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: 94
Dated: 24 January 1999
Welcome to the Business Credit News UK.
In this weeks edition you will find the following topics.
UKFTSE-100
The FTSE-100 Closed 161.1 down at 5861.2 last week, amidst fears that a currency crisis in Brazil would spread to other South American countries. The Stock Market fell, wiping 28 billion pounds off share value.
ACQUISITIONS
British companies were the world's biggest buyers of foreign firms last year, making $128 billion-worth of deals (compared with the $125 billion spent by American companies), for the first time in the eight years that KPMG, a consulting firm, has compiled the league table.
British companies spent 80% of their M&A cash in America; the biggest deal by far was BP's $61 billion purchase of America's Amoco.
Source: The Economist
CBI REACTION TO RISE IN INFLATION
CBI Chief Economic Advisor, Kate Barker, last week said business still needs further interest rate cuts despite the rise in inflation.
"The slight pick-up in inflation is a little surprising in the light of the evident weakening of the economy towards the end of 1998," she said. "Looking ahead, however, we expect inflation to move below the government's target through 1999, given sluggish growth forecasts and continued downward price pressure evident in the manufacturing sector.
"We still believe that interest rates should be reduced towards five per cent by the spring."
RETAIL SALES FIGURES - CBI COMMENT
Sudhir Junankar, CBI's Associate Director of Economic Analysis, commenting on retail sales figures released last week said: "The drop in retail trade in the run-up to Christmas, though surprising, fits in with retailers' experience of difficult trading conditions. However, trading conditions around the turn of the year are hard to interpret because of the shifts in the timing of when shops start their sales. On an underlying annual basis sales volumes have slowed markedly, bringing official figures more into line with the CBI Distributive Trades Survey. The latest figures suggest that interest rates can safely head towards 5 per cent by the spring."
GROSS DOMESTIC PRODUCT PRELIMINARY ESTIMATE 4TH QUARTER 1998
In the fourth quarter of 1998, the preliminary estimate of gross domestic product (GDP), at constant market prices, shows a rise of 0.2 per cent compared with the previous quarter. If a comparison is made with the fourth quarter of 1997, the preliminary estimate of growth in total GDP is 1.6 per cent.
For 1998 as a whole, GDP is estimated to have increased by 2.5 per cent compared with 1997.
Within GDP, it is estimated that the output of the production industries decreased in the fourth quarter. This is entirely due to a decline in manufacturing output; rises are estimated for the the energy extraction and energy supply industries.
The construction and agriculture industries are also estimated to have increased.
Output of the service industries overall is estimated to have grown slightly less strongly in the latest quarter.
Distribution industries showed little growth while catering activities and some parts of transport were estimated as declining. Other parts of transport, together with communication and most business services continued to show fairly strong growth.
NEW CHAMBER FOR THE MILLENNIUM
HOUSE OF LORDS WHITE PAPER AND BILL PUBLISHED
A radical package of measures to modernise the House of Lords and create a second chamber to take Parliament into the 21st century, was last week unveiled by Ministers.
Proposals to revamp the historic and ancient second chamber, in the White Paper Modernising Parliament: Reforming the House of Lords include:
The all items retail prices index (RPI) remained unchanged over the month to stand at 164.4 for December.
In the twelve months to December, the all items RPI rose by 2.8 per cent, down from 3.0 per cent for November. The 12 month rate of change for the all items excluding mortgage interest payments index stood at 2.6 per cent for December, up from 2.5 per cent for November.
The largest downward effect on the all items 12-month rate came from housing costs, due to further falls in the mortgage interest payments component as cuts in interest rates continue to be passed on to borrowers. A smaller downward effect came from motoring costs, mainly as a result of larger falls in prices than last year for both used cars and petrol.
The main offsetting upward effects came from prices for household goods, where furniture prices rose by more than last year, and from prices for seasonal food where adverse weather conditions affected this year's supplies. Smaller upward effects came from price changes for alcoholic drinks and tobacco.
