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 37
Dated: 15 October 2000
Welcome to the Business Credit News UK.
In this weeks edition you will find the following topics.
UKBRC-KPMG SEPTEMBER RETAIL SALES MONITOR
Petrol Crisis Fuelled Growth in Food Sales
The British Retail Consortium-KPMG Sales Monitor recorded an improvement in sales value growth during September. Like-for-like sales increased by 2.9% year-on-year in September, compared with 1.7% increase year-on-year in August. The rate of growth in total sales improved from 4.3% in August to 5.4% in September.
The three-month trend rates of growth however remained static at 4.8% for total sales, and 2.3% for like-for-like sales.
The first two weeks of the month saw strong sales growth in virtually all areas.
In the week of the fuel crisis, sales of food and drink were boosted by customers stockpiling supplies.
Non-food sales lost in the week when customers were not using petrol to go shopping were not recovered in the following two weeks.
Bridget Rosewell, Chief Economic Adviser to BRC, comments:-
“The results for September have been dominated by the impact of the fuel crisis and the change in the pattern of spending that resulted. No conclusion can really be drawn from these figures about the current trend in spending and we will need to wait and see whether retail performance has in fact peaked as the sales figures over the last few months suggest.”
Bill Moyes, Director General of BRC, comments:-
“Non-food sales suffered during the week of the fuel crisis, with out-of-town stores being particularly hard hit. Food stores did benefit, however, as customers stocked up in anticipation of disrupted supplies. Overall we estimate that sales were more than £200 million lower than they would otherwise have been during that week.”
The September Monitor covers five weeks from 27 August to 30 September and provides the most up-to-date reflection of recent retail performance. The October Monitor will be published on 6 November, embargoed to 00.30 hours on 7 November. The data is collected and collated for BRC by KPMG.
FINANCIAL SERVICES FIRMS SHOW SLIGHT RISE IN CONFIDENCE BUT BUSINESS SLOWS
Business confidence among financial services firms rose slightly after falling in the summer for the first time in nearly two years. But business volumes have grown at the slowest rate since Christmas 1997, according to the latest quarterly Financial Services Survey by the Confederation of British Industry and PricewaterhouseCoopers.
Eighteen per cent of firms in financial services were more optimistic than three months ago, while 15 per cent were less optimistic. This gives a balance of plus three per cent, which compares to minus six per cent in June and plus 36 per cent in March.
Insurance brokers reported the largest increases in confidence, followed by general insurers and fund managers. But elsewhere firms had a tough time, with banks and building societies reporting sharp falls.
Growth in business volumes was well below expectations, growing at the slowest rate since December 1997. A balance of plus 13 per cent of firms reported an increase in business volumes over the last three months. This compares with balances of plus 17 per cent in June and plus 35 per cent in March.
General insurers and fund managers reported the largest increases in business volumes in the third quarter of this year. Banks and securities traders registered the sharpest fall with finance houses also reporting a modest decline. Expectations of further moderate growth for financial services firms for the fourth quarter of 2000 are the weakest since December 1998.
Banks, building societies and finance houses expect falling business volumes in the next three months while securities traders and insurance brokers expect the strongest growth.
Business with personal customers grew a little more quickly than in the second quarter, while business with industrial and commercial companies rose at the quickest rate since December 1996. Business with financial institutions grew slightly, reversing the decline reported in June. Business with overseas customers rose only slightly over the past three months.
Sudhir Junankar, CBI Associate Director of Economic Analysis, said: "Business growth has slowed in this survey with confidence rising only moderately. Firms remain concerned that competition in the domestic market will hamper their ability to increase business in the year ahead. Encouragingly, firms are reining back cost increases and boosting profitability even though skill shortages remain at a two year high."
Ian Dilks, Partner, PricewaterhouseCoopers, added: "The banking sector shows a surprising collapse in confidence and expectations from earlier surveys. Today's survey shows the largest number of banks reporting a decline in business since March 1992. This decline, combined with the emergence of a sharp downward trend in the volume of business to private individuals, suggests an end to the boom in mortgages. A similar trend exists among building societies with a decline in the volume of business, most notably on the personal side, fuelling a pessimistic outlook across the sector."
