Editor: Pat Williams. E-mail pwilliams@creditman.co.uk
John Arnold. E-mail jarnold@creditman.co.uk
Site: Business Credit Management UK
URL: http://www.creditman.co.uk
Issue: Vol 4 Issue 34
Dated: 24 September 2000
Welcome to the Business Credit News UK.
In this weeks edition you will find the following topics.
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UKBYERS ANNOUNCES PROPOSALS TO STRENGTHEN THE OFT
Plans to reform the Office of Fair Trading (OFT) into a new Authority with an independent Board to support its Director General were announced on the 21 September 2000 by the Secretary of State for Trade and Industry, Stephen Byers.
Mr Byers said:
"Opening up markets is a priority for the government. Strong competition is the best way of ensuring consumers get a good deal and the best way to promote the business innovation and improved productivity we need in a modern economy. To secure these benefits we need strong competition law, vigorously applied. New cars is an excellent example of this approach where a combination of strong competition law and well informed, demanding consumers has resulted in sharpened competition and keener prices for consumers.
"I am determined to open up more activities to scrutiny by the competition authorities and to give the OFT the powers and support it needs to take this work forward. The DGFT's remit is large and he should be able to call on high-level, independent support to enable him to respond quickly to new developments.
"Today I am publishing proposals for restructuring the OFT to meet these new challenges. Central to these plans, on which we will be consulting widely, is the idea of a Board to support the Director General. The Competition Act which came into force this year gave the DGFT new powers, and we are also proposing a new role for the OFT in setting national standards for local trading standards services. We do not believe that it is appropriate for a single individual to be charged with these increased responsibilities, so we propose bringing in outside expertise to provide a broader decision-making base which will help the OFT discharge these new duties effectively.
"The consultation paper also proposes that the minutes of meetings and the opinions of board members should be published.
"We do not want to slow decision-making down or complicate it in any way. Rather, our aim is to create a Board which will guide the OFT's strategy, while retaining the flexibility and pragmatism for which the OFT is rightly renowned."
Stephen Byers was speaking at the Social Market Foundation in London.
The proposals for reforming the OFT are contained in a consultation document 'Proposed Fair Trading Authority'. The consultation closes on 26 January 2001. Copies of the document are available on the Consumer Gateway website http://www2.consumer.gov.uk
CHAMBERS URGE GOVERNMENT TO RECONSIDER NEW LOCAL TAX
The British Chambers of Commerce (BCC) has criticised government proposals that would allow local authorities to levy supplementary rates bills on business, published on the 19/09/00 in the Local Government Finance Green Paper.
The proposals would give local authorities the power to levy annual supplements to the national business rate of 1% a year for five years. The BCC has estimated that this supplementary rate proposal could cost businesses in England an additional £2.75 billion in the next 5 years, and more than £1bn each year thereafter.
The BCC believes that local authorities should first win approval for their plans from the business community and only then be allowed to levy a supplementary rate. As the proposals currently stand, local authorities can first decide to levy a rate, then seek agreement on how it should be spent. Should no agreement be reached, the extra revenues raised will enter the existing national business rate pool, over which business has no influence.
Chris Humphries, Director General of the BCC, said:
''These proposals as currently drafted are yet another tax on business. The provision for business consultation is inadequate with the danger that yet again business picks up the bill for poorly controlled spending. Not only are these proposals likely to undermine the good working relationships that have developed between local authorities and their business communities, but they could also threaten local economic competitiveness.''
The BCC will be examining the other key proposals in the Green Paper to see how they will affect relationships between public and private sectors locally and support business competitiveness.
AND THE CBI COMMENT: LOCAL BUSINESS RATE LEVY COULD DAMAGE COMPETITIVENESS
Government proposals to levy a local business rate could damage competitiveness, given that UK property taxes are already the highest in Europe, the Confederation of British Industry (CBI) warned.
The Green Paper Modernising Local Government Finance contains proposals for allowing local authorities to levy a local supplementary rate in consultation with business through new Partnership Arrangements.
John Cridland, CBI Deputy Director General, said: "Business does not support additions to the local tax burden. As a percentage of GDP, firms in the UK are paying four to six times the level of business rates they would pay in France or Germany. A key priority should be to secure greater efficiency in the provision of local government services.
"While we recognise that the Government is proposing to put in place arrangements for local authorities to consult business, past experience has not always been positive. We will need to work with central and local government to ensure the arrangements are business-friendly and effective."
He added: "If additional funding is needed at the local level, business must have confidence that any supplementary rate will deliver outcomes which they support. The CBI looks forward to providing fuller comments on this and the other issues in the green paper in due course."
CBI REACTION TO EURO INTERVENTION
The Confederation of British Industry on Friday backed the decision to intervene in the foreign exchanges in a bid to boost the value of the euro.
