Editor: John Arnold. E-mail jarnold@creditman.co.uk
Pat Williams. E-mail pwilliams@creditman.co.uk
Site: Business Credit Management UK
URL: http://www.creditman.co.uk
Issue: Vol 5 Issue 7
Dated: 18 February 2001
Welcome to the Business Credit News UK.
In this weeks edition you will find the following topics.
UKBYERS PUBLISHES COMPETITIVENESS INDICATORS
UK economy healthy but skills shortages and productivity pose key challenges
Trade and Industry Secretary Stephen Byers on the 11 February published UK Competitiveness Indicators:- Second Edition, a compilation of 41 key measures of the UK's economic performance.
The indicators range from levels of investment and exploitation of new technology, to entrepreneurship and education and training attainment.
The indicators show that the UK is well placed to meet the challenges of the global economy, particularly in its macroeconomic stability which has contributed to record levels of foreign investment in 2000 and increased job creation. But it is less prepared in other areas, especially in basic and vocational skills and in creating a business culture that encourages risk-taking. This contributes to a productivity performance which lags significantly behind the US, France and Germany.
The indicators signalled strong UK performance in the following areas:
However the indicators pointed to UK current performance lagging behind its main competitors in the following areas:
Stephen Byers said:
"There is much to be proud of in these indicators. We have a strong and stable economy thanks to tough action taken by the Government. And we have been rewarded by record inflows of foreign investment, bringing the total stock of inward investment to over £300 billion.
"Firm economic foundations are now in place for us to build for the future. We have made a start but there is a lot more work to be done if we are to adapt to a constantly changing global economy.
"Government and business must work together to make sure we continue to change with it. And, if the UK is to continue to compete on a world scale, we must address our shortcomings.
"This report has highlighted the need to remove obstacles to enterprise and entrepreneurship in all parts of the country, to address the skills shortage in our workforce, and to raise educational standards for all.
"That is why the Government is publishing a White Paper this week to show what we need to do now to tackle these problems. It will set out how the Government will work with individuals and business to help them take advantage of economic change rather than be left behind by it."
UK Competitiveness Indicators: Second Edition are available on the DTI website:
http://www.dti.gov.uk/opportunityforall/indicators2
EARNINGS DATA UP, BUT PRODUCTIVITY REMAINS FAVOURABLE - CBI
Official figures out on the 14 February show a continuation of the upward trend in average earnings but improved productivity should contain inflation pressures, according to the Confederation of British Industry.
Kate Barker, CBI's Chief Economist, said: "Earnings growth seems to have picked up in the fourth quarter of last year. However, lower inflation over recent months may help to take the heat out of wage pressures.
"Manufacturing has once again experienced significant job losses. But the figures for manufacturing productivity and unit labour costs show a welcome improvement, and should help to keep inflation low."
ILO unemployment fell by 21,000 between the three months ending September 2000 and the three months ending December 2000. The claimant count measure for January was down in comparison to December with a fall of 25,5000 being recorded.
The number of jobs in manufacturing fell by 12,000 between November and December and now stands at 3.893 million.
Average earnings increased by 4.4 per cent over the year to the three months ending December 2000, which compares with 4.2 per cent for the three months ending November and 5.4 per cent in the three months ending December 1999.
COMPLAIN, COMPLY OR CONFESS
OFT calls on small businesses not to be complacent about cartels
Small businesses must complain, comply or confess, the OFT urged on the 15 February as it stepped up its fight against cartels.
The competition authority - which has the power to fine cartel members up to ten per cent of their UK turnover under the Competition Act 1998 - sees small businesses as particularly vulnerable to the effects of cartels. Some may also be breaking the law, perhaps without knowing it, by agreeing with other businesses not to compete against each other.
The OFT, which has today launched an education campaign targeted at the sector, is calling on firms to:
As part of the OFT campaign, accountants will be sent information about cartels for their clients. There will also be national press and radio advertising to reinforce the importance of this information.
John Vickers, Director General of Fair Trading, said: 'Cartels take money off their customers by rigging markets against them. The OFT will not hesitate to use its powers to unearth, stop and punish cartels. Businesses small and large must know this. And if anyone suspects that a cartel exists, they should blow the whistle by calling our Cartel Hotline.'
The Competition Act 1998, which came into force on 1 March 2000, prohibits anti-competitive agreements and behaviour such as price fixing as well as abusive conduct by dominant firms. The Act gives the Director General of Fair Trading the power to impose penalties of up to 10 per cent of a company's UK turnover for up to three years for an infringement of the law.
Competition Act 1998 which are available free from: OFT, PO Box 366, Hayes UB3 1XB 0870 6060321
http://www.oft.gov.uk
CBI REACTS WITH CONCERN TO RUMOURS OF PLAN TO ABOLISH RETIREMENT AGE
The Confederation of British Industry last Tuesday reacted with concern to rumours suggesting the government plans to abolish contractual retirement ages.
Digby Jones, CBI Director-General, said: "There is a need to raise the level of employment among older workers, given skills shortages and an ageing population. But doing away with contractual retirement ages without consulting employers is not the solution.
"Flexibility - not a 'one size fits all' solution - has to be the name of the game.
"There may be justifiable reasons why an employer cannot extend the retirement age. Indeed, it might be irresponsible to employ people over retirement age."
Digby Jones said that the Government's own research showed that two-thirds of employers were happy to keep people on beyond retirement age by mutual agreement. Many employers want more flexibility and have asked the Inland Revenue to change the rules on pensions to open up flexible choices.
He warned that before making decisions on contractual retirement ages the government should look at countries like the US where, since lifting the age limit, some firms have experienced increased costly litigation involving older workers.
