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 39
Dated: 21 October 2001
Welcome to the Business Credit News UK.
In this weeks edition you will find the following topics.
UKINFLATION IN CHECK AS PAY AWARDS FALL IN SERVICE FIRMS - CBI SURVEY
Pay awards in service sector firms have fallen, confirming that inflation remains firmly under control, the latest CBI pay databank survey shows last Monday.
Pay awards in service firms averaged 3.7 per cent in the three months to September, compared with 4.1 per cent in the three months to June and 3.9 per cent the same time a year ago.
Manufacturing pay awards edged up slightly, averaging 2.9 per cent in the three months to September compared with 2.7 per cent in the three months to June and 3.1 per cent the same time a year ago.
Ian McCafferty, CBI Chief Economic Adviser, said:
"Manufacturing pay awards remain low and are being held back by pressure on prices and the global slowdown. The fall back in service sector pay indicates that the slowdown is spreading to other areas. This data suggests that there is little pressure on inflation and should reassure the Bank of England."
In service firms, the need to recruit and retain staff was the main reason determining pay awards (42 per cent). This was followed in importance by the cost of living increases (32 per cent).
Forty-one per cent of manufacturers said inability to increase prices was the most important downward pressure on pay settlements, followed by low profits (34 per cent). Cost of living increases were the most important upward pay pressure (30 per cent)
RATE CUT CAN SAVE JOBS - CHAMBERS
Reacting to the latest labour market data, and to the minutes of the October meeting of the Bank of England published last Wednesday, Ian Fletcher, Chief Economist at the British Chambers of Commerce said:
"There is no reason for unemployment to rise any more rapidly if timely action is taken to ease monetary policy further. Businesses are keeping a firm lid on prices and on earnings, and many remain faced with tough decisions on jobs.
"The unanimity shown by the Monetary Policy Committee in its decision to cut rates in October, based heavily on data released before September 11, suggests both the scope and the will exists for interest rates to come down further before the end of the year."
INFLATION FALL ADDS WEIGHT TO RATE CALLS
Reacting to the latest underlying inflation data, published last Tuesday, showing a 0.3 per cent fall in September to 2.3 per cent, Ian Fletcher, Chief Economist at the British Chambers of Commerce said:
"While this fall comes as no surprise, it shows that scope remains for monetary easing from the Bank of England.
"With the latest data showing the position for UK business worsening even before the terrorist attacks of September 11, the Bank can further support business and job survival with a quarter point cut in rates in November."
GOVERNMENT CONTRACTS OPENED UP TO 500,000 SMEs - ANDREW SMITH
Government suppliers, including up to 500,000 newly incorporated Small and Medium sized Enterprises (SMEs), will find bidding for government business easier, following the publication of important new financial assessment guidance, Andrew Smith, Chief Secretary to the Treasury, announced last week.
In another move designed to make it easier to do business with government, he also announced improvements to liability guidance that will encourage more companies to deal with government.
The specific improvements include:
Andrew Smith, Chief Secretary to the Treasury, said:
"These improvements will bring out healthy competition in the marketplace and demonstrate this Government's commitment to fair access for all suppliers, including SMEs. This is excellent news for business and ensures best value for money for the taxpayer."
Nigel Griffiths, Minister for Small Business at the Department of Trade and Industry, commented:
"The removal of the need for three years worth of audited accounts, and the change from unlimited liability to a value for money liability determination will mean that thousands of small and medium enterprises will now be able to access public procurement contracts."
These improvements have been drawn up by the Office of Government Commerce (OGC) in consultation with the Small Business Service. OGC Chief Executive, Peter Gershon, said:
"These improvements, together with the publication in June 2001 of guidance on 'Tendering for Government Contracts', are a direct result of OGC's strategy to make this market more accessible to all potential suppliers including SMEs."
David Irwin, Chief Executive of the Small Business Service said,
"I welcome this initiative as an important step in addressing some of the barriers that small firms face when trying to sell to the public sector. The SBS has been working closely with the OGC, and will continue to do so, to ensure that we identify and remove any further obstacles in the way of small and medium enterprises."
The appraisal of financial stability of potential suppliers and contractors to government was previously largely based on three years profit and loss statements. This often debarred younger companies.
Under the new guidance cash flow will be emphasised more strongly in a more flexible financial assessment. This reflects good commercial practice where risk is assessed according to the specific situation, not bureaucratic formulae.
