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: 101
Dated: 14 March 1999
Welcome to the Business Credit News UK.
In this weeks edition you will find the following topics.
UKNEW VOICE FOR SMALL FIRMS:
Byers announces £100 million Small Business Service.
A new £100m Small Business Service will bring a powerful voice for small and medium sized firms to the heart of government, Secretary of State for Trade and Industry Stephen Byers announced last week.
The Small Business Service will also deliver the advice and support that small firms need to grow and prosper.
In a statement to Parliament Mr Byers said:
"I intend to establish a new body - the Small Business Service - specifically designed to meet the needs of smaller businesses. I can announce that it will have funds of over £100 million new money.
"This body, which will report to me, will be headed by a high profile Chief Executive and will:
Act as a strong voice for small business at the heart of Government.
Improve the quality and coherence of delivery of government support programmes for small business and ensure that they address their needs.
"Some of the areas in which I expect the Service to be involved include:
Mr Wills said:
"I will consult small businesses, their representative organisations and other interested parties before we bring forward detailed proposals for this new body. I want to work closely with them to achieve our common goal of bringing high quality services and support to small firms.
"I hope that the Small Business Service can be up and running by the Autumn. Government recognises the key contribution that smaller firms make to Britain's economy and the attention their particular needs require."
ADVANCE ENERGY STATISTICS
Provisional statistics showing energy production and consumption and petroleum product prices in the three months to January 1999 were published 9 March 1999 by the Department of Trade and Industry. Some figures for typical retail prices of motor spirit and diesel fuel in February are also given.
Production of indigenous primary fuels in the three months to January 1999, at 81.4 million tonnes of oil equivalent, was 4.7 per cent higher than in the corresponding period a year ago. Production of coal fell by 9.9 per cent, whilst production of oil and gas rose by 3.0 per cent and 10.2 per cent respectively. Primary electricity was 8.3 per cent higher because two nuclear stations were undergoing maintenance at the end of 1997.
Total inland consumption of primary fuels, which includes deliveries into consumption, during the three months to January 1999, at 65.8 million tonnes of oil equivalent, was 2.4 per cent higher than that recorded for the same period a year ago. Consumption of petroleum, gas and primary electricity rose by 0.5 per cent 8.5 per cent and 6.6 per cent respectively, whilst consumption of coal fell by 10.4 per cent because of lower use at power stations.
Total use of petroleum, including non-energy use, in the period November 1998 to January 1999 was 20.5 million tonnes, slightly lower (by 0.9 per cent) than a year earlier. Energy use was virtually unchanged (down by 0.1 per cent) while non-energy use decreased by 3.5 per cent. Total motor spirit deliveries were 2.8 per cent lower, but deliveries of unleaded petrol were 5.9 per cent higher. In the period, unleaded petrol deliveries represented 81.5 per cent of total motor spirit deliveries, compared with 74.8 per cent a year earlier. DERV fuel deliveries increased by 1.8 per cent while deliveries of other gas diesel oils, primarily used for heating purposes, decreased by 2.2 per cent. Fuel oil deliveries fell by 19.2 per cent, continuing its decline as a source of energy for industry and electricity generation. Deliveries of other products increased by 8.8 per cent, due to increased deliveries of aviation fuel and burning oil.
Prices for motor spirits and diesel rose marginally (by 0.1 to 0.3 pence per litre) in the month to mid-February, following 3 months of sharp falls. Overall unleaded was around 63 pence per litre with diesel 1.2 pence higher and 4 star nearly 7 pence more expensive.
In the year to mid-February 1999, prices for unleaded fuel rose by 0.4 pence per litre, with 4 star and diesel increasing by 1.2 and 1.5 pence per litre respectively. In percentage terms these increases represent individual rises of 0.7, 1.7 and 2.3 per cent over the year for unleaded, 4 star and diesel. However, these rises are less than the 6 per cent increases introduced following the March 1998 budget, illustrating that underlying (excluding tax prices) have fallen in 1998 and early 1999. For example, excluding duty and VAT, the price of a litre of unleaded petrol has fallen by around 25 per cent between February 1999 and February 1998, whilst the ex tax price of a litre of 4-star was last as low in early 1979.
In the month to mid-January 1999, the price of super unleaded was broadly unchanged for the second month running, still around 5 pence per litre higher than a year earlier, an increase of 7 per cent.
TRADE MINISTER VOWS TO SUPPORT "VITAL" OIL AND GAS INDUSTRY EXPORTS
Trade Minister Brian Wilson has underlined the importance of Government support for Scotland's oil and gas companies in every corner of the world. He said that DTI export promotion services are as valuable to Scottish industry as they are to the UK as a whole.
Mr Wilson was speaking during a visit to Aberdeen during which he visited Petroleum Engineering Services Ltd (PES) and Genesis Oil and Gas Consultants, both of which are successful exporters.
Mr Wilson said:
"The North Sea oil industry has given rise to an enormous amount of knowledge, innovation and enterprise which are increasingly being deployed around the world by companies which retain Scotland as their base. The UK Government is committed to giving the maximum support and we work closely with the industry.