"The UK government has six years to implement the EU directive. It is vital for employers and employees alike that they get it right," Digby Jones added.
The Lord Chancellor's Department has announced on the 12 February 2001 that a new research project into the Civil Justice Reforms is to be carried out by Nottingham Law School's Centre for Legal Research.
Professor John Peysner and Professor Mary Seneviratne of Nottingham Law School have been commissioned to research the effect that the Civil Procedure Rules have had on case management since implementation in April 1999. A final report is expected in January 2003.
"I am extremely pleased to be working with the Lord Chancellor's Department on this project", said Professor Peysner. "The Civil Justice Reforms heralded a major change in the way in which Civil litigation is conducted and I look forward to looking at the impact of Case Management on cases.
David Lock, Parliamentary Secretary at the Lord Chancellor's Department, said: "I am delighted to announce this new research project, which marks the beginning of our programme to evaluate the Civil Justice Reforms. Since their introduction, we have allowed time for the system to settle before embarking on comprehensive research to assess the progress of the reforms. We are now in a position to begin reviewing the new procedures."
The study is part of a programme of research, to be conducted by the Lord Chancellor's Department over the next two years, which will assess the impact of the Civil Justice Reforms.
The Civil Procedure Rules came into force in April 1999 following the recommendations of Lord Woolf's report 'Access to Justice', presented to Parliament in July 1996. Further details about the reforms can be found on the Lord Chancellor's Department website ( http//www.open.gov.uk/lcd ).
The case management elements of the Civil Justice Reforms were introduced in order to promote timely settlement, reduce cost, delay and complexity and reduce the number of trials in cases that could be resolved before hearing.
THE CREDIT SUMMIT 2001 7- 8 March
Commercial Credit Management: new rules, new roles, new technologies
This year’s programme is based on research with Credit Managers from a wide range of sectors across the UK. We have built a programme around the needs and desires of professionals like you - leading credit managers at the sharp end of the business.
New Themes with New Focus
To avoid you having to sit through sessions that may not be relevant, we have divided the Summit into two one-day sessions with their own targeted themes. See below for further details.
Day One: Credit Management: professional developments and opportunities
- this day will focus on the key management issues facing you now, from overcoming the UK’s late payment culture to keeping up-to-date on the myriad legal questions you have to grapple with every day. New career opportunities for Credit Managers will be assessed with an in-depth look at two interesting opportunities; commercial scoring and customer management.
Day Two: Credit Management, the Internet and Other Important Technologies for the Future
-this day will provide you with all you need to know to get bang up-to-date with the technological revolution facing business today. From E-commerce to knowledge management, and from keeping the lid on bad debt while reducing transaction time, you need hard facts now. In just one information-filled day you will have all the key elements explained and will leave with the knowledge that that you now know what you should be doing – and why!
Building on the best of last year’s event, Summit highlights include the new Solve It! sessions, Panels of Experts and the Collections Debate that pits NACAB against the collections industry - giving each party a chance to have their say.
As usual, places are limited so book now by phoning Vicki Armstrong – Smith on 01244 393454 to avoid disappointment. Don't forget you also get free entry to the Exhibition, plus exclusive access to the VIP lounge, with free drinks and refreshments.
For up to date information regarding the event and summit please visit www.creditevents.com
STOCKPORT BUSINESS DENIED CONSUMER CREDIT LICENCE
A washing machine rentals business which trades in Stockport has had its appeal to be granted a consumer credit licence dismissed by Secretary of State for Trade and Industry Stephen Byers.
Stockport Washer Rentals Limited appealed to the Secretary of State after the Director General of Fair Trading (DGFT or Director General) told it in July 2000 that it was not fit to hold a consumer credit licence.
The company was applying for a licence for the first time.
The Secretary of State appointed a tribunal to hear the appeal and a representative of the company and of the DGFT put their case at a public hearing in Manchester in November 2000.
The tribunal concluded that the company was not fit to hold a licence in view in particular of two convictions in 1998 against the director and controller of the company:
The company has a right of appeal to the High Court on a point of law within 28 days of being informed of the Secretary of State's decision.
In July 1999, the Director General informed Stockport Washer Rentals Limited that he was minded to refuse the company's application for a consumer credit licence. The company made written representations to the Director General's Adjudication Officer in October 1999: it did not take up the opportunity to make oral representations. In July 2000, the Adjudication Officer notified the company that he had decided, on behalf of the Director General, to refuse its application for a licence. The company appealed to the Secretary of State in August 2000, and the appeal was heard on 10 November 2000.
Having considered the report and recommendations of the appeals tribunal, the Secretary of State decided that the company is not a "fit person" to carry out the activities for which it had applied for a licence, and rejected the appeal.
The Consumer Credit Act 1974 sets up a licensing regime for individuals, companies and firms carrying on regulated consumer credit or consumer hire business. Licences are issued by the Director General of Fair Trading, and it is a criminal offence to engage in regulated consumer credit or consumer hire business without one.
The Director General will not issue a licence to anyone he considers is not a "fit person" to engage in the business activities which the licence would cover. He also has the power to revoke licences he has issued if he considers that the licensee is no longer a "fit person". The Director General makes this assessment taking into account all the relevant circumstances. There are a number of matters which the Consumer Credit Act particularly requires him to take into account, among which are evidence that the trader has contravened provisions of the Consumer Credit Act or other legislation regulating transactions with individuals, or has engaged in deceitful, oppressive or otherwise unfair or improper business practices.
