western Supplies Ltd 11.30 am Chester Hertford Telecomms Ltd 11.00 am Harpenden Hillington Fabrications Ltd 10.00 am Hamilton Ideal Stationers Ltd 10.30 am Droitwich Spa J T Luton Group Ltd 11.00 am Epping Kate Negus Saddlery Ltd 11.30 am Welling Keendesign Ltd 01.00 pm Manchester Leighton Carr & Co Ltd 11.00 am Bristol Matthre Stevens Ltd 11.00 am Huddersfield Mondo Marketing Ltd 11.30 am Lutterworth Multiple Inns Ltd Manchester Newscafe (Chichester) Ltd 12.00 pm Southampton Outreach Community Care Services Ltd 11.00 am Manchester PBH Systems Ltd 10.30 am Birmingham Poston Products Ltd 11.00 am Birmingham Resource Service (IT Recruitment) Ltd 03.30 pm Marlow Saunders & Co (Wood Centre) Ltd 11.30 am Liverpool Selko Corporation Ltd 11.45 am Liverpool Selko Products UK Ltd 12.00 pm Liverpool Seymour Caterers Ltd 12.00 pm London Southern Heat & Controls Ltd 03.00 pm Old Fletton Support Publications Ltd 11.00 am Stockport Three Counties Bakery Ltd 10.30 am Gloucester Walshaw Fibres Ltd 11.00 am Rochdale 17/02/2000 A1 Reclamation & Disposal Ltd 02.00 pm Plymouth Albert Batten & Sons Ltd 11.00 am Bristol British Assurance Consultants Ltd 02.30 pm London CSM Rider Training Holdings Ltd 10.30 am London CSM Rider Training Ltd 10.30 am London Charco Ltd 11.30 am London Charles Griffin Motor Co Ltd 11.30 am Manchester Cutex Yarns Ltd 11.30 am Lutterworth EMT Packaging Ltd 10.30 am Derby Fleetwood Pallets Ltd 11.30 am Preston Geoff Wigstead Ceramic Tile Centre Ltd 10.30 am Leicester Glazing Professionals Ltd 11.30 am Southampton Hillside Motors (Swansea) Ltd 12.00 pm Swansea Keith Lawrence Shirts Ltd 12.00 pm Manchester Loorp Ltd 12.00 pm Glasgow MCB Thomas Dairy Products Ltd 03.00 pm Bristol New Vision Furniture Ltd 12.15 pm London Omega Press Ltd 12.00 pm Nottingham Our Clubs (Sheffield) Ltd 10.30 am Sheffield Personal Computer Manage Serv Ltd 11.00 am London Print Design & Graphics (Thornbury) Lt 10.30 am Gloucester Printever Ltd 11.00 am Chandlers Ford Rexgate Ltd 10.00 am London St Emmanuels Residential Home Ltd 03.00 pm Manchester T I P S 1994 Ltd 02.30 pm Droitwich Spa T K Tools & Fixings Ltd 11.00 am Newcastle-u-Lym Tara Trading Ltd 10.10 am Ditchling Technical Contracts Ltd 10.00 am Droitwich Spa Temple Corporation Ltd 11.30 am Lutterworth Trent Laces Ltd 10.30 am Nottingham 18/02/2000 Ambyte UK Ltd 10.15 am London Anglian Activity Breaks Ltd 11.30 am Norwich Block Plant Handling Ltd 11.00 am Nottingham Candle Light Studios Ltd 11.00 am Manchester Chique Exclusive Ltd 11.30 am Manchester Classic Lace Knitting Ltd 11.30 am Lutterworth Culant Ltd 10.30 am Yarm Cumming & Haddow Ltd 12.30 pm Leicester Devonshire Press Ltd - The 11.00 am Torquay Dymanic Adhesive Products Ltd 11.00 am Newcastle-u-Tyn ESP Promotions 1996 Ltd 03.15 pm London Elemental Design Ltd 10.30 am London Eurohire Supplies Ltd 10.30 am Hornchurch F & F Shoe Components Ltd 10.30 am Leicester Hawkins Construction Ltd 11.00 am Birmingham Interlock Construction Ltd 11.00 am Swindon Interlock Storage & Interiors Ltd 12.00 pm Swindon J K Enamellers Ltd 02.00 pm London Jai Clothing (UK) Ltd 11.30 am Walsall K & S 345678 Ltd 02.00 pm Chester Kent Industrial Staff Services Ltd 12.00 pm Ashford Lewis Bros (Crewe) Ltd 11.30 am Glazebrook London (West End) Fashions Ltd 11.00 am Manchester Manorgrove Corporation Ltd 11.30 am Birmingham Markreed Ltd 11.00 am Northwood Maxenco Ltd 11.00 am Grimsby Mediterranean Collection Ltd 02.00 pm London PCS Precision Construction Services Lt 11.00 am Sunderland Paul Eastwood Ltd 10.30 am Liverpool Peter Allan Leach (Conservatories) Ltd 02.30 