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: 63
Dated: May 24 1998
Welcome to the Business Credit News UK.
In this weeks edition you will find the following topics.
UKMAN FINED AFTER PROSECUTION BY BANK OF ENGLAND
Following an investigation by the Bank of England, Vincenzo Abello (49) was fined £5,000 at Wood Green Crown Court (3 months imprisonment in default of payment). He pleaded guilty at arraignment to 19 sample counts of unauthorised deposit-taking contrary to section 3 and section 98(6) of the Banking Act 1987. Such offences do not necessarily involve dishonest intent and none was alleged by the prosecution.
Richard Latham QC, prosecuting counsel, told the court that deposits totalling £10.8mn were accepted from several hundred depositors between 1978 and 1995 by a partnership, A&G Facilities, of which Mr Abello was the principal partner. A&G Facilities, which operated out of offices in Hoddesdon, Herts, was wound up on the Bank's petition in 1995 on the basis that it was insolvent and that it was just and equitable to do so. The liquidation will result in losses to creditors, principally depositors, totalling in the region of 85p/90p in the £ out of approx. £2.1mn indebtedness.
The court heard that Mr Abello was now financially ruined and would never again work in the financial services industry. He was previously agent of both an insurance company and a building society.
A&G Facilities was not authorised, licensed or supervised under the Banking Acts of 1987 or 1979. In addition, depositors cannot benefit from the Deposit Protection Scheme which is applicable in cases where deposits are made with authorised institutions.
H.H. Judge Zucker QC in sentencing referred to Mr Abello providing a service to his clients in accepting deposits rather than with a view to making money for himself.
BRIDGEMAN WARNS BANKS ABOUT UNFAIR CONTRACT TERMS
Banks have been warned, by the Director General of Fair Trading, John Bridgeman, to ensure fairness in their contracts with consumers or else risk enforcement action.
The OFT is currently investigating complaints by account holders that Northern Rock plc restructured accounts without warning and denied them the freedom to move them elsewhere without notice. He has asked the bank for information about the terms and conditions of its customer accounts.
Mr Bridgeman said:
"The complaints about Northern Rock's restructuring of accounts raises questions about what appears to be a cavalier attitude to savers. The nature of the market is that interest rates will fluctuate but it cannot be acceptable for consumers to be 'sold' a high interest account and then find that the product has changed to something rather less advantageous and that they are locked into it.
"Customers do not expect banks to change arbitrarily the nature of a product, lock them into less favourable terms and conditions, fail to give adequate warning of any changes and treat some account holders differently from others.
"The Unfair Contract Terms in Consumer Contracts Regulations enable me to examine contracts for unfairness and take companies to court if they fail to amend or remove terms which I believe cause detriment to consumers. A term is unfair if it unduly weights the contract against the consumer and in favour of the business. The regulations define as potentially unfair those terms which enable a supplier to alter unilaterally the terms of a contract or any characteristic of a product or service
"Finding unfair terms in the contract used by one bank will allow me to look at similar terms in other contracts, and I am prepared to do this if any bank fails to put its own house in order. Unfair contract terms have no place in modern banking and should be removed without delay. They are, in any case, unenforceable in law. Consumers do not need a ruling on fairness from the OFT to challenge such terms or seek redress if they feel they have suffered loss."
The Unfair Terms in Consumer Contracts Regulations came into force on 1 July 1995. They implement an EC Directive (EC Directive 93/13) in the UK. The Regulations apply to standard contract terms to be used with consumers in contracts made after 1 July 1995. The Regulations say that a consumer is not bound by a standard term in a contract with a seller or supplier if that term is unfair. The Regulations also give the Director General of Fair Trading powers to stop the use of unfair standard terms by businesses and to prevent anyone recommending such terms, if necessary by obtaining a court injunction.