Before the Director General makes a final decision to revoke a licence or to refuse an application for a licence, the trader concerned can put his or her side of the story to an Adjudication Officer at the OFT.
If the Director General decides to revoke a licence or to refuse the application for a licence or the renewal of an existing one, he tells the trader formally of his decision. The trader then has the opportunity to appeal to the Secretary of State for Trade and Industry.
Appeals to the Secretary of State under the Consumer Credit Act are heard by a tribunal of independent persons, appointed for that purpose by the Secretary of State. Both the DGFT and the trader can argue their case before the tribunal. The tribunal then decides whether it thinks the trader is a "fit person" to hold a consumer credit licence and submits a detailed report to the Secretary of State with a recommendation about whether the Secretary of State should uphold or dismiss the appeal. It is the policy of the Secretary of State to accept the recommendations of the tribunal, unless they are wrong in law.
When the Secretary of State decides that an appeal be dismissed or upheld, he notifies the trader and the DGFT of his decision. The trader then has a further right of appeal, on a point of law, to the High Court. In the case of a revocation or of a refusal to renew a licence, if the licensee appeals to the High Court, he continues to hold the licence until the appeal has been ultimately concluded against him.
WORLD COMMERCE ONLINE AND eCREDIBLE FORM STRATEGIC PARTNERSHIP
ORLANDO, FL, February 12, 2001 - World Commerce Online, Inc. (OTCBB: WCOL), a leader in global business-to-business electronic commerce business solutions for the perishables products industries announced a strategic partnership with eCredible Ltd., a provider of online B2B credit management solutions. Through the strategic partnership eCredible will provide a full suite of credit management services as an integrated offering of World Commerce Online's FreshPlex Technologies™ application suite for Private and Branded Trading Community customers.
"As our customers expand their strategic application of our business solutions they will strive to increase their transaction volume by opening their communities to new buyers. To accept those buyers and provide them with attractive payment terms, they need scalable credit decisioning, credit risk management and financial payment solutions," said Michael Poole, Chief Executive Officer of World Commerce Online. "eCredible provides financial services that actually take on the risk and assist in credit decisions all in a hosted solution, integrated with our FreshPlex Technologies™ and backed by the eCredible Payment GuaranteeTM. Our partnership with eCredible can eliminate the uncertainty about a buyer's ability to pay, thus providing the trust to conduct their transactions entirely online."
Gerard Brouwer, CEO of Management Share B.V., a large European Systems Integrator headquartered in the Netherlands, comments "By adding the online B2B credit risk and payment solutions of eCredible to the existing FreshPlex Technologies™, WCO completes its vision to offer the most comprehensive global B2B solution suite in the industry while providing unprecedented savings and return on investment to its customers. WCO's Introduction of integrated FreshPlex Technologies™ and eCredible will positively influence the increasing European client base of WCO. This strategic addition of eCredible to the full range of WCO business solutions has positioned World Commerce Online as the premier end-to-end global solution for the perishables industry."
FreshPlex Technologies™ offers solutions to improve profitability and significantly reduce costs in the perishable products industry. Forecasted demand from large retailers and buying consortiums can be synchronized with supply throughout the entire supply chain, from farm to repacker to importer/exporter to broker, to processor and retailer, allowing the entire supply chain to collaborate and optimize supply, demand and transportation transactions and data. Environmental, hereditary, source and shipment tracking information along with comprehensive transportation management capabilities, are designed to pinpoint the origin of the product and its precise movement though the supply chain, ensuring a fresher product with full trace-ability for the consumer.
eCredible, a part of the leading global credit insurer NCM, utilizing its extensive online credit verification system and global buyer database, authenticates and certifies prospective buyers. When approved for coverage, eCredible issues an online credit certificate to the buyer with an authorized spending limit, similar to a credit card, and backs it with the eCredible Payment GuaranteeTM. Subsequent transactions can then be approved in real-time by eCredible against payment default and insolvency.
"The future survival of eMarketplaces will be based on their ability to provide value-added services such as credit insurance, escrow, payment settlement, financing, verification of trading partners and other transaction processes that make it easier, safer and cheaper to do business," said Aaron McPherson, a Research Manager for IDC.
"This partnership allows the credit risk for World Commerce Online's Private and Branded Trading Community customers to be managed for any size transaction, regardless of the buyer's size, credit profile, or geographic location," said Gil Grossman, Chief Executive Officer, eCredible. "No other credit management package offers coverage this broad, backed by eCredible's Payment GuaranteeTM and buyer authentication system, in a service processed online at Web speed."
Benefits to Suppliers & eMarketplaces:
About eCredible
eCredible (www.ecredible.com) provides risk management solutions for online B2B transactions. eCredible's core product, the Credit Certificate, is the platform for a full suite of risk management services - including authentication/verification, encrypted communications, the eCredible Payment GuaranteeTM and dunning/collections. The entire range of services is provided in a fully integrated and automated fashion, without interrupting the online transaction.
eCredible, part of the NCM Group, benefits from the experience and assets of one of the world's leading providers of credit insurance, 75 years in business and covering over $130 billion annually. NCM is majority owned by Swiss Re, a AAA-rated global leader in credit reinsurance. eCredible was started with the support of several partners, including IBM and McKinsey & Company. eCredible is headquartered in Amsterdam, The Netherlands, with US offices in Denver, Colorado and Baltimore, Maryland.
