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: 72
Dated: July 26 1998
Welcome to the Business Credit News UK.
In this weeks edition you will find the following topics.
UKDRAFT FREEDOM OF INFORMATION BILL TO BE PUBLISHED IN SEPTEMBER
Chancellor of the Duchy of Lancaster, Dr David Clark, has announced the Government's plans to publish the draft Bill on Freedom of Information (FOI) in September are on course.
This intention was reiterated in the Government's response to the Public Administration Select Committee's Report on FOI, which Dr Clark commended as a "substantial piece of work", undertaking "a thorough, thoughtful and helpful examination of the proposals for an FOI Act".
Dr Clark said:
"I very much welcome the Select Committee's report, which makes an important and valued contribution to the FOI agenda.
"The Government's commitment to a radical FOI Act is clear, and has already been set out in the White Paper Your Right to Know. FOI is a key part of the Government's programme to modernise British politics through radical constitutional change. I aim to publish a draft Bill in September." The Government's response to the Committee's Report includes the following key points. The relevant recommendation number is in brackets:
The Select Committee's Report to the Government, "Your Right to Know: The Government's Proposals for an FOI Act" No 398 (i) is available from the Stationery Office on the number above.
# = pounds sterling
EUROPE'S UNEMPLOYMENT PROBLEM IS ONE OF FLEXIBILITY NOT COMPETITIVENESS
Adair Turner Director-General of the Confederation of British Industry
Continental Europe does face a serious problem of unemployment - but the cause is not failure to meet the challenge of global competition. It is rather labour market and institutional inflexibility, according to Adair Turner, Director-General of the Confederation of British Industry. The solution lies in reforming product, capital and labour markets, and in redesigning the role of the State.
He will say today: "It is a failure of flexibility rather than of competitiveness which explains high levels of European unemployment. If you want to understand why France has a high rate of unemployment, don't go searching for French exporters failing in world markets, because you won't find any. Ask instead why far fewer people are employed in a French supermarket than in a British or American one.
"So, rather than worrying about threats to our export industries from global competition, which business is meeting pretty well on its own, reform of the 'European model' should focus on improving the flexibility of our economies, the speed with which they adapt to change."
He will continue: "It also requires a willingness to reform the role of the European state. Because if flexible labour markets need to be underpinned with more generous income support, that means more expenditure not less and that can only make worse Europe's other big problem, its public deficits.
"We have already reached the limits of the state's ability to tax and spend so the state needs to find new and innovative ways to fix these deficits and meet the new demands placed upon them."
Mr Turner was speaking last week in Berlin to the Flemings Conference: "European Solutions to Germany's Challenges".
For full copies of the speech e-mail:enquiry.desk@cbi.org.uk
UK TRADE WORLD - MAY 1998 - NON-EU (GOODS ONLY) - June 1998
The UK's balance on trade in goods and services in May is provisionally estimated as £1.2 billion in deficit. This compares with the revised £0.7 billion deficit in April.
In three months ended May the balance on trade in goods and services was £2.8 billion in deficit. This compares with the £2.7 billion deficit in the previous three months.
The latest estimate of trend (based on data to May) suggests that the UK trade balance is widening.
The UK's deficit on trade in goods with non-EU countries in June is provisionally estimated at £1.0 billion.
WORLD - MAY
Value of total trade in goods
The UK's deficit on trade in goods in May is provisionally estimated at £1.9 billion. This compares with the £1.4 billion deficit in April. Trade with EU countries in May showed a deficit of £0.3 billion compared with the deficit of £0.6 billion in April. The deficit with non-EU countries in May was £1.5 billion compared with the deficit of £0.8 billion in April.
In May total exports of goods fell one per cent to £13.4 billion while total imports of goods rose two per cent to £15.3 billion. Exports to EU countries rose one and a half per cent while those to non-EU countries fell five per cent. Imports from EU countries fell two per cent while those from non-EU countries rose seven per cent.
In three months ended May the deficit on trade in goods was £4.8 billion compared with the £4.4 billion deficit in the previous three months. The deficit with EU countries widened to £1.4 billion while the deficit with non-EU countries narrowed to £3.3 billion.
In three months ended May exports of goods fell two and a half per cent while imports of goods fell one and a half per cent. Exports to EU countries fell one and a half per cent and those to non-EU countries fell three and a half per cent. Imports from EU countries rose half per cent while those from non-EU countries fell three and a half per cent.
The latest estimate of trend (based on data to May) suggests that the whole world goods deficit is widening. The trends in the value of trade show both exports and imports falling slightly.
Volume of total trade in goods (excluding oil and erratics)
May's provisional estimates show the volume of exports rose half per cent compared with April while imports fell one per cent.