"Around 100,000 jobs in Scotland are directly related to the oil and gas industry. If that number is to be maintained and increased, we will have to constantly develop the diversity and effectiveness of our exporting effort. The scale of the UK's trade support effort, backed up by diplomatic and commercial posts in over 200 countries, is vital to that success.
"That operation assists the UK oil and gas sector to win an ever increasing share of world markets. From Peru to the Yemen to Kazakhstan, my department identifies opportunities and co-ordinates effort to maximise UK involvement in overseas projects and markets.
"Already this financial year these efforts have contributed to UK orders won in excess of £10 billion. This figure includes such extreme markets as Angola, where latest figures suggest UK oil and gas companies are currently exporting around £10 million worth of goods and services to the Angolan oil industry.
"With that in mind, it is particularly gratifying to visit companies which are overcoming the obstacles and continuing to win in overseas markets. I therefore congratulate PES on their success, particularly in developing new, innovative products which can help reduce costs across the industry. Genesis, on the services side of the industry, have made a major contribution by their involvement in a number of notable overseas studies.
"These companies both illustrate the export opportunities that can be grasped, even when the prevailing economic conditions are difficult and challenging. I hope others will look to their example."
Mr Wilson went on to pay tribute to the UK Oil and Gas Industry Task Force, which was announced last November by the then Secretary of State, Peter Mandelson, and is chaired by the Energy Minister, John Battle. Mr Wilson continued:
"The Task Force, which is based here in Aberdeen, was established to examine a number of major issues in close partnership with the industry. In the longer term, it is only by working together that we can overcome the challenges presented by the current problems and put the UK oil and gas industry in a pre-eminent position to exploit export markets in the future."
TAX RETURNS VIA THE INTERNET
Businesses and individual taxpayers striving for a paperless office will soon be able to file tax returns via the Internet. New legislation's allows Customs and Excise and the Inland Revenue to develop on-line documentation which could replace the current legal requirement to fill out paperwork.
This project is part of the government's plan to encourage the use of the Internet and enterprise in new media. They are developing the infrastructure for the tax returns, using encryption to secure the information that you are transmitting.
Encrypted digital signatures will also be used to avoid any worries about the safety of sending confidential information over the Internet.
Tony Blair has set a target that 25 per cent of transactions with the government should be capable of being done electronically by 2002. The project to allow electronic VAT Returns is piloting this year and likely to go live by 2001.
THIRD SHIFT MEANS HUNDREDS OF NEW JOBS AT PEUGEOT
Government support gives green light for £13m project
Nearly 900 new jobs - including a significant number for the long-term unemployed - will be created at Peugeot's Ryton plant in Coventry with the help of a £2 million package of Regional Selective Assistance (RSA) and training support announced by Stephen Byers, Secretary of State for Trade and Industry last week.
The grant will enable Peugeot to go ahead with a £13 million investment project, increasing capacity for the new, highly successful 206 model.
The jobs will be created when Peugeot adds a third shift at Ryton, its only UK production plant.
Welcoming the announcement Mr Byers said:
"I am delighted to be able to help Peugeot expand. It is excellent news for the workforce, the company and the West Midlands.
"Peugeot's success in winning the investment against strong competition underlines the competitiveness of the UK as a manufacturing base. It is a great tribute to the skills and flexibility of the workforce at Coventry.
"Today's news underlines the continuing attractiveness of the UK for inward investors and confirms the West Midland's place as one Europe's leading automotive manufacturing centres.
"I particularly welcome the potential of this investment to create many new opportunities for long term unemployed people to get back into work (including a number under the New Deal provision), supported by Government funded training."
Richard Parham, Managing Director of Peugeot said:
"We appreciate this RSA support which will help us in the major expansion of production for the new 206 model. There is unprecedented demand for this car across Europe and we are working flat out to introduce the new shift in April."
Commenting on the announcement David Blunkett, Secretary of State for Education and Employment, said:
"This welcome investment emphasises the Government's commitment to promoting and supporting employment in the region. With Government support for retraining and the updating of skills of the workforce, this investment will help secure future employment opportunities into the next century."
The project which will manufacture cars for the export markets, was won with Government support, against strong competition from other European manufacturing plants owned by PSA, Peugeot's parent company.
All new employees at Ryton will be fully trained with government support provided through The Chamber (Coventry and Warwickshire TEC).
A new set of fees for civil cases in England and Wales will be introduced on 26 April 1999 (Woolf Day), to coincide with reforms to make courts easier, quicker and cheaper to use. The new fees in the county courts and High Court will go hand in hand with the forthcoming civil procedure rules. All of the revised fees will more closely reflect the cost of providing the service, whether in civil, family or probate proceedings.
The provisions which enable people in receipt of a range of means tested state benefits to claim automatic exemption from fees will continue, as will the provisions which allow the court to exercise discretion, in exceptional cases, in the case of those not automatically exempt. The Government is also providing a new subsidy, at a cost of £5.8m (from within the Department's existing budget) to keep certain fees payable in family proceedings below the actual cost of doing the work.
