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 7
Dated: 20 February 2000
Welcome to the Business Credit News UK.
In this weeks edition you will find the following topics.
UKKPMG RECORDS 100 SIGNIFICANT MILLENNIUM BUG FAILURES WORLD-WIDE DURING JANUARY 2000
According to figures collated by the KPMG/BBA Year 2000 Research Centre, 100 significant Y2K related failures were publicly reported throughout the world in January 2000.
These ranged from the serious - reported failures in nuclear power plants and the US nuclear arsenal - to the inconvenient, with problems worldwide reported in the new MP3 internet music system. 67 of these incidents were in the first seven days of the month, 23 in the remaining three weeks.
Commenting on the summary, Malcolm Marshall, KPMG Information Risk Management Partner said:
"Y2k failure reports are consistent. In the UK a survey by the Office of National Statistics found 5% of companies reporting some sort of adverse impact on computer systems arising from the millennium date change. And in the US, a survey of IT professionals by Techweb found that a quarter had experienced some form of Y2k problem since the New Year. 20% of these resulted in service interruption to their organisations' systems.
"Y2k problems are still emerging - especially in government and in the general area of e-commerce. Organisations need to remain vigilant around the key dates of the leap year and end of months. However the experience so far seems to be that problems are being rapidly dealt with once they become apparent."
In compiling these figures, KPMG and the BBA have not included Y2K failures prior to midnight local time on 1st January and reports which were initially ascribed to Y2k but on closer investigation were non-related computer failures or unsubstantiated rumours.
CBI WARNS MPC AGAINST JUMPING TO CONCLUSIONS ON INFLATION AS EARNINGS RISE
The Confederation of British Industry last Wednesday warned the MPC against jumping to conclusions about inflation as wage growth rose to its highest level for 18 months.
Kate Barker, CBI Chief Economic Advisor, said: "The MPC would be wise to wait for more information before making an assessment of the trend. There are clearly special factors surrounding this month's figures. The increase may prove a matter of concern but at the moment it is hard to see how much of the rise is attributable to one-off millennium bonuses."
Ms Barker added: "It is encouraging that manufacturing employment is flattening out, but again it would be wrong to say that firms are out of the woods. Our surveys show manufacturers predict more job losses over the next few months."
ILO unemployment (which include people who are ineligible for benefit) averaged 1,718,000 between October and December 1999. This is down 4,000 on the previous three months and gives an unemployment rate of 5.9 per cent.
The number of people claiming unemployment benefit in January fell by 9,800 to 1,157,900, giving a jobless rate of 4.0 per cent. Employment in manufacturing now stands at 4,017,000, broadly unchanged since September 1999.
Average earnings rose by 5.5 per cent in the year to the three months ending December 1999 - up from 4.9 percent for the three months to November 1999.
Manufacturing productivity rose by 5.6 per cent compared with a years ago. Manufacturers' unit labour costs fell by 0.6 per cent over the same period.
BUSINESS WILL ACCEPT 10P RISE IN MINIMUM WAGE BUT NOT AUTOMATIC ANNUAL INCREASES - CBI
The Confederation of British Industry last Tuesday accepted the 10p rise in the minimum wage but criticised the calls for automatic increases each year.
Digby Jones, CBI Director-General, said: "Business can live with periodic reviews of the minimum wage but automatic annual increases would not be acceptable.
"It may be one thing to raise the minimum wage at a time of economic growth but quite another to be tied to an automatic rise during an economic downturn.
"The government should only raise the rate after careful, dispassionate analysis of the economic evidence by the Low Pay Commission.
"So far there has been no evidence of a significant adverse impact on the economy because the government introduced the minimum wage at a prudent level.
"But it would be wrong to assume we would have the same result if the level were set significantly higher. No one wants the wage to fetter wealth creation and job growth.
"The Low Pay Commission has advised that the £3.60 initial rate could safely rise to £3.70 later in 2000 and the government has pursued that advice today. Business can accept this.
"But it is still early days so the government should only consider further uprating when the full economic impact of the minimum wage is clear. It is not clear at present."
Companies could consign the annual paper-chase with shareholders and Companies House to the 'wastebasket' of history under proposals announced on the 16 February by e-Minister Patricia Hewitt and Consumer Affairs Minister Kim Howells.