The all items excluding housing index is currently recommended for making international comparisons with and between non-EU countries. For EU countries, a new measure of consumer price inflation, the Harmonised Index of Consumer Prices (HICP), has been developed to provide a better basis for comparisons. This is in the context of one of the convergence criteria for monetary union as required by the Maastricht treaty.
This series excludes council tax, VAT, excise duties, vehicle excise duty, and insurance premium tax as well as mortgage interest payments and is useful as an additional tool for analysing inflation trends. This series was previously published by the Bank of England quarterly under the name RPIY. The ONS produces these figures monthly, improving the calculation by applying adjustments at a lower level of aggregation.
Food
This month's index :145.2
% change over 12 months :2.5
This month's index :181.0
% change over 12 months :3.8
This month's index :231.2
% change over 12 months :8.5
This month's index :197.5
% change over 12 months :5.7
This month's index :145.7
% change over 12 months :2.2
This month's index :168.0
% change over 12 months :0.5
RETAIL SALES INDEX
In December the seasonally adjusted estimate of retail sales volume is 111.7. This is 0.9 per cent below the November figure but 0.7 per cent higher than the December 1997 level.
In October to December the volume of 4 sales was 0.2 per cent lower than in the previous three months but 1.4 per cent higher than in the same period a year earlier.
Based on non-seasonally adjusted data, the average weekly value of retail sales 8 in December was #4,910 million, 1.8 per cent higher than in December 1997. In October to December the value of sales in current prices was 2.3 per cent higher than in the same period a year earlier.
The value of sales in 1998 was 4.0 per cent higher than in 1997.
Volume seasonally adjusted (1995=100)
In October to December the seasonally adjusted volume of sales by predominantly food stores remained unchanged compared with the previous three months; sales by predominantly non-food stores decreased by 0.6 per cent.
Value not seasonally adjusted (1995=100)
In October to December the value of sales (not seasonally adjusted) by predominantly food stores was 4.4 per cent higher than a year earlier; sales by predominantly non-food stores were 0.3 per cent higher.
Value of sales by commodity not seasonally adjusted (1995=100)
In October to December the estimated value of sales (not seasonally adjusted) of food, drink and tobacco was 4 per cent higher than a year earlier; sales of clothing and footwear was 1 per cent lower; sales of household goods were 2 per cent higher and sales of other non-food products were 2 per cent higher.
Trade Minister Brian Wilson last week welcomed a new business survey which shows the sharpest rise in confidence among British exporters since 1993.
Responding to the latest Dun and Bradstreet quarterly survey of business expectations, Mr Wilson said:
"This is welcome evidence that British exporters have weathered a difficult period and are now looking ahead with confidence.
"Exports have an enormous part to play in sustaining jobs within the UK and it is excellent news that over 50 per cent of companies now expect their exports to grow in the months ahead. This is in spite of exceptionally difficult trading conditions in some parts of the world, particularly South East-Asia."
NEW BANKING MEMBER APPOINTED TO EXPORT GUARANTEES ADVISORY COUNCIL
Brian Wilson, Minister for Trade, last week announced he had appointed David McLachlan, Director of Risk, Coutts Group, (the global private banking arm of the NatWest Group) to serve on the Export Guarantees Advisory Council.
Mr Wilson said:
"In the present world economic climate the work of the Export Guarantees Advisory Council, particularly in helping ECGD assess corporate risk and set country exposure ceilings, has never been more important. I am delighted that David McLachlan has agreed to join the Council. His wealth of experience of risk management and professional banking reputation will, I am sure, prove, invaluable."
Mr McLachlan joined Coutts Group in November 1997 as Director of Risk, with responsibility for the management of both credit risk and market risk.
Prior to this he had worked for almost 20 years with Midland Bank/HSBC. His last two positions there were Group Risk Management Director, Midland Bank Plc (1990/94) and Group Risk Controller, HSBC Holdings Plc (1994/97).