About World Commerce Online
Founded in 1994, World Commerce Online (OTCBB: WCOL) is a technology company that enables businesses in the perishable products industries with e-commerce business solutions. With its Global, Branded and Private Trading solutions, World Commerce Online provides its customers with access to global markets while providing maximum security and data integrity and complete control over sensitive business information World Commerce Online's FreshPlex Technologies™ currently power Floraplex, the B2B e-commerce solution for the estimated $150 billion worldwide floriculture industry, and ProduceOnline.com for the estimated $550 billion worldwide produce industry, along with numerous Branded and Private Trading Communities throughout the global perishable products industries. World Commerce Online maintains offices in Florida, California Colombia, Ecuador, the Netherlands, Israel, Kenya, and France. For more information about WCO and its B2B e-commerce solutions, visit our corporate web site: www.wconet.com
R3, the association representing professionals who work with under performing businesses, believes government proposals to promote enterprise could actually increase the number of businesses going to the wall.
The DTI and DFEE has launched a paper aiming to make the UK economy more entrepreneurial, with focus on changing existing insolvency law. Key issues for R3 concerned:
Stephen Gale, President of R3, had comments on the above:
"I don't understand why government have still failed to grasp the nettle of abolishing preferential creditor status for the tax authorities. This is something which would ensure trade creditors get more money back from insolvencies and encourage tax departments to take rescue proposals more seriously.
"The current government wishes to create a more entrepreneurial business culture, but crown departments are often only willing to support voluntary arrangements, designed to return money to creditors, when they are guaranteed all of their money back. This flies in the face of the government's desire to promote entrepreneurs and prevents businessmen from surviving what may be only a temporary problem. If tax departments supported more voluntary arrangements, taking less than 100% of their debt when necessary, more business would be able to continue trading and provide greater returns to ordinary creditors in the process".
The deadline for submissions on the joint DTI/Treasury paper on company rescue and reconstruction mechanisms (CRM paper) was this month, yet government hasn't waited to evaluate the results before bringing out this new paper incorporating elements actually discussed in the CRM paper:
"I can't believe the government is serious about consultation: they have issued this paper without waiting to evaluate expert responses to the CRM paper. This is wasting business's time and is disappointing to those who have spent time and effort trying to improve the content of potential future legislation".
R3 is pleased that their comments on the April 2000 paper 'Bankruptcy - A Fresh Start' were taken into account as the government is now proposing a 12 month rather than 6 month minimum period for bankruptcy, the minimum period now being 3 years. However, as Stephen Gale details, this still involves the same problems:
"A twelve month bankruptcy period means that the government has effectively banished any hope of getting a decent return for creditors in many cases - as these will no longer be effectively investigated. It may also lead to longer bankruptcy periods for many, depending on the definitions of irresponsible, negligent or dishonest which the government now wishes to apply to see if debtors qualify for the minimum bankruptcy period. For example - if it is negligent not to pay your VAT or income tax on time, many more people could find themselves in bankruptcy for longer. In addition, this does nothing to diminish the stigma of bankruptcy - which remains with the individual often for many years.
"Whilst making a bankrupt's fresh start less onerous is laudable, it is beset with problems. The government's desire to make bankruptcies less onerous ignores the existing benefits provided by IVAs, which return over 40% more money to creditors than bankruptcies and impose none of the disabilities associated with bankruptcy - nor do they carry the stigma of bankruptcy. Creditors in an IVA receive on average 55 pence in the pound compared to 39 pence in the pound for bankruptcies, a figure that is likely to drop considerably if these proposals are adopted."
An IVA, unlike a bankruptcy, allows a debtor to continue to act as a director of their firm. For the small company this is often vital if the business is to continue".
For further information, please contact:
Andrew Smith Tel. 020 7251 1500 Mobile 0797 127 2483 email: andrew.smith@smithgrundon.co.uk
Bella Pagan Tel. 020 7251 1500 Mobile 0796 785 2384 email: bella.pagan@smithgrundon.co.uk
R3 (The Association of Business Recovery Professionals) is the leading professional business recovery body. Besides fulfilling the role of a professional institute for the insolvency and business rescue profession, it aims to become the centre of professional excellence for those working with under performing businesses from rescue right through to insolvency. It has evolved from what was SPI (the Society of Practitioners of Insolvency) and has widened the audience from which it can accept members (previously restricted to licensed insolvency practitioners alone) to include professionals who can demonstrate a high degree of experience and competence in the rescue, recovery and renewal of businesses. The new organisation continues to fulfil the role of a professional insolvency institute. Exceptions to this are licensing, regulation and discipline which are carried out by those bodies recognised by the Secretary of State as able to grant insolvency licences - the Recognised Professional Bodies (RPBs). The other exception is examination, which is undertaken by the Joint Insolvency Examination Board (JIEB).