The Regulations say that a term is unfair if it creates a significant imbalance in the parties' rights and obligations under the contract to the detriment of the consumer (in other words, if it unduly weights the contract against the consumer and in favour of the business). The test of unfairness also takes into account whether the imbalance is contrary to the requirement of good faith' which includes whether the supplier's behaviour was fair and equitable. The Regulations include a list of 17 examples of terms which may be regarded as unfair.
Terms which define the main subject matter of the contract or concern value for money (so-called 'core terms') cannot be assessed for unfairness under the Regulations to the extent that they are in plain, intelligible language. But the Regulations indicate that variation clauses such as price escalator clauses or content variation clauses may be considered unfair where they are not coupled with a right to cancel.
CBI REACTION TO FAIRNESS AT WORK WHITE PAPER
As the Government published its long awaited Fairness at Work White Paper today, CBI Director-General Adair Turner said:
"Within the limits of their manifesto commitments the Government has listened to key business concerns, and the approach to statutory recognition, while not welcome, should be workable." One area of concern remains the right to be represented by a union official over grievance or disciplinary matters, which could create substantial burdens, particularly for small firms. We will be seeking to identify with Government ways to minimise unnecessary burdens, for instance by limiting this procedure to serious cases."
The CBI has always opposed the principle of a statutory requirement for compulsory trade union recognition and continues to believe that this legislation should be seen as a statutory back-stop rather than the central plank of future relations." We hope that the excellent employer/employee relationships fostered by many businesses will continue much as they are today, with disputes being settled by voluntary means. We continue to believe that successful partnerships are built on a foundation of mutual trust and understanding. The challenge now is for all sides to make this new framework work."
Turning to the detail of the White Paper proposals, Mr Turner made it clear that the CBI, throughout its discussions with Government and the unions, has been working to ensure that any changes were compatible with business success.
Mr Turner explained: "The 40 per cent ballot majority is lower than the 50 per cent which the CBI originally sought. However, it does still ensure that compulsory recognition will only go ahead on the basis of a significant level of support. The CBI believes that this will create a workable basis for resolving disputes on recognition, and should now be accepted as a fixed framework for the future. The CBI also welcomes the clarification that individuals have the right to agree different terms with their employer if they wish."
Mr Turner highlighted two areas of concern in the White Paper on which the CBI will be urging the Government to reconsider its approach or redesign the details:
Automatic Recognition: "The CBI has significant concern about the rule which establishes automatic recognition if membership is above 50 per cent, especially when combined with a right to representation on grievance and disciplinary matters. Many employees join unions for reasons other than a desire for collective bargaining. It is therefore essential that procedures are put in place so that individuals can make it clear if they do not wish union membership to imply a desire for collective bargaining, and that the 50 per cent rule is applied accordingly."
Unfair Dismissal: "The CBI's key concerns in this area arise from the potential combination of the extension of eligibility for unfair dismissal and the removal of the upper limit on compensation for unfair dismissal. The CBI believes that this could, especially if combined with the spread in the UK of no-win no-fee legal challenges, create the danger of unnecessary and in some cases vexatious litigation." Other areas relating to compulsory union recognition highlighted by Mr Turner were:
Support for Ballots: As the White Paper states, ballots should only proceed when "the union enjoys a reasonable level of support such as to make it likely that there could be a majority in favour of union recognition in the bargaining unit." The CBI continues to believe that this should be determined by levels of union membership, and that the Central Arbitration Committee (CAC) will need quantitative guidelines by which to define "reasonable support."
Small Firms Exemption: While the CBI regrets that the threshold for this has been set at 20 employees rather than a higher figure, this will at least ensure that the smallest firms are not unduly burdened. (There are approximately 1.1 million firms in the UK employing fewer than 20 employees. A threshold of 50 employees would exempt 1.2 million firms).
Bargaining Unit: We welcome the fact that the White Paper states that the CAC must pay particular attention to the needs of sound business management in its resolution of any disputes about bargaining unit definition.