*** Forthcoming Creditors Meetings ***
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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 25/01/99 to 02/02/99 Number of Creditor meetings : 218 Section Company Time Venue 138 Scotland - Interim Liquidator calling Creditors Meeting 28/01/99 Coolcase Ltd 12.00 pm Glasgow 29/01/99 Beverley K Ltd 10.00 am Glasgow Braeburn Permutect Ltd 12.00 pm Glasgow Contract Window Services Ltd 12.00 pm Glasgow Lomond Ventures Sixty Three Ltd 12.00 pm Glasgow Phoenix Fish Ltd 10.00 am Aberdeen 02/02/99 Thistle Metal Products Ltd 12.00 pm Glasgow 23 Administrator Calling a meeting of Creditors 25/01/99 STT Projects Ltd 10.00 am London 26/01/99 Nordictrack (UK) Ltd 11.30 am London 28/01/99 Falmer International Ltd 11.00 am West Drayon Falmer Jeans Ltd 11.00 am West Drayon Falmer Ltd 11.00 am West Drayon 48 Receiver calling unsecured Creditors Meeting 25/01/99 Softvision Group Plc 11.00 am Bromley Widnes Distribution Ltd 11.00 am Manchester 26/01/99 European American Industries 11.00 am London 28/01/99 Security Homeview Ltd 12.00 pm London Sinclair Communications Plc 10.30 am London 29/01/99 Finches of London Ltd 02.00 pm London Ideal Nursing Homes Ltd 02.00 pm London Scanlon Distribution Services Ltd 10.00 am London Storeton Developments Ltd 12.00 pm Manchester 02/02/99 R W Parkinson & Son (Marks Tey) Ltd 11.00 am Ipswich 67 Scotland - Receiver calling Meeting of unsecured Creditors 25/01/99 Knoydart Peninsula Ltd 10.00 am Glasgow 28/01/99 Caledon Coal Company Ltd 10.00 am Glasgow Caledon Holdings Ltd 10.00 am Glasgow Millstone Grit & Fireclay Ltd 10.00 am Glasgow 98 Creditors Voluntary Liquidations 25/01/99 B & S Lynam Transport Ltd 12.00 pm Manchester Coleman Construction Services Ltd 11.00 am London Dialacomp Ltd 04.00 pm London European Building Maintenance Ltd 11.30 am Bucks G M C (London) Ltd 03.00 pm London Hannings Furniture Co Ltd 11.00 am Glastonbury Hemdean Investments Ltd 11.30 am Gerrards Cross J & R Darracott Ltd 11.15 am Maidstone Jadewise Ltd 11.00 am London Kite Computing Ltd 11.00 am Blackburn London Cafes Ltd 02.00 pm London Northern Electronic Wholesale Ltd 11.00 am Ossett Patrick Knight Ltd 10.15 am Harrow Phoenix Granulators Ltd 11.00 am Winchester Pine Factory (Rye) Ltd - The 11.00 am London Prosolvia Ltd 02.30 pm Birmingham Racom European Distribution Ltd 03.00 pm Manchester Rescue Systems Ltd 02.30 pm Fleet SHL (1992) Ltd 02.30 pm South Ruislip Sarsons Shoes Ltd 03.00 pm Manchester Seafresh (Midlands) Ltd 11.00 am London Sunningdale Builders Ltd 11.00 am Basingstoke Walsingham Construction Ltd 11.00 am London 26/01/99 Annapurna Restaurant Ltd 11.45 am Egham Avanti Timber Supplies Ltd 11.00 am Birmingham Barnabas of London Ltd 11.00 am London Brand Traders (INternational) Ltd 11.00 am London Chameleon Clothing Co (UK) Ltd 12.30 pm Nottingham Checkwin Ltd 11.30 am Birmingham County Radiators Ltd 10.30 am Colchester D S A International Ltd 11.30 am London Daffodil Workshops Ltd 