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: 120
Dated: 25 July 1999
Welcome to the Business Credit News UK.
In this weeks edition you will find the following topics.
UKTRADE MINISTER WELCOMES FURTHER REDUCTION IN TRADE DEFICIT
Trade Minister, Brian Wilson last Friday welcomed a further #1.4 billion reduction in the deficit on trade in goods and services in the three months to May, compared to the previous three months.
The trade deficit in goods and services now stands at #3.1 billion, the smallest since October 1998.
Mr Wilson said:
"These figures are welcome evidence that through effort and commitment, UK exporters continue to maintain their competitiveness and win business overseas.
"In the three months to June the value of goods exported outside the European Union rose by #1 billion, over 6%, and the volume of goods exported to non-EU countries rose by 2%.
"I am also heartened to see that exports to North America continue to hold up and have risen by 8.5% in value, as have exports to South East Asia.
# = pounds sterling
KIM HOWELLS TAKES ACTION TO MAKE CONSUMERS AWARE OF OWNERSHIP LINKS IN TRAVEL INDUSTRY
Dr Kim Howells, Minister for Competition and Consumer Affairs, is taking action to ensure that consumers are aware of the ownership links between travel agents and tour operators. He proposes to make an order under the Fair Trading Act 1973 requiring vertically integrated travel groups to make clear the links between their tour operator and travel agency businesses.
Dr Howells said:
"I want consumers to have the information to allow them to make informed choices. Knowing that a tour operator and travel agent are in the same ownership may have a bearing on which holiday a consumer chooses. This information should therefore be clear to consumers when they are booking a holiday.
"In their report on foreign package holidays, the Monopolies and Mergers Commission (MMC) found that vertically integrated travel companies were failing to take sufficient steps to ensure that customers were aware of the ownership links between the tour operator and travel agency businesses. The Director General of Fair Trading was asked to seek undertakings to remedy this adverse finding.
"Despite lengthy negotiations, the Director General has concluded that it will not be possible to obtain undertakings from all the vertically integrated groups. Although most of the groups have agreed to offer acceptable undertakings, not all are prepared to do so in relation to notices on shop fronts.
"I therefore propose to make an order under the Fair Trading Act 1973 to require vertically integrated groups with more than 5% of the tour operator or travel agency markets to make the links between their tour operator and travel agency business transparent. Ownership links will have to be made clear on the inside and outside of travel agency businesses, and on brochures, stationery and advertisements. This is substantially in line with the recommendations made by the MMC in their report. However, I do not propose to require companies to make changes to shop fascias, although they will be able to pursue this option if they wish. I believe that notices on shop windows, provided they are clear and prominent, are an effective and proportionate way to implement the remedy on transparency of ownership links as regards the exterior of retail premises.
Neither I nor the Director General of Fair Trading regard notices on doors alone as sufficiently effective.
"When the order has been made, I will be asking the Director General of Fair Trading to write to the vertically integrated groups to ask what steps they are taking to comply with the order. If any response is not satisfactory, I will give statutory directions requiring action from those concerned.
"Before making the order I am consulting on my proposed remedies, as required by the Fair Trading Act, to allow interested parties the opportunity to comment. A notice to that effect will be published, inviting written representations by 15 September 1999.
TRADE MINISTER TAKES FORWARD THE INTERNATIONAL INVESTMENT DEBATE
Brian Wilson continues the consultation process on the approach to international investment A discussion paper about the Government's approach to international investment was launched on the 21 July by Trade Minister Brian Wilson.
Mr Wilson met with interested non-government organisations (NGOs) for a consultation meeting about World Trade Organisation (WTO) issues.
He said:
"I have spoken in the past of the need to start again with a blank sheet of paper and seek to define our international investment objectives afresh. This paper illustrates the direction in which our thinking is going on next steps for the various international investment issues but it is not a statement of final Government policy. It is intended to inform public discussion."
The discussion document breaks down into the following issues:
And looks at not only at the contribution that international investment agreements might make, but also at the role of domestic regulation and of non-regulatory methods. The intention is to produce a package of mutually reinforcing measures, rather than focusing on the contribution that any one institution might make.