Kate Barker, CBI Chief Economic Adviser, said:
"The weakness of the euro has been a huge problem for British firms, not just in manufacturing but in tourism and agriculture as well. We hope that at the very least this intervention will set a floor for the euro, halting speculation about further falls.
"The Banks acting together offers the best chance of success. But it will be two or three months before we really know whether this will have a significant impact on the sterling-euro exchange rate."
MANUFACTURERS PLAN TO PUSH PRICES DOWN FURTHER AS COMPETITIVE PRESSURE TAKES ITS TOLL -CBI SURVEY
Manufacturing firms plan to push prices down further as competitive pressure takes its toll. But orders have seen some improvement and output is set for a modest rise, according to a monthly survey of industrial trends published last Thursday by the Confederation of British Industry.
Seven per cent of manufacturers expect to raise domestic prices, while 27 per cent expect to see them fall. This gives a balance of minus 20 per cent, the most negative figure since May this year. It compares to minus 15 per cent last month.
Total orders improved slightly over the past month, although they are still weak and below normal. Seventeen per cent of manufacturers said total order books were above normal, while 32 per cent said they were below normal. The balance of minus 15 per cent compares to minus 17 per cent last month.
Export orders have improved for the second successive survey, but they remain well below normal. Twelve per cent said export orders were above normal, while 43 per cent said they were below normal. The balance of minus 31 per cent compares to minus 35 per cent last month.
Output is expected to improve over the coming four months. Twenty-nine per cent of manufacturers expect output to rise, while 24 per cent expect a fall. The balance of plus five per cent compares to plus two per cent last month.
Sudhir Junankar, CBI Associate Director of Economic Analysis, said: "Strong competition is taking its toll on manufacturers as more firms expect to cut prices. But the good news is that manufacturing demand, although weak, is reviving and output prospects are modestly positive.
"Exporters are being helped by growth in overseas markets, but the strength of sterling against the euro remains a handicap. The vast majority of manufacturers responded before the fuel crisis. Next month's quarterly survey will indicate how significant the impact has been."
Stocks of finished goods have been run down over the past month. Stock levels however remain more than adequate to meet demand.
Twenty per cent of manufacturers said stocks of finished goods were more than adequate, while eight per cent said they were less than adequate. The balance of plus 12 per cent compares to plus 16 per cent last month, which is slightly below the long-term average recorded in a monthly survey.
Solicitors firms, finance houses, banks, water companies and other claimants using Court Service's Bulk Centre in Northampton will now be able to communicate using electronic transfer.
The new system is being rolled out after a successful pilot involving solicitors firms, Geoffrey Parker-Bourne, Stratford-upon-Avon, and Thomas Higgins & Co, Wallasey, Merseyside. Electronic transfer cuts out the need for customers to use couriers and post to send requests for claims, judgments and warrants to the Bulk Centre.
Ian Magee, Chief Executive of the Court Service said:
"I am delighted that the Bulk Centre, which processes over half of all County Court claims, can now offer this improved service to our customers. Electronic transfer makes it easier, quicker and cheaper for them to communicate with us, making our service more attractive to claimants, freeing up local County Court staff to focus on disputed claims.
"This new service is the latest example of how we in the Court Service are modernising the civil courts to provide more choice, better accessibility and value for money. It also takes us another step forward towards meeting the Governments' Information Age target to offer all services on-line by 2005. In the next few months we will be publishing a consultation paper on our Modernising the Civil Courts Programme which explores new ways of delivering better services and increasing choices for customers."
The establishment of this new service was developed in partnership with EDS, the Court Service's IT provider. It follows on from the Lord Chancellor's Department strategy paper 'civil.justice.2000: A vision of the civil justice system in the Information Age" which sets out plans for the use of information technology to support the civil justice system of the future.
For further information about the Bulk Centre and the new service contact Ken Fraser, Tel: 01604 609500 or e-mail: kfraser@courtservice.gsi.gov.uk
Contacts at the solicitors' firms participating in the pilot are: Stuart Blake at Geoffrey Parker-Bourne, Stratford-upon-Avon, Tel: 01789 412401, e-mail: s.blake@uk.intrum.com and Steve Tasker at Thomas Higgins & Co, Wallasey, Merseyside, Tel: 0151 630 8050, e-mail: steve.tasker@thomas-higgins.co.uk
civil.justice.2000: A Vision of the Civil Justice System in the Information Age. was published on 27 June 2000 and is available on the LCD"s website: http://www.open.gov.uk/lcd
The Bulk Centre in Northampton was established in the early 1990's to process non-disputed claims, providing a cheaper, guaranteed level of service to claimants and their advisers. There are four sections:
DEDICATED SMALL BUSINESS ARENA - NEW AT CREDIT 2001
A specific area dedicated to small business exhibitors will be a major innovation at Credit 2001, the UK's largest trade event for the commercial and consumer credit industries.