pm Nottingham Quorium Medical Furniture Ltd 12.00 pm Warrington Reed Ward & Co Ltd 10.30 am Manchester SCV Printers Ltd 10.30 am Aldridge Themed Leisure Services Ltd 11.30 am Preston Transhaul International Ltd 03.30 pm Lutterworth Turley Fabrications Ltd 11.00 am Bristol Williams Entertainment Ltd 11.00 am Leicester Wise Computer Consultancy Ltd 02.00 pm Liverpool Zenith Oil Co Ltd 01.00 pm Bolton 21/02/2000 Blueprint (London) Ltd 11.00 am Barnet Bryco Glaze Plc 11.00 am London Carewise Ltd 12.00 pm Manchester DP Networks Ltd 11.00 am London Decorative Tile Works Ltd - The 11.30 am Manchester Heritage Stonemasons Ltd 12.00 pm Manchester Homesdale Press Ltd 03.00 pm London Knowsley Transport & Forwarding Ltd 11.30 am Liverpool Metfix Ltd 11.00 am Harpenden NNG Construction Ltd 12.00 pm London OCP Ltd 02.30 pm Hampshire Peter Holland Ltd 10.30 am Collingtree Straits Commodities Ltd 11.15 am London Straits Multitrade Ltd 11.15 am London Sure Cleaning Ltd 10.30 am Droitwich Spa 22/02/2000 Anda Circuits Ltd 10.00 am Westhampnett Bellstar Trading Ltd 11.00 am Hertford Bolting (UK) Ltd 11.00 am Birmingham Bridport Leisure & Ind Projects Ltd 11.30 am Beaminster Comak Automation Ltd 11.30 am Southampton Cosmos Kitchens & Bedrooms Ltd 02.00 pm London Fashion Scene (Manchester) Ltd 12.00 pm Manchester Hardy Construction & Development Ltd 11.30 am Leicester I Stewart Insulation Ltd 12.00 pm Chester J S Office Solutions Ltd 11.00 am London Liz McCallum Ltd 11.00 am Brighton Mac Structures Ltd 11.30 am London Neptunes School of Yachting Ltd 12.00 pm London Penny Black Properties Ltd 11.30 am Liverpool Rainham Fabrication Ltd 11.00 am Southend-on-Sea Ross Sinclair Ltd 12.00 pm London Russell Bros (North Scarle) Ltd 03.30 pm Lutterworth Same EU Ltd 11.00 am London Wentworth Precision Engineering Ltd 11.30 am Oldham
We regret this service is not available this week
British Airways anounced pre-tax profits of 180 million pounds, on turnover of 6,833 million, for the nine months to 31st December 1999. Earnings per share stand at 13.7p.
QXL.Com announced pre-tax losses of 52.1 million pounds, on turnover of 4.71 million, for the nine months ending 31st December 1999.
Torex announced pre-tax profits of 46.7 4.04 million pounds, after exceptional charge, on turnover of 46.7 million, for the year ending 31st December 1999. Earnings per share stand at 14.5p.
After three months of pursuit, WARNER-LAMBERT agreed to be taken over by PFIZER in a deal worth $90 billion, creating the world's largest drug company. Pfizer will also pay $1.8 billion to American Home Products for breaking up AHP's earlier agreed merger with Warner-Lambert.
Source - The Economist
Britain's VODAFONE AIRTOUCH, a mobile telephone company, succeeded in its bid to acquire Germany's Mannesmann, creating the world's biggest mobile telephone company. The new firm will have to sell Orange, another mobile telephone firm, that Mannesmann bought in October.
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 the Prices Group of the dilute to taste drinks business of Wells Soft Drinks Ltd, a subsidiary of Robinson Group of Companies Ltd
Proposed merger between Scottish Media Group plc and Ginger Media Group Limited
STEPHEN BYERS REFERS THE PROPOSED MERGER OF CARLTON COMMUNICATIONS AND UNITED NEWS AND MEDIA TO THE COMPETITION COMMISSION
Stephen Byers, the Secretary of State for Trade & Industry, has decided to refer the proposed merger of Carlton Communications Plc (Carlton) and United News and Media Plc (UNM) to the Competition Commission under the provisions of the Fair Trading Act 1973.