Payment performance of Government Departments and Executive Agencies Published
Central Government has further improved its payment performance and the majority of Departments now pay 95 per cent of their suppliers' bills on time.
However, there is no room for complacency. The target for 1999/2000 financial year has been increased to pay 100 per cent of undisputed suppliers bills on time. Government is determined to ensure that the public sector sets an example in paying suppliers, bills on time.
In a written answer to a Parliamentary Question from Colin Burgon MP (Elmet), Secretary of State for Trade and Industry Stephen Byers said:
"There has been a further improvement in the payment performance of Central Government as a whole. The majority of Departments met the previous target of paying 95 per cent of their suppliers' bills on time.
"There no room for complacency and it is disappointing to see that a number of Departments and Agencies, including DTI, failed to meet this years target of 97.5 per cent. I have taken steps to remind all Departments and Agencies, including DTI, of the importance of paying suppliers bills on time and meeting the target.
"The target for the 1999/2000 financial year has been increased to pay 100 per cent of undisputed suppliers bills on time. It is particularly important that the public sector sets an example to business and is seen to pay its bills on time.
"We are committed to improving the UK's payment culture. Late payment is a serious problem, particularly for small businesses. Not knowing when customers' bills will be paid means uncertain cashflow, increased borrowings, higher costs and reduced profits.
"Government Departments and their Agencies are required to monitor their payment performance and to publish the results in their Departmental or annual reports. The following table lists, by Department, the proportion of bills paid within 30 days, or other agreed credit period, of receipt of a valid invoice for financial year 1998/99."
The Government is determined to improve the UK's payment culture and has introduced a package of measures to help small firms tackle late payment.
These include:
The Late Payment of Commercial Debts (Interest) Act 1998. The Act was introduced on 1 November 1998 and gives businesses the right to claim interest on late paid invoices. It forms a key element in the Government's package of measures. Small firms gain immediate benefit form the legislation through phased implementation. Further information on the Act can be obtained on the Internet at www.dti.gov.uk/latepay or from the DTI Publications Orderline on Tel: 0870 1502 500.
The Government is also working in partnership with the private sector through the Better Payment Practice Group. The group is helping to shape and influence the public and private sectors' efforts to tackle late payment and is an integral part of the Government's commitment to work with the business community to improve the payment culture of the UK. The Group has launched a significant campaign to improve the payment culture which includes the launch of the Better Payment Practice Code. In addition the Group has commenced a national series of credit management seminars which, amongst other things, help small businesses improve credit management procedures.
Further information on the work of the Better Payment Practice Group and the Campaign to improve the payment culture is available by calling: 0171 369 9333.
GOVERNMENT DEPARTMENTS PAYMENT PERFORMANCE 1998/99
| MAIN DEPARTMENTS | PAID ON TIME % |
|---|---|
| Privy Council Office | 100 |
| National Investment and Loans Office | 100 |
| Scotland Crown Office | 99.9 |
| Ministry of Defence | 99.8 |
| Government Actuary's Department | 99.4 |
| * Radiocommunications Agency | 99.3 |
| Office of the National Lottery | 99.3 |
| Ordnance survey | 99.1 |
| Office of Water Services (OFWAT) | 99.0 |
| * Insolvency Service | 99.0 |
| HM Land Registry | 98.6 |
| Office of Electricity Regulation | 98.4 |
| Registry of Friendly Societies | 98.4 |
| Intervention Board for Agricultural Produce | 98.3 |
| Office of Fair Trading | 98.0 |
| OFSTED | 97.9 |
| Department of Culture, Media and Sport | 97.9 |
| Foreign & Commonwealth Office | 97.7 |
| Building Societies Commission | 97.5 |
| HM Customs & Excise | 97.5 |
| Office of Telecommunications | 97.3 |
| Welsh Office | 97.3 |
| Department for Education & Employment | 97.2 |
| Inland Revenue | 97.2 |
| Public Records Office | 97.1 |
| Scottish Office | 96.8 |
| Forestry Commission | 96.7 |
| Lord Chancellor's Dept (inc Public Trust Office) | 96.7 |