NEW TYPE OF RAILFREIGHT SERVICE OPENS UP BETWEEN SCOTLAND AND ENGLAND
The first, commercial "piggyback" railfreight service, carrying lorries and trailers on the rail network, was launched by Transport Minister, Gavin Strang, in Scotland last week.
The freight service, operated by EW&S Railways, is initially between the Deanside terminal in Glasgow and Willesden in London. The service could, eventually, be extended to run to the European mainland via the Channel Tunnel.
SINGAPORE NEWS
Contributed by Bernice Kuo, kuopb@singnet.com.sg
Singapore To Guarantee Letter Of CreditIn the last few days of unrest in Indonesia, the Thai Rice Exporters has stopped exporting rice & sugar to Indonesia. The Letters of Credit would not be accepted unless the situation in Indonesia returned to normal. Indonesia is the top buyer of Thai rice, and Thailand has exported about 744,000 tonnes of rice in the first quarter of this year. Current outstanding rice shipment is about 200,000 tonnes. There are risks involved, and the exporters were not willing to risk it, unless the Letters of Credit are guaranteed by financial countries in Singapore, or Hongkong. Several businesses & companies with regional headquarters in Singapore, and with large investments in Indonesia, preferred to "sit & wait" for stability to return before making any decisions.
ECGD announced the launch of its new Export Insurance Policy on the 19th May, (EXIP) designed to replace, and improve the quality of, a range of its existing policies.
The launch follows consultation between ECGD and customers to establish changes required by exporters to its current insurance policies and documentation.
Exporters will now be able to obtain all the benefits of ECGD's traditional suite of Specific Guarantees together with its Supplier Insurance Policy from one single product. A number of additional features will also be on offer.
As well as streamlining the application process the EXIP's simplified wording and layout will make it easier for ECGD to provide its customers with individually tailored and non-standard forms of cover. The EXIP may be used either to provide insurance supplemental to ECGD's finance facilities or to give "stand-alone" insurance for contracts not being financed with ECGD support.
Lord Clinton-Davis, the Minister for Trade, commented:
"I am pleased to see the launch of this new policy by ECGD. This is another fine example of Government working in harmony with the exporting community."
Examples of the improvements in cover offered by the EXIP are:
GRIFFITHS SETS OUT FAST-TRACK ACTION ON APPEALS
Delaying the withdrawal of a consumer credit licence should become a thing of the past. Nigel Griffiths, Consumer Affairs Minister has laid regulations which will significantly cut the time it takes for appeals under the Consumer Credit Act to be heard.
Mr Griffiths said:
"These new regulations are intended to provide consumers with added protection against the people deemed unfit to hold a consumer credit licence. As it stands, the system of appeals can be abused because it is slow and can take six months or more for an appeal to be concluded. Until the appeal is concluded, the trader can continue to trade under the licence."
The new regulations will make it harder for rogue traders, who have been told their consumer credit licence will be withdrawn, to use delaying tactics to continue using their licence. The regulations will also speed up the appeal process for those whose application has been rejected by the Director General of Fair Trading.
The changes to the appeals system are:
"The new system will ensure a fast-track system of appeals for those who have had their application rejected. For someone whose livelihood depends on a consumer credit licence, it is important that they have access to justice in as short a time as possible.
"These will also ensure the public are kept informed of decisions made in appeal cases. Appeal hearings may also be opened up to public attendance.
"The Director General of Fair Trading has a duty to ensure people holding consumer credit licences are fit to do so, but people who have their licence application rejected or their licence withdrawn deserve access to a speedy appeals system. I believe these new regulations will greatly improve the appeals system and also keep the public well informed of the decisions made by the Secretary of State."
Protecting consumers from dishonest traders and unsafe products has been a key objective of Consumer Affairs Minister Nigel Griffiths.
The Government has played a leading role in protecting consumers from rogue traders.