Employment in financial services continues to grow, but at the slowest rate for a year. A similar trend is expected in the fourth quarter. Fund managers and securities traders reported the largest rises in employment. However, banks and life insurers reported sharp job cuts.
Overall profitability rose more quickly than expected, increasing at the quickest rate since December 1996. Profits growth is expected to ease back slightly in the next quarter.
The survey was carried out between 23 August and 6th September 2000. A total of 143 companies responded including: banks, building societies, finance houses, securities traders, fund managers, commodity brokers, private equity firms, insurance companies and insurance brokers.
For further information please visit www.pwcglobal.com/uk/fsseptember2000
CBI URGES TUC TO STOP PRESSING FOR EU LAW ON COMPANY CONSULTATION WITH STAFF
The Confederation of British Industry last Friday urged the Trades Union Congress to stop pressing for an EU-wide law governing company consultation with staff.
John Cridland, CBI Deputy Director-General, said it is "wholly unnecessary" to require employers with more than 50 staff to consult workers according to fixed EU rules.
"EU-wide legislation on this matter is a bridge too far," he said. "It is bureaucracy gone mad. We don't need it and we don't want it. Businesses must be allowed to communicate with staff in ways that reflect national and local customs and practice.
"Thankfully, the British government and a number of other governments share our position and we anticipate that they will continue to do so."
BOUYANT IPO MARKET SEES THE RETURN OF MORE TRADITIONAL STOCKS
The generally flat performance of the major stock market indices has not depressed the UK IPO scene, with 40 companies joining the Official List of the London Stock Exchange in the third quarter of 2000, according to the latest research from KPMG Corporate Finance. In total, £4.4 billion was raised in the third quarter compared with 39 companies raising £2.98 billion in the second quarter. This buoyant performance was despite the third quarter including the quieter summer holiday month of August, during which only six IPOs came to the market.
Commenting on the figures, Neil Austin, UK Head of New Issues at KPMG Corporate Finance said:
"What is interesting about these figures is that although the technology sector remains the most popular, with 13 new techMARK entrants, other sectors are represented. We have hopefully seen the end of the period when only technology companies stood much chance of attracting investor support. Now traditional companies which can demonstrate that they have a credible business model and demonstrable growth prospects can attract interest from investors."
Largest IPOs in the third quarter included Carphone Warehouse (£327m), Granada Media (£1545m), Dimension Data Holdings (£834m) and ARC International (£181m).
"The pipeline for the fourth quarter and the outlook for 2001 looks healthy" adds Mr Austin. "The strong economy is not surprisingly enabling a range of companies to show that they have the prospects and need for capital that justifies an IPO. This may mean the return of some of the early stage Internet companies which cancelled planned IPOs in the spring but unless they can demonstrate real revenue and profit in the near future they are unlikely to be attractive."
With 92 IPOs already this year, 2000 has already eclipsed the total number of IPOs in 1999 (70) and 1998 (69) and is also well placed to eclipse the total number of flotations in 1997 (100) and 1996 (113). Compared to previous years, with 40 flotations, this year's third quarter is also the highest third quarter since 1994 when there were 49 flotations.
A friend of www.creditman.co.uk is looking for resources on Credit Management in Thailand. Can you help?
The things he is looking for are:
Application credit risk for both business and residential customers.
What credit data would be available, and via who?
Any regulatory issues.
Billing and payments.
Collections.
If you are reading this and can help us then please contact me by sending an e-mail to jarnold@creditman.co.uk
ECGD CONSULTS ON NEW BUSINESS PRINCIPLES AND APPOINTS SPECIALIST ADVISER
Richard Caborn, the Minister for Trade, on the 9 October 2000 announced the launch of a public consultation on the Business Principles under which ECGD will be operating from the start of next year. The new code will guide ECGD's business practice on matters such as openness, debt sustainability, human rights, sustainable development, good governance and business integrity.