| Department for National Savings | 96.7 |
| Home Office | 96.6 |
| Department of Trade & Industry | 96.3 |
| Office of the Rail regulator | 96.3 |
| Department for International Development | 96.3 |
| Cabinet Office | 96.3 |
| Northern Ireland Office | 96.1 |
| Crown Prosecution Service | 96.0 |
| Treasury Solicitors Department | 95.9 |
| Office for National Statistics | 95.6 |
| Serious Fraud Office | 95.4 |
| Royal Mint | 95.0 |
| Office of Passenger Rail Franchising | 95.0 |
| Office of Gas Supply | 94.9 |
| Export Credits Guarantee Department | 94.4 |
| Charity Commission | 94.1 |
| *Health & Safety Executive | 94.1 |
| Department of Health | 94.0 |
| Department of Environment, Transport and the Regions | 93.1 |
| Department of Social Security | 91.7 |
| Ministry of Agriculture Fisheries and Food | 83.9 |
| TOTAL | 96.6 |
*Insolvency Service and Radiocommunications Agency are Executive Agencies of the Department of Trade and Industry. Health and Safety Executive is an Executive agency of the Department of the Environment Transport and the Regions.
Department of Trade and Industry 1 Victoria Street London SW1H 0ET
INTEREST RATES REDUCED ON FUNDS IN COURT
Lord Irvine, the Lord Chancellor, with the concurrence of the Treasury, has directed that the interest rates on funds invested in court shall be reduced to 7% on the Special Account and 5.25% on the Basic Account, both effective from 1 August 1999.
BRIDGEMAN WELCOMES NEW FOCUS ON CONSUMERS
Far-reaching plans for empowering and protecting consumers are good news and long awaited, John Bridgeman, Director General of Fair Trading, said last week.
He and his predecessors at the OFT have lobbied for a number of years for reform of inadequate consumer law and for more effective powers for the OFT - the Government department with responsibility for safeguarding consumer interests.
Following the publication of the Department of Trade and Industry's Consumer White Paper, Mr Bridgeman said:
'The Government's stated aim of putting consumers at the heart of policy making is an important milestone. Tough new competition regulation from next year, coupled with a commitment to sharpen up consumer law, will change significantly the OFT's ability to act in the consumer's interest.
'As the Government body responsible for enforcing much of current consumer protection law, we have long and frustrating experience of trying to use it effectively. It has often seemed as though the law was designed to protect disreputable and dishonest traders rather than their victims.
'The Government's commitment to ensuring fair play for consumers is good news. I hope that we shall see some real changes as soon as possible.
'Consumer complaints are now running at 900,000 a year and these are the tip of the iceberg ' I believe that tens of millions of transactions for goods or services cause problems for consumers.
Rightly, UK consumers expect better service and better quality and that demand is going to get stronger.
'I am sure that good businesses are going to welcome the proposals to strengthen industry codes of practice. Increased powers and resources will enable the OFT to become much more involved in the development of these codes. And OFT branding will help consumers to identify reliable traders. The White Paper outlines core principles for codes and we will develop these in partnership with business and consumer bodies.
'Proposals to streamline the law dealing with rogue traders are especially welcome and long overdue. New powers to allow courts to ban traders with a history of failing to meet their legal obligations will help to ensure that the most vulnerable consumers are protected.
I particularly welcome plans to extend direct enforcement powers to trading standards authorities. Their prompt action will help to make this a real deterrent.
'Reputable businesses whose sales can be damaged by the activities of rogues will benefit from these reforms. Furthermore, higher standards of consumer care are also going to boost spending by the millions of visitors who come to the UK every year.
'I am also pleased that local authority trading standards officers, statutory regulators and consumer bodies are to be granted new powers to act against unfair consumer contracts. In the four years that the OFT has been involved with this work we have taken action to remove or change more than 2000 unfair contract terms. The unfair contract terms regulations very quickly became one of the busiest and most effective areas of consumer protection for the OFT and they have even more potential.