This will particularly benefit new SMEs delivering goods and services, including, but certainly not limited to, IT and consultancy.
The second improvement means that contractors' liability will be assessed on the basis of the value for money for the particular contract, where previously it was often assumed it should be unlimited.
This unlimited liability was a barrier to competition, because it led to high insurance costs for suppliers. Invariably this simply increased the final price for the government and the taxpayer.
The main benefits of this adjustment will be in the fields of IT, management consultancy, professional advice and construction.
This all reinforces the government's approach to procure goods and services on a value for money basis and opens up the government market, so increasing competition and innovation, benefiting the taxpayer and the wider economy.
Financial stability assessment currently tends to focus on profit and loss and balance sheet statistics derived from audited accounts for the last three years. The new guidance advocates a more flexible approach to suppliers' provision of financial information. It also recommends more emphasis on reviewing cash flow together with the capacity of the supplier to deliver the requirement rather than focusing on just profit and loss and balance sheet statistics. This will benefit all suppliers including new SMEs.
Model conditions for government contracts include a clause and guidance note on contractor liability. It requires the contractor to indemnify the authority (Department) against liabilities of any loss or damage which is caused by the contractor. Since the clause places no limitation on the amount of the contractor's liability, the interpretation has been that liability should almost always be unlimited. In the past the inclusion of an unlimited liability clause has deterred companies, including SMEs, from tendering for government business.
Decisions on liability remain the responsibility of the individual contracting authority. In considering liability, contracting authorities need to base their decisions on value for money, reflecting the losses that might be suffered in the event of default the likelihood of those losses occurring, together with the effects of the liability requirement on competition and procurement costs.
Copies of the Supplier Financial Appraisal Guidance are available from the Office of Government Commerce Service Desk (0845 000 4999) and also on OGC website www.ogc.gov.uk Contractor liability guidance is available for departmental practitioners involved at the working level.
SHAREHOLDERS TO GET ANNUAL VOTE ON DIRECTORS' PAY
GOVERNMENT ACTS TO STRENGTHEN LINKS BETWEEN BOARDROOM PAY AND PERFORMANCE
Trade and Industry Secretary Patricia Hewitt on Friday announced that shareholders are to be given the right to an annual vote on directors' pay, in a move that will strengthen links between pay and performance in the boardroom.
Ms Hewitt said new legislation will be introduced to:
Ms Hewitt said:
"Our companies have to be able to attract and retain the best executives in the world and we support top-class pay for top performances.
"But all too often directors are lavishly rewarded for lack-lustre or even poor performances. We share the view of many shareholders that this is simply unacceptable and goes against the interests of the company, its shareholders, and the UK as a whole.
"That is why I am taking action to strengthen the corporate governance framework for boardroom pay. Today's measures will require quoted companies to hold annual shareholder votes on directors' pay and further build on the proposals outlined earlier this year aimed at improving accountability and transparency of directors' remuneration."
The proposals mean that quoted companies will be required to:
The Government will introduce secondary legislation to implement these new requirements in the coming Parliamentary session. The DTI will publish a consultation document before Christmas inviting comments on the draft regulations.
Today's commitment builds on Stephen Byers' announcement in March that the Government will introduce new disclosure requirements under the Companies Act 1985. The directors' remuneration report will cover four main areas:
(a) the board's procedures relating to directors' remuneration, particularly with regard to the role of the remuneration committee;
(b) the company's forward looking policy, including details of, and an explanation of, performance criteria for long term incentive schemes;
(c) details of each director's remuneration in the preceding financial year;
(d) performance graphs, which will provide historic information on the company's performance against the relevant criteria.
Quoted companies will be required to table a resolution each year on the directors' remuneration report. The vote will be advisory, and will not require shareholders to approve specific levels of remuneration. It will, however, enable shareholders to express a view on matters such as the robustness of performance criteria and membership of the remuneration committee.
The final report of the independent Company Law Review was published on July 26 2001. The Review did not specifically consider directors' remuneration, since this was the subject of separate consultation by Government; but it did consider a number of related issues, such as voting at general meetings and the provisions under Part X of the Companies Act 1985 concerning the enforcement of fair dealing by directors. The Government has taken account of the Review's recommendations on these wider areas in reaching its decisions on the corporate governance framework for directors' remuneration.