02.00 pm Rosehill Denmark Ltd 10.30 am Nottingham Design Line Publishing Ltd 11.15 am London Dolphin Textiles Ltd 10.30 am Nottingham E W Catton (Transport) Ltd 10.15 am Leeds Easi-Care Processes Ltd 02.30 pm Warrington Economic Woollen Co Ltd 11.00 am Leeds Ehdl Software Engineering (UK) Ltd 12.00 pm London Elite Digital Colour Ltd 11.00 am Croydon Elitemast Ltd 10.30 am West Byfleet European Binders (Printers) Ltd 11.30 am Manchester Express Builders (London) Ltd 11.00 am London Facilities Management Recruitment Ltd 11.00 am South Ruislip Forrest Timber Flooring Ltd 10.30 am Liverpool Golden Valley Shoes Ltd 10.30 am Manchester H S Simons & Co Engineers Ltd 11.00 am Bristol Hampers Hampers Ltd 10.30 am London Lariport Ltd 12.00 pm London Leighton & Parnaby Ltd 11.00 am Newcastle-u-Tyne Mark Seven Leisurewear Ltd 03.30 pm Lutterworth Mixed Doubles Ltd 03.30 pm Lutterworth Newton and Ridleys Carpet Emporium Ltd 11.30 am Altrincham P T M Trading Ltd 12.00 pm Glasgow Parashooting Ltd 03.00 pm London Premier Cymru Wales CYF 11.00 am Aberystwyth Project 786 Ltd 03.00 pm London Quest Resources Ltd 11.00 am London Scourfields Ltd 10.15 am Worthing Seraf Ltd 04.00 pm London Sheldwich Insurance Agencies Ltd 11.30 am London Tamzin Greenhill Lingerie Ltd 11.45 am London Techniclean Services Ltd 10.30 am Birmingham Tri-Bake Ltd 10.30 am Colchester Universal Fashion Ltd 03.30 pm London 27/01/99 A B C Modular Buildings Ltd 11.00 am Leeds Alsam (Fasteners) Ltd 11.00 am Birmingham Baldwins (91) Ltd 10.30 am London Clawkey Ltd 03.00 pm London Diabolo Marketing Ltd 10.45 am Pinner Hair Laser Clinics Ltd 11.30 am London In Touch Holidays Ltd 11.30 am South Ruislip International Cosmetic Dist Plc 12.30 pm London J & M Transport (UK & Continental) Ltd 11.15 am Walsgrave K & B Fashions Ltd 10.30 am Leicester Laceys (East Ham) Ltd 11.15 am Aveley Light Transport Ltd 10.30 am Birmingham Mally Ltd 11.00 am London Mardo Ltd 11.30 am London Mercer Optical Ltd 11.00 am Bromsgrove New Arrivals (Leicester) Ltd 11.30 am Sileby Preachers Ltd 11.30 am Southampton Renaissance (Worldwide) Ltd 02.30 pm Stoke-on-Trent Rhodes Fabrics Ltd 10.15 am Harrogate Rigout Ltd 10.30 am Warrington Robert Swindells Ltd 11.00 am Ipswich Tamingo Ltd 12.00pm London Townsend Financial Services Ltd 12.00 pm Llandudno User 2 Franchising Ltd 10.00 am Newcastle-u-Tyne Vincent Cartwright Ltd 11.30 am Bedford Wilcox 3 Distribution Ltd 11.30 am London Zonetrail Ltd 11.30 am Billericay 28/01/99 Bincroft Ltd 10.15 am Bately Bletcher Floral Sundries (Scotland) Lt 12.00 pm Glasgow Bownest Ltd 11.45 am Sheffield C & S Timber Products Ltd 11.30 am Bury C J & R Moss Builders & Contract Ltd 11.00 am Northwich Cavernsave Ltd 12.00 pm London Central Components Ltd 11.00 am Birmingham Church Farm (Trading) Ltd 10.30 am Manchester D S I Technologies (UK) Ltd 02.30 pm Sheffield Darwin Services (UK) Ltd 11.00 am Sheffield Data Press Manufacturing Ltd 03.00 pm London Delaney Roofing Ltd 12.00 pm Liverpool