- Mr Griffiths introduced a new hotline to name and shame defiant directors and undischarged bankrupts who blatantly disregard disqualification orders made against them;
- More than 1,200 disqualification orders have been made against unfit directors in 1997 - an increase of over 270 compared with 1996; and
- Under changes proposed by Mr Griffiths, consumer groups, like the Consumers' Association will, for the first time, have the power to act on behalf of consumers in court against traders who issue contracts which are baffling, illegible or designed to deceive.
Mr Griffiths said:
"Directors must be aware they have responsibilities to their company, their suppliers, customers, employees and shareholders. If they ignore these responsibilities and then fail, they can expect to have their conduct examined by the courts, by the media and by the public at large."
The new hotline for catching defiant directors, 0845 601 3546, is open 24 hours a day with calls charged at local rates. The hotline provides the Insolvency Service with vital ammunition to report those attempting to defy the system.
The Government achieved one of its key European objectives The European Council, chaired by Mr Griffiths, agreed a new directive giving consumers better rights when sold faulty goods.
Under the Consumer Guarantees Directive:
Mr Griffiths added: "Under the proposed Directive consumers will for the first time have common minimum rights throughout Europe and clear remedies when things go wrong. This should give consumers greater confidence to shop in other member states."
INSOLVENCIES IN THE FIRST QUARTER 1998
Statistics showing insolvencies in the first quarter 1998 are published by the Department of Trade and Industry.
COMPANY INSOLVENCIES
There were 3,142 company insolvencies in England and Wales in the first quarter of 1998 on a seasonally adjusted basis. This was an increase of 0.3% on the previous quarter, and a decrease of 1.2% on the same period a year ago.
1.2% of active companies became insolvent in the twelve months ended Q1 1998, the same as in the previous quarter and 0.1% less than the same quarter in 1997.
INDIVIDUAL INSOLVENCIES
There were 5,731 individual insolvencies in England and Wales in the first quarter of 1998 on a seasonally adjusted basis. This was a decrease of 1.7% on the previous quarter and a decrease of 8.3% on the same period a year ago.
Number of Insolvencies in England and Wales (seasonally adjusted)
Percentage change
1997 1997 1997 1997 1998 Q1 1998 on:
Q1r Q2r Q3r Q4r Q1p Q4 1997 Q1 1997
Comp 3,179 3,144 3,151 3,132 3,142 0.3 % -1.2%
Indivs 6,247 6,214 6,131 5,828 5,731 -1.7 % -8.3 %
p = provisional, r = revised
Prepared by the Government Statistical ServiceDepartment of Trade and Industry
DTI PETITION TO WIND UP FREEWAY 100 INTERNATIONAL LIMITED
The Secretary of State for Trade and Industry has presented a petition in the High Court to wind up in the public interest FREEWAY 100 INTERNATIONAL LIMITED following investigation of that company under Section 447 of the Companies Act 1985.
On 12 May 1998 the Court appointed the Official Receiver as provisional liquidator of the company pending the hearing of the petition on 24 June 1998.
The Company, which purports to trade from an address in London but has its main office in Italy, operates two trading schemes called respectively the Starz and Matrix programmes, both of which promise reward from sales of the company's products. The DTI enquiry found that both schemes depend on the substantial recruitment of further participants into the programmes and are unsustainable in the longer term.
The role of the Official Receiver as provisional liquidator is to protect and preserve the assets of the company until the hearing of the winding-up petition.
The Secretary of State for Trade and Industry has presented a petition in the High Court of Justice in London to wind up, in the public interest, Anglo American Group PLC following enquiries made by the DTI under the provisions of Section 447 of the Companies Act 1985.
On the application of the Secretary of State, the Court appointed the Official Receiver as provisional liquidator of Anglo American Group PLC on 12 May 1998 pending the hearing of the petition on 24 June 1998.
Anglo American Group PLC was incorporated on 13 July 1993 to trade as a general commercial company from Wakefield, West Yorkshire.