The Venture Village will provide an exclusive opportunity for small - medium sized companies to meet leading credit services buyers. Participants within the Venture Village will benefit from an all-inclusive package that offers substantial savings on the standard exhibitor rate.
Sarah Williams, Group Marketing Manager at Advanstar Communications, said that research conducted at Credit 2000 had indicated a clear need for a cost-effective means of attracting more small businesses to the event.
"Visitors to Credit 2000 told us that they wanted to see a wider spread of exhibitors at next year's show - not simply the larger credit related companies. We have responded to these demands with the Venture Village which will provide a dedicated area for small businesses that previously may not have considered exhibiting.
"By offering a straightforward inclusive package, we have removed much of the marketing risk which may have proved prohibitive for some small - medium sized companies.
"Exhibitors in the Venture Village can be assured of reaching a top-quality audience at Credit 2001, representing excellent value for money."
For further information on exhibiting in the Venture Village at Credit 2001 contact:
Fran McIntyre at Advanstar Communications
Tel: 0208 987 0917
Email: fmcintyre@advanstar.com
INAUGURATION OF MOZAMBIQUE ALUMINIUM SMELTER FRUIT OF INWARD INVESTMENT FROM BRITAIN
Richard Caborn, the Minister for Trade, on the 21 September 2000 welcomed the inauguration of an aluminium smelter in Mozambique, constructed with the backing of investment from Britain.
The smelter, situated just south of the capital, Maputo, has already been producing metal ahead of schedule and is set to play a part in the country's economic recovery.
ECGD is insuring a US$80 million investment in the project by British mining company Billiton (in joint venture with Industrial Development Corporation of South Africa, Mitsubishi of Japan and the Government of Mozambique). The investment, amongst other things has helped finance the purchase of South African goods needed for the construction of the smelter. This is now set to directly employ 700 people locally and indirectly support 2,600 jobs around the country. It should also serve to help the sub-region become more economically dependent.
Mr Caborn said:
"I am delighted to hear that today officially marks the fruition of this valuable project. This is an excellent example of how British investment and ECGD insurance can combine to set up schemes like this which can do so much to help developing countries boost their economies."
The technology to be used in the US$1.17 billion project is also regarded as the most efficient and environmentally acceptable available. The soundness of its drainage systems enabled it to successfully withstand the floods earlier in the year.
ECGD's Overseas Investment Insurance (OII) scheme provides insurance for UK investors against the main political risks of expropriation, war, restrictions on remittances and breach of government undertakings. In this particular case ECGD will provide political risk cover and breach of undertaking cover on South Africa.
This particular investment takes the form of a loan from a syndicate of banks led by Dresdner Bank AG to Mozfund. The combined loan value is US$100 million. Whilst no UK exports are involved, the investor, Billiton, alongside Mitsubishi of Japan, The Industrial Development Corporation of South Africa and the Government of Mozambique (collectively known as Mozal) will benefit. The Commonwealth Development Corporation and other aid agencies have given funding priority to this project.
Mozfund (Pty) Ltd, a limited liability company registered in South Africa, was established by the International Development Corporation with the sole purpose of providing the South African export credit facility to Mozal. The loan to Mozfund will effectively be guaranteed by the Government of the Republic of South Africa.
With other creditor nations, the UK also negotiates through ECGD and HM Treasury the rescheduling of international trade credit debt at the Paris Club, an informal body of official creditors. In December 1999 ECGD converted £12 million worth of debt to foreign investment in a Mozambique sugar mill.
On 15 March, as part of its initiative to relieve the debt burden of the 41 Heavily Indebted Poor Countries (HIPCs), the Paris Club agreed to forgo all further payments from Mozambique until certain conditions had been met and the debts could formally be written off. The UK, on a unilateral basis, had already said that it would provide relief on 100% of its debt with immediate effect.
ECGD, the Export Credits Guarantee Department, Britain's official export credit agency, is a separate Government Department responsible to the Secretary of State for Trade and Industry. One of its main functions is to underwrite bank loans to enable overseas buyers to purchase capital and project related goods/services from the UK.
If so have you considered being a sponsor of our Insolvency webpage to advertise your firm? For a small outlay you could be the sponsor by having a banner link on the main Insolvency Section page at http://www.creditman.co.uk/insolven/index.html and also advertise your services here in this newsletter six times a year. For rates and more information email jarnold@creditman.co.uk
WINDING UP PETITIONS
Did you know we have weekly listings of advertised Winding Up Petitions on our website? They can be found at http://www.creditman.co.uk/insolven/petition.html and it's FREE of charge.