'Consumer credit is also an important area and the opportunity to review how it is regulated is welcome. On average 20,000 new licences are issued every year. Last year more than 750 licence applications were either withdrawn or refused after challenges by the OFT. It is essential that this market is regulated efficiently and effectively.
'A number of the White Paper's proposals impact on the work and structure of the OFT and we will be looking closely at what resources will be needed to carry out our enhanced role.' The White Paper's proposals for the OFT include:
The OFT publishes a wide range of consumer leaflets which are available free from: OFT, PO Box 366, Hayes UB3 1XB
NEW - from 1 MARCH 2000
The UK will adopt tough, new competition law Competition Act Information Line 0171 211 8989
Cartels Task Force
0171 211 8888
The Insolvency Service's Annual Report and Accounts covering the period 1 April 1998 to 31 March 1999 was laid before Parliament on 22 July 1999 by Kim Howells, Minister for Competition and Consumer Affairs.
Announcing a 5.1% reduction in the unit cost of case administration, a 12.8% increase in the number of unfit directors disqualified for six years or more and the Insolvency Service's achievement of both Investors in People accreditation and the Charter Mark award, the Minister said that:
"The Service has responded well in 1998-99 against the targets set for it, particularly in reducing the unit cost of administration by a sufficient margin to recover the ground lost in the previous year while maintaining casework standards. I also commend the innovative work they have undertaken on investigation costs and have set them a challenging new target to reduce investigation costs over the next three years.
"The pursuit of excellence seems to be reflected in all that the Service has achieved and is seeking to achieve. It has more challenges ahead, including those set out in the Modernising Government White Paper. I am confident that the Service and its staff will respond positively to those challenges and contribute fully to the Government's commitment to better public services"
The Report describes the work carried out by Official Receivers and their staff in 33 locations in England and Wales and by the Service's Enforcement Units in London and Edinburgh.
The report looks at the Service's role particularly in relation to:
The report also reviews the Service's performance against targets for 1998 - 99 and details the key targets and performance indicators which have been identified for 1999 - 2000.
It also reports on the National Audit Follow-Up Report on Director Disqualifications (published in May 1999), the reviews undertaken under the Competitiveness White Paper (published in December 1998) and the disqualification hotline launched in January 1998.
TARGETS AND INDICATORS EXCEEDED INCLUDE:
The Insolvency Service has been an Executive Agency within the DTI since March 1990.
The Disqualification hotline telephone number is 0845 6013546
Copies of the Report and Accounts are available from the Stationery Office Limited Bookshops
DTI PETITION TO WIND UP BACKFORD LIMITED
On 19 July 1999 the Secretary of State for Trade and Industry presented a petition in the High Court of Justice in London to wind up in the public interest Backford Limited 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 Backford Limited on 20 July 1999 pending the hearing of the petition on 1 September 1999.
Backford Limited was incorporated on 19 January 1998 and traded as a finance broker on behalf of companies and small businesses seeking loan finance for development projects from Gatley in Manchester.
All public enquiries concerning the business affairs of the company should be made to the Official Receiver at the following address:
The Official Receiver
The Insolvency Service
PO Box 203
21 Bloomsbury Street
LONDON WC1B 3QW
Telephone: 0171 637 6404
The registered office of the company is at 56 Torkington Road, Gatley, Manchester, SK8 4PW.