ECGD is writing to a range of customers and other organisations with an interest in the ECGD, inviting comments by 6th November on proposed principles and policies designed to reflect ECGD's new Mission. They are also being asked whether these provide a basis against which ECGD's future performance can be monitored and reported. A copy of the consultation document will be available on the ECGD website.
Mr Caborn also announced the appointment of David Allwood, an environmental specialist, to advise ECGD on the implementation of the Business Principles and a range of environmental matters. Mr Allwood previously worked in the Business Principles Unit at CDC Capital Partners.
Mr Caborn said:
"This public consultation on ECGD Business Principles, and David Allwood's appointment, are two key steps in the implementation of the recommendations of the recent Review of ECGD's Mission and Status. This commitment to change is one I am determined to see through."
ECGD has recently introduced a number of changes to its standard insurance and finance documentation aimed at combating bribery and corruption in international business transactions.
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 the UK. It also provides insurance for British companies investing overseas.
SCOTTISH ENFORCEMENT GROUP IN TURMOIL
Tommy Sheridan has walked out of the Cross Party Working Group charged with finned an alternative to existing Scottish judgment enforcement. The Parliament's opposition Scottish National Party joined him.
In April of this year the Scotland's Parliament accepted poindings and warrant sales (equivalent to English execution) should be abolished. This followed the introduction of Sheridan's Member's Bill (equivalent to a Westminster Private Member's Bill) and the endorsement of three of the Parliament's committees that supported the measure.
The Scottish Executive (in effect the Scottish Government) opposed Sheridan on the grounds, whilst it sympathised, the Bill's had not been properly thought out. The Executive wished to introduce its own reform by creating a new system of Scottish judgment enforcement to meet the needs of a modern Scotland. In so doing they emphasised the need for reform to ensure that those who could pay their debts did. However they recognised updating the law must also protect society's most vulnerable.
Following a Labour back bench revolt Sheridan's Bill was successfully debated before the Parliament. His measure was hailed as a victory for the new Parliament's committee system within which considerable power was vested, unlike its Westminster counterpart. The Scottish Executive had been administered a bloody nose.
Following its defeat the Executive's Justice Minister, Jim Wallace, announced a "package to modernise Scottish enforcement law" and the establishment of a Cross Party Working Group to examine alternatives to poindings and warrant sales. Those included in the group were the main political parties, including Sheridan. Also non-Parliamentary bodies were invited to join such as Citizens Advice Scotland, the Scottish Consumer Council as well as The Institute of Credit Management.
In establishing the Working Group Justice Minister Wallace said "The fundamental tenet that underpins the system of diligence in Scotland-indeed that underpins our society- is that people have a responsibility as well as rights…on the basis we honour our responsibilities and we expect others to do the same..(which) is at the heart of every transaction…Unfortunately some people refuse to pay their debts until forced even although they are able to do so. In the circumstances the legal system must include a mechanism for people to use to enforce payment due to them…There should be no loopholes which the cheats who can pay but don't sneak through"
Sheridan justified abandoning the Working Group by saying its remit meant approving "warrant sales by another name". This was because the Working Group's remit, which has only met twice since its inception and achieved little, was solely restricted to examining an alternative to poindings and warrant sales rather than the wider remit of holistically focusing on debt enforcement reform. Calling this an "unacceptable strait jacket" he is reported to have said "whatever way you look at this, it is poinding and warrant sales by another name….Parliament voted to remove poindings and warrant sales from the statute book. Not have them renamed. I feel angry and completely let down"
The task ahead of the Executive will be fraught with difficulty and political division. They certainly understand reform must account for the "can but won't pays" whilst recognising the needs of society's most vulnerable.
It is possible for a new system to cater for both. The Executive's difficultly will be to persuade their backbenchers, many of whom support Sheridan's Bill, their proposed reforms are sensible. At the same time it will the Executive's task to draw to the Parliament's attention Sheridan's proposals could leave gaping holes in Scotland's legal process with potential serious economic consequences. It will be up to the politicians to steer a sensible path by introducing measured reform to satisfy Scotland's diverse opinions.