Gemrose Ltd 10.00 am London Jaguar Steel Services Ltd 03.00 pm London James & McHugh Mining Ltd 12.00 pm Cardiff John Nicholas (Gifts & Handicrafts) Lt 01.00 pm London Martindales Coaches Ltd 10.00 am Newcastle-u-Tyne Melati Restaurant (1981) Ltd 03.00 pm Stanmore Michael A Morris Ltd 03.30 pm Lutterworth Michael Louis Ltd 10.15 am Bradford Multi Solutions Co Ltd 11.30 am London Rollright Engineering Ltd 10.30 am Birmingham Santacruz Hardware Ltd 11.00 am Edgware UK Maintenance Ltd 02.30 pm Bristol Universal Hose & Couplings Ltd 12.00pm Cardiff Vortoplast (UK) Ltd 11.30 am London 29/01/99 A P Designs Ltd 11.00 am Bristol A18 Computers Ltd 01.00 pm Caistor Academy Fork Lifts (UK) Ltd 03.00 pm Cambridge Air Images Ltd 02.45 pm Glazebrook Badgers Print Ltd 12.00 pm Manchester Broadham Plant Hire Ltd 11.00 am Manchester Caesar International Co Ltd 02.30 pm London Chilled Distribution Ltd 10.30 am Southend-on-Sea Coma Roofing Ltd 10.30 am London Daletrim Trading Ltd 11.00 am London David Bateman (Building Design) Ltd 03.00 pm Gosforth Dunnlock Ltd 10.00 am Swansea E-Z Play Ltd 03.00 pm Gloucester East Mid Technical Services Ltd 03.30 pm Sileby Envelope Factory Ltd - The 11.00 am Bucks Etchline Ltd 11.00 am Leeds Euro 21 Ltd 11.00 am London G M Fashions Ltd 03.45 pm London Gem Developments Ltd 11.15 am Bately Goldseal Direct Ltd 11.30 am Sheffield Japex Steel Ltd 02.15 pm Stourbridge Julyas Overseas Ltd 03.15 pm Old Fletton K & H Contractors Ltd 10.30 am Pentwyn KGJ Insurance Services (Cannock) Ltd 11.30 am Birmingham KLV Ltd 03.00 pm Guildford Kensal Products Ltd 11.15 am Bradford London Clothing Ltd 11.00 am London Manchester Sample Book Co Ltd 11.30 am Manchester Mass Wild Ltd 11.30 am London Morgan Whitecourt Ltd 12.00 pm Chatham North East Taverns Ltd 11.00 am Sunderland North West Trade Frames Ltd 11.30 am Manchester Optant Group Ltd - The 11.00 am St Albans Oregon Quality Homes (England) Ltd 03.15 pm Gosforth Premier Heating Services Ltd 11.30 am Peterborough Project Tooling Co Ltd 11.30 am Sileby Q A Environmental Products Ltd 10.30 am Southend-on-Sea RTR Fabrications Ltd 11.00 am Cambridge Solution Communications Ltd 10.30 am West Auckland Spice Cuisine Ltd 10.30 am Huddersfield Termfibre Ltd 03.00 pm Billericay Top Gun Karting Ltd 10.30 am Yarm Willow Contracts Ltd 02.00 pm Swindon 01/02/99 Avanti Trading Ltd 12.00 pm London Barrie James West Associates Ltd 11.00 am Gloucester Darcom Ltd 02.30 pm London Freshbalance Ltd 10.30 am Manchester Gas Tech (UK) Ltd 12.00 pm London J A Gronnow (General Contractors) Ltd 11.30 am Manchester Joltacre Ltd 11.00 am Sunderland Meadow Construction & Refurbish Ltd 11.30 am Barnet Smithies Inns Ltd 11.30 am Manchester Stage One Exhibitions Ltd 02.30 pm London VRD Services Ltd 11.00 am London VRD Southern Ltd 11.00 am London Vectronix Systems Ltd 11.30 am Altrincham 02/02/99 ABC (Overseas) Ltd 01.15 pm Slough Brecast Ltd 11.15 am Slough Classic Designs Ltd 10.30 am Reading Covers Print Ltd 02.00 pm Fleet