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From 19/02/2001 to 27/02/2001 Number of Creditor meetings : 248 Section Company Time Venue 138 Scotland - Interim Liquidator calling Creditors Meeting 20/02/2001 Adflag Europe Ltd 11.00 am Glasgow 23/02/2001 Envelopes Ecosse Ltd 12.00 pm Glasgow 26/02/2001 Begin Ltd 01.00 pm Glasgow DHE Ltd 11.00 am Glasgow Semco Embroidery Ltd 10.00 am Glasgow Tony Hanlon Ltd 10.30 am Edinburgh 27/02/2001 NewTown Construction (Scotland) Ltd 12.00 pm Glasgow Townview Ltd 11.00 am Glasgow 23 Administrator Calling a meeting of Creditors 20/02/2001 I T Publishing (UK) Ltd 12.00 pm Birmingham 22/02/2001 Lencraft Ltd 02.00 pm Newport Pagnell 27/02/2001 Megret Ltd 11.30 am Liverpool Microleve International Ltd 10.00 am London 48 Receiver calling unsecured Creditors Meeting 19/02/2001 AMI Technology Ltd 10.15 am St Albans 20/02/2001 Gooch & Jones Ltd 10.30 am Dover 21/02/2001 British Creameries Group Ltd 11.00 am Birmingham 22/02/2001 A & J (Grays) Ltd 11.30 am Stansted 26/02/2001 Days Quality Foods Ltd 11.00 am Cardiff 84 N. Ireland - Creditors Voluntary Liquidation 19/02/2001 Bridge Street Service Station Ltd 10.00 am Comber 98 Creditors Voluntary Liquidations 19/02/2001 APT Consulting Ltd 11.30 am Nottingham Brookworld Ltd 11.00 am London City Valeting Ltd 11.00 am Leeds Crownridge Stainless Steel Ltd 12.00 pm London DPH Mechanical Ltd 11.00 am Ipswich Dreamticket Holiday Co Ltd 02.45 pm Hounslow Elysees Saveurs Ltd 12.00 pm London Gleniffer Recruitment Ltd 12.00 pm Glasgow Goodrock Building Co Ltd 11.30 am Manchester Grapes House Management Co Ltd 11.00 am London Grovevclose Ltd 10.15 am London Harris (Flooring Techniques) Ltd 11.30 am Manchester J & J Supplies Ltd 11.00 am Stoke-on-Trent Jeyda Catering Ltd 03.00 pm London Jones Design Co Ltd - The 03.00 pm London Kinetic Needlecraft Ltd 11.00 am Guildford M T P Electrical Ltd 11.00 am London Machine Tools International Ltd 03.00 pm Manchester Mas Joinery & Glass Ltd 11.30 am Bradford Mosaic Graphic Communications Ltd 12.00 pm London Mountbrook Ltd 11.00 am Glasgow Nutech Machine Tools Ltd 11.00 am Birmingham P J D Services Ltd 02.30 pm Stoke-on-Trent Reflex Distribution Northern Ltd 10.30 am Newcastle-u-Tyn Shortec Ltd 10.15 am Bradford Steelforce Maintenance Ltd 11.00 am Manchester Steven C Kander (Philatelists) Ltd 11.30 am Pinner Tombh Engineering Ltd 10.30 am Birmingham Unidrive (UK) Ltd 11.30 am Sileby Websonline.Com Ltd 10.15 am Leeds West Midlands Door Services Ltd 11.45 am Stoke-on-Trent Williams Industrial Ltd 12.00 pm Ipswich Woodform Display Systems Ltd 10.30 am Leeds 20/02/2001 Ade Roberts Door & Window Fittings Ltd 02.00 pm Halesowen Alltite Cladding Supplies Ltd 11.00 am Lytham St Annes Astra Fine Arts Ltd 02.30 pm Richmond Berkeley Seers Holdings Ltd 12.00 pm London Britnor Liferafts Ltd 11.30 am Liverpool CBI Associates Ltd 11.00 am Manchester Challbrook Distribution Ltd 10.15 am Newcastle Commercial Vehicles Ltd 10.00 am Haverhill County Electrical Distributors Ltd 10.30 am Droitwich Crownwood Securities Ltd 03.00 pm Chelmsford David Neill & Partners Ltd 12.00 pm London Derry Construction Ltd 11.00 am Leeds Dial-Away Ltd 12.00 pm Leeds Distributed Micro Storage Techno Ltd 10.30 am Newbury Dixona Ltd 04.00 pm London Edward Frost (Carpets) Ltd 11.00 am Birmingham Fashion Freaks Co Ltd 10.30 am Leicester Firebywire Ltd 11.30 am London Haymar Gauge Ltd 03.00 pm Birmingham Keebee Homes Ltd 11.15 am Chilworth L'aloutte Ltd 11.00 am Halsall London Trade Mills Ltd 10.30 am London Montweave Ltd 03.00 pm Halsall Peak Group Ltd 11.00 am Stoke-on-Trent Pristine Dry Cleaning Ltd 03.00 pm Brighton Ratchgate Ltd 02.30 pm Sileby Roberts & Graham of Billinge Ltd 12.00 pm Manchester Silveride Ltd 11.30 am Cannock Simplaclaim Ltd 10.00 am Manchester Singletrack Ltd 11.30 am Chester Spider Creations Ltd 10.30 am Cambridge Summerhouse Awnings Ltd 02.30 pm Fleet Switched on Systems Ltd 11.00 am London T Redman & Co Ltd 12.00 pm Manchester Union Batteries (Europe) Ltd 12.00 pm London Utility Exchange UK Ltd 11.00 am London V B K Transport Interior Ltd 02.00 pm West Drayton Walker Sports (UK) Ltd 12.00 pm Manchester Webster Communications Corporation Ltd 11.00 am Halsall West Lindsey Growers Ltd 11.00 am Grimsby Worldmaster Ltd 10.15 am Southend-on-Sea XEL Project Management Ltd 10.30 am Hove Young Construction (London) Ltd 02.00 pm London 21/02/2001 1 World Ventures Ltd 03.30 pm London ABD Office Solutions Ltd 11.00 am Westcliff-on-Se ABP Electrical Contractors Ltd 10.45 am Tunbridge Wells Artisan Bathroom Design Co Ltd -The 11.30 am Liverpool Astram Ltd 03.30 pm London Bristol Galvanizers Ltd 11.00 am Bristol Britannia Builders Ltd 10.30 am