Stephen Cowan, Yuill & Kyle Debt Recovery Lawyers, Scotland www.debtscotland.com
scowan@yuill-kyle.co.uk Tel: 0141 332 7107
NOTICE TO COMPANIES HOUSE USER GROUPS
ANNUAL RETURN FORM 363A
TERMINATION OF APPOINTMENT FORM 288B
ALLOTMENT OF SHARES FORM 88(2)
PRESCRIPTION OF NEW FORMS
New versions of the above forms were prescribed on 13 September 1999 in S.I. 2356/1999.
TRANSITIONAL ARRANGEMENTS
In common with our normal practice we prescribed a 12 months transitional period, during which time the "old" forms could still be used. This transitional arrangement is designed to help customers to use up existing stocks and amend any forms producing packages they operate or support to bring them into line with the new requirements.
END OF TRANSITIONAL PERIOD
The transitional period during which the "old" forms were still acceptable for registration will end on 12 September 2000.
From the 13th September onwards Companies House will no longer accept the "old" versions of the forms for registration.
Customers should make sure that they have re-stocked with the new paper forms or updated their forms producing packages accordingly. New forms are available from Companies House stationery team in the normal way. Forms 288b and 88(2) are available on the Website.
QUERIES
If you have any queries over this matter please contact the Companies House Central Enquiry Unit on 029 2038 0801 or enquiries@companieshouse.gov.uk
GREAT YARMOUTH COMPANY COMBATS MARINE POLLUTION IN MEXICO WITH ECGD BACKING
Trade Minister, Richard Caborn, on the 12 October praised moves by ECGD to support SME's and environmental best practice, following the recent review of the organisation. By underwriting a Norfolk firm's contract to provide anti-pollution and environmental safety equipment in the Mexican Gulf, ECGD was helping both the environment and the UK's small firm base, said Mr Caborn.
Gall Thomson Environmental Ltd has recently completed a contract to provide the Mexican state oil company, Petroleos Mexicanos (PEMEX), with US$740,000 of 'anti-pollution and safety marine breakaway couplings' (environmental safety equipment to guard against spillage of crude oil as it is transferred from its tanker at sea).
This contract is one of the biggest won by Gall Thomson in South America and is helping to support around twenty jobs in Great Yarmouth. The company is hopeful of securing further orders as a result.
The order is being financed under a US$100 million line of credit between HSBC Investment Bank plc and PEMEX, underwritten by ECGD to provide a ready form of finance for UK companies wishing to trade with the oil company.
Mr Caborn said:
"As part of the recent Review of its Mission, ECGD has committed itself to attracting more medium- sized exporters as direct customers by offering products geared to light capital goods. Gall Thomson's order is an excellent example of the sort of success which can be achieved and which I would like to see more of in future."
Gall Thomson Environmental Ltd is the inventor and world leader in the production of marine breakaway couplings.
The Secretary of State for Trade and Industry on the 6 October 2000 presented a petition in the High Court to wind up Smartalk Limited in the public interest. The petition follows enquiries made by the Companies Investigation Branch of the DTI under the provisions of Section 447 of the Companies Act 1985.
On the application of the Secretary of State the Court appointed the Official Receiver as provisional liquidator of Smartalk Limited pending the hearing of the petition on 22 November.
Smartalk Limited was incorporated on 21 January 1999 and traded from Leyland, Lancashire. The company operated a scheme selling computers, which cost it approximately £535 each, to the public for £100 each and a commitment by the purchaser to complete a monthly "lifestyle" questionnaire for a period of two years.
All public enquiries concerning the business affairs of the companies should be made to the Official Receiver at the following address:
The Official Receiver
The Insolvency Service
Public Interest Unit
PO Box 203
21 Bloomsbury Street
LONDON WC1B 3QW
The registered office of Smartalk Limited is at Lifestyle House, Marathon Place, Leyland, Lancashire.
*** 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
We are sorry that this service is not available at the moment.