*** 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 26/07/99 to 03/08/99 Number of Creditor meetings : 178 Section Company Time Venue 138 Scotland - Interim Liquidator calling Creditors Meeting 26/07/99 Clark Stone Ltd 12.00 pm Edinburgh 29/07/99 Bill Hutchinson Ltd 10.30 am Hemel Hempstead 02/08/99 Bathgate Citizens Advice Bureau 11.00 am Edinburgh West Lothian Citizens Law Centre 12.00 pm Edinburgh 23 Administrator Calling a meeting of Creditors 27/07/99 DK Dyers Ltd 10.00 am Leicester 30/07/99 Skill Controls Ltd 10.30 am Chorley 48 Receiver calling unsecured Creditors Meeting 26/07/99 Aspects Design & Build Ltd 10.00 am Leeds OEC Designs Ltd 10.15 am Leeds Outline Engraving Co Ltd 11.00 am Manchester RKG Engineering Ltd 02.00 pm Birmingham 29/07/99 Shepherds Demolition Services Ltd 11.30 am Newcastle-u-Tyn Shepherds Scrap Metals (Newcastle) Ltd 10.30 am Newcastle-u-Tyn 03/08/99 Contract Supliers (Harrogate) Ltd 11.00 am Leeds 84 N. Ireland - Creditors Voluntary Liquidation 26/07/99 Wolfhill Furniture Ltd 11.00 am Belfast 95 Members converting to Creditors Voluntary Liquidation 29/07/99 Idealpride Ltd 02.00 pm Plymouth 98 Creditors Voluntary Liquidations 26/07/99 Armstrong Lee Ltd 11.00 am Manchester Atomic Worx Ltd 02.00 pm London Bounty Clothing Ltd 11.30 am Watford Brompton Direct Ltd 11.30 am London Capital Foods Group Ltd 10.00 am London Classicpoint Ltd 11.30 am Altrincham Courtcrown Ltd 12.00 pm London Dalecroft Projects Ltd 03.00 pm London Diveflow Ltd 01.00 pm London Donika Safety & Hygiene Ltd 11.45 am Leigh East Midland Butchery Train Ctre Ltd 03.00 pm Sileby Elitemart Ltd 11.00 am Birmingham Fencing Design Ltd 02.30 pm Todwick Florplan (NE) Ltd 10.00 am Newcastle-u-Tyn Henry Ashe Ltd 03.00 pm London I T G Circuit Services Ltd 03.30 pm Lutterworth Jamel Graphics Ltd 10.00 am Newcastle-u-Tyn John Wilson (Autos) Ltd 11.45 am Croydon John Wilson Ltd 03.00 pm Croydon John Wilson Motorworld Ltd 02.15 pm Croydon Kesterwood Extrustions Ltd 11.00 am Manchester London Reclaim Brick Co Ltd 11.30 am Chelmsford Newshoot Ltd 02.30 pm Bradford Nexus Chain Ltd 11.00 am London Scorpio Sound & Lighting Systems Ltd 11.00 am Manchester Shillibier Ltd 03.00 pm Swansea Steambox (UK) Ltd 04.00 pm London Supralife International Ltd 11.00 am London Takhar Enterprises Ltd 11.00 am Shepton Mallet Tower Hydrographics Ltd 10.30 am Cambridge 27/07/99 Abacus Contracts Ltd 03.00 pm Gosforth Aldford Ltd 04.00 pm London Amberley Properrties (Wavedon) Ltd 03.30 pm Lutterworth Attentive Clothing Ltd 10.30 am London Bagel Express Ltd 11.30 am London Bondquart Ltd 12.00 pm London Bushbase Ltd 11.00 am Chatham Capital Links Ltd 11.00 am Hornchurch Data Median Ltd 02.30 pm London Deepside Developments Ltd 11.00 am Rotherham Dexter Wong Retail Ltd 02.30 pm Marlow Doravelle Fashions Ltd 12.00 pm Manchester Envaura Ltd 02.00 pm London Europia Ltd 11.30 am London F I S S (Birmingham) Ltd 11.30 am Birmingham Freightline DB Ltd 11.30 am Maldon Gallbros Civil Engineering Ltd 12.00 pm London Investigators Ltd - The 12.00 pm London Kaster Bioscience Ltd 11.00 am L T P Fabrics Ltd 03.30 pm Sileby Leo Textile Printing Ltd 03.30 pm Sileby Mical-Data Ltd 11.15 am Southampton Modefree Ltd 03.30 pm Lutterworth Moldex Ltd 10.30 am Llandudno Montage