The company is the parent company within a group and operates primarily as a holding company. Enquiries found that one of the company's subsidiaries traded as a commercial finance broker advertising its services in the financial press and on the internet and through a network of international finance brokers. Prospective clients were invited to apply for commercial funding for world-wide development projects which the subsidiary stated it was able to provide by making use of long standing relationships with leading business financiers.
Enquiries found that clients were required to pay substantial commitment fees in advance and that the subsidiary took no material steps to seek lenders to provide the funds required by the clients. The company also had some involvement in joint venture agreements organised by the subsidiary company in respect of which an additional fee was charged in advance. No evidence was discovered of clients having received the funds they requested.
It was further found that neither the company nor its subsidiary have the long standing relationships claimed and that clients were on occasions referred to foreign companies which were either insufficiently capitalised themselves or appeared unlikely to have access to resources sufficient to provide the required loan finance.
On the application of the Secretary of State, the Court appointed the Official Receiver as provisional liquidator of Anglo American Ventures Limited on 12 May 1998 pending the hearing of the petition on 24 June 1998.
Anglo American Ventures Limited was incorporated on 19 February 1993 and has traded as a commercial finance broker advertising its services in the financial press and on the internet and through a network of international finance brokers. Prospective clients are invited to apply for commercial funding for world-wide development projects which the company stated it was able to provide by making use of its long standing relationships with leading business financiers.
The enquiry found that clients were required to pay substantial fees in advance and that in many cases the company took no material steps to seek lenders to provide the funds required by the clients.
It was further found that the company did not have the relationships it claimed and that clients were on occasions referred to foreign lending companies which were either insufficiently capitalised themselves or appeared unlikely to have access to resources sufficient to provide the required loan finance. No evidence was discovered of clients having received the funds they requested.
*** 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 25/05/98 to 02/06/98
Number of Creditor meetings : 123
Section Company Time Venue
138 Scotland - Interim Liquidator calling Creditors Meeting
26/05/98
CTD Realisations Plc 12.00 pm Glasgow
29/05/98
Glengyle (Selkirk) Ltd 12.00 pm Glasgow
Supraherent Industries Ltd 12.00 pm Glasgow
01/06/98
ABC Group Ltd 11.00 am Aberdeen
02/06/98
Best Engineer Servi Trading (Aber) Ltd 11.00 am Aberdeen
G M S (Computers) Ltd 11.00 am Dundee
Seafield (Scot) Ltd 10.00 am Aberdeen
23 Administrator Calling a meeting of Creditors
26/05/98
John Hopkinson 10.00 am Leeds
48 Receiver calling unsecured Creditors Meeting
02/06/98
Exec Commercial Ltd 10.30 am London
Exec Conversions Ltd 10.30 am London