TW LW TW LW
USA 1.47 1.45 Canada 2.21 2.18
Austria 23.44 23.00 Portugal 341.53 335.15
France 11.17 10.96 Belgium 68.72 67.43
Finland 10.12 9.93 Italy 3298.53 3236.99
Germany 3.33 3.26 Sweden 14.58 14.27
Holland 3.75 3.68 Switzerland 2.57 2.54
Spain 283.44 278.15 Ireland 1.34 1.31
Australia 2.76 2.72 Denmark 12.68 12.45
Hong Kong 11.47 11.37 Euro 1.70 1.67
Africa Com 10.97 10.56 Saudi Arabia 5.51 5.47
India 67.99 67.23 Malaysia 5.59 5.54
Singapore 2.58 2.55 Norway 13.69 13.43
Japan 158.98 159.35
TW This week LW Last week.
Smithkline Beecham plans to buy America's Block Drug for $1.2 billion to become the world's second-biggest toothpaste maker. This may complicate antitrust negotiations over its merger with Glaxo Wellcome. SmithKline denied that the move was designed to boost a Glaxo-SmithKline consumer-goods operation prior to a sell-off.
Arthur Anderson, the big accounting firm, vowed to keep its consulting arm, despite the efforts of American regulators to separate consulting from auditing. A second "Big Five" firm, Deloitte Touche Tohmatsu, also said it would keep its consultants, but the other three (KPMG, PricewaterhouseCoopers and Ernst & Young), acting perhaps on the advice of their own consultants, are getting out of the business.
Daewoo opened merger talks with General Motors and Fiat, a month after Ford backed out of a $7 billion plan to buy the South Korean car maker. GM has pursued an alliance with Daewoo since 1998, but Daewoo put itself up for auction last December instead.
OM, a Swedish stockmarket operator making a hostile bid for the London Stock Exchange, suffered a decline in its share price after reporting lower-than-expected profits for the year to September. Its share and cash offer for the LSE is now worth only a little over 700m pounds ($ 1.0 billion). The LSE said that it would create a rival to the Neuer Markt, Deutsche Borse's small-cap market, as part of its own pan-European strategy.
Source - The Economist
Body Shop announced pre-tax profits of 6.8 million pounds, after exceptional charge, on turnover of 159.7 million, for the six months ending 26th August 2000. Earnings per share stand at 2.5p.
N. Brown, the home shopping group, announced pre-tax profits of 22.7 million pounds on turnover of 185.9 million, for the six months ending August 26th 2000. Earnings per share stand at 5.5p.
DFS Furniture announced pre-tax profits of 46.1 million pounds, on turnover of 357.3 million, for the year ending 29th July 2000.Earnings per share stand at 30.2p.
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:Completed acquisition by TXU Europe Group plc of Norweb Energi
Proposed acquisition by Norsk Hydro (UK) Ltd of Deeside Aluminium Ltd
PROPOSED ACQUISITION BY BSKYB OF BiB
Kim Howells, Minister for Consumers and Corporate Affairs, announced on the 12 October 2000 that he intends to seek from British Sky Broadcasting Group plc ("BSkyB") undertakings to remedy competition concerns arising from its proposed acquisition of British Interactive Broadcasting Holdings Limited ("BiB"). This is in accordance with the advice of the Director General of Fair Trading ("DGFT").
Announcing his decision, Dr Howells said:
"The proposed purchase raises concerns in the market for pay TV. There is the potential for BSkyB to provide premium pay TV channels to rival distributors in a form that contains interactive elements which do not work properly on other platforms. This could harm the commercial interests of rival distributors and thereby reduce consumer choice. I therefore agree with the DGFT's advice that BSkyB should give an undertaking to provide a clean feed of premium TV channels to rival distributors - i.e. a version of the channel which lacks the interactive elements. I have asked the DGFT to seek such an undertaking and to report further by Wednesday 8th November."
Interested parties are invited to make their views known on the appropriateness of these measures to remedy the adverse effects of the merger. Representations should be made to the Office of Fair Trading by Thursday 19th October.