Partitions Ltd 11.00 am Haverhill Pegmat Ltd 11.00 am London Perkins Electrical Services (UK) Ltd 11.30 am Sileby Phasework (UK) Ltd 11.30 am Richmond Precept Training (UK) Ltd 11.00 am Aylesbury Protex Alarms Ltd 02.30 pm Leeds QED Computer Training Ltd 10.30 am Sheffield Rikks (UK) Ltd 11.00 am London TCB Systems Ltd 11.30 am Birmingham Trace UK Ltd 10.00 am London Willis (Bournemouth) Ltd 12.00 pm Southampton 28/07/99 ATS Integrated Systems Ltd 02.30 pm London Alston Barey (UK) Ltd 12.00 pm London Bantex Fashions Ltd 11.00 am London Breeford Pugmas Ltd 11.00 am Birmingham Brind Products Ltd 11.00 am Sheffield Clewlows Motors Ltd 10.30 am Stoke-on-Trent Colne Park Construction Ltd 11.00 am London Contract & Facilities Management Ltd 11.00 am Glasgow Fred Johnson (Machinery) Ltd 11.00 am Stoke-on-Trent Guild Master Printers Ltd - The 12.00 pm Manchester Hodgkinson & Corby Ltd 12.00 pm Henley-on-Thame Insure UK Ltd 11.00 am London Iredale Ltd 10.30 am Newtown Isherwood Ltd 11.30 am Southampton JHB Industrial Supplies Ltd 12.00 pm Glasgow K and R Bell (North East) Ltd 02.30 pm Tyne & Wear Leonella Blouses Ltd 11.30 am Liverpool Lok-N-Logs Construction Ltd 03.00 pm Manchester Midlands Ice Cream Supplies Ltd 10.30 am Gloucester Raymar AK Europe Ltd 12.00 pm Henley-on-Thame Regalimage Ltd 11.15 am Bromley Robinshield Ltd 10.30 am London W M Filters Ltd 02.00 pm Halesowen 29/07/99 Acrobatix Ltd 11.15 am Marlow Agquip Ltd 11.00 am Staverton Brownhills Design & Print Ltd 11.30 am Walsall Coloured Fruit Group Ltd 11.00 am Edinburgh Cottage Construction Ltd 11.30 am Crawley Covpak Ltd 10.30 am Birmingham Denim + Sportswear Fabrics Ltd 11.00 am Manchester Electro Construction Ltd 01.00 pm Swansea Electro Technology Ltd 03.00 pm Swansea Ensign International Ltd 11.15 am Bromley Firco Ltd 10.30 am London Foremost Publishing Ltd 11.00 am Chelmsford Frontline Holidays Ltd 11.30 am St Albans Future Datacom Ltd 03.00 pm Birmingham Global Mobility Ltd 11.30 am London H P B Aviation Ltd 11.00 am Guildford Hydra-Fab Engineering Ltd 03.30 pm Slough J J R B Engineering Ltd 12.00 pm Glasgow K & K Leisurewear Ltd 11.30 am Nottingham M A D Fabrications Ltd 02.30 pm Derby Martin Designs Ltd 11.00 am Bolton Nelson & Colne Electrical Wholesale Lt 11.00 am Preston Nicron Ltd 03.00 pm London Pro-Tect Security Services Ltd 10.30 am Harpenden Quality Clothings Ltd 04.00 pm London Ramibuild Ltd 04.00 pm Brighton Solon Fashions Ltd 11.00 am London Staylyte Units Ltd 10.30 am London Supremetaste Ltd 11.30 am Manchester Tantalize Ltd 11.00 am London Targetchain Projects Ltd 11.00 am Woodford Green Velo Packaging Ltd 11.00 am London Venair Ltd 04.00 pm London W R K P Ltd 11.00 am Chester 30/07/99 ARC94 Ltd 11.45 am Holmfirth Blairs Clothing Ltd 12.00 pm London Brian Walkinshaw Ltd 12.00 pm Bristol Bridgeman Square Ltd 11.30 am Warrington Chinese Medicine Ctre (Manchester) Ltd 11.00 am Barnet Crowland Ltd 01.30 pm Peterborough Davaux Ltd 11.30 am Norwich Ecowise Ltd 11.30 am Liverpool First Catalogue Co Ltd - The 12.00 pm London Intext Labour & Site Services Ltd 03.30 pm Burnley Malivoire Precision Productions Ltd 10.30 am London Merley Ltd 04.00 pm London Monadnock International Ltd 10.35 am London Newell Fine Borders Ltd 10.30 am Nuneaton Only Envelopes