The proposals, contained in a draft order, will mean that companies will be able to communicate electronically with their members, where there is agreement, and with Companies House. Shareholders will be able to agree to access annual reports and accounts on a web site rather than being sent copies through the post. They will also be able to appoint proxies by e-mail, and give them voting instructions.And once the procedures are in place, companies will be able to incorporate electronically at Companies House.
Speaking on the launch of the consultation, Patricia Hewitt, e-Minister, said:
"I am delighted to see early consultation on this important issue. It shows the Government's determination to take speedy action to update legislation and bring it into the electronic age. This is only the first of many orders updating statute which, with the agreement of Parliament, we intend to bring forward under the Electronic Communications Bill.
"We are consulting extensively on this order. As this is the first order to be brought forward, Parliament will have a full opportunity to debate the principles."
Kim Howells, Competition Minister, said:
"Companies warmly welcomed our proposals to amend the Companies Act last year. The order will help to encourage modern, speedy and often cheaper communication, and is an important step forward in modernising company law.
"The order is intended to be as flexible and non-prescriptive as possible, allowing companies to use electronic communications in whatever way best suits their own circumstances. We welcome the initiative by the Institute of Chartered Secretaries and Administrators in drawing up guidance on best practice, which will be a valuable source of advice. ICSA will be consulting on their guidance shortly, so that it will be available to help people as soon as the order is in place."
The draft order, consultation document and draft Regulatory Impact Assessment are on the DTI web site at http://www.dti.gov.uk/cld/condocs.htm, or copies can be obtained from Company Law Directorate (Robert Ellis, telephone 020 7215 0409). Comments are sought by 17 April 2000.
The ICSA draft guidance will be published for consultation shortly. ICSA can be contacted at:
The Policy Unit
ICSA
16 Park Crescent
London
W1M 4AH
NEW MASTERS PROGRAMME IN CREDIT MANAGEMENT
Last week saw the launch of a new Masters Programme in Credit Management, when fourteen professionals from a range of backgrounds and nationalities within the financial services and credit industries, undertook a three day residential Induction Course at Leeds University Business School. To commemorate the launch, students and members of the teaching faculty attended a reception and an inaugural dinner at the University of Leeds where they were welcomed by Glen Boulevant, Chairman of the Institute of Credit Management. ICM Professor of Credit Management, Nick Wilson, said:
"The MSc in Credit Management is an exciting new development and is, as far as I am aware, a world's first. The management of credit and credit risk is a crucially important activity for organisations engaged in consumer lending or business to business trade across the globe."
The first to be launched in its field, this new specialist masters degree programme will be delivered by the Credit Management Research Centre, headed by Professor Wilson, in partnership with the International Institute of Banking and Financial Services, to provide advanced study in the area of credit management within a city now accepted as the most important financial services centre outside London.
Combining management development and formal specialist learning, the Masters Programme will enable practising managers to obtain a specialist degree that is both practical and career orientated, whilst maintaining the high standards of rigour and scholarship expected at this level of study. Designed to be flexible in meeting the needs of students working in the industry, a range of teaching methods and the very latest internet technologies are being exploited in delivering the new programme to compliment participants' experience and preferred learning styles.
The Credit Management Research Centre, whose mission is to establish a leading and internationally recognised centre for research, education and expertise in the management of trade and consumer credit, has already received many expressions of interest in next year's masters programme from individuals and organisations both in the UK and world wide. By combining innovative teaching methods with up to date research output, the Centre is able to offer credit professionals a unique opportunity for continuing professional development in this highly specialist area.