*** 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 25/09/2000 to 03/10/2000 Number of Creditor meetings : 195 Section Company Time Venue 138 Scotland - Interim Liquidator calling Creditors Meeting 26/09/2000 Ramona Foods (Glasgow) Ltd 12.00 pm Glasgow S Broadley Painters & Decorators Ltd 11.00 am Glasgow 27/09/2000 Merlinbay Ltd 10.00 am Edinburgh Pure Consulting Ltd 11.00 am Edinburgh 29/09/2000 Hydraulic Technical Ctre (Engine) Ltd 10.00 am Glasgow 02/10/2000 Precision Machining & Repair Ltd 03.30 pm Glasgow 03/10/2000 Coatings UK (Scotland) Ltd 02.30 pm Glasgow MIC Textiles (International) Ltd 12.00 pm Glasgow 23 Administrator Calling a meeting of Creditors 25/09/2000 Highfield Group Ltd 11.00 am Newcastle-u-Tyn UK Promotion 12.00 pm Sutton 27/09/2000 Herbert & Lagan (1994) Ltd 10.30 am London 28/09/2000 Chesters Interactive Systems Ltd 11.00 am Birmingham Letz Party Ltd 11.30 am Stoke-on-Trent 29/09/2000 Heather Corporation Ltd 10.30 am Lincoln R-B International Ltd 10.30 am Lincoln 48 Receiver calling unsecured Creditors Meeting 25/09/2000 Biblios Publishers Dist Services Ltd 10.30 am London HVS Building Engineering Services Ltd 10.30 am London James Longley (Holding) Ltd 10.30 am London 26/09/2000 E T W Dennis & Sons Ltd 11.00 am York 27/09/2000 Ringjay Electronics Ltd 11.00 am Birmingham Studio 45 Audio Visual Centre Ltd 11.00 am Birmingham 28/09/2000 Astral Finishes Ltd 10.30 am Manchester 29/09/2000 Akai Europe Ltd 10.00 am London 03/10/2000 Passion for Food Ltd 11.00 am London 67 Scotland - Receiver calling Meeting of unsecure Creditors 28/09/2000 Lamberton Engineering Ltd 10.00 am Glasgow Lamberton Enterprises Ltd 10.00 am Glasgow 84 N. Ireland - Creditors Voluntary Liquidation 26/09/2000 Seaforde Transport (Co Down) Ltd 10.30 am Belfast 98 Creditors Voluntary Liquidations 25/09/2000 Any Tools.com Ltd 10.15 am Southend-on-Sea Assured Groupage Ltd 11.30 am Nottingham Durham Brick Ltd 11.00 am Lancaster Executive Press Ltd 03.30 pm Slough Foxmoral Ltd 12.15 pm Newcastle-u-Tyn Glemco Ltd 03.00 pm Warwickshire Halo Consultancy Ltd 12.30 pm London Jap-N-Save Trade Centre Ltd 10.30 am London McFadyen Electrical Ltd 11.00 am Birmingham Pine Base Ltd 10.30 am London Prompt Data Solutions Ltd 10.30 am Sutton Rockdyne Enterprises Ltd 11.00 am London S E S Contracts Ltd 10.30 am Dover Topwebsites Ltd 12.00 pm London Tyler (UK) Ltd 11.00 am Worcester Verian Ltd 10.30 am Newcastle-u-Tyn Witley Collection Ltd - The 02.00 pm Worcester 26/09/2000 Barnton Designs Ltd 11.00 am London Bexley Transport Ltd 11.30 am Croydon C R Polythene Ltd 10.30 am Droitwich Castlehill Marketing Ltd 10.30 am Harrogate Cathox (UK) Ltd 02.00 pm London Cavendish Lingerie Ltd 11.30 am Manchester Chatterbox Distribution Ltd 03.00 pm Northwood Crane Assoc. Technical Services Ltd 11.00 am Bolton David Chittenden & Co Ltd 11.00 am Guildford Freemans Furnishers Ltd 03.00 pm London Hallsmark Transport Ltd 12.00 pm Hale Harrisons Motor Services Ltd 11.30 am Sheffield Heydon Ltd 12.00 pm London Highland Motors (Bordon) Ltd 12.00 pm Reading KSR Groundworks Ltd 03.00 pm Billericay M & R Parmar Ltd 11.00 am Birmingham McKenzie Roberts Ltd 11.00 am Nottingham Metpac Systems Ltd 12.00 pm Walsall Parkway Office Supplies Ltd 11.30 am Altrincham Phonenett Ltd 11.00 am Manchester Photo Etch Ltd 11.30 am Penzance Prodeal Ltd 11.00 am Barnwood Projectplan (Construction) Ltd 11.00 am Halsall Prospects Care Services Ltd 11.00 am Bristol Rams International Ltd 11.30 am Southampton Red Galleon Ltd 11.30 am Southend-on-Sea UCB