Ltd 10.30 am London Pipework & Engineering Services Ltd 11.00 am Poole Quay Engineers Ltd 10.30 am Taunton St Jame's Garage Ltd 11.00 am Leeds TDM Direct Ltd 11.30 am London Thorndike Holdings Ltd 10.30 am London WPM & Son (Northampton) Transport Ltd 11.00 am Northampton Young Group Plc 03.30 pm Gosforth 02/08/99 Bowyard Insurance Services Ltd 10.15 am Pinner Carousel Services Ltd 11.00 am London Ons International Ltd 03.00 pm London 03/08/99 Bucklebridge Ltd 03.00 pm Bedford Cable Supports (Midlands) Ltd 12.00 pm Walsall Contrast Fashions Ltd 02.30 pm London Delta Office Supplies Ltd 11.00 am Sutton Eurotech Development Ltd 03.00 pm Bedford Global Adventure Ltd 11.00 am Lancaster Goodiebake Savoury Products Ltd 02.30 pm Gerrards Cross Hackney Removals Ltd 12.00 pm London Jacqueline Taylor Design Ltd 12.00 pm Manchester Main Construction Services Ltd 11.30 am London Mains Leasing and Hiring Ltd 11.00 am London Michael Butler Leather Goods Ltd 11.00 am Manchester Montria Ltd 12.00 pm London Total Comms Ltd 12.00 pm London Trade Price Music & Video Ltd 11.00 am London Victoria Exchange Trading Co Ltd - The 11.30 am Manchester
TW LW TW LW
USA 1.5763 1.5698 Canada 2.3735 2.3252
Austria 20.7226 21.1571 Portugal 301.920 308.244
France 9.8785 10.0856 Belgium 60.7508 62.0250
Finland 8.9541 9.1420 Italy 2915.97 2977.09
Germany 2.9454 3.0077 Sweden 13.2142 13.4558
Holland 3.3187 3.3882 Switzerland 2.4176 2.4681
Spain 250.573 255.830 Ireland 1.1861 1.2109
Australia 2.4243 2.3772 Denmark 11.2089 11.4336
Hong Kong 12.1799 12.2338 Euro 1.5060 1.5380
Africa Com 9.6425 9.6654 Saudi Arabia 5.9120 5.8875
India 68.2065 67.8860 Malaysia 5.9900 5.9645
Singapore 2.6744 2.6779 Norway 12.4146 12.5183
Japan 183.458 189.850
TW This week LW Last week.
Sketchley announced pre-tax losses of 6.95 million pounds, on turnover of 185.3 million, for the year ending 2nd April 1999.
Last orders were called in a long-running British pub fight. PUNCH TAVERNS agreed to pay 2.75 billion pounds ($4.32 billion) for ALLIED DOMECQ's 3,500-strong pub chain. Allied had favoured a 2.85 billion pounds bid from brewer Whitbread over Punch's earlier and supposedly less certain 2.93 billion pounds bid. However, competition regulators forced Whitbread to abandon its approach.
Source - The Economist
NTL, a British cable operator, which last week teamed up with France Telecom, has entered into exclusive negotiations with CABLE & WIRELESS, offering around 8 billion pounds ($13 billion) for CWC, a cable company controlled by C&W. CWC's other suitor and former favourite, Telewest, has been sidelined despite offering a similar amount for CWC.
Source - The Economist
A British public inquiry into PRICE-FIXING IN THE CAR MARKET was boycotted by the world's leading car companies. Consumers in Britain continue to pay much higher prices than other Europeans and suspicions centre on the system of tied dealerships that is thought to inhibit competition.
Source - The Economist
DAEWOO, South Korea's second-largest chaebol, faced bankruptcy as an after-effect of over-eager expansion in the early 1990s. Daewoo was forced to offer assets worth over 10,000 billion won ($8.3 billion) as collateral to lenders to extend loans, some of which are due for repayment at the end of the month.