CBI CHIEF GIVES CAUTIOUS WELCOME TO MEASURES ON BOARDROOM PAY
CBI chief Digby Jones gave a cautious welcome to government measures on boardroom pay.
"Failure should not be rewarded, nor seen to be rewarded," he said.
"It is right that business leaders should show shareholders they are earning their rewards, which are often much deserved. More transparency can only help."
But Digby Jones warned that business would not support the idea of individual judgmental approval by shareholders.
"It is in everybody's interest to attract the best management in the world to work in Britain. What is proposed is useful but must be the end of the issue and not a starter for ten.
"Any attempt to allow shareholders to mark publicly the scorecards of individual directors would be counterproductive."
EXTRA HELP FOR RURAL BUSINESSES AFFECTED BY FOOT-AND-MOUTH DISEASE
A £24m extension to the Business Recovery Fund to help rural economies and small rural businesses damaged by Foot-and-Mouth Disease was announced last week by Secretary of State Margaret Beckett, following the publication of Lord Haskins' report on 'Rural Recovery after Foot-and-Mouth Disease'. This takes the total Business Recovery Fund to £74m.
Mrs Beckett said:
"I very much welcome Chris Haskins' thoughtful and constructive report. We will respond to all his recommendations shortly.
However, in response to his main recommendation that affected small businesses need help to see them through the winter, I am very pleased to announce a £24m extension to the Business Recovery Fund. I am very grateful to the Regional Development Agencies (RDAs) for agreeing - where possible, and I appreciate that for some the scope to do so is exhausted - to divert resources from other priorities to enable us to provide this substantial extra help for small businesses."
Rural Affairs Minister, Alun Michael, also welcomed the publication earlier of the Haskins Report and referred to the Rural Task Force report 'Tackling the Impact of Foot-and-Mouth Disease on the Rural Economy'.
Mr Michael said:
"The reports conclude that once the outbreak of disease is over, and visitors return to the countryside in spring, we can expect to see the rural economy revive. However, there is a serious risk that many small rural businesses in the worst affected areas will have a struggle to survive the winter. The message that comes strongly from Chris Haskins' and the Rural Task Force reports is that short-term survival is critical. That is why the additional help we have announced is so important. We shall keep the situation under review and consider later in the year whether it is possible to provide more.
Following the £50m fund originally announced in May, DEFRA is now providing an extra £15m, and the RDAs are contributing a further £9m from their other budgets. Ministers agree with the recommendation in Lord Haskins' report "Rural Recovery after Foot-and-Mouth Disease" - published last week - that the help is still needed most in Cumbria, and have accordingly allocated half the available sum to the North West Development Agency.
Smaller businesses are going bankrupt at a faster rate than larger firms according to the latest figures published by Dun & Bradstreet, the business information company.
These show that 18,191 small businesses have failed so far this year - an increase of 3.5% over the same period last year. However, the figures for the liquidations of larger companies are much more encouraging: they show a 6.6% decrease from 13,364 this time last year to 12,477 for the first nine months of this year.
Philip Mellor, Senior Analyst at D&B, commented: "What we have seen over the last three to six months is the effects of large companies cutting back on staff as their businesses reduce. This has had the inevitable consequence on smaller businesses which are bearing the brunt of their cutbacks and going under. Over the next three months it remains to be seen whether larger companies as well as smaller ones will be affected."
The overall picture from the survey shows that 30,668 businesses went bust between January and September this year as compared with 30,925 during the same period in the year 2000. This is a decrease of 0.83%.
There are wide regional variations with business failures decreasing by more than 10% in Wales and the South East but rising by 9% in Scotland, which has different regulations and cannot be directly compared with the rest of Britain. Business failures also rose in the East by 5.8%, in the North East by 4.4% and in London by 2.2%. They declined by about 3% in the South West and East Midlands and remained virtually at the same level in the West Midlands and the North West.
EQUIFAX REPORTS STRONG THIRD QUARTER RESULTS
Equifax Inc. (NYSE: EFX) have reported strong third quarter results driven by continued excellent performance in its North American operations. Total revenues from ongoing operations for the quarter were $274 million and operating income was $82 million. Earnings per share from ongoing operations of $.30 met analysts’ consensus estimates, excluding a $.04 per share loss associated with the disposition and operating results of Equifax’s City Directory business.