*** 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 21/02/2000 to 29/02/2000 Number of Creditor meetings : 189 Section Company Time Venue 138 Scotland - Interim Liquidator calling Creditors Meeting 21/02/2000 Jonathan Publishing Ltd 11.00 am Glasgow 22/02/2000 Anlec Engineering Ltd 11.00 am Paisley Material World (Contracts) Ltd 11.30 am Glasgow Material World (Glasgow) Ltd 12.00 pm Glasgow Material World (Scotland) Ltd 12.30 pm Glasgow 23/02/2000 F E Facilities Management Ltd 10.00 am Hamilton 24/02/2000 Fre Builders Ltd 11.00 am Glasgow 28/02/2000 McCully Bros (Civil Engine Cont) Ltd 12.00 pm Glasgow 23 Administrator Calling a meeting of Creditors 22/02/2000 Harland Group Ltd - The 11.30 am Hull Max Technologies Ltd 11.00 am London 25/02/2000 Weathertite Industrial Roofing Ltd 11.00 am Birmingham 28/02/2000 Century International Ltd 10.00 am Leicester 48 Receiver calling unsecured Creditors Meeting 21/02/2000 H & T Walker Ltd 12.00 pm London Richard Environmental Ltd 10.30 am Birmingham Valley Industries Ltd 12.00 pm Wigan 22/02/2000 Bios (Consult & Contract Research) Ltd 10.00 am London 23/02/2000 Karin Isken Ltd 11.00 am London 24/02/2000 Nova Homes Ltd 02.00 pm London 29/02/2000 Fairways Ltd 11.00 am Maidstone Fairways Maidstone Ltd 02.00 pm Maidstone MBD Systems Ltd 10.00 am Leicester Solar Offset Ltd 11.30 am London 98 Creditors Voluntary Liquidations 21/02/2000 Blueprint (London) Ltd 11.00 am Barnet Bryco Glaze Plc 11.00 am London Carewise Ltd 12.00 pm Manchester Carterella Ltd 11.00 am London DP Networks Ltd 11.00 am London Decorative Tile Works Ltd - The 11.30 am Manchester Heartland Distribution Ltd 11.00 am Bristol Heathrow Car Rentals Ltd 02.30 pm London Heritage Stonemasons Ltd 12.00 pm Manchester Homesdale Press Ltd 03.00 pm London Knowsley Transport & Forwarding Ltd 11.30 am Liverpool Libra Plant & Equipment (GB) Ltd 11.30 am Leeds Metfix Ltd 11.00 am Harpenden NNG Construction Ltd 12.00 pm London OCP Ltd 02.30 pm Hampshire P I F A Ltd 11.00 am Birmingham Peartree Co (Restaurants) Ltd - The 11.00 am Glasgow Peartree Restaurants Ltd 11.30 am Glasgow Peter Holland Ltd 10.30 am Collingtree Pizza Town (Gravesend) Ltd 11.00 am London Straits Commodities Ltd 11.15 am London Straits Multitrade Ltd 11.15 am London Sure Cleaning Ltd 10.30 am Droitwich Spa Transcourt Ltd 04.00 pm Hayling Island Wedgewood of Atlanta Ltd - The 12.00 pm Glasgow 22/02/2000 Anda Circuits Ltd 10.00 am Westhampnett Bellstar Trading Ltd 11.00 am Hertford Bolting (UK) Ltd 11.00 am Birmingham Bridport Leisure & Ind Projects Ltd 11.30 am Beaminster Brookford Supplies Ltd 11.00 am Longford Chemiclean Ltd 11.00 am Bognor Regis Comak Automation Ltd 11.30 am Southampton Cosmos Kitchens & Bedrooms Ltd 02.00 pm London Crown Overseas Ltd 11.00 am London Dellow Knyvett Ltd 12.00 pm Aylesbury Fashion Scene (Manchester) Ltd 12.00 pm Manchester Greyrose Ltd 11.30 am London Hardy Construction & Development Ltd 11.30 am Leicester I Stewart Insulation Ltd 12.00 pm Chester J S Office Solutions Ltd 11.00 am London KB Insulating Glass Ltd 12.00 pm Glasgow Liz McCallum Ltd 11.00 am Brighton M R Gold Ltd 02.00 pm London Mac Structures Ltd 11.30 am London Neptunes School of Yachting Ltd 12.00 pm London Penny Black Properties Ltd 11.30 am