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 Cookson Group Plc of Premier Refractories International Inc (a subsidiary of The Alpine Group Inc)
Proposed acquisition by Voest-Alpine Industrieanlagenbau GMBH of the UK Metals Equipment business of Kvaerner plc
Proposed acquisition by Lloyds TSB Plc of Scottish Widows.
BRITISH AIRWAYS' ACQUISITION OF CITYFLYER EXPRESS GIVEN APPROVAL SUBJECT TO UNDERTAKINGS
Stephen Byers, Secretary of State for Trade and Industry, announced on the 20 July that he had approved the acquisition of CityFlyer Express by British Airways (BA) subject to BA limiting its holding of take off and landing slots at Gatwick. Undertakings to that effect are required to remedy or prevent the adverse effects on competition identified by the Competition Commission (CC) in their report on BA's proposed merger with CityFlyer. As a result BA will be capped on the level of available slots they can hold at Gatwick in any one hour period. The CC and the Director General of Fair Trading (DGFT) each recommended a cap on slot holdings, but at different levels. Mr Byers has rejected the imposition of an overall cap on BA's slot-holding at Gatwick (which was recommended by the CC but not by the DGFT) but has asked the DGFT to undertake a consultation, in the light of the published report, on the right level for the hourly cap and to report back to him.
OFT TO REVIEW ITV MERGER UNDERTAKINGS
Undertakings given by Granada, Carlton and MAI which limit their share of television advertising revenue are to be reviewed by the OFT.
The undertakings, given in 1994, require the OFT to review their terms after five years. They were accepted in lieu of Monopolies and Mergers Commission (now Competition Commission) investigations following mergers.
The review relates to Granada Group plc in respect of its acquisition of LWT (Holdings) plc, Carlton Communications plc in respect of its acquisition of Central Independent Television plc and MAI plc in respect of its acquisition of Anglia Television Group plc.
The three mergers would have resulted in the creation of three companies each with a market share of around 30% of all TV advertising revenue - a level at which there were competition concerns.
The 1994 undertakings were aimed at remedying adverse effects in the market for the sale of television advertising airtime, in particular, the degree of market power which the three companies could exercise over advertisers. The undertakings limit the share of all television advertising revenue of each of the companies to a maximum of 25%.
The review will examine whether the undertakings are still necessary in order to counter the adverse effects in the market identified as arising from the mergers in 1994.
Interested third parties are invited to submit their comments to Ms Teresa Krajewska, Office of Fair Trading, Field House, 15-25 Breams Buildings, London EC4A 1PR by 6 August 1999.
Source - The Economist
Royal International Air Tattoo
www.rafbfe.co.uk/riat99/index.html
Top guns from 27 nations will be at RAF Fairford, Gloucestershire, from July 21 - 26, celebrating the 50th Anniversary of NATO.
13 September Wessex Branch meeting of the ICM Clair Sandbrook - A day in the Life of a Sheriff & Woolf Update 15 September Merseyside & North Wales Branch of the ICM Annual Conference Business Fraud 10.00am - 5.00pm Series of speakers and an exhibition area For further information telephone David Browne on 0151-242-7742 or Lynne Mills on 0151-632-2938 21st September 1999 London Branch of the ICM Sir Kenneth Cork Memorial Lecture 6.00 pm for 6.30 pm The Royal Overseas League, Park Place, St. James Street, London SW1 Speaker is Ian Duncan-Smith MP For further information phone Ron Johnston: 0181 2613242 or E-Mail ron.johnston@singeruk.com 8 October ICM Annual Dinner Drapers' Hall, London EC2 Guest speakers: Walter Merricks, Insurance Ombudsman Professor Geoffrey Woodroffe, Solicitor and Funeral Ombudsman Ticket price: #68.00 plus vat To book telephone the Institute on 01780-722907 or fax 01780-721271 12th to the 14th October 1999 Tuesday to Thursday Credit North 1999 at the Royal Armouries, Leeds1 25 October Wessex Branch meeting of the ICM Experian - Non-Ltd database 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
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