Concession (UK) Ltd 11.30 am Motherwell Ultimatum Records Ltd 11.30 am London Universal Consignments Ltd 11.30 am Hornchurch World 2000 Ltd 11.00 am Seal Worldwide Ultimatum Trax Ltd 12.00 pm London 27/09/2000 Anroy Ltd 10.30 am Bromsgrove Automatic services (Yorks) Ltd 11.00 am Leeds Barn Door Productions Ltd 11.00 am Barnwood Body Positive Ltd 11.00 am London Business Automation (Holdings)Ltd 11.45 am London Business Automation Ltd 11.30 am London Business I T Research Ltd 11.30 am Warwickshire Business Supplies Wholesalers Ltd 11.00 am Birmingham Caderwood Products Ltd 12.00 pm Llandudno Cairnwise Ltd 11.30 am London D Daniels Ltd 03.00 pm Manchester D M W Cable Systems Ltd 10.30 am Sheffield Deltaregis (Holdings) Ltd 12.45 pm Ilford Deltaregis Ltd 11.00 am Ilford Deltaregis Systems Ltd 12.00 pm Ilford Deltaregis Tools Ltd 11.30 am Ilford Enterprise Logistics Ltd 11.00 am Bristol GRE Interiors Ltd 11.00 am London Greyhound Ltd 11.00 am Leeds Holmes Hooper Ltd 11.00 am Wiltshire Huelins Ltd 10.15 am Crewe Jones Haulage (Shotton) Ltd 11.00 am Gosforth Kent Pine Co Ltd 01.30 pm Dartford Ladbrooke Mobile Comms Ltd 11.30 am Dartford Lanex International Ltd 11.30 am Lutterworth Maxiscope Solutions Ltd 12.30 pm Birmingham Meshcount Graphics Ltd 11.00 am Shepton Mallet Motorflow Ltd 10.30 am Stoke-on-Trent Nationwide UPVC Ltd 10.30 am Stoke-on-Trent North Bank Associates Ltd 12.00 pm London North Bank Associates Ltd 12.00 pm London Omnicom Ltd 10.30 am Darlington Spikeforce (UK) Ltd 03.00 pm London Springsoft Solutions Ltd 11.15 am Warwick Yorkshire Style Ltd 10.15 am Bradford 28/09/2000 1 Way Internet Ltd 01.00 pm Bristol Avant Garde Presentation Consult Ltd 11.30 am Bury Blanith Ltd 11.00 am Northampton Brown & Wakling Ltd 11.00 am Milton Keynes C L Building Services Ltd 11.00 am London CSS Precision Engineering Ltd 11.00 am Wolverhampton Daycross Ltd 11.30 am London Decor Flooring (Hull) Ltd 11.30 am Hull Direct Warehouse Shops Ltd 11.00 am Bristol Dublin Worldwide Dance Product Ltd 11.00 am London Dublin Worldwide Product (Europe) Ltd 10.30 am London Dublin Worldwide Product (USA) Ltd 10.00 am London G B Door & Window Maintenance Ltd 12.00 pm London Grandsport Ltd 02.30 pm Harrow High-Tech Lighting & Design Ltd 11.00 am Halsall Icicle Properties Ltd 2.00 pm London Impact Collision Repair Centre Ltd 04.00 pm London J Arnold & Co (Holdings) Ltd 10.30 am Halifax Kylair Ltd 12.00 pm Glasgow Lightnight Ltd 12.00 pm London Northern Office Equipment Ltd 02.30 pm Hull P L Engineering (Durham) Ltd 10.30 am Bishop Auckland Pneumat Air Tools Ltd 12.00 pm Salford Premiere Security 2000 Ltd 11.00 am London Security Services (UK) Ltd 02.30 pm London Solvera PLC 03.00 pm London Stand by Warranties Ltd 11.00 am Birmingham Successful Heights Ltd 11.00 am Manchester Ten Services Ltd 11.30 am Liverpool Thomas Associates Southern Ltd 11.00 am Hornchurch Vitona Ltd 12.00 pm London WGGM Marketing Services Ltd 11.45 am London Wood & Wragg Ltd 11.00 am Sheffield Wright McCormick Ltd 11.00 am Grimsby 29/09/2000 1st Marketing Solutions Ltd 11.15 am London Alan Bastick Logistics Ltd 10.30 am Leicester Anston (North) Ltd 02.00 pm Sheffield Artic 2000 Ltd 03.30 pm London Big Mag Ltd 02.00 pm Sheffield C T Metals Ltd 11.30 am York Clust.com UK Ltd 03.00 pm London Computer On-Line Solutions Team Ltd 11.00 am Sheffield Construct-It Services Ltd 4.00 pm Worcester Corinium Digital Imaging Ltd 01.30 pm Swindon E T Systems Ltd 11.00 am Corsham Emperor Windows Ltd 11.00 am Bolton Excel Locums Ltd 11.00 am Manchester Heather