Liverpool Rainham Fabrication Ltd 11.00 am Southend-on-Sea Ross Sinclair Ltd 12.00 pm London Russell Bros (North Scarle) Ltd 03.30 pm Lutterworth Same EU Ltd 11.00 am London Sterling Cleaning Serv (Scotland) Ltd 11.00 am Glasgow Valvcon UK Ltd 11.15 am Hexham Wentworth Precision Engineering Ltd 11.30 am Oldham 23/02/2000 Abstract Enterprises Ltd 11.00 am Manchester Christie (Separates) Ltd 11.30 am London Consolidated Holdings Ltd 11.30 am Manchester Cripps of Kibworth Ltd 10.30 am Market Deanside Sandwich Company Ltd 12.00 pm Glasgow Enterprise African Textile Ltd 10.30 am Leicester Essex Cable Services Ltd 12.30 pm London Exact Communications Ltd 11.00 am Birmingham Foreign Affairs Travel Ltd 11.45 am Bolton Forwardcall Ltd 11.00 am Sunderland G F Plating Service Ltd 11.00 am Aldridge I G C Ltd 10.00 am London Imaging Set-Up Co Ltd - The 12.00 pm London International Fonecard Ltd 11.00 am London Jadepine Ltd 11.30 am London John Draper Ltd 11.30 am Lutterworth Parkland Supplies Ltd 12.00 pm Reading Pexa Fashions Ltd 02.30 pm London Primebold Ltd 12.00 pm London S G & A Services Ltd 10.30 am Sheffield Shamrock Trading Ltd 10.30 am Halifax Signal Hill Ventures Ltd 10.00 am London Test Data Systems Ltd 10.30 am Cambridge Videola UK Ltd 10.30 am London 24/02/2000 Advantage Performance Parts Ltd 11.00 am Lancaster Arenaclause Ltd 12.00 pm London Bauco (UK) Ltd 02.30 pm Hampshire Blentford Ltd 11.30 am Manchester County Self Drive Ltd 11.00 am Egham Dickens Heath Village Nursery Ltd 11.00 am Birmingham Dynamic Distribution Ltd 11.00 am London Elstead Glaziers Ltd 10.30 am West Byfleet F M S L (Consulting Group) Ltd 11.00 am Birmingham Food Innovations Ltd 11.30 am Peterborough Heiter Publishing Ltd 11.30 am Lutterworth Laserprint & Display Ltd 10.30 am Yarm London Parade Ltd 11.15 am Kingston-u-Tham M Delacey & Sons (Dowlais) Ltd 02.00 pm Newport Market Place Wines Ltd 12.00 pm Holmfirth Motor Bodies (Oldham) Ltd 12.00 pm Manchester North West Refrigeration Services Ltd 11.30 am Chester Olympic Windows Ltd 10.30 am Lichfield Pennant Express Ltd 11.30 am London Phoenix Flowers (Liverpool) Ltd 10.30 am Manchester SPC Management Ltd 11.00 am London Sequence Clothing Ltd 02.30 pm Paddington South West Mailing Services Ltd 11.00 am Bristol Universal Luggage Ltd 11.00 am London Upholstery Workshop Ltd - The 12.00 pm London 25/02/2000 ADI Engineering Ltd 12.00 pm Royston Abarose (UK) Ltd 03.00 pm London Adastra Night Club Ltd 11.30 am Aldridge Belnor Workwear Ltd 12.30 pm Croydon Boss Technical Ltd 11.00 am Birmingham Chatsworth Textiles Ltd 12.00 pm London Consort Services Ltd 03.00 pm Chandlers Ford Durbeyfield Ltd 10.00 am London Emergency Masters Ltd 11.00 am London Galaxy Contrators Ltd 12.00 pm London Hearts of Oak (Joinery) Ltd 11.30 am Winchester J B H Trading Ltd 10.30 am Newcastle-u-Tyn Keebee Construction Ltd 11.00 am London Keebee Ltd 11.00 am London Leisure Security Consultants Ltd 10.30 am Birmingham Martin & Boyland Ltd 11.30 am Exeter Mary Arden Ltd 12.30 pm London Materials Handling Training Serv Ltd 12.00 pm Aylesbury Monquira (Europe) Ltd 04.00 pm London Optica Creative Group Ltd 11.00 am Exeter PJs Wholesale Ltd 11.00 am London Riverside Childcare Services Ltd 11.00 am Ashton-on-Ribbl S I R