“Our North American operations, which represent 70 percent of revenue and 90 percent of operating income, continue to perform exceptionally well despite the difficult economic environment,” said Thomas F. Chapman, Equifax chairman and CEO.
THIRD QUARTER HIGHLIGHTS (Results exclude divested and discontinued operations)
North American revenues of $188 million and operating income of $80 million were up 10 percent and 12 percent, respectively, over last year. The strong performance was driven by continued high volumes in Equifax's consumer reporting business. In addition, Consumer Direct revenues tripled over third quarter 2000.
Consumer Information Services (Direct Marketing) revenues declined versus the prior year to $23 million, as a result of the weak U.S. economy. Operating margins for the quarter were 13 percent.
Latin American revenues of $27 million and operating income of $7 million were negatively impacted by weak economies and currencies in the region. Operating margins for the quarter were 25 percent.
European revenues of $34 million were flat over the prior year period, with a slight operating loss in the quarter
Equifax repurchased 650,000 shares in the quarter at an average price of $21.93.
NINE-MONTH HIGHLIGHTS (January - September, 2001)
FOURTH QUARTER OUTLOOK
Equifax anticipates continued solid results from its North American consumer reporting business, but anticipates the weak economy will impact the pre-screening and direct marketing businesses. Negative foreign currency exchange rates will likely continue to impact results from Latin American operations. Based on the current outlook, Equifax expects to report fourth quarter earnings per share in the range of $.31 to $.33.
D&B REPORTS 21 PERCENT GROWTH IN THIRD QUARTER EARNINGS TO 35 CENTS PER DILUTED SHARE BEFORE THE EFFECT OF ONE-TIME ITEMS
International Business Posts First Profitable Third Quarter in Over Four Years
D&B's Blueprint for Growth Strategy Remains on Track
MURRAY HILL, N.J.—October 17, 2001—Dun & Bradstreet (NYSE: DNB) reported diluted earnings per share from continuing operations for the quarter ended September 30, 2001 of 35 cents, up 21 percent from 29 cents a year ago, before one-time items in both years which are further described below.
After one-time items, diluted earnings per share from continuing operations for the 2001 third quarter was 36 cents versus the 9 cents reported in the 2000 quarter.
Revenue for the quarter from the Company's core businesses (credit, marketing and purchasing information solutions excluding the results of businesses divested) was $285.3 million, down 1 percent from the year ago period before the effect of foreign exchange and down 3 percent after the effect of foreign exchange. Consolidated operating income for the third quarter was $54.6 million, up 8 percent from the year-ago period, before one-time items. Income from continuing operations for the third quarter was $28.3 million, up 20 percent from the 2000 third quarter, also before one-time items.
"Overall, Dun & Bradstreet's third quarter results were in line with our expectations, despite the effect on our U.S. business of the slowing economy and the impact of the terrorist attacks in September," said Allan Z. Loren, Dun & Bradstreet Chairman, Chief Executive Officer and President. "Our improved profitability was primarily driven by our successful effort to create financial flexibility to fund our growth and at the same time, create value for our shareholders. As a result of this effort, our international operations posted its first profitable third quarter in over four years, and we met our bottom-line growth objectives."
"We are on track with our Blueprint for Growth strategy to transform D&B into a growth company with an important presence on the Web," Loren continued. "As a result, D&B is a much stronger company now than it was a year ago when we launched our strategy. We are more confident than ever about our long-term prospects."
Recent Highlights
Completed Two Asset Monetizations – In August, the Company announced the sale of a majority stake in its Australia/New Zealand operations. Early in the fourth quarter, the Company also signed a definitive agreement to sell a major portion of its minority investment in its South African operations. Proceeds of these sales will total approximately $30 million pre-tax. These transactions are part of the previously announced asset monetization opportunities which were expected to total $30-$40 million.
Repurchased Shares – During the quarter, the Company repurchased 1.5 million shares of common stock for $44.7 million under its existing $100 million share repurchase program. The Company expects to complete the program by the first quarter of 2002, compared to its previous expectation of May 2002.