Fee revenue is expected to rise in 1999/2000 by 2.4% ( £7.7million) from £316.9m to £324.6m, to help meet the cost of civil proceedings. Geoff Hoon, Minister of State for the Lord Chancellor's Department, said "The fees charged for taking civil cases to court are being changed to fit in with the new civil justice system. We believe strongly that court fees should help to meet the real costs of court actions, but we have been at pains to preserve the exemption of people on benefits. We have also introduced a subsidy for people who have to go to court to resolve some family disputes, as we feel these merit special treatment."
The new sets of fees for various civil court actions are on the Court Service's Internet website on www.courtservice.gov.uk.
The new fees are contained in statutory instruments, as detailed below.
The Supreme Court Fees Order 1999 (SI 1999/687 (L.4)) This replaces the Supreme Court Fees Order 1980. It introduces stage fees for allocation and listing for trial. The listing fee replaces the setting-down fee. The new fee is higher but refundable where settlement is reached in time to allow another case to be listed for the same trial date. The maximum fee payable on issue of a writ, or claim as it will be called, has been reduced from £500 to £400. A new fee has been introduced for a request for a certificate of discharge from bankruptcy. Lower, simpler fees, affecting all four fees orders, will be payable on taxation of costs, to be called detailed assessment. This is a process by which a solicitor's bill is checked to ensure that charges are appropriate.
The County Court Fees Order 1999 (SI 1999/689 (L.6)) This replaces the County Court Fees Order 1982. Most of the changes affecting the Supreme Court Fees Order 1980 apply also to this order. The new scale of fees for the Summons Production Centre, to be called the Claim Production Centre (CPC) is now similar to the county court scale but a discount of £5 per claim is allowed to reflect the saving from automated processing of data received in electronic form.
IAN McCARTNEY ANNOUNCES PROPOSALS TO SIMPLIFY THE LEGISLATIVE FRAMEWORK FOR DORMANT COMPANIES
Ian McCartney, Minister of State at the Department of Trade and Industry, last week issued a consultation document outlining proposals to ease the statutory burdens on dormant companies - companies who have not carried out any significant accounting transactions either since formation or since the end of the previous financial accounting year.
The consultation document proposes various simplification measures, including removing the requirement for dormant companies to pass a special resolution every year to retain their dormant status and relaxing the eligibility criteria for dormant company status. It also seeks comments on other issues such as the requirement for dormant companies to file accounts, audit exemption status for dormant companies and whether agent companies should be allowed to claim dormant status.
Announcing the consultation, Mr McCartney said:
"The recent Competitiveness White Paper reaffirmed this Government's commitment to cutting needless bureaucracy on business. This consultation document contains various simplification measures that we consider should save business time and money. There are over 160,000 dormant companies registered at Companies House and we wish to reduce any unnecessary burdens on them.
"This consultation will enable the Government to decide whether we should simplify the legislation. I very much hope that interested parties will use this opportunity to provide their comments, so that we can strike a fair balance between the needs of both consumers and business."
A dormant company is defined as one which has not carried out any "significant accounting transaction either since formation or since the end of the previous financial accounting year (section 250(3) of the Companies Act 1985). There are numerous reasons why a company may be dormant but some common examples are:- that the company's only purpose is to own an asset (for instance a freehold), or that the company is simply incorporated to protect a name.
The regulation of dormant companies is set out, principally, in Section 250 of the Companies Act 1985. The Secretary of State has power to amend this section under Section 257 of the Companies Act 1985.
A FAIRER SHARE OF VAT FOR BUSINESS
A package of measures to move towards a fairer distribution of the VAT burden and reduce competitive distortions was announced today. The measures, which form part of the Government's commitment to a fairer tax system, will:
The VAT partial exemption simplification rule, that allows some businesses to recover all the VAT on their purchases, despite making certain exempt supplies, is being abolished. This will take effect from midnight tonight but for most partly exempt businesses affected, the benefit of the rule will no longer be available from the beginning of their next partial exemption tax year. The measure will yield £75m a year. There is no change to the de minimis rules that allow businesses that make small volumes of exempt supplies to recover all the VAT on their purchases. The withdrawing of the simplification rule therefore has little effect on smaller businesses.
Details for businesses are in Budget Notices 17/99 and 24/99, which are available from Customs and Excise Business Advice Centres and from the Customs and Excise Internet site.
Others should contact their local VAT Business Advice Centre, listed under Customs and Excise in the telephone book.
Customs and Excise Internet address: www.hmce.gov.uk
This news release can also be found at :www.hm-treasury.gov.uk
BYERS OUTLINES PLANS TO IMPROVE INFORMATION IN MORTGAGES AND OTHER CREDIT MARKETING
Mortgage and credit lenders will be required to give clear comparable information about the products they offer, Stephen Byers, Secretary of State for Trade and Industry, said last week. The proposals will give consumers a fairer deal and tackle confusion caused by lenders presenting information in different ways.
The proposals include measures to:
"For most people taking out a mortgage is the biggest and most complex financial commitment they make in their lives. It's now a fiercely competitive market which is good for the housebuyer, but it is important to make sure they are not misled by differing calculations of the Annual Percentage Rate (APR), or insufficient information about the real costs over the life time of the loan.