Clothing Ltd 11.00 am Cliftonville Saltwood Garage Ltd 11.00 am London Silvermoss Enterprises Ltd 03.00 pm London Supply 3 Ltd 11.00 am Bournemouth Truebays Ltd 11.00 am London Vision Glass Ltd 10.30 am Warrington Weathacare Cover Co Ltd 11.00 am Manchester Westminster Contract Hire Ltd 03.30 pm Nuneaton 28/02/2000 Abraham Transport Ltd 10.15 am Darlington Advanced Recruitment Services Ltd 02.30 pm Southampton Albany Mechanical Services Ltd 10.30 am Sheffield Associates Coachworks Ltd 03.00 pm Welling Brearleys Ltd 10.30 am Tong Brookfield Tool Co Ltd 11.00 am Manchester Chantilly Ltd 02.30 pm London Cheshire Electrical Services Ltd 12.00 pm Warrington Compleat (UK) Ltd 02.30 pm London East 17 (Touring) Ltd 12.00 pm London Haverburgh Engineering Ltd 11.30 am Lutterworth Kemana Ltd 02.30 pm London Loft Rooms By Design Ltd 11.00 am London Midland Manufacturing Services Ltd 03.00 pm Nottingham New Treat Ltd 10.45 am Sutton Newport Refrigeration Ltd 02.00 pm Bristol P P S (Communications) Ltd 03.00 pm Swansea Pedley Retail Purchasing Ltd 11.30 am Lutterworth S & A Roadways Ltd 12.00 pm Manchester Starlock Geotechnical Engineering Ltd 03.00 pm London Swaybar Ltd 12.30 pm London World of Tourers Ltd 11.00 am Leeds 29/02/2000 A E Thomas (Burgess Hill) Ltd 11.00 am Brighton Bracelon (Birmingham) Ltd 10.30 am Birmingham CP (UK) Ltd 10.30 am Liverpool Chase Peel Bakery Ltd 10.30 am Aldridge Completely Stones Co Ltd - The 10.45 am Bristol Dispatch Co Ltd - The 12.00 pm London Fuel Freight Ltd 02.00 pm Halesowen John Turnbull & Sons Ltd 12.00 pm Edinburgh Lady Hats Ltd 11.00 am Harpenden Mattax Ltd 12.00 pm London Odedra Ltd 12.00 pm Bristol Theo Taylor Enterprise Ltd 10.30 am Sheffield Tryproduct Ltd 12.00 pm London
TW LW TW LW
USA 1.60 1.62 Canada 2.33 2.35
Austria 22.47 22.84 Portugal 327.40 332.88
France 10.71 10.89 Belgium 66.87 66.98
Finland 9.71 9.87 Italy 3162.03 3214.96
Germany 3.19 3.24 Sweden 13.94 14.36
Holland 3.59 3.65 Switzerland 2.62 2.66
Spain 271.71 276.26 Ireland 1.28 1.30
Australia 2.55 2.56 Denmark 12.15 12.39
Hong Kong 12.48 12.65 Euro 1.63 1.66
Africa Com 10.18 10.30 Saudi Arabia 6.01 6.09
India 69.90 70.92 Malaysia 6.09 6.17
Singapore 2.73 2.77 Norway 13.24 13.42
Japan 175.82 173.87
TW This week LW Last week.
Amec PLC has made an agreed bid for Agra, the Canadian engineering group. The group would rank 3rd in the world, in the field of engineering design, after Fluor Daniel and Bechtel, if the bid is successful.
Cadbury Schweppes announced pre-tax profits of 958 million pounds, after exceptional credit, on turnover of 4,301 million, for the year ending 2nd January 2000. Earnings per share stand at 31.7p.
Glaxo Wellcome announced dpre-tax profits of 2,575 million pounds, after exceptional charge, on turnover of 8,490 million, for the year ending 31st December 1999. Earnings per share stand at 50p.
SmithKline Beecham announced pre-tax profits of 1,666 million pounds, after exceptional charge, on turnover of 8,381 million. Earnings per share stand at 19.2p on increased capital.
Matthew Barrett, chief executive of Barclays Bank, announced that pre-tax profits for 1999 had risen by 30% to 2.5 billion pounds ($4 billion). He also promised cost-cutting measures and poured scorn on Internet-only rivals.