Lee Ltd 10.30 am South Normanton Hertford Auto Spares Ltd 10.30 am Droitwich IMT Technologies Ltd 01.00 pm Birmingham Inspectability Ltd 11.00 am Hereford Kayans Ltd 11.30 am London MG Building Services Ltd 11.30 am Peterborough Montpelier Cleaning Ltd 10.15 am Kent Nationwide Carhire Services Ltd 12.00 pm Manchester PVH Rubber Liners Ltd 11.30 am Walsall Regalbond Ltd 11.30 am Southampton Signtrack Properties Ltd 11.00 am London Skill Factor Design Systems Ltd 03.30 pm Dartford Swanlind Ltd 11.00 am Wolverhampton 02/10/2000 Bigtop Ltd 03.00 pm London Cirel UK Ltd 10.30 am Bromsgrove Classitem Ltd 03.00 pm London Clothes Shop Ltd - The 04.00 pm London Euro-Flor (UK) Ltd 11.30 am Norwich Forana Ltd 04.00 pm London Kestrel Upholstery Ltd 11.00 am Birmingham Maly Shoes Ltd 11.30 am London Reference Express Ltd 11.00 am Shepton Mallet Silverdale Industrial Services Ltd 11.00 am Sheffield 03/10/2000 Baybridge Service Ltd 03.00 pm London Bodycheck Health Ltd 12.00 pm London Bullet Deliveries Ltd 02.30 pm Altrincham Consultancy Bridge 02.30 pm London Dennis & Gemmill International Ltd 11.30 am Southampton Easy Deal Service Ltd 04.00 pm London Hyde Engineering Ltd 11.45 am Gerrards Cross Micrologic International Ltd 11.00 am London Portman Ofice & Work Supplies Ltd 03.00 pm London R C C Realisations Ltd 10.30 am Sheffield Ross Vehicle Engineering Ltd 12.00 pm Glasgow S & K Contractors (UK) Ltd 11.30 am Crawley Sandpine Ltd 10.30 am Bromsgrove Seriously Scrumptious Ltd 02.30 pm Bristol Serv for Enhance of Ed & Dev Skil Ltd 03.30 pm Manchester
TW LW TW LW
USA 1.40 1.42 Canada 2.08 2.11
Austria 22.63 22.60 Portugal 329.73 329.27
France 10.78 10.77 Belgium 66.34 66.25
Finland 9.77 9.76 Italy 3184.68 3180.19
Germany 3.21 3.21 Sweden 13.79 13.79
Holland 3.62 3.61 Switzerland 2.50 2.50
Spain 273.66 273.27 Ireland 1.29 1.29
Australia 2.57 2.58 Denmark 12.28 12.26
Hong Kong 10.94 11.08 Euro 1.64 1.64
Africa Com 10.20 10.14 Saudi Arabia 5.26 5.33
India 64.52 64.92 Malaysia 5.33 5.40
Singapore 2.45 2.47 Norway 13.17 13.20
Japan 150.11 152.11
TW This week LW Last week.
Dowding & Mills, the electronic and electrical services group, announced pre-tax profits of 7.73 million pounds, after exceptional charge, on turnover of 131.5 million, for the year ending 30th June 2000. Earnings per share stand at 3.2p.
Interior Services Group, announced pre-tax profits of 4.81 million pounds, on turnover of 252.2 million, for the year ending 30th June 2000. Earnings per share stand at 13.3p, on increased capital.
Ricardo, the motor industry consultants, announced pre-tax profits of 12.8 million pounds, on turnover of 121.1 million, for the year ending 30th June 2000. Earnings per share stand at 18.9p.
Smiths Industries announced pre-tax profits of 256 million pounds, on turnover of 1,464 million, for the year ending 31st July 2000.Earnings per share stand at 56.2p.
EMI and TIMEWARNER offered to sell some local European record labels and to undertake a wholesale restructuring of music distribution to win the European Commission's acceptance for a forthcoming merger. The EC is worried that the vertical integration implicit in another planned merger, between Time Warner and AOL, will also affect the music market. Those two companies are due to offer more concessions on September 24th.
RWE, a German power company, was reported to be in talks with Thames Water, the British utility, aimed at acquiring the company for around 4.1 billion pounds ($5.8 billion). RWE is seeking to broaden its range of utilities across Europe.