"These measures will improve the quality of information given to housebuyers and other consumers. It will help them identify the best deal and avoid entering agreements which are unsuitable. The measures will bring greater clarity, comparability and fairness to the marketing of mortgages and other types of credit."
Over the next year DTI will consult on proposals to improve consumer protection including:
A proposal on the formula for calculation of the APR was contained in the consultation paper The Annual Percentage Rate and Total Charge for Credit Regulations (August 1998). This change will require deletion of the three formulae for calculating the APR currently contained in the Consumer Credit (Total Charge for Credit) Regulations 1980 and their replacement with the formula specified in the latest EC Consumer Credit Directive (98/7). As well as the new formula, the new legislation will also require the APR to be shown to an accuracy of one decimal place and provide several options for expressing the length of a year in the APR calculation. The new regulations will be made in the Summer.
The Unfair Terms in Consumer Contracts Regulations permit the Director General of Fair Trading to seek injunctions to stop the use of unfair trading terms in standard contracts. DTI issued a consultation paper Widening the scope for action under the Unfair Terms in Consumer Contracts Regulations in January 1998 proposing to allow other public bodies, including regulators, trading standards departments and consumer bodies, to take such action. This amendment will be implemented within the next few months.
The Consumer Credit (Advertisements) Regulations 1989 currently permit some forms of credit advertisement to include other rates of interest as well as the APR, as long as the APR is the most prominent. The Consumer Credit (Agreements) Regulations 1983 set out the form and content of credit agreements, including the APR. Section 52 of the Consumer Credit Act 1974 gives the Secretary of State powers to specify the contents of pre-contractual information. DTI will issue a consultation paper shortly proposing to prescribe the circumstances in which interest rates other than the APR can be included in advertisements, regulated agreements and pre- contractual information.
Sections 137-140 of the Consumer Credit Act 1974 contain provisions on extortionate credit bargains. These allow the courts to re-open extortionate credit bargains so as to do justice between the parties. An extortionate bargain is one which requires payments which are grossly extortionate or otherwise grossly contravenes ordinary principles of fair trading, taking into account prevailing rates of interest, the capacity of the debtor and various other factors. The DTI has commissioned research on this issue and expects to publish a consultation paper on new proposals in the Summer.
Debtors are entitled to end regulated credit agreements early by paying all the sums due to the creditor under the agreement, less the amount of any rebate. The most common method of calculating the rebate, the rule of 78, is set out in the Consumer Credit (Rebate on Early Settlement) Regulations 1983. In his Non-status Lending: Guidelines for lenders and brokers (November 1997) the Director General of Fair Trading said the inappropriate application of the rule of 78 to early settlement of mortgage loans was unfair and oppressive as it could result in a borrower paying a disproportionately high sum to redeem a mortgage.
The form and content of credit advertisements is prescribed by the Consumer Credit (Advertising) Regulations 1989. These cover adverts in newspapers, radio and TV as well as brochures. They currently provide for three types of credit advertisement - simple, intermediate and full. Which rules apply depends upon the amount of information in the advert. The Office of Fair Trading and DTI will consult at the end of this year on fresh proposals to clarify and simplify this approach.
BYERS ANNOUNCES MEASURES TO PROMOTE ENTERPRISE AND COMPETITION
A new package of measures to promote enterprise and competition was announced last week by Stephen Byers, Secretary of State for Trade and Industry in a Statement to the House of Commons.
He set out a detailed implementation plan for each of the 75 commitments in the Competitiveness White Paper 'Our Competitive Future: Building the Knowledge Driven Economy'. As part of the Government's commitment to open government, for the first time ever, the plan sets out deadlines for implementing each proposal and names the civil servant responsible for its implementation.
He gave details of the new Small Business Service (SBS) specifically designed to serve the needs of small businesses. He announced the SBS will:
"These announcements show the Government's determination to support enterprise and to succeed in the knowledge driven economy of the future. These measures will offer a good deal to the consumer who will benefit from increased competition and help British businesses become the best in the world through a package to encourage investment, innovation and competition."
BRIAN WILSON REASSURES BRAZIL OF UK'S COMMITMENT
Trade Minister, Brian Wilson will visit Brazil from 14-17 March to demonstrate the UK's long term commitment to the Brazilian market.
During his visit Mr Wilson will meet several Ministers and members of the British/Brazilian business communities to assess the prospects for the Brazilian economy and bilateral trade. His visit sends a clear signal that the UK is committed to the market in the medium and long term, despite the economic difficulties.
This commitment is shared by the business community. Amerada Hess have recently signed a joint venture contract with Petrobras and the National Grid will be investing in Brazil's telecommunications sector as part of a major consortium
Mr Wilson said:
"The UK and Brazil are partners across many fields. We want to strengthen these partnerships - we do not intend to abandon them when the going gets tough. My visit will demonstrate this support and commitment.
"My visit also aims to identify what UK Government and businesses can do to help restore confidence in Brazil, which is vital under the current economic conditions. The UK welcomes the Brazilian Government's continuing commitment to a strengthened economic programme and reform efforts. I also urge UK companies and investors to take a long term view of opportunities in Brazil. It is an important market for the UK's economic future and we cannot afford to neglect it."