Source - The Economist
Wal-Mart, the world's biggest retailer, reported a 23% rise in profits for the quarter ending January 31st, compared with the same period the year before. But its shares fell slightly, because of rising costs and the difficulty it will have in maintaining its impressive growth.
Source - The Economist
Sara Lee, an American consumer-goods firm, launched a hostile bid worth a threadbare 104m pounds ($167m) for Courtaulds Textiles, a case study in the decline of manufacturing in Britain. Sara Lee has its eye on the company's range of ladies' underwear.
Source - The Economist
PricewaterhouseCoopers the world's largest accountancy firm, is said to be planning to split itself into three: accountancy, consultancy and other services. This will ease problems with America's Securities and Exchange Commission over employees holding shares in firms that PwC audits.
Ford said that it would join the bidding for Daewoo, South Korea's debt-laden car maker. General Motors has already bid around $6 billion for the company and DaimlerChrysler is also thought to be interested.
Source - The Economist
BMW, the German car maker, denied rumours that it would sell Rover, its loss-making, British-based subsidiary, to its fellow German firm, Volkswagen, or that an alliance with VW was likely. BMW also took the opportunity to deny further talk that it would close Rover's Longbridge plant.
BP Amoco announced that it would seek shareholder approval for a buy-back programme to purchase as much as 10% of the company's shares. Royal Dutch Shell had already announced a similar scheme, and Exxon, which has often used this method to return value to shareholders, will be able to do so again later this year, after the lifting of restrictions associated with its merger with Mobil.
Source - The Economist
MERGER CLEARANCE
The Secretary of State for Trade and Industry has decided, on the information at present before him, and in accordance with the recommendation of the Director General of Fair Trading, not to refer the following merger to the Monopolies and Mergers Commission under the provisions of the Fair Trading Act 1973:Proposed acquisition by Acertec Holdings Ltd of certain assets of Standard Wire Company Limited
Completed acquisition by Kingspan Group plc of assets of The Phoenix Timber Group plc namely Durabella
We know hacker's can bring down the biggest and the best on the Net. To read what's going on go to the Hacker's News Network at http://www.hackernews.com/
21 February 2000 Wessex branch meeting of the ICM Mock Meeting of Creditors The Southampton Yacht Club 1 Channel Way, Southampton 7.00pm for 7.30pm 8 March 2000 ICM Conference on Commercial Credit Fraud CBI Conference Centre, London WC1 Exhibitors should telephone Sheila Simmons at the ICM on 01780-722907 14 to the 16 March 2000 Credit 2000 THE UK event for the Commercial and Consumer Credit Industry Olympia2, London Save 10.00# and register for FREE at www.creditevents.com 20 March 2000 Wessex branch meeting of the ICM - AGM The Southampton Yacht Club 1 Channel Way, Southampton 7.00pm for 7.30pm Sponsored by Croner Publications 17 April 2000 Wessex branch meeting of the ICM The Budget Presentation by Ian Nichol from PricewaterhouseCoopers The Southampton Yacht Club 1 Channel Way, Southampton 7.00pm for 7.30pm 26th April 2000 Companies House Seminar Pine Lodge Hotel Kidderminster Road Bromsgrove B61 9AB Registration 5.30pm - 6.00pm Seminars include a question and answer session and buffet 6.00pm - 9.00pm Cost 37.60 pounds Contact Tamara Bent tbent@companieshouse.gov.uk +44 (0)29 20380911 23 May 2000 The ICM National Conference and Exhibition Cumberland Hotel, Marble Arch, London W1 Credit Management in the Electronic Age For more details of the Conference or to exhibit phone the ICM Training department on 01780-722907
To unsubscribe to this list please send e-mail addressed to listserver@insolvency.co.uk as follows:
unsubscribe credit-news your e-mail name and address
Name: Business Credit News UK
Address: credit-news@insolvency.co.uk
Commands: listserver@insolvency.co.uk
Business Credit Management UK: John Arnold jarnold@creditman.co.uk
Business Credit News UK: Pat Williams pwilliams@creditman.co.uk