Section 75G of the Fair Trading Act 1973 (inserted by section 147 of the Companies Act 1989 and amended by the Deregulation and Contracting Out Act 1994) enables the Secretary of State to accept undertakings as an alternative to making a merger reference to the Competition Commission. The Secretary of State must consider whether such undertakings remedy or prevent adverse effects of the merger specified by the DGFT.
Interested parties wishing to make representations on the contents and scope of the undertakings which should be offered by BSkyB should do so in writing by 5pm on Thursday 29th October to Steve Lisseter, Office of Fair Trading, Fleetbank House, 2-6 Salisbury Square, London, EC4Y 8JX .
There will be further consultation on the text of any undertakings given by BSkyB before the Secretary of State decides whether to accept them in lieu of reference.
PETROCHEM UK Ltd TO ACQUIRE CARLESS REFINING & MARKETING LTD FROM REPSOL-YPF
Creating a major player in the refining and marketing of petrochemical products in Europe and the Middle East with estimated annual turnover of £230m
London/Madrid, [09 October 2000]. The boards of Petrochem UK Ltd ("Petrochem") and Repsol-YPF SA ("Repsol") are delighted to announce that they have agreed terms for the acquisition of Repsol's UK refining and distribution business, Carless Refining & Marketing Ltd ("Carless"), by Petrochem. Repsol is selling Carless and its other UK businesses as part of its long term global strategy to withdraw from the UK market and concentrate on other regions such as Latin America.
The transaction is subject to the completion of satisfactory due diligence and the parties hope to complete the transaction within five weeks.
Petrochem was founded in 1981 and is the largest oxygenated solvent distributor in the UK and the Middle East. In mainland Europe it is also a major importer of solvents and one of the largest producers of antifreeze, brake fluids and screen washes. The company employs 150 people world-wide with offices in the UK, Europe and the Middle East.
Carless was founded in 1859 and, amongst its earliest achievements, coined the phrase 'Petrol' to describe an early form of gasoline it invented. Today, Carless is one of the biggest refiners of specialist hydrocarbons in the UK, making a large range of petrochemical feedstocks, solvents, print ink distillates, speciality fuels, construction chemicals and light process oils. Carless' business is centred around its refinery in Harwich and distribution centres around the UK and employs over 200 people. It also has offices in Rotterdam and representation in Paris and Sweden.
The combined business will be known as Petrochem Carless and will handle nearly 1m tons of petrochemical products mainly in Europe and the Middle East. Petrochem Carless will provide customers with a 'one-stop shop' - refining, marketing and distributing a broad range of petrochemical products.
Petrochem is being advised by KPMG Corporate Finance and Repsol is being advised by Arthur Andersen Corporate Finance.
David Lubbock, Managing Director of Petrochem, explained:
"We are delighted to acquire such a well-respected business as Carless. There is a strong complementary fit with Petrochem and we are very excited about the future prospects of the combined group."
Juan Sancho, Head of Refining and Marketing at Repsol, added:
"This is an excellent deal for Carless and its employees and we look forward to continuing our relationship with the enlarged Petrochem Carless group."
Twenty-seven percent of UK business is trading online Patricia Hewitt, e-Commerce Minister revealed on the 10 October 2000. This puts the UK on a par with the USA and Canada and ahead of Germany and Sweden.
Ms Hewitt also announced a new £5.5 million Internet Mentoring Initiative to help internet start-ups and established small and medium sized enterprises (SMEs) to make the internet the centre of their business.
The figures published in the Business in the Information Age - International Benchmarking Study 2000 report also show that 1.7 million SMEs are now online, up from 600,000 last year. This exceeds the Government's target of getting 1.5 million SMEs online by 2002, two years early.
Other key findings of the report include:
On a more local level, the report shows that every region of the UK has made significant progress in getting online. Key regional findings reveal:
E-Minister Patricia Hewitt said:
"This year's report shows business across the UK has embraced information and communication technologies (ICTs) and is seizing the opportunities e-commerce presents.
"The UK is among world's leaders in e-commerce. In terms of trading online, we are on a par with the USA and Canada and we lead all the other countries benchmarked in this report, including Germany and Sweden."