Third-Quarter Segment Results
North America's third-quarter revenue from core businesses was $200.3 million, down 2 percent from the prior year period, due primarily to the effects of the U.S. economic slowdown and the events of September 11 on customers' spending. The effect of the slowdown was seen primarily in the Company's U.S. marketing business, due to a reduction in customers' direct marketing efforts. Project-related marketing and purchasing solutions, which some customers may view as more discretionary in the current economy, were also affected. This slowdown was offset in part by an increase in demand for credit products. North America's operating income for the period was $61.9 million, down 4 percent from $64.4 million in the prior year period. Year-over-year operating income comparisons were affected by planned investments in the B2B e-Commerce business and the loss of operating income from the Receivable Management Services ("RMS") business sold earlier this year. Before the effect of these items, operating income for North America was up 1 percent from the prior year period.
Europe reported third-quarter revenue from core businesses of $74.5 million, up 3 percent over the 2000 third quarter before the effect of foreign exchange, driven by a 10 percent increase in marketing revenues. Revenue was down 3 percent after the effect of foreign exchange. Europe reported operating income of $4.7 million in the third quarter compared to a prior year period loss of $3.7 million. The Company's execution of financial flexibility initiatives contributed significantly to the improvement in European profitability.
Asia Pacific/Latin America ("APLA") reported third-quarter revenue from core businesses of $10.5 million, a 1 percent increase over the prior year period before the effect of foreign exchange and a 7 percent decrease after the effect of foreign exchange. APLA reported operating income of $2.0 million for the period compared to a $0.2 million loss in the prior year period.
Third-Quarter Results by Product
During the third quarter, D&B's credit revenues, which represented 73 percent of the quarter's core revenues, were $207.8 million, up 1 percent compared with the prior year period before the effect of foreign exchange and down 1 percent after the effect of foreign exchange. Within credit revenues, traditional credit products including the D&B Business Information Report were flat before the effect of foreign exchange and declined 2 percent after the effect of foreign exchange. Value-added credit products including credit scores increased 8 percent before the effect of foreign exchange and rose 6 percent after the effect of foreign exchange. The Company said that these results reflect its ability to help businesses manage credit risk under these extraordinary business conditions.
Marketing revenues of $71.2 million, or 25 percent of core revenues, were down 2 percent before the effect of foreign exchange and down 4 percent after the effect of foreign exchange, compared with the prior year period. Purchasing revenues of $6.3 million, or 2 percent of core revenues, were down 27 percent both before and after the effect of foreign exchange. The Company's U.S. marketing revenue was affected in part by a reduction in customers' direct marketing efforts and in project-related marketing and purchasing solutions.
FAIR, ISAAC SIGNS LONDON-BASED HSBC GROUP; FIRST GLOBAL CUSTOMER OF CREDIT LINE STRATEGY OPTIMIZATION SERVICE
October 17, 2001 (San Rafael, California, USA) - In an announcement, Fair, Isaac and Company, Inc. (NYSE:FIC) said that London-based HSBC Holdings plc, one of the world's largest banking and financial organizations, has signed the first global agreement to purchase Fair, Isaac's Credit Line Strategy OptimizationTM (CLSO) service to manage its credit card portfolios across its worldwide network.
This agreement marks the most extensive deployment of Fair, Isaac's new CLSO service to date. Since its introduction four months ago, CLSO has been adopted by three of the top 20 card issuers in the United States, including Fleet Credit Card Services, First USA and People's Bank in Connecticut.
HSBC will begin immediate deployment of CLSO in the U.K. within its Personal Banking division to increase profitability of its credit card portfolio. Deployment will follow in the U.S. and then in other parts of the Group. A firm timeframe for these additional rollouts has not yet been established.
CLSO helps credit card issuers improve account profitability through optimal credit line assignments. It automates this complex process for the first time and optimizes the results down to the individual customer's account. CLSO is the first application of Fair, Isaac's breakthrough Strategy Science-termed the "Third Revolution" in decision analytics because it enables customers to model the decision itself. Through CLSO, strategic options are clearly and concisely defined and openly identified. As a result, portfolio managers can fully understand how their choice of a particular strategy will play out against the business objective they seek to optimize. By using CLSO, a lender can experiment with any number of "what if" scenarios before settling on precisely the right strategy to meet the stated business objective.
"HSBC is at the leading edge in the use of advanced technologies to link its global network," said Tom Grudnowski, Fair, Isaac's CEO. "CLSO is a perfect complement to HSBC, both in terms of their understanding of how technology can drive smart, bottom-line strategies as well as how the service supports a diverse, global portfolio. We are delighted to have HSBC as our first global customer," Grudnowski said last week.