Crendon Concrete Products Ltd 12.15 pm Slough Crendon Group Ltd 12.45 pm Slough Crendon International Ltd 10.45 am Slough Crendon Structures Ltd 11.45 am Slough Elite Reproduction Ltd 02.30 pm London Kwik Ltd 10.15 am Staverton Lancer Line Ltd 11.00 am Southport Leo Conroy P & C Ltd 12.00 pm Royston P G Pallets Ltd 11.30 am Wolverhampton Regentdale Ltd 03.00 pm London Scanpoint Ltd 12.00 pm London Token Self Drive Ltd 11.00 am Manchester Treasures Ltd 11.00 am London W Hayward & Sons (Holdings) Ltd 11.30 am New Forest
TW LW TW LW
USA 1.6570 1.6643 Canada 2.5160 2.5597
Austria 19.6676 19.6279 Portugal 286.548 285.966
France 9.3755 9.3567 Belgium 57.6580 57.5410
Finland 8.4980 8.4810 Italy 2767.50 2761.91
Germany 2.7962 2.7895 Sweden 12.8799 13.0648
Holland 3.1497 3.1434 Switzerland 2.2872 2.2835
Spain 237.810 237.340 Ireland 1.1256 1.1234
Australia 2.6121 2.6430 Denmark 10.6358 10.6206
Hong Kong 12.8394 12.8945 ECU 1.4296 1.4275
Africa Com 10.1317 10.5000 Saudi Arabia 6.2146 6.2445
India 70.4310 70.7030 Malaysia 6.2961 6.3238
Singapore 2.7847 2.7954 Norway 12.3472 12.4559
Japan 189.650 188.460
TW This week LW Last week.
BT said it plans to create a Corporate University, rare in Britain but common in America, to train its 125,000 employees and offer degrees and vocational courses.
Source: The Economist
BRITISH AEROSPACE
British Aerospace upset its German and French counterparts with the purchase of Marconi Electronics from Britain's GEC for 7.7 billion pounds ($12.8 billion). The new BAe will be the world's second-largest defence group, after America's Lockheed Martin. BAe said the merger was "totally compatible" with its aim of building a pan-European alliance, but the Germans and French called it obstructive. BAe shares fell on concerns about the high price it was paying to GEC.
Source: The Economist
VODAPHONE
Britain's Vodaphone beat off Bell Atlantic to make a $62 billion deal to buy America's Airtouch Communications, creating the world's biggest mobile-phone company. Vodafone AirTouch will also overtake BT to become Britain's biggest telecoms company, with a market capitalisation of $130 billion.
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 Shell Chemicals UK Limited of certain assets of ICI Chemicals and Polymers Limited namely its commodity ethoxylates and its UK resale businesses
Acquisition by British Vita plc of Doeflex plc
KIM HOWELLS ACCEPTS UNDERTAKINGS FROM TOMKINS PLC
Kim Howells, Competition and Consumer Affairs Minister, last week announced that he had accepted undertakings from Tomkins that it will divest four flour mills which it acquired from Kerry Group plc. His decision is in accordance with the advice of the Director General of Fair Trading (DGFT).
Tomkins has undertaken to divest the mills at Avonmouth, Liverpool, Newcastle and Tilbury as a going concern to a purchaser or purchasers approved by the DGFT. Tomkins has undertaken to complete the sale by 23 March 1999, unless the DGFT specifies a later date.