Chandlers Ford C Goodliffe Neale Ltd 11.30 am Worcester Carlisle Engineering Co (UK) Ltd 10.00 am St Albans Chequered Flag Motor Co Ltd 10.00 am Northampton Chichester Window Co Ltd 11.30 am Chandlers Ford Cornmeer Services Ltd 10.45 am Bristol Detexomat Engineering Ltd 02.30 pm Bisham Event Management & Promotion Ltd 11.30 am Poole Followform Tools Ltd 03.00 pm Newcastle-u-Lym Golding Electrical Ltd 11.30 am Aldridge H & R Buckley (Roofing Contractors) Lt 10.30 am Liverpool Hi-Protech Security Services Ltd 02.30 pm Manchester Home Memorial Services Ltd 12.00 pm Croydon Home Memorial Services Ltd 12.00 pm Thornton Heath Java Glass Ltd 12.30 pm Chandlers Ford Java Group Ltd - The 01.00 pm Chandlers Ford MB Aseptic Technology Ltd 11.30 am Preston Mandar Food Services Ltd 11.30 am Brighton Middlesborough Activity & Resource Cen 10.30 am Yarm Organic Marketing Co Ltd - The 10.45 am Bishops Frome Pantex (UK) Ltd 10.30 am Sheffield Pressgreen Ltd 10.30 am London Private Property Management Ltd 03.00 pm London Southern Textiles (UK) Ltd 04.00 pm London Summerfield Consultancy Ltd 01.00 pm Rochester Supermeter Ltd 11.00 am London Tenvec Ltd 12.00 pm London Torq Building Services Ltd 11.00 am Edgware United Building Consortium Ltd 12.00 pm London 22/02/2001 A J Sportex Ltd 11.00 am London Anthony Whittaker Construction Ltd 11.00 am Birmingham Arun Coatings (Sussex) Ltd 10.15 am Worthing Ary Ltd 11.30 am Blackburn Balalask Ltd 11.00 am Northampton Blue Mountain Systems Ltd 11.30 am Lutterworth Cagecart Ltd 12.00 pm London Chix (Eastcote) Ltd 12.00 pm London D M I Medical Ltd 11.30 am Glazebrook Drawmead Ltd 11.00 am Bristol Earthview Computing Ltd 11.00 am Birmingham Equaltone Ltd 11.00 am London European Sport Travel & Leisure Ltd 11.15 am Leeds Expressions Print & Design Ltd 11.00 am Leeds Greatvalid Ltd 11.30 am Manchester Greenhawk Groundworks Ltd 10.15 am Weybridge Guardian Preservation Co Ltd 10.30 am Leeds Hallmark Windows & Home Improve Ltd 12.30 pm Washington Hampson Fabrications Ltd 11.00 am Aldridge Henderson Plant Installations Ltd 11.00 am Hamilton Ilam Training Ltd 10.30 am London Lawton Imports Ltd 10.00 am London Marine Spares (Lincoln) Ltd 11.00 am Sheffield Mycro IT Ltd 01.00 pm Weybridge Oakcyber Ltd 11.30 am Preston P D S Industries Ltd 11.00 am London P J Beirne Construction Ltd 11.45 am Weybridge Refrigeration Centre Ltd - The 10.30 am Sileby Rexicon Ltd 11.00 am Edgware Roachwood Joinery Ltd 10.30 am Reading Robertson Tooling Ltd 11.00 am Newport Pagnell Romana Ltd 03.00 pm London S & J Windows Ltd 10.30 am Bromsgrove Sebright Ltd 12.00 pm Royston Stateside Services Ltd 12.00 pm London Tradeline (Southern) Ltd 12.00 pm Southampton Transpeed Ltd 11.30 am Brighton 23/02/2001 @Peace Ltd 03.00 pm London Abell Homes Ltd 11.30 am Aldridge Alphastar Ltd 12.00 pm London Barn Owl Conservation Trust Ltd 10.00 am Southam Bellarose Fashions Ltd 04.00 pm London Black Rumley Holdings Ltd 03.00 pm Chipping Norton Broadgate Print Group Ltd 11.00 am Coventry C S M Plating Ltd 11.00 am Kings Norton CCS Computer Services Ltd 11.00 am London Cupra Sport Ltd 03.00 pm Chipping Norton David Esau Ltd 12.00 pm Liverpool Delta Property Management Ltd 10.30 am Harrow Dimegrove Ltd 11.00 am London Ecountries Ltd 11.00 am London F R C Solutions Ltd 03.00 pm London Graphic Connection Direct Ltd 11.00 am Liverpool Grime Blasters Ltd 04.00 pm Fareham Hanley Page Design Ltd 11.00 am Northampton James Langman (Builders) Ltd 11.00 am Bristol Millenium Recruitment (North East) Ltd 02.30 pm Newcastle-u-Tyn Millennium UK Contracts Ltd 11.15 am Bately Nashfare Ltd 04.00 pm London Offshore Production Ltd 10.00 am London P T P Interiors Ltd 03.30 pm Lutterworth Premier Designs (Guildford) Ltd 10.15 am Epsom Shire Catering Co Ltd - The 10.30 am Sheffield Sportstek Ltd 03.00 pm Chipping Norton Sumgild Ltd 10.15 am Huddersfield Summerbank Pottery Ltd 11.00 am Newcastle-u-Lym Sungate Farm Shop & Nursery Ltd 10.45 am London Systemex Transport Services Ltd 10.30 am Sutton Xpress Support Services Ltd 11.00 am Northampton 26/02/2001 Autoshelf (UK) Ltd 10.30 am Droitwich BPL (BBQ) Ltd 11.30 am Sittingbourne Blooming UK Ltd 12.00 pm London British American Promotions Ltd 10.30 am London D B C Media Group Ltd 11.15 am Bromley David Mountford Ltd 11.30 am Glazebrook Flannagan Days Ltd 12.00 pm Manchester Grippex Ltd 12.00 pm London Hamilton Brothers Ltd 03.00 pm Glasgow Holborn Print Ltd 12.00 pm Plymouth J Stone Ltd 02.30 pm Fleet Landmark Retail Group Ltd 11.00 am London Novacare Maintenance Ltd 12.00 pm London Proactive Comms (Wembley) Ltd 02.00 pm London Professional Direct Logistics Ltd 11.30 am Preston Reabridge Contractors Ltd 11.00 am Birmingham Reuben