Brendan Cook, head of HSBC Group's Card division, said, "CLSO is the ideal solution to take HSBC's strategic use of technology in managing and linking its global business units to the next level. CLSO's advanced analytical techniques will enable us to better anticipate our customers' requirements and needs."
About Fair Isaac
Fair, Isaac and Company is a global provider of customer analytics and decision technology. Widely recognized for its pioneering work in credit scoring, Fair, Isaac revolutionized the way lending decisions are made. Today the company helps clients in multiple industries increase the value of customer relationships. Fair, Isaac has made the Forbes list of the top 200 U.S. small companies nine times in the last ten years. Headquartered in San Rafael, California, the company reported revenues of $298 million for fiscal 2000. For more information, visit www.fairisaac.com
About HSBC Group
Headquartered in London, HSBC Holdings plc is one of the largest banking and financial services organizations in the world. The HSBC Group's international network comprises some 6,500 offices in 78 countries and territories in Europe, the Asia-Pacific region, the Americas, the Middle East and Africa. With listings on the London, Hong Kong, New York and Paris stock exchanges, shares in HSBC Holdings plc are held by around 200,000 shareholders in some 100 countries and territories. The shares are traded on the New York Stock Exchange in the form of American Depositary Receipts.
REGENCY TCM UK AND MIKE SCULLY
It has been reported that Mike Scully (Regency TCM UK) has sold his operation to AKTIV KAPITAL, a Scandinavian banking and collection Group and will now operate as Aktiv Kapital (UK) Ltd. Mike Scully is the CEO of Aktiv Kapital (UK) Ltd.
Mike Scully has also resigned from the TCM Board with immediate effect.
Where does TCM go from here?
DEBT COLLECTION IN THE UK
The first comprehensive study of the UK Debt Collection Industry has been published by the Credit Services Association (CSA) with the Credit Management Research Centre at Leeds University Business School.
The cost is £300 and copies can be obtained by writing to CSA, 3 Albany Mews, Montagu Avenue, Newcastle Upon Tyne, NE3 4JW or by going to www.debtsurvey.co.uk. Cheques should be made payable to Credit Services Association.
A car dealership which promised cheaper deals from across the continent but left customers with neither cash nor cars, has been put out of business.
Leeds-based Motordome Limited, along with its credit company Black Cat Finance Limited, were wound up in the public interest in the High Court on 3 October following an investigation by DTI's Companies Investigation Branch (CIB).
The investigation discovered that between May and December 2000, Motordome had taken up to £1.5 million from customers as deposits for new cars which were to be imported from dealers in Belgium.
Not enough money was sent to Belgium to buy the cars, and many customers, who had been attracted to Motordome by the very promise of cheaper continental deals, never received their cars.
When challenged to produce its records, Motordome could not work out how much money had been transferred to the Belgian dealers, but £250,000 from customers had been transferred to the company's main bank account. Investigators concluded that rather than being used to buy new cars, large amounts of money had been used to prop up the Company's used car business.
Black Cat Finance provided 'top-up' credit - particularly targeting people with poor credit records. This credit would primarily pay for breakdown insurance.
It was found to be in serious breach of Consumer Credit regulations, with many agreements never signed by the company. Often customers' signatures were not witnessed, and there were allegations that customers' signatures had been forged on credit agreements.
In summing up, the Registrar said that there had been a "dishonest carrying on of business to the detriment of the public".
The Official Receiver has now been appointed liquidator of both companies.
Petitions to wind up the companies were presented following investigations carried out by CIB under section 447 of the Companies Act 1985. This enables investigators to require a company to produce its records. If it is in the public interest the Secretary of State may use the information obtained to petition the Court to wind up a company or to disqualify the company directors.
Motordome Limited was incorporated on 7 October 1997. Its registered office is at Burley House, 12 Clarendon Road, Leeds, West Yorkshire. The directors of the company are Mr Carl Alan Pallister and Mr Peter Thomas Cavanagh. The secretary of the company is Mr Mark Patrick Keane.
Black Cat Finance Limited was incorporated on 15 June 1998. Its registered office is at Burley House, 12 Clarendon Road, Leeds, West Yorkshire. The directors of the company are Mr Carl Alan Pallister and Mr Peter Thomas Cavanagh. The secretary of the company is Mr Mark Patrick Keane.