"We must continue to build on this and work towards our target of getting one million SMEs trading online. The challenge for businesses now is not simply to get connected but to succeed in the online world using the new e-business practices.
"That is why today I am announcing a £5.5 million Internet Mentoring Initiative to help internet start-ups and established SMEs who want to make the internet the primary means of doing business."
Under the Internet Mentoring Initiative, companies will be able to access tailored business advice via an interactive web portal. It will help entrepreneurs to develop business and marketing strategies, get access to funding and tackle regulatory issues.
The Initiative also includes an Internet Incubator Fund to stimulate the creation of new regional Incubators that will support and nurture new e-businesses. These Incubators will be located in areas where there is less support for new internet businesses.
Patricia Hewitt added:
"E-commerce affects every part of our economy. We are committed to creating an environment which nurtures new and emerging e-businesses in all sectors. Businesses have told us what they want and need. The Internet Mentoring Initiative will help them to achieve their e-goals and help make the UK the best place in the world for doing business electronically."
'Business in the Information Age' is the fourth in an annual series of International Benchmarking Studies commissioned by the DTI to measure the UK's progress towards the Information Age. The report was produced by Romtec and benchmarks business e-commerce activity and use of information and communication technologies in the UK against that in France, Germany, Italy, Sweden, the US, Canada and Japan. The survey is based on the results of nearly 6,000 telephone interviews in businesses of all sizes. Copies of the report are available at http://www.ukonlineforbusiness.gov.uk
DTI defines a business as being 'online' or 'connected' if it uses external email frequently, has a web-site or uses Electronic Data Interchange - EDI. A business is defined as 'trading online' if it engages in both payment and ordering activities online with customers or suppliers.
The results of the International Benchmarking Study are calculated by using numbers of businesses weighted by the number of employees. For example, '81% of businesses' should be understood to indicate 'businesses accounting for 81% of all UK employees'. Weighting by employment takes into account the economic importance of the businesses involved and allows more meaningful comparisons to be made between countries, avoiding distortions due to differing industrial structures in each country. Where absolute figures are given, i.e. '450,000 SMEs are trading online' the figures have been weighted by number of businesses.
The Internet Mentoring Initiative will be run by the private sector. The web portal will be developed in close consultation with the Small Business Service. The Incubator Fund will be taken forward in close consultation with the Regional Development Agencies.
The network of UK online for business advisers is currently being integrated into the Business Link network in England and its counterparts in Scotland, Wales and Northern Ireland. To find your nearest UK online for business adviser, call the Infoline on 0845 715 2000 or visit the web site at http://www.ukonlineforbusiness.gov.uk
Monday 16 October Wessex Branch of the ICM Grant Thornton Workshop Evening Sponsored by Grant Thornton The Southampton Royal Yacht Club 7.00pm for 7.30pm Refreshments Tuesday 17th October 2000 Chilterns Branch of the ICM Insolvency Reform and Corporate Restructuring To be held at Kodak, Hemel Hempstead 6.30 for 7.00pm Friday 20 October 2000 Millennium Annual Dinner of the ICM Drapers Hall, City of London. Monday 13 November Wessex Branch of the ICM Annual Quiz Night Sponsored by ICC Information Ltd The Southampton Royal Yacht Club 7.00pm for 7.30pm Refreshments Friday 24th November Chilterns Branch of the ICM Annual Dinner Your Branch Committee invites you and your Colleagues, Suppliers or Customers to a formal Dinner, a Speech and Toasts by our Special Guest Speaker. This Years sumptuous occasion is at Putteridgebury near Luton, one of the most beautiful of locations in the branch area. Tickets : £30 Per member, £50 Member & guest or A corporate table for the modest price of £275.00 For details, tickets & Table reservations please contact: Jennifer Scott 01992 553931, Stuart Hopewell 020 7465 5908, If you have an event coming up which is credit management related and you would like us to make an entry in the Diary section please e-mail the details to jarnold@creditman.co.uk.
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