Davenport Ltd 11.00 am Halsall S M S Engineering Systems Ltd 11.00 am Grimsby Sterling Connect Ltd 11.00 am Birmingham Talke Signs & Labels Ltd 02.30 pm Birmingham Weathertime Ltd 12.00 pm London Zionsong Ltd 02.00 pm Newport 27/02/2001 21st Century Haulage Ltd 11.00 am London Ace Snooker Ltd 11.30 am London Altran Ltd 11.00 am Sunderland Anserve Ltd 11.00 am Stoke-on-Trent Brackmills Print & Design Ltd 11.00 am Weedon Byelex Ltd 11.00 am London David Barton International Ltd 10.00 am Evesham J R Industrial Ltd 11.00 am Dundee Leicester Manufacturing Ltd 11.00 am London Manhattan Cocktail Bar & Restaurant Lt 02.00 pm London Nari Ltd 02.00 pm London New Age Security Agency Ltd 12.15 pm London Norcell Car Phones Ltd 11.30 am Liverpool Novoturn Ltd 12.00 pm London Ocean Midas Group Ltd 11.00 am London Ocean Rentals Ltd 11.30 am London Patterned Concrete (East Midlands) Ltd 10.30 am Southwell Potters Catering Ltd 10.00 am London Project Software Solutions Ltd 11.30 am Manchester Stoneydown Logistics Ltd 11.00 am Southend-on-Sea Suma Ltd 04.00 pm London Supermain Ltd 03.00 pm London Synex Telecommunications Ltd 11.30 am South Croydon Thompson Forestry (UK) Ltd 10.45 am Sutton Towncircle Ltd 11.15 am London Tradecell Ltd 12.45 pm London Waters Construction Ltd 11.00 am Brighton Wheelclean (International) Ltd 10.15 am Bury
TW LW TW LW
USA 1.46 1.45 Canada 2.23 2.19
Austria 21.09 21.69 Portugal 321.89 316.15
France 10.53 10.34 Belgium 64.76 63.61
Finland 9.54 9.37 Italy 3108.88 3053.43
Germany 3.14 3.08 Sweden 14.38 13.99
Holland 3.53 3.47 Switzerland 2.46 2.41
Spain 267.15 262.38 Ireland 1.26 1.24
Australia 2.77 2.69 Denmark 11.95 11.76
Hong Kong 11.39 11.35 Euro 1.60 1.57
Africa Com 11.49 11.59 Saudi Arabia 5.47 5.45
India 68.07 67.56 Malaysia 5.54 5.52
Singapore 2.54 2.54 Norway 13.14 12.87
Japan 169.76 169.42
TW This week LW Last week.
Ebay, an American online auctioneer, was said to be in talks to buy Ibazar, a French counterpart with a strong pan-European presence, for around $100m.
Shares in Orange, France Telecom's mobile-phone outfit, closed below their offer price on the first day of trading. Orange had been priced near the bottom of a range that had steadily fallen in the approach to the IPO. Other companies, including British Telecom and Deutsche Telekom, aiming to reduce debt by floating their mobile operations later this year, will not have been encouraged.
Reuters, the British media group, abandoned plans to float Greenhouse Fund, its technology-investment fund, after the battering that technology shares have taken over the past year. Reuters said that it would consider outside investment in Greenhouse and that it still intended moving its own products to the Internet despite the recent downturn.
Volkswagen, Germany's biggest car maker, was reported to be setting aside DM1 billion ($470m) to pay for compliance with a European directive that will come into force in 2007 forcing car makers to pay for recycling their vehicles. New cars will be required to be 85% recyclable.
FIFA and UEFA, the world and European governing bodies for football, reached a tentative agreement with the European Commission over a long-running dispute concerning players' contracts. Clubs will no longer receive transfer fees for players older than 23 years.
Nomura, a Japanese investment firm, won a battle to take over some 1,000 British pubs from BASS, a leisure group, for around $907m after a rival bidder, Legal GBPamp; General Ventures, pulled out. Nomura is also bidding for another 3,000 pubs owned by Whitbread
AstraZeneca, the large British drug company, announced a collaborative project with Orchid BioSciences, an American firm, that will use the information on the human genome to produce Tailor-Made Drugs. The companies hope to overcome the problem of small genetic differences that can make standard drugs ineffective or produce unpleasant side-effects.
Source - The Economist
Amstrad announced pre-tax profits of 1.51 million pounds, on turnover of 44.1 million, for the six months ending 31st December 2000. Earnings per share stand at 1.3p.
BG Group, the oil and gas producer, announced pre-tax profits of 574 million pounds, after exceptional charge, on turnover of 2,342 million, for the year ending 31st December 2000. Earnings per share stand at 11.3p.
Brown & Jackson, the discount retailing group, announced pre-tax profits of 20.8 million pounds, after exceptional credit, on turnover of 247 million, for the six months ending 30th December 2000. Earnings per share stand at 9.2p.
Brunel Holdings, the engineering group, announced pre-tax losses of 2.13 million pounds, on turnover of 37.9 million, for the six months ending 31st December 2000.