In Rio de Janeiro Mr Wilson's visit will focus on UK investment in Brazil's oil and gas sector.
"Excellent opportunities for UK companies exist in Brazil's oil and gas sector. UK expertise and technology is already widely used and British companies, such as Amerada Hess and its partner British Borneo, are taking the lead is forming new joint ventures in Brazil's oil and gas industries."
Brazil is the UK's most important trading partner in Latin America. UK exports to Brazil reached £921 million in 1998. Imports from Brazil totalled £928 million in the same year.
IMPORTS INTO PARAGUAY
The Government has issued Decree 1853, which rules that all imports into Paraguay must be supported by a document called 'Declaration of Pre-Shipment for Imports'. This will enter into force immediately.
The pre-shipment declaration will be an essential requirement to clear the consignment through Customs, together with any other relevant shipping documentation.
The pre-shipment declaration is a document that can be obtained by the local importer through a local bank and it will apply to all shipments with a value higher than US$ 500 FOB.
Further information may be obtained from:
British Embassy
Avenida Boggiani 5848
C/RI6 Boqueron
Asuncion
Paraguay
Tel : 00595 21 612 611
Fax : 00595 21 605 007
E-mail : brembasu@mail.pla.net.py
ECGD FACILITY FINANCES EXPORT OF DENNIS BUS FLEET TO HONG KONG
Brian Wilson, Minister for Trade, announced last week that an ECGD finance facility had helped British bus manufacturer, Dennis, to export a fleet of buses to a Hong Kong buyer, New World First Bus Services Ltd (New World).
Guildford-based Dennis have won a contract to supply a total of 278 buses (202 Trident 12m double deck units and 76 Dart 10m and 10.6m single deck units) in kit form as part of New World's on-going programme to improve public transport in Hong Kong following the award of their new franchise. Mr Wilson said: "This is an extremely competitive market but it is good to see the tradition of sending British double deck buses to Hong Kong being continued. The combination of British quality manufacturing and flexible ECGD financing has proved once again to be a winning team." The order is being financed through ECGD's Supplier Credit Financing Facility which will guarantee the repayment of a HK$565.6 million loan arranged by Bank of America.
ECGD's Supplier Credit Financing facility is an umbrella policy which covers British banks who fund medium term export credit transactions - normally by purchasing bills of exchange or promissory notes.
This particular contract has been financed on a "pure cover" basis which means that ECGD is not required to support any loan interest.
ECGD, the Export Credits Guarantee Department, Britain's official export credit agency, is a separate Government Department responsible to the Secretary of State for Trade and Industry. One of its main functions is to underwrite bank loans to enable overseas buyers to purchase capital and project related goods/services from Britain.
The Secretary of State for Trade and Industry has presented a petition in the High Court to wind up in the public interest, Legionnaires plc. This followed an investigation under Section 447 of the Companies Act 1985 (as amended).
The hearing of the petition for Legionnaires plc will be held on a date to be fixed in several weeks time.
Legionnaires plc raised money by means of a public share issue for the production of a science fiction film, which was to be completed in August 1998, but this has been seriously delayed.
The registered office of Legionnaires is Elstree Film Studios, Shenley Road, Borehamwood, Hertfordshire WD6 1JG. The company also traded from this address.
The petition was presented under S 124A of the Insolvency Act 1986.
*** 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 15/03/99 to 23/03/99 Number
of Creditor meetings :
200 Section Company Time Venue 138 Scotland -
Interim
Liquidator calling Creditors Meeting 15/03/99 WCL
Contracts
Ltd 03.00 pm Glasgow 16/03/99 Liberty
Transport
Ltd 10.00 am Glasgow 17/03/99
Hilderbrand
Ltd 12.00 pm Glasgow 18/03/99 Lindsay Allan
Designs
Ltd 12.00 pm Glasgow 19/03/99 Glenmore
(Glasgow)
Ltd 03.00 pm Glasgow 22/03/99 Bottles
Galore Ltd 11.00 am Paisley 23 Administrator
Calling
a meeting of Creditors 15/03/99 Cimex
International
Ltd 12.00 pm London 19/03/99 Pace Partnership Ltd
-
The 11.00 am Birmingham 22/03/99 Catering Equipment
Warehouses Ltd 10.00 am London Caternet
Centres
Ltd 10.00 am London 23/03/99 Electric Film Factory Ltd
- The 02.30 pm London 48
Receiver
calling unsecured Creditors Meeting 15/03/99 Allhallows
College Ltd 11.00 am Exeter Barker Collins
Engineering Ltd 11.00 am Leeds
Redclock
Ltd 11.00 am Liverpool 16/03/99
Plazaville Ltd 10.30 am Derby R A
Recoveries
Ltd 10.30 am Birmingham 17/03/99 Downtown Marine
Construction
Ltd 10.00 am London 19/03/99 Clumber
Homes
Ltd 10.30 am Manchester 22/03/99 Rushmoore
Reed
Ltd 02.30 pm London 23/03/99
Restdale Ltd 11.00 am Birmingham 84 N.