In three months ended May exports fell one per cent and imports rose half per cent compared with the previous three months.
Latest estimate of volume trends shows exports and imports flat.
EXPORT AND IMPORT PRICES (TRADE IN GOODS)
May's provisional estimates show both export and import prices rose one per cent compared with April.
In three months ended May export prices fell half per cent and import prices fell one per cent. This led to a slight increase in the terms of trade.
TRADE IN GOODS BY COMMODITY
Trade in Oil
The May surplus on trade in oil was £0.3 billion compared with the £0.2 billion surplus in April.
In three months ended May the surplus on trade in oil was £0.8 billion, compared with the £0.9 billion surplus in the previous three months.
Trade in other commodities in three months ended May 1998
For exports only finished manufactures among the main commodity groups showed a rise in volume. Within finished manufactures exports of cars rose six per cent and capital goods rose one per cent while intermediate goods fell one and a half per cent.
For imports, food, beverages and tobacco as well as semi-manufactures and finished manufactures among the main commodity groups all rose in volume. Within finished manufactures imports of capital goods rose five and a half per cent while cars fell by two per cent.
TRADE IN GOODS BY AREA: in three months ended May 1998
In value terms exports to non-EU countries fell faster than those to EU countries. Within the EU the largest falls came in exports to the Irish Republic, Belgium and Sweden. For countries outside the EU there was a fall in exports to all the main regions except Other Western Europe, with the largest fall coming in exports to Rest of World.
In value terms most of the fall in imports came from non-EU countries. Within the EU higher imports from Italy, France and Spain more than offset falls in imports from Germany, Denmark and Sweden. For countries outside the EU the main falls were in imports from Rest of World and North America contrasting with a rise in imports from Other Western Europe.
TRADE IN GOODS WITH NON-EU COUNTRIES - JUNE
The UK's deficit on trade in goods with non-EU countries in June is provisionally estimated at £1.0 billion. The value of exports rose six per cent to £6.0 billion. The value of imports fell three and a half per cent to £7.0 billion.
Provisional estimates of volume (excluding oil and erratics) show exports up by three and a half per cent and imports up one and a half per cent from the previous month.
Provisional estimates of prices show both exports and imports little changed compared with May.
TRADE IN SERVICES - MAY
The UK's surplus on trade in services in May is provisionally estimated at £0.6 billion compared with the £0.7 billion surplus in April.
In three months ended May the surplus on trade in services was £1.9 billion, compared with the £1.8 billion surplus in the previous three months. Exports of services totalled £13.6 billion compared with £13.3 billion in the previous three months. Imports of services totalled £11.7 billion compared with £11.5 billion in the previous three months.
Trade in goods statistics are compiled from two separate sources. Those for trade with countries outside the European Union are based on Customs declarations. Statistics of trade with other EU members, on the other hand, come from a Community-wide system (Intrastat) introduced at the beginning of 1993 and linked to the collection of VAT. Because Intrastat relies on data being reported by traders it takes longer to produce statistics of publishable quality than the system based on Customs declarations.
Trade in services estimates have been derived from a number of monthly and quarterly sources. For components where no monthly data are available, estimates have been derived on the basis of recent trends. The results should be used with appropriate caution, as they are therefore likely to be less reliable than those for trade in goods. More details of the data sources, estimation methodology and reliability of the monthly estimates of trade in services are set out in two articles published in Economic Trends (November 1996 and September 1997).
RETAIL SALES JUNE 1998
In June the seasonally adjusted estimate of retail sales volume is 119.8. This is 1.1 per cent below the May figure but 2.3 per cent higher than the June 1997 level. In April to June the volume of sales was 0.3 per cent higher than in the previous three months and 3.5 per cent higher than in the same period a year earlier.
Based on non-seasonally adjusted data, the average weekly value of retail sales in June was £3,430 million, 3.5 per cent higher than in June 1997. In April to June the value of sales in current prices was 5.1 per cent higher than in the same period a year earlier.
In April to June the seasonally adjusted volume of sales by predominantly food stores increased by 0.4 per cent compared with the previous three months; sales by predominantly non-food stores increased by 0.3 per cent.
In April to June the value of sales (not seasonally adjusted) by predominantly food stores was 6.7 per cent higher than a year earlier; sales by predominantly non-food stores were 4.3 per cent higher.
In April to June the estimated value of sales (not seasonally adjusted) of food, drink and tobacco was 5 per cent higher than a year earlier; sales of clothing and footwear were 4 per cent higher; sales of household goods were 5 per cent higher and sales of other non-food products were 5 per cent higher.