67 Scotland - Receiver calling Meeting of unsecured Creditors
27/05/98
Ling Textiles Ltd 11.00 am Glasgow
02/06/98
Caversham Retirement Homes Ltd 10.00 am Glasgow
Highland (Assets) Ltd 10.15 am Glasgow
Highland Holdings Ltd 10.30 am Glasgow
Uvat Ltd 10.45 am Glasgow
95 Members converting to Creditors Voluntary Liquidation
28/05/98
Jerome Housing Fellowship Ltd 02.00 pm Leeds
98 Creditors Voluntary Liquidations
26/05/98
ANC Gravesend Ltd 10.30 am London
Academic Agency Ltd 11.00 am Bradford-u-Avon
Bluewheel Ltd 03.00 pm London
Coreville Team Ltd 11.00 am Edgware
Davies & Newman Ltd 11.00 am London
Denmaur Resource Management Ltd 11.00 am London
Finelock Ltd 11.00 am Stanmore
Hill & Fenley Ltd 12.00 pm London
Industrial Engineering Sales Ltd 12.00 pm Glasgow
J GG Smith Building Co Ltd 10.30 am Watford
Kan Do Co Ltd 12.00 pm Manchester
Meridian Workforce Ltd 11.00 am London
Monitor Logistics Ltd 11.00 am London
Murcott Developments Ltd 10.00 am St Albans
Nuvo Environmental Ltd 11.30 am Bedford
Parkhill Construction Ltd 10.30 am Croydon
Planettash Ltd 03.00 pm London
Sands Engineering Co (Lancs) Ltd 12.00 pm Manchester
Sound & Vision Ltd 10.30 am Southend-on-Sea
Staffordshire Warehousing Ltd 11.30 am Newcastle-u-Lyme
Target Leather Ltd 02.30 pm London
Techno-Seal Ltd 11.00 am Manchester
Web Trail Ltd 02.30 pm Epping
27/05/98
A M Formwork Ltd 10.30 am Eastbourne
All In One Optical Centre Ltd 11.00 am St Albans
Anderson & Williams Ltd 11.00 am Edgware
Consolidated Jewellery Wholesalers Ltd 03.00 pm London
Conveyor Manufacturing Co Ltd 10.00 am Birmingham
Goldnact Contracts Ltd 03.00 pm Edgware
Hot Summer Ltd 11.00 am London
Learning Business Ltd - The 12.00 pm London
Playform Leisure Ltd 11.00 am Bristol
Powerdell Products Ltd 10.30 am London
S S Cotton & Co Ltd 02.00 pm London
Statusedge Ltd 11.30 am Leeds
Total Record Co Ltd - The 03.15 pm Croydon
Tri-Technics Ltd 11.00 am Southampton
Widdowson Textiles Ltd 10.30 am Nottingham
28/05/98
00000 1A AA Assistance Ltd 02.30 pm London
Accacia Ltd 12.00 pm London
American Sports Ltd 11.00 am Manchester
Apollo Specialist Engineering Ltd 10.30 am Southend-on-Sea
Clement & Co Ltd 12.00 pm London
Coralmark Plastics Ltd 11.30 am Liverpool
Eleetix Software Ltd 10.30 am London
Entra Ltd 04.00 pm London
Larchfield Community Care Services Ltd 11.30 am Manchester
MMIC Ltd 03.50 pm Tunbridge Wells
Mayday (Croydon) Ltd 02.30 pm London
Muna Estates Ltd 03.15 pm London
Newlands Management Services Ltd 11.00 am Salisbury
Nutraceuticals Ltd 10.30 am Nottingham
P A W Employment Services Ltd 10.15 am Worthing
Pickins Ltd 10.30 am Stoke-on-Trent
Rhondda Metal Company Ltd - The 11.30 am Cardiff
Sanco International Ltd 11.00 am London
Scienviron Engineering Ltd 11.30 am Southend-on-Sea
Setlane Ltd 03.00 pm Royston
Stacs Consultancy Services Ltd 02.30 pm London
Stacs Holdings Ltd 11.30 am London
Stacs Special Services Ltd 12.00 pm London
Stacs Training & Consult Services Ltd 02.00 pm London
Victory Mechanical Services Ltd 12.00 pm Royston
Yellowbrook Services Ltd 10.30 am Salisbury
29/05/98
Applied Business Ltd 11.15 am London
Cavendish Palmer Ltd 12.00 pm Reading
Crest Fashions Ltd 03.30 pm London
David Butler Design Ltd 10.30 am Colchester
Designers Fashion International Ltd 10.00 am London
Flashgrange Ltd 11.30 am Cardiff
Glen Express Travel Ltd 12.00 pm London
Hyspeed Services Ltd 11.00 am Rotherham