Ireland
- Creditors Voluntary Liquidation 15/03/99 Belfast Civic Arts
Theatre Ltd 11.00 am Belfast Oakcroft
Merchants
Ltd 12.00 pm Belfast 16/03/99
Athen Ltd 02.00 pm
Belfast
98 Creditors Voluntary Liquidations 15/03/99 AKS Plant Hire &
Transport Ltd 10.00 am London
Aabaacall Ltd 12.00 pm London Annick
Construction Ltd 12.00 pm Glasgow Ardiss
Developments Ltd 11.30 am Marlow Best
Kitchens Ltd 03.00 pm Manchester Blakes Electrical
Services Ltd 11.00 am London Brazier
Homes Ltd 03.30 pm Southampton Brittania
Oil Ltd 10.30 am Newport C J Callaghan
Futures Ltd 03.00 pm London Classic Print Finishers
(1995) Ltd 03.00 pm London Clydehill Tool
Manufacturing Ltd 10.00 am Glasgow
Debvic Ltd 03.00 pm Swansea Ephesus
Fashions Ltd 12.00 pm London Failsworth
Foam Ltd 11.00 am Manchester Fairways
Rentals Ltd 03.00 pm Cardiff Fitness Group Plc
- The 12.00 pm Manchester GBC
Windows Ltd 10.30 am Worthing Gala Jean
Co Ltd 11.00 am Glasgow
Garbay Ltd 02.00 pm London
Ledglaze Designs Ltd 11.30 am Lutterworth
Logicmedia Ltd 03.30 pm Manchester
Logicmega Ltd 03.30 pm Manchester
Lumberline (Somerton) Ltd 11.00 am Shepton Mallet
Mansfield Scaffolding Ltd 10.30 am Nottingham
Millbrook (M & E) Ltd 03.30 pm Southampton
Natural Form Designs Ltd 11.00 am Wetherby
Reddi-Chem Ltd 11.00 am Droitwich Spa
Stonebrace Ltd 11.00 am Gosforth
Upbrook Ltd 11.30 am London
Valv Ltd 03.00 pm London
Vesmaster Ltd 11.00 am Marlow
Yu & Me Superstore Ltd 12.00 pm Manchester
16/03/99
Alner Ltd 11.30 am Hornchurch
Bancroft Appointments Ltd 11.00 am Harpenden
Bernard Griffiths (Leeds) Ltd 11.30 am Leeds
Bondset Ltd 12.00 pm London
Century Marketing UK Ltd 11.00 am Sunderland
City Archives Ltd 10.30 am Southend-on-Sea
Cloudplain Ltd 11.30 am Preston
Compass Electrical Contractors Ltd 12.00 pm Manchester
Darsone Ltd 02.30 pm Southampton
Fire Protek Ltd 10.30 am Billericay
Grays Auction Services Ltd 03.00 pm London
Hartopp Ltd 10.00 am Lichfield
Icon Mechanical & Electrical Cont Ltd 11.30 am Manchester
J & M Valeting Ltd 12.00 pm Glasgow
JOS Whittaker (Accrington) Ltd 10.30 am Blackburn
Jenny Design (UK) Ltd 04.00 pm London
L & P Adams (Hightown) Ltd 12.00 pm Liverpool
Law 1001 Ltd 02.00 pm London
Longmason Building Contractors Ltd 12.00 pm Cardiff
Maelor Contract Systems Ltd 11.30 am Telford
Mallinsons Abattoir Ltd 10.30 am Halifax
Mazy Ltd 01.30 pm London
Nottingham Lace & Net Ltd 11.30 am Lincoln
Optimum Fencing Ltd 11.00 am Birmingham
PBF Computing Ltd 02.30 pm Harpenden
PBF Exhibitions Ltd 02.30 pm Harpenden
Parilla Ltd 12.00 pm London
Pet Engineering & Processing Serv Ltd 11.30 am Altrincham
Playtime (Preston) Ltd 11.30 am Preston
Rainbow Graphics Incorporated Ltd 02.30 pm High Wycombe
Rockwise Ltd 11.00 am London
Rosebeach Ltd 12.00 pm Hale
Tarmasters Ltd 11.00 am London
Trojan Telecom. (Resourcing) Ltd 11.00 am London
UK Express Designs Ltd 10.30 am London
Vision Creative Ltd 12.00 pm London
Web Ltd 12.00 pm London
Wellington Cameras Basingstoke Ltd 10.30 am Reading
West Cornwall Maritime Promotions Ltd 12.00 pm Penzance
17/03/99
A & S Timber & Builders Merchants Ltd 03.00 pm London
Arlinghouse Ltd 11.30 am Southampton
Arnold Manufacturing (Thurnscoe) Ltd 11.00 am Rotherham
Automation Associates Ltd 12.30 pm Cambridge
Benada Development Co Ltd 11.30 am Sandbach
Brompton Ltd 10.30 am Manchester
C J Evans & Sons (Electrical Serv) Ltd 11.00 am Chatham
Cambridge Property & Leisure Ltd 11.00 am Chatham
Cotes Platering Ltd 11.30 am Manchester
Ffinch Developments Ltd 12.00 pm Stourbridge
Global Medical Care (UK) Ltd 12.00 pm London
Henderson & King Ltd 02.30 pm Chelmsford
J-L Automation Ltd 11.00 am Sunderland
Mad World Hire Ltd 11.30 am London
Merino Enterprises Ltd 11.00 am Meriden
Multistar Developments Ltd 11.00 am London
N S B P Ltd 11.00 am Blackburn
Owen & Peach Ltd 11.00 am Derby
Pepper Metal Ltd 12.00 pm Bradford
Quantum Fitted Furniture Ltd 04.00 pm London
Richard Nicklin Ltd 03.00 pm Todwick
Sammy-Woodland Ltd 11.30 am Halifax