Mr Byers made his decision in accordance with the advice of the Director General of Fair Trading.
Announcing his decision, Mr Byers said:
"The DGFT has advised me that this merger raises competition concerns which would warrant reference to the Competition Commission under the provisions of the Fair Trading Act 1973.
"The parties to the merger are highly influential players in ITV. This is a very important area in which we all have an interest both for information and entertainment. I have carefully considered the DGFT's advice and agree with him that the acquisition raises competition concerns both in respect of the market for ITV programming and the market for advertising. Therefore I am referring the case to the Competition Commission so that it can be fully investigated."
The decision to make a reference does not in any way prejudge the question of whether or not the merger would be against the public interest. It is for the Competition Commission to report on this after investigation. The Commission are to make their report by May 16th.
ANGLO AMERICAN/TARMAC: KIM HOWELLS LAUNCHES CONSULTATION ON DRAFT UNDERTAKINGS
Kim Howells, Competition and Consumer Affairs Minister, announced on the 8 February that he intends to refer the proposed acquisition of Tarmac plc by Anglo American plc to the Competition Commission unless suitable undertakings are obtained from Anglo American.
This decision is in accordance with the advice of the Director General of Fair Trading (DGFT). Dr Howells has asked the DGFT to seek undertakings from Anglo American relating to the supply of aggregates, asphalt, ready mixed concrete and mortar. A draft text of the undertakings is available from the Office of Fair Trading. Interested parties are invited to make any comments to the Office of Fair Trading by 15 February 2000.
Dr Howells said:
"I agree with the DGFT that the merger gives rise to competition concerns in relation to the markets for aggregates, asphalt, ready mixed concrete and mortar but that these concerns are likely to be addressed by undertakings from Anglo American to:
"A further announcement will be made when the consultation period has finished and I have received further advice from the DGFT."
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 would remedy specific adverse effects of the merger specified by the DGFT which would otherwise have led him to make a reference to the Commission.
The proposed merger between Anglo American plc and Tarmac plc was originally notified to the European Commission on 23 November 1999 under the terms of the EC Merger Regulation (Council Regulation 4064/89 as amended by Council Regulation 1310/97). On 15 December 1999 the UK requested that the Commission refer the case back to the UK Competition Authorities under Article 9 (2) (a) of the ECMR. The Commission referred the case to the UK on 13 January 2000.
On referral of a case to a Member State, the Member State has four months to publish any report on the merger or to announce its findings.
Interested parties wishing to make representations should do so in writing by 5pm on 15 February 2000 to Mr Robert Gilles, Office of Fair Trading, Fleetbank House, 2-6 Salisbury Square, London EC4Y 8JX,.
Copies of the draft undertakings can be obtained from the Office of Fair Trading.
Source - The Economist
REUTERS, an electronic-news organisation, revealed long-awaited plans to exploit the Internet by making its financial information available online and developing Reuters.com as a business information site for retail investors. Reuters' shares jumped on the news.
Source - The Economist
BSKYB, a British satellite-TV company, announced plans to invest 250m pounds ($403m) in developing its web strategy which will include offering high-speed Internet access as part of its service and e-commerce ventures.
Source - The Economist
17 February 2000 The ICM Construction Industry Conference "The Changing Face" Kingsway Hall, London WC2 A must for all those involved in the UK Building and Construction Industry 21 February 2000 Wessex branch meeting of the ICM Mock Meeting of Creditors The Southampton Yacht Club 1 Channel Way, Southampton 7.00pm for 7.30pm 8 March 2000 ICM Conference on Commercial Credit Fraud CBI Conference Centre, London WC1 Exhibitors should telephone Sheila Simmons at the ICM on 01780-722907 14 to the 16 March 2000 Credit 2000 THE UK event for the Commercial and Consumer Credit Industry Olympia2, London Save 10.00# and register for FREE at www.creditevents.com 20 March 2000 Wessex branch meeting of the ICM - AGM The Southampton Yacht Club 1 Channel Way, Southampton 7.00pm for 7.30pm Sponsored by Croner Publications 26th April 2000 Companies House Seminar Pine Lodge Hotel Kidderminster Road Bromsgrove B61 9AB Registration 5.30pm - 6.00pm Seminars include a question and answer session and buffet 6.00pm - 9.00pm Cost 37.60 pounds Contact Tamara Bent tbent@companieshouse.gov.uk +44 (0)29 20380911 23 May 2000 The ICM National Conference and Exhibition Cumberland Hotel, Marble Arch, London W1 Credit Management in the Electronic Age For more details of the Conference or to exhibit phone the ICM Training department on 01780-722907
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