AT&T and British Telecom discussed extending Concert, their international business-services tie-up, by adding to it AT&T's troubled corporate-data and systems-integration business and BT's data-service division, Ignite. Both companies are hoping to reverse their declining share prices.
Cadbury Schweppes, the UK's soft-drinks and sweets company, said it would buy Snapple, a maker of non-carbonated beverages, from America's Triarc for $1.5 billion. The acquisition signals Cadbury Schweppes' intention to become a bigger force in America's soft-drinks market.
Marks & Spencer, the ailing UK high-street retailer, announced the departure of its chief executive and two other executive board members. The company will announce a major restructuring in November; yet another attempt to reverse its declining fortunes.
A British judge ruled that regulators had discriminated against Camelot Group in rejecting its bid to renew its National Lottery licence. So it is back in the running against the rival bid put together by Richard Branson.
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 Tarmac Heavy Building Materials Limited of assets of Lafarge Redland Aggregates Limited namely its asphalt and concrete plants at Otterpool quarry and its asphalt plant at Littlehampton.
Acquisition by Trodat GmbF of MBH Group Ltd
Completed acquisition by Pillar Property Plc of certain assets of Great Portland Estates Plc
Proposed acquisition by Powergen plc and The Electricity Supply Board of Ireland of Corby Power Limited
PROPOSED ACQUISITION BY NATIONAL EXPRESS GROUP PLC OF PRISM RAIL PLC
Stephen Byers, Secretary of State for Trade and Industry, announced on the 18 September 2000 that he intends to seek from National Express Group Plc ("NEG") undertakings to remedy competition concerns arising from its proposed acquisition of Prism Rail Plc. This is in accordance with the advice of the Director General of Fair Trading ("DGFT").
Mr Byers said:
"This proposed purchase raises concerns in the market for rail and coach services between London and Stansted Airport. If it went ahead, NEG would have a monopoly of such services, which may allow it to raise the prices and reduce the quality of coach services on the route. I therefore agree with the DGFT's advice that NEG should give undertakings with respect to the price and quality of its coach services on the London-Stansted route. I have asked the DGFT to seek such undertakings and to report further by 16 October 2000.
Interested parties are invited to make their views known on the appropriateness of these measures to remedy the adverse effects of the merger. Representations should be made to the Office of Fair Trading by 2 October 2000.
Section 75G of the Fair Trading Act 1973 (inserted by section 147 of the Companies Act 1989 and amended by the Deregulation and Contracting Out Act 1994) enables the Secretary of State to accept undertakings as an alternative to making a merger reference to the Competition Commission. The Secretary of State must consider whether such undertakings remedy or prevent adverse effects of the merger specified by the DGFT.
Interested parties wishing to make representations on the contents and scope of the undertakings which should be offered by NEG should do so in writing by 5pm on 2 October 2000 to Mike Potts, Office of Fair Trading, Fleetbank House, 2-6 Salisbury Square, London, EC4Y 8JX
A formula for success: e-business + the euro = exports
Helen Liddell, Minister for European Competitiveness, on the 21 September challenged British small businesses to turn the Internet revolution and the euro to their advantage.
Speaking at the national launch of the 3e's initiative: e-business, the euro and exports, at the Reebok Stadium in Bolton, Mrs Liddell said:
"You cannot buck changing business trends - but you can harness them to make your company more competitive. The 3e's are changing the business landscape irreversibly. New realities need facing.
"The reality that e-business is revolutionising the way we do business. The reality that the Net is stimulating global trade, offering businesses a global shop window. This is an opportunity to increase your company's customer base. If you're not in the race, your competitors will be!"
Mrs Liddell also urged business to prepare for doing business with the eurozone.
She said:
"The reality is that the euro has already been adopted by eleven countries, creating a single market of 290 million customers on our doorstep. If we want to win customers in those countries we have to get used to using it."
The Reebok event launches over 20 regional breakfast seminars to be held in the coming months around the country, specifically for SMEs. Each delegate will receive a cd-rom, which includes advice, case studies and video clips of companies talking about adjusting to the electronic global marketplace.
Mrs Liddell added,
"The 3e's initiative offers a practical approach to what can seem to be complicated issues and encourages a joined-up approach to business planning.
"I hope the 3e's cd-rom and breakfast seminars will help businesses avoid the pitfalls and generate durable export business in new and ever-expanding markets."
Kate Barker, Chief Economist at the CBI, welcomed the launch of the cd-rom:
"This is a valuable initiative, which could help many smaller companies to find a fresh angle on their business. The cd-rom contains a wealth of well-structured information and offers pointers to a wide range of additional sources."