Imperial (Birmingham) Ltd 11.00 am Taunton
Industcom Ltd 11.30 am Manchester
M M Conveyors Ltd 11.30 am Nottingham
Mailshot Services Ltd 11.30 am London
Nationwide Construction Services Ltd 11.30 am Brighton
Paddington Plumbing & Heating Supp Ltd 12.00 pm London
Powercarry Ltd 10.30 am Yarm
Selec Software Distributiors Ltd 11.00 am Birmingham
Soudley Valley Coaches Ltd 10.30 am Gloucester
Textoney Ltd 11.30 am Bradford
Tunnard & Son (Spotalfields) Ltd 02.30 pm Southend-on-Sea
Viewchoice Ltd 11.00 am Edgware
W J Holland (Builders) Ltd 10.00 am Southend-on-Sea
01/06/98
Brown & Murray Steelwork Ltd 12.00 pm Glasgow
City & Surburban Services Ltd 12.00 pm Reading
Fluidair (Europe) Ltd 02.30 pm Mackworth
Hippo (Plastics) Ltd 12.00 pm London
Upnet Ltd 11.00 am London
Uppercrust Catering Co (Lo) Ltd - The 02.00 pm London
Westbrook Computers (Oxford) Ltd 02.00 pm Oxford
02/06/98
Axis Audio Systems Ltd 11.30 am Manchester
Castlemilk Enterprises Ltd 12.00 pm Glasgow
Chick Crossley Haulage Ltd 11.00 am Peterborough
City Info Marketing Ltd 12.00 pm London
Dandlelion Clothing Co Ltd 12.00 pm London
Dino Entertainment Ltd 11.00 am London
Dino Music Ltd 11.00 am London
Education Group Ltd - The 10.30 am London
J & M Inns Ltd 12.30 pm London
Jays Optics Ltd 11.30 am Ely
M T N Plastics Ltd 10.30 am Birmingham
Mapleview Estates Ltd 02.30 pm London
Sumo Tool Hire Ltd 10.30 am London
Wordsley Hall Wood Crafts Ltd 11.00 am Birmingham
Wright & Co (Stockholm) Ltd 10.30 am Yarm
TW LW TW LW
USA 1.6300 1.6315 Canada 2.3588 2.3628
Austria 20.4532 20.4231 Portugal 297.720 297.854
France 9.7469 9.7299 Belgium 59.9430 59.8977
Finland 8.8320 8.8175 Italy 2866.08 2860.70
Germany 2.9079 2.9026 Sweden 12.6567 12.5598
Holland 3.2754 3.2708 Switzerland 2.4165 2.4166
Spain 246.900 246.410 Ireland 1.1534 1.1527
Australia 2.6107 2.6013 Denmark 11.0673 11.0559
Hong Kong 12.6304 12.6414 ECU 1.4748 1.4733
Africa Com 8.3000 8.2971 Saudi Arabia 6.1132 6.1189
India 65.9910 66.3250 Malaysia 6.2945 6.3601
Singapore 2.6962 2.7143 Norway 12.2274 12.1732
Japan 221.610 219.060
TW This week LW Last week.
PEARSON Britain's media group has become the world's biggest educational publisher. PEARSON paid $4.6 billion for Simon & Schuster's education and reference division and will combine the educational part with its Addison Wesley Longman business. (The reference unit is being sold on to an investment firm for $1 billion.) Pearson will shed a few more disparate units to help pay for the purchase.
Source - The Economist
Berisford has reported pre-tax profits of 21.7 million pounds, on turnover of 291.3 million, for the six months ending 28th March 1998. Earnings per share stand at 13.4p.
Compass Group, the contract caterers, has reported pre-tax profits of 67.8 million pounds, on turnover of 2,013 million, for the six months ending 29th March 1998. Earnings per share stand at 14.6p, on increased capital.
Marks and Spencer has reported pre-tax profits of 1,168 million pounds, after exceptional credit, on turnover of 8,243 million, for the year ending 31st March 1998. Earnings per share stand at 29.1p.
MERGER CLEARANCE
The Secretary of State for Trade and Industry has decided, on the information at present before her, 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 Drum Holdings SA of assets of Blagden Industries Plc, namely its packaging business.