It has also undertaken that for a period of one year from 23 March or such later date, if any, specified by the DGFT, it will not increase the production of hard flour at the mill in Cambridge which it acquired from Kerry Group, above the level of production during the period from 23 April 1997 to 22 April 1998 - the date at which the merger was referred to the Monopolies and Mergers Commission ("MMC").
Tomkins has, in addition, given undertakings that prior to the completion date it will take no action which might inhibit or prevent the divestment of the mills as a going concern.
These undertakings follow the report by the MMC concerning Tomkins' acquisition of assets of Kerry Group plc. The report was published on 24 September. The then Secretary of State Peter Mandelson accepted the MMC's finding that the merger could be expected to operate against the public interest, and its recommendations on divestment and behavioural remedies. His decision was also in accordance with the DGFT's advice.
STEPHEN BYERS REFERS BA/CITYFLYER EXPRESS MERGER TO THE MMC
Stephen Byers, Secretary of State for Trade and Industry, has decided, in accordance with the advice of the Director General of Fair Trading (DGFT) to refer the proposed acquisition by British Airways plc of CityFlyer Express Ltd to the Monopolies and Mergers Commission (MMC) under the provisions of the Fair Trading Act 1973.
Mr Byers considers that the acquisition raises competition concerns in respect of the market for air services. The decision to make a reference does not in any way prejudge the question of whether or not the merger would be against the public interest. It is for the MMC to report on this after investigation. The MMC are to make their report by 28 April 1999.
@Home, a provider of high-speed Internet access via cable, agreed to buy Excite for $6.7 billion, nearly double the recent market valuation of the busy Internet portal. The deal sent Internet shares even higher, helping to push the Nasdaq stockmarket to another record.
Source: The Economist
MICROSOFT
Adding to Nasdaq fever, Microsoft shrugged aside its antitrust problems with the American government by far exceeding profit expectations in the second quarter. The software giant said net profits had soared by 75% to $1.98 billion, boosted by strong PC sales and millennium-bug spending that drove revenue up 38% to $4.94 billion. But it remains "guarded" about the year as a whole.
Source: The Economist
28th January Sussex & Surrey Branch of the ICM 7.30pm Branch AGM followed by Social Event Venue TBA 2 February North East Branch meeting of the ICM EMU 7.00 for 7.30pm Presentation by Stephen Clarke of the Bank of England, Yorkshire and Humberside The Golden Lion Hotel, Lower Briggate, Leeds + Buffet 4 February West of Scotland Branch of the ICM 6.15 for 6.30pm The Private Investigator in Credit Management Presented by Brian Burke of Andrews Bishop & Cusack Ernst & Young, George House, 50 George Square, Glasgow G2 10 February South West Branch of the ICM Lunchtime ‘get together' Noon to 2.00pm Duke of Cornwall Hotel, Millbay Road, Plymouth + Buffet West Midlands Branch meeting of the ICM High Potential but High Risk - 6.30 for 700pm Getting the Most from the Small Business Sector Presentation by Experian Business Information The Club Suite, Birmingham Chamber of Commerce & Industry, Harborne Road, Edgbaston + Buffet Details and tickets for all events: Darren Davoile - tel: 01203 293062 16 February Wessex Branch meeting of the ICM 6.00 for 6.45pm Lifeboat 2000 Presentation by the RNLI The Botleigh Grange Hotel, Hedge End, Southampton + Buffet March 9th to the 11th March 1999 Credit 1999 The Novotel, Hammersmith, London W6 Free Conferences and Workshops Free Exhibition Top Industry Speakers 17 - 19 November 1999 Wednesday to Friday International Credit Exhibition & Conference Raffles City Convention Centre The Westin Stamford, Singapore http://www.internationalcredit99.com Mailto:info@internationalcredit99.com # = pounds sterling
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