Silbury Ltd 11.00 am London
Supreme Fashions Ltd 10.15 am London
Vadecroft Ltd 11.30 am Liverpool
18/03/99
Admiral Lifts Ltd 10.30 am Warrington
Ansacall Plus Ltd 11.00 am Gosforth
Brian Manby Photography Ltd 10.30 am Reading
Bridgend Service Centre Ltd 11.00 am Cardiff
Brooklands 4 x 4 Ltd 10.30 am Yarm
Conmel Ltd 11.30 am Altrincham
Davison Kent Construction Ltd 11.00 am Grimsby
Design Timber Ltd 11.00 am Sheffield
Fractal Partnership Ltd - The 11.30 am London
Ground Improvement Services Ltd 10.30 am Winchester
Industrial Compressor Repair Serv Ltd 10.30 am Wolverhampton
James Shires & Sons Ltd 11.00 am Huddersfield
KSEA Ltd 11.30 am Birmingham
Knitters World Ltd 03.30 pm Lutterworth
Liquid Lines Ltd 10.30 am Yarm
MLA Ltd 02.00 pm London
Millennia Logistics Ltd 11.00 am Bolton
Prestige Car Audio Ltd 03.00 pm Northwood
Property Protection Security Serv Ltd 11.00 am Bolton
Qdeck Fashions Ltd 11.00 am London
S T H Transport Ltd 11.00 am Aldridge
Southern Ceramics Ltd 11.00 am Guildford
Star Vehicle Cleaning Services Ltd 12.00 pm Sheffield
Survey Services Ltd 11.00 am Dudley
W K Freight Ltd 12.00 pm Altrincham
19/03/99
21st Century Retail Ltd 11.00 am Camberley
Adspeed Ltd 02.30 pm London
Agass Architectural Joinery Ltd 12.00 pm London
Cowans Fabrics Ltd 10.30 am Nottingham
Darn Decor Ltd 11.30 am Blackburn
ER Engineering Ltd 03.00 pm Chatham
Faycrown Ltd 12.00 pm Warrington
Garage (Bourneville) Ltd - The 11.00 am Birmingham
Gary Warnock Ltd 11.30 am Grimsby
Holdnoon Ltd 02.30 pm London
Joden International UK Ltd 04.00 pm Tunbridge Wells
Multi Games Ltd 12.00 pm Manchester
Needhams Design & Print Ltd 10.30 am London
Phoenix Fire Pro & Special Coat Ltd 03.00 pm Manchester
Porbig Ltd 12.00 pm Glasgow
RS Lifting Services Ltd 03.15 pm Bately
Randalls Ltd 10.30 am Epping
Riggbriar Ltd 11.30 am Manchester
Ryedale Farm Systems Ltd 02.00 pm York
Sinclair Pride Ltd 12.30 pm London
Stablewell Ltd 03.30 pm Lutterworth
Systems Efficiency Ltd 10.30 am London
Tipton Borough Labour Club & Inst Ltd 02.30 pm Birmingham
Twinelock Ltd 12.00 pm London
VDS Oxford Consultancy Ltd 12.00 pm Abingdon
Window Trade Supplies Ltd 11.00 am Sunderland
Worldmanor Ltd 11.30 am London
Y & S Products Ltd 10.45 am Littleover
20/03/99
Capacity Engineering Co Ltd 11.30 am Birmingham
22/03/99
B 123 Ltd 10.30 am Manchester
Caesarstone Ltd 11.00 am London
Capital & County Construction Ltd 11.00 am London
Churchtown Timber Ltd 11.30 am Manchester
Datapool Group Ltd 11.00 am London
Hunter Design & Print Ltd 12.00 pm Glasgow
Investstate Ltd 03.00 pm South Ruislip
Jacksons Mechanical Services Ltd 10.30 am Marlow
Prizecable Ltd 02.30 pm Gloucester
Silglow Ltd 03.00 pm London
Twinrose International Ltd 11.30 am Alderley Edge
23/03/99
AR Aviation Services Ltd 12.00 pm London
Baron Pastures Management Services Ltd 12.00 pm London
Bimark (Wirral) Ltd 11.00 am Liverpool
C3 Enterprises Ltd 11.30 am Birmingham
Corrosion Resistant Alloys Ltd 10.30 am Driffield
Ecosse Safety Ltd 11.00 am London
Eezilift Ltd 02.30 pm London
HRQ (Run-Off) Ltd 11.30 am London
J C T (Motors) Ltd 02.00 pm Halesowen
Lodestone Productions Ltd 12.00 pm Rotherham
Mercury Trading UK Ltd 12.00 pm Edgware
Mona Casuals Ltd 11.30 am Bingham
Mr Toner Ltd 11.00 am London
Paul Gardner Ltd 11.30 am Salford
Southern Safety (Thames) Ltd 12.00 pm London
TW LW TW LW
USA 1.6267 1.6135 Canada 2.4760 2.4644
Austria 20.6656 20.4472 Portugal 301.089 297.901
France 9.8513 9.7472 Belgium 60.5834 59.9440
Finland 8.9294 8.8350 Italy 2907.94 2877.21
Germany 2.9373 2.9069 Sweden 13.2820 13.3522
Holland 3.3096 3.2746 Switzerland 2.3941 2.3623
Spain 249.882 247.250 Ireland 1.1828 1.1703
Australia 2.5672 2.6003 Denmark 11.1580 11.0492
Hong Kong 12.6056 12.5022 Euro 1.5018 1.4863
Africa Com 10.0014 10.0651 Saudi Arabia 6.1006 6.0496
India 69.0453 68.5800 Malaysia 6.1815 6.1310
Singapore 2.8243 2.8033 Norway 12.7879 12.8267
Japan 195.318 198.930
TW This week LW Last week.