The petitions were presented under section 124A of the Insolvency Act 1986 on grounds of public interest. When the public is at risk, the Secretary of State may ask the Court to stop a company trading at once by appointing a provisional liquidator and winding it up. This is the quickest action the Department can take. The Court demands detailed and substantial evidence for this very serious step.
All public enquiries concerning either company should be made to:
The Official Receiver
Public Interest Unit
21 Bloomsbury Street
London WC1 3SS
Tel No: 020 7637 1110
*** FORTHCOMING CREDITORS MEETINGS ***
For detailed information on the British Isles insolvency's (liquidation's, receiverships, administrations, dividends, creditors) please visit http://www.insolvency.com/cgi-bin/gazette/liq/nots.pl
TW LW TW LW
USA 1.45 1.46 Canada 2.27 2.28
Austria 22.04 22.00 Portugal 321.25 320.54
France 10.51 10.48 Belgium 64.64 64.49
Finland 9.52 9.50 Italy 3102.66 3095.82
Germany 3.13 3.12 Sweden 15.18 15.41
Holland 3.53 3.52 Switzerland 2.37 2.37
Spain 266.62 266.03 Ireland 1.26 1.25
Australia 2.83 2.92 Denmark 11.91 11.89
Hong Kong 11.37 11.38 Euro 1.60 1.59
Africa Com 13.51 13.57 Saudi Arabia 5.44 5.47
India 69.73 70.21 Malaysia 5.51 5.54
Singapore 2.64 2.64 Norway 12.75 12.77
Japan 176.21 175.90
TW This week LW Last week.
Bank of America announced profits down by 54%.
British Telecom and AT&T are selling it's loss making Concert.
Citigroup America's large financial company announced profits would be down by 9%.
Ford announced a quarterly loss of 692M US$.
GM announced profits down 54% on the same quarter last year.
IBM announced profits down 19% on the same quarter last year.
JP Morgan Chase said profits were down by 68% over the same quarter.
Merrill Lynch announced third quarter profits down by 50%.
Rolls Royce in the UK announced 5000 job losses as the market falls after the terrible events of 11 September 2001.
7000 jobs are to be lost at Siemens of Germany telephone operations both fixed and mobile.
Bellway, the housebuilders, announced pre-tax profits of 101.5 million pounds, on turnover of 695.7 million, for the year ending 31st July 2001. Earnings per share stand at 63.2p.
N. Brown, the catalogue retailer, announced pre-tax profits of 25.3 million pounds, after exceptional charge, on turnover of 219.9 million, for the six months ending 1st September 2001. Earnings per share stand at 6.2p.
M. J. Gleeson, the housebuilders, announced pre-tax profits of 18.9 million pounds, after exceptional credit, on turnover of 422.5 million, for the year ending 30th June 2001. Earnings per share stand at 134.4p.
Stylo announced pre-tax losses of 1.95 million pounds, after exceptional credit, on turnover of 89.3 million, for the six months ending 4th August 2001.
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:Completed acquisition by Kruidvat UK Ltd - a wholly owned subsidiary of Kruidvat Beheer BV of Superdrug Stores Plc.
Completed acquisition by Henderson Private Capital Limited of Leisure Link Group Limited.
Proposed acquisition by Teradyne Inc. of GenRad Inc.
Proposed acquisition by Global Marine of Sante Fe International
Completed acquisition by Kirkgate Group Ltd of Dewhirst Group Ltd
Proposed acquisition by Portman Building Society of Sun Bank Plc
Proposed acquisition by Kuraray Co. Ltd of the PVA/PVB business of Clariant GMBH
Proposed acquisition by BL Davidson Ltd of Asda Property Holdings plc
Trade and Industry Secretary Patricia Hewitt last week outlined details of a Government plan to find the next generation of "IT" girls - but the focus will be firmly on micro-chips not micro-skirts.
Although women make up almost half of the UK's overall workforce, only one in five people currently working in IT is female, and soon to be published research is expected to confirm that Britain lags way behind other developed countries such as America, Canada and Ireland.
The low level of representation is particularly significant since the IT industry is one of the fastest growing in the economy. The number of people in IT jobs has grown by around 50% over the last five years compared to a 8% growth in other sectors. Female graduate computer scientists earn an average of £17,000 compared with £14,000 among all female graduates.