PIC International, the pig breeders, announced pre-tax profits of 3.8 million pounds, on turnover of 87.6 million, for the six months ending 31st December 2000. Earnings per share stand at 1.2p.
Smith and Nephew announced pre-tax profits of 261 million pounds, after exceptional charge, on turnover of 1,135 million, for the year ending 31st December 2000. Earnings per share stand at 19.8p, on reduced capital.
Trace Computers announced pre-tax profits of 1.09 million pounds, on turnover of 8.38 million, for the six months ending 30th November 2000. Earnings per share stand at 5.2p.
BYERS ANNOUNCES £250 MILLION GOVERNMENT SUPPORT FOR MAJOR ROLLS-ROYCE ENGINE DEVELOPMENT
Investment Will Help Safeguard More Than 7,000 Jobs
Trade and Industry Secretary Stephen Byers on the 13 February announced up to £250 million in Government investment for Rolls-Royce, safeguarding more than 7,000 jobs in the UK.
The money will be used to develop Trent 600 and Trent 900 engines, which will be designed and produced at Rolls Royce's Derby plant and used in the new Airbus Industrie A380 and Boeing 747X and Longer Range 767-400ER aircraft.
The support will be paid out under provisions in the Civil Aviation Act 1982, and will attract a real rate of return from the sale of engines.
Announcing the support Mr Byers said:
"The Government's backing for this project is a practical demonstration of our commitment to helping high-tech, high-skill companies in the UK to compete on the global stage.
"Today's announcement confirms Rolls-Royce's position as a world leader in cutting edge high-tech design and manufacturing. The Trent family has already secured orders worth more than £12 billion from thirty customers.
"The decision to provide Government investment followed rigorous scrutiny. The investment will provide a substantial boost to manufacturing not just in the East Midlands but throughout the country with over 7000 well-paid, highly-skilled jobs being safeguarded, as well a direct return for taxpayers from the sale of engines."
"This project will ensure that Rolls-Royce's Derby plant remains a centre of excellence for aeroengine design, development and production for years to come. Rolls-Royce is nearly a hundred years old and remains at the forefront of change."
Government investment takes the form of risk-sharing participation in the design and development of specific civil aerospace projects in the UK. The investment is not a grant and earns a real rate of return. It is available only to the aerospace sector and stems from the provisions of the Civil Aviation Act 1982. The investment has been notified to the European Commission and may be subject to Commission approval.
MERGER NEWS
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/s to the Monopolies and Mergers Commission under the provisions of the Fair Trading Act 1973:Proposed joint venture between the Northern Ireland liquid milk and cream businesses of Express Dairies plc and Golden Vale plc
Acquisition by Silentnight Holdings Plc of Ducal Ltd and proposed acquisition by Silentnight Holdings plc of Cornwell Parker plc
E-Minister Patricia Hewitt today announced proposals for allocating the unsold broadband licences at 28GHz, following the Government's recent auction.
Companies winning the licences will be able to deliver Internet and multimedia services over the airwaves.
Ms Hewitt said:
"I am very encouraged by the number of companies that have come forward and are interested in the unsold broadband licences following our recent auction.
"The Radiocommunications Agency report on the outcome of the auction, a summary of which I am publishing today, includes a proposal for inviting offers at the reserve prices set for the auction. Following consultation with the industry, I intend to make the licences available in the summer."
Licences for broadband wireless services have already been sold in half the country. Under today's proposal, companies will have a further chance to buy licences for the other parts of the UK.
The proposal in the summary report would allow a company to bid for an unsold licence at the existing reserve price when it decided that market conditions were right. This would trigger an auction for that licence only if other companies were interested in bidding for the licence. If no other company were interested, the bidder would be awarded the licence at the reserve price. This process would continue until all the licences were taken up or the Government decided to withdraw the offer.
The Summary Report on the Broadband Fixed Wireless Access 28 GHz Auction is available on the RA website: www.radio.gov.uk
Full results of the auction are available on the Radiocommunications Agency website http://www.radio.gov.uk and on http://www.spectrumauctions.gov.ukThe Radiocommunications Agency is an executive agency of the DTI, responsible for licensing civil use of the radio spectrum in the UK.
February 19th Wessex Branch of the ICM Mark Burgess of ETS (Export Training Services) Incoterms 2000 Royal Southampton Yacht Club Channel View Road, Southampton. 7pm for 7.30pm start Refreshments provided. 4th to 10th March National Credit Week 7th March Credit Today Awards 2001 Natural History Museum. London Wednesday and Thursday 7th and 8th March Credit 2001 The Event for the Commercial and Consumer Credit Industry Olympia London Thursday 8th March 2001 Companies House Seminar Swallow Hotel Peterborough Lynch Wood Peterborough Business Park Peterborough Registration 5.30pm - 6.00pm Tuesday 13 March Sussex & Surrey Branch of the ICM Alternative Dispute Resolution - Mediation Speaker: Russell Caller of Gillhams, Solicitors The Bridge House Hotel Reigate Time: 7.00 for 7.30 p.m. Sponsored by Gillhams, Solicitors Thursday 24 May Sussex & Surrey Branch of the ICM Telephone Collections Speaker: Manager of Equifax Risk Management The Imperial Hotel Hove Time: 7.00 for 7.30 p.m. Sponsored by Equifax Risk Management Wednesday, Thursday and Friday 24th to 26th October 2001 International Credit Exhibition & Conference The Westin Stamford, Singapore http://www.internationalcredit001.com Mailto:info@internationalcredit001.com 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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