Wembley shareholders gave England's World Cup 2006 campaign a timely boost by finally agreeing the sale of the famous stadium to the English National Stadium Development Company. Shareholders voted to sell the company's famous twin towers stadium to a consortium headed by the Football Association for £103 million.
The FA consortium - known as the English National Stadium Company - plans to renovate Wembley and use the stadium as the centrepiece for a bid to host the 2006 World Cup.
England's 2006 campaign director Alec McGivan welcomed the announcement.
"This is marvellous news. The new Wembley is the centrepiece of England's 2006 bid. Now we can go ahead and make it the finest stadium in the world," he said.
The vote to sell was recommended by a majority of the Wembley board, but three rebel directors had urged for the company to reject the deal.
Cable and Wireless is considering a bid for Japan's international telecoms operator, IDC, in which it holds a 17.6% stake. That move could upset NTT, Japan's telecoms giant which is in need of an international operator. Or is it just a way of driving up the price that NTT might have to pay for IDC?
Source - The Economist
# = pounds sterling
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 TT Group plc of Hall Engineering (Holdings) plc
Proposed acquisition by Yorkshire Water Plc of York Waterworks Plc
Prudential, the insurance group, has bought M&G in a dramatic £1.9 billion takeover to bolster its retail investment business. Sir Peter Davis, group chief executive of the Pru said: "The combination of Prudential and M&G creates leading market positions in the UK retail insurance and investment product sectors.
M&G is one of the strongest UK fund management, unit trust and Pep brands and will continue to operate as a seperate business unit, retaining its name.
The Pru is likely to move its unit trust division managers to M&G.
The bidder said there were "considerable growth opportunities" for retail investment at time when people were increasingly needing to make their own welfare and savings provision.
M&G would be able to benefit from the Pru's wide distribution network.
Shares in LYCOS, which have sagged since the Internet portal announced a merger with parts of Barry Diller's USA Networks, revived after its biggest shareholder hired Morgan Stanley Dean Witter to find other potential purchasers to try and scupper the merger. CMGI, an Internet venture-capital firm run by the founder of Lycos, controls about 20% of Lycos's shares; it hasn't ruled out buying Lycos itself.
Source - The Economist
BUDGET EQUIPS BRITAIN FOR THE "THE INFORMATION AGE"
Chancellor Gordon Brown announced a national network of 1,000 computer learning centres across the country in a bid to equip people for "the information age". The Chancellor said it was imperative to prepare people for the newest and most decisive economic challenge of the 21st century - mastering information technologies, from the personal computer to the Internet, from e-mail to e-commerce.
The centres will be in schools, colleges, libraries and Internet cafes.
Chris Godwin, corporate affairs manager at IBM, said: "Anything that encourages people to develop skills in this area has to be a sound policy because it is effectively playing on our strengths as a nation."
He added: "Essentially if the experience of America is anything to go by over the last four years, 30% of the US economic growth has come out of the IT sector, with the average IT sector job in the US pays 64% more than the average wage.
"Encouraging and promoting computer skills in young British people will create a similar highly paid, high growth economy."
He said: "This industry is the great driver of world economic growth today. And Britain can no longer afford to lag behind America."
Mr Brown said the aim was to provide one for every community in Britain and announced £1.7 billion from the Capital Modernisation Fund was to be allocated to the initiative.
Mr Brown said: "Inequality in computer learning today will mean inequality in earning power tomorrow."
Teaching unions also welcomed the announcement which they said would benefit both teachers and pupils.
Doug McAvoy, general secretary of the National Union of Teachers, said: "Teachers will be delighted that they are to be provided with the contemporary tools of the trade - that is the computer - and in particular IT training will be very welcome."
16th-19th March Microsoft Windows Show at Olympia Exhibition Centre For info on the show and to register visit http://www.microsoft.com/uk/link/news/msdn/march10-windows.htm 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 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 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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