Ms Hewitt revealed that next year, the Government will launch an initiative to target women of all ages, from schoolgirls to women returning to work in later life, and will seek to reverse the under representation of women in IT. It will include measures to:
Patricia Hewitt said:
"We need to give IT an image makeover to make it more attractive to women. Only 22% of the IT workforce is currently made up of women - and the image that many schoolgirls have of IT is more computer geek than computer chic.
"IT means big business. In the past 5 years, the number of IT jobs has grown by a massive 50%, compared to a 8% growth in the general workforce, creating 336,000 more IT jobs in the process.
"Although more women are now working than ever before, too many are low paid and too few are well paid. I want to see more women in interesting, well paid jobs and IT is a great way to get there. Female IT graduates earn about £3,000 more than other female graduates.
"We want to see more 'IT' girls and fewer net nerds in our computing industries"
The DfES and DTI will publish in November the research report Women Participating in IT, electronics & communications (ITEC) courses and careers. The report represents a systematic review and analysis of the participation of women in ITEC-related courses and careers internationally and compares patterns of women's participation in the UK with those in other countries.
The joint DTI/DfES White Paper 'Opportunity for All in a World of Change' pledged the Government to work with business to reverse the serious under-representation of women in IT and related high tech jobs. Specific commitments to help realise this goal include support for business efforts to create a more positive image of careers in high tech sectors that helps attract a more diverse workforce; and the development of a special work experience programme in IT for women. DTI is supporting programmes with the e-Skills National Training Organisation to take forward these commitments.
Patricia Hewitt spoke at the CSSA conference 'Women in IT - The Challenge to Industry' on 13 March 2001 in her then capacity as Minister for e-commerce. DTI is working with the CSSA to organise a follow up to this conference, to be held early in 2002.
The salary details are based on the 'Graduate First Destination 2000' survey which looked at the experiences of 2,500 graduates after their first six months of employment.
Tuesday 30 October Collections 2001 Credit Today National Motorcycle Museum, Birmingham The inaugural Credit Today conference for the UK on Debt Management, Collections Procedures as well as the political issues and regulatory changes affecting your work For more details contact Carleen Bennett on 020 7407 4700 or visit www.credittoday.co.uk Tuesday 6 November ICM Credit Scotland 2001 The National Stadium, Hampden Park, Glasgow, G42 9BA Cost £50.00 including Buffet Luncheon and Refreshments E-mail carol_myers@hotmail.com Monday 12 November Wessex Branch of the ICM European Credit Checking - Speaker/Sponsor ICC Information Ltd Venue - Royal Southampton Yacht Club 1 Channel Way, Ocean Village, Southampton SO14 3QF Time : 7.00 pm for 7.30 pm Refreshments provided Monday 12th November Stoke on Trent Branch of the ICM "Credit Management Qualifications: the UK and Beyond" Presented By Russell Kennard, MBA AIMC, founder-owner of Kennard & Co For details please contact the event organiser: Catriona Colerick, MICM (Grad.) on Tel. 01782 28 2430 Thursday 22 November Sussex & Surrey Branch of the ICM Factoring/Invoice Discounting/Asset Finance Speaker: To be advised Venue - HSBC, Farncombe Road, Worthing Time: 7.00 for 7.30 p.m. Sponsored by HSBC 4-6 December Online Information 2001 Olympia Grand Hall, London Monday 10 December Wessex Branch of the ICM Quiz Night - Sponsor Virtual Mailroom Ltd Venue - Royal Southampton Yacht Club 1 Channel Way, Ocean Village, Southampton SO14 3QF Time : 7.00 pm for 7.30 pm Refreshments provided Monday 14th to Thursday 17th January 2002 ICM Examinations Thursday 24 January 2002 Sussex & Surrey Branch of the ICM Annual General Meeting Followed by Dinner. Speaker: To be advised Venue - The Imperial Hotel, Hove Time: 7.00 for 7.30 p.m. Friday 22 February 2002 Debt Sale & Purchase Credit Today, Savoy Hotel, London The second annual debt sale and purchase conference chaired by Rob Levick. For details e-mail carleen@credittoday.co.uk Wednesday 13 March 2002 ICM National Conference and Exhibition Heritage Motor Centre, Gaydon near Warwick For full details tel 01780-722907 or e-mail training@icm.org.uk 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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