Copies of the cd-rom are available by sending an email to: 3es@dti.gsi.gov.uk
With a voiceover by Judith Hann, the former Tomorrow's World presenter, the 3e's cd-rom is a multi-media presentation introducing SMEs to the key issues in the global marketplace. As well as containing video clips of case studies, the cd-rom acts as a resource centre to help SMEs plan their response to e-business, the euro and exporting.
The 3e's initiative was launched by Helen Liddell, Minister for European Competitiveness at the DTI on 21 September 2000. It is a joint venture between the European Policy Directorate (represented regionally through the regional euro fora), UK online for business, and Trade Partners UK.
Regional euro fora
The regional euro fora were set up in 1999 by regional Government Offices and businesses specifically to offer SMEs practical support to trading in the single currency. To find out more details about the 3es breakfast seminars visit http://www.zy.com/3es or contact your local euro regional forum:
London: Susan Boles
020 7217 3196
sboles.gol@go-regions.gov.uk
South East Leslie Servouze
01737 777 800
leslie.servouze@fullduplex.net
South West Mike Twomey
0117 900 1805
mtwomey.gosw@go-regions.gov.uk
West Midlands Gerry Russell
0247 623 6236
g.russell@coventry.ac.uk
East Midlands Tania Osborne
0115 971 2620
tosbornw.goem@go-regions.gov.uk
East of England Sarah Abercrombie
01603 218240
sarah.abercrombie@nwent.co.uk
North West Harry Savage
0151 298 1928
Harrys@mersey-tec.co.uk
Yorkshire and Humberside Martin Seymour
0113 283 6681
mseymour.goyh@go-regions.gov.uk
North East Sarah Ward
0191 386 1133
policy@ne-chamber.co.uk
Wales Margaret Dineen
029 2082 5093
margaret.dineen@wales.gsi.gov.uk
Scotland Ian Traill or Aileen Mcleod
0141 225 6677
Northern Ireland Michael Maxwell
028 9052 9397
michael.maxwell@detini.gov.uk
UK online for business
The Information Society Initiative (now being rebranded as UK online for business) has been running since 1996. It currently has a network of 100 UK Online for business advisers and offers accessible and independent advice to SMEs to help them find the right commercial solutions to meet their business needs.
The network of UK Online for business advisers is currently being intergrated into the Business Link network in England and its counterparts in Scotland, Wales and Northern Ireland.
UK Online for business publicity centre
T: 020 7349 5031
F: 020 7349 5085
E: ukonlineforbusiness@gciuk.com
W: http://www.ukonlineforbusiness.gov.uk
Trade Partners UK
Trade Partners UK provides information and resources on exporting at a national, regional and local level across the UK. It offers independent advice that is tailored to individual company needs covering global markets, industry sectors and services. The network operates globally through 217 overseas posts, 45 business links, 100 Chambers of Commerce and 200 export clubs. Further information is available on the website: www.tradepartners.gov.uk
Tuesday 3 October 2000 ICM Credit Scotland 2000 (Conference and Exhibition) Hampden Park Football Stadium, Glasgow Anyone interested in attending (or exhibiting) should contact David Ancliffe on (0131 200 8686). Friday 6 October 2000 Swindon Branch of the ICM Seminar Telephone Collection Techniques Credit Scoring and Vetting Procedures Receiverships/Liquidations Prioritise Your Workload Cost 85.00 members, 95.00 non-members Lunch included and Refreshments Contact Barry Parkin on 01793-766471 during working hours Monday 16 October Wessex Branch of the ICM Grant Thornton Workshop Evening Sponsored by Grant Thornton The Southampton Royal Yacht Club 7.00pm for 7.30pm Refreshments Tuesday 17th October 2000 Chilterns Branch of the ICM Insolvency Reform and Corporate Restructuring To be held at Kodak, Hemel Hempstead 6.30 for 7.00pm Friday 20 October 2000 Millennium Annual Dinner of the ICM Drapers Hall, City of London. Monday 13 November Wessex Branch of the ICM Annual Quiz Night Sponsored by ICC Information Ltd The Southampton Royal Yacht Club 7.00pm for 7.30pm Refreshments Friday 24th November Chilterns Branch of the ICM Annual Dinner Your Branch Committee invites you and your Colleagues, Suppliers or Customers to a formal Dinner, a Speech and Toasts by our Special Guest Speaker. This Years sumptuous occasion is at Putteridgebury near Luton, one of the most beautiful of locations in the branch area. Tickets : #30 Per member, #50 Member & guest or A corporate table for the modest price of #275.00 For details, tickets & Table reservations please contact: Jennifer Scott 01992 553931, Stuart Hopewell 020 7465 5908, # = pounds sterling 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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