Proposed merger between Household International Inc. and Beneficial Corporation
NIGEL GRIFFITHS REFERS TO MMC PROPOSED ACQUISITION BY DECAUX OF MORE GROUP
Nigel Griffiths, Competition and Consumer Affairs Minister, has decided, in accordance with the advice of the Director General of Fair Trading, to refer the proposed acquisition by New Decaux plc (a subsidiary of JC Decaux International SA) of More Group plc to the Monopolies and Mergers Commission for investigation and report under the provisions of the Fair Trading Act 1973. The MMC are required to make their report by 8 September 1998.
The Minister accepted the DGFT's advice that the provision of street furniture to local authorities at little or no cost, in return for advertising rights, can be regarded as a separate market, and that the proposed acquisition should be referred to the MMC because of competition concerns in this market. The decision to make a reference does not in any way prejudge the question of whether a merger would be against the public interest. It is for the MMC to report on this after their investigation.
The Fair Trading Act 1973 empowers the Secretary of State to refer to the MMC for investigation and report actual or proposed mergers which create or intensify a market share of 25 per cent of the supply in the United Kingdom, or a substantial part of the United Kingdom, of particular goods and services or involve the take-over of assets exceeding 70 million pounds.
Traditional Web searches return the URL of every document that contains the search phrase you are looking for, often producing thousands of results. This is useful if you are researching a topic, but frustrating and time consuming when trying to find a specific company site or product. It seems logical that a search for Allstate should produce results including the corporate Allstate web site near or at the top of the list. But, depending on the search engine you use, this is often not the case. Until now, users have needed to be skilled in advanced search techniques or wade through lengthy and irrelevant search results to solve their search query.
RealName http://www.realnames.com is the creation of centraal corporation, a Palo Alto California-based company. Their mission is to make the Internet a more enjoyable place to visit and navigate for everyone. Sounds too good to be true, but this company has a technology and strategy to accomplish just that by providing an alternative to companies who lost the race to get a .com domain name by letting them be searchable by keyword. When you consider the Real Name system, you may find that centraal offers a better way of getting to a web site destination.
Founded in April of 1997, centraal combines the sociological and technical business expertise of its founder Keith Teare who has previously founded two successful companies in the United Kingdom. Teare co-founded and was the technical director for Easynet Group Plc., now the country's third largest ISP, and Cybercafe Ltd., the world's first cyber cafe chain, now franchised world-wide. This visionary has a strong track record of making technology easy to use for everyone.
RealName is a multi-lingual, subscription-based addressing system that allows you to search using everyday words and phrases. A RealName address allows users to type a company name, a product name or an advertising slogan directly into a browser, resulting in the instant delivery of a web page for that company, product or campaign. For brand owners, the RealName System provides a straightforward way to promote their web sites, brands and even copyrighted phrases to users. There are no intermediate steps and there is no need to remember or guess at a lengthy or unfamiliar URL.
This new technology is sure to spread. Read more at: http://www.webpromote.com/wpweekly/may98vol2/realname.html
27 May Northumberland & Durham Branch meeting of the ICM 6.15pm Social event aboard the Curry Train The train leaves at 6.2Opm Newcastle Central Station #20 Per Head and #5 deposit, the closing date for names is 31 March. Please contact Celia Brydon 01670 566229 Combined meeting with Sussex & Surrey and London Branches of the ICM 6.30pm Presentation by Ted Brown, President of FECMA and Immediate Past Chairman of ICM Council Sony UK Ltd, The Heights, Brooklands, Weybridge, Surrey + Refreshments 1 June Norfolk Branch meeting of the ICM 6.30 for 7.00pm Public Speaking Skills Richard Parramint tells how to get your 'butterflies' to fly in formation. Cork Gully, The Atrium, St George's Street, Norwich + Buffet # = pounds sterling
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