Payment performance of Government Departments and their Executive Agencies Published
Central Government has improved its payment performance and the majority of departments are now meeting the 95 per cent target set for paying their suppliers' bills on time, Small Firms Minister Barbara Roche announced last week.
In a written answer to a Parliamentary Question from Ken Purchase MP (Wolverhampton North East), Mrs Roche said:
"I am pleased to announce that there has been an improvement in the payment performance of Central Government as a whole. The majority of departments are now meeting the target of paying 95 per cent of their suppliers' bills on time.
"There is no room for complacency, however. New tougher targets for departments and their agencies will be set by my Hon Friend, the Paymaster General, which will ensure that this improvement in performance continues.
"The target for paying undisputed bills on time in the 1998/99 financial year will be 97.5 per cent and for the 1999/2000 financial year 100 per cent.
"We are committed to improving Britain's payment culture. It is important that the public sector sets an example to business and is seen to pay its bills on time.
"Late payment is a serious problem for business and 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 attached 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 1997-98. Similar information for earlier years is held in the House of Commons library."
The Government is determined to improve the UK's payment culture and is introducing a package of measures to help small firms tackle late payment.
These include:
Further information about the work of the Group and its campaign to improve the UK's payment culture is available by calling: 0171 369 9333.
Department % of invoices paid
on time
Government Actuary's Department 100.0
National Investment & Loan Office 100.0
Privy Council Office 100.0
Office of Electricity Regulation 99.7
Office of National Lottery 99.7
Defence, Ministry of 98.9
Ordnance Survey 98.3
Trade & Industry, Department of 98.2
*Insolvency Service 98.9
*Radiocommunications Agency 96.1
Office of Gas Supply 98.2
Office of the Rail Regulator 98.0
Office for Standards in Education 97.3
Office of Water Services 98.0
Registry of Friendly Societies Commission 97.6
The Welsh Office 97.3
Treasury Solicitors Dept inc. Law Officers Dept. 97.3
Office of Telecommunications 97.0
Foreign & Commonwealth Office 96.9
Office of Passenger Rail Franchising 96.9
Intervention Board for Agriculture Produce 96.8
Serious Fraud Office 96.6
Education & Employment, Dept of 96.5
Land Registry 96.3
Lord Chancellor's Dept inc Public Trustee Office 96.0
Charity Commission 96.0
Exports Credit Guarantee Department 95.9
Home Office 95.6
Inland Revenue 95.6
National Savings Department 95.6
HM Customs and Excise 95.5
Health, Department of 95.3
Forestry Commission 95.3
Public Records Office 95.2
HM Treasury 95.1
International Development, Dept for 95.0
Crown Prosecution Service 95.0
Cabinet Office (inc. Office of Public Services) 94.7
Culture, Media and Sport, Dept for 94.6
DETR 93.7
*Health & Safety Executive 91.0
The Scottish Office 93.6
Royal Mint 93.0
Office of Fair Trading 93.0
Northern Ireland Office 92.9
Crown Office, Scotland (inc. Lord Advocates Dept) 91.0
Social Security, Department of 90.7
National Statistics, Office for 89.4
Agriculture, Fisheries & Food 83.8
* Insolvency Service and Radiocommunications Agency are Executive Agencies of the Department of Trade and Industry.Health & Safety Executive is an Executive Agency of the Department of Environment Transport and the Regions.
Name and Shame Hotline set to pay dividends
The latest figures show the Government's campaign to tackle unfit directors is paying off, says Competition and Consumer Affairs Minister Nigel Griffiths MP.
He also promised more focus on phoenix directors who have arrears of VAT, PAYE and National Insurance contributions as part of a Whitehall-wide drive against repeat offenders.
The latest figures show:
1,275 directors were banned in the year ending 30 June 1998 - an increase of 13% over the same period in 1996/7.
661 disqualification orders were made against unfit directors in the first half of 1998 - an 11% increase over the same period in 1997.
900 people have contacted the Name and Shame Hotline since it was launched in January. The Insolvency Service is following up every call, and over one quarter result in further DTI investigation. The 24-hr Hotline number is 0845 601 3546. Calls are charged at local rates.
Mr Griffiths praised the dedicated work of the Insolvency Service's Chief Executive Peter Joyce and his staff and welcomed the latest disqualification statistics which reaffirmed the effectiveness of the Government's crackdown on rogue directors and phoenixism.
He said:
"There must be no hiding place for those who flout the law. The public response to the hotline is making a major contribution to tracking down rogue directors. Directors who step over the line must be in no doubt of our determination to track them down. Both the public and other businesses must know that unfit directors will be brought to book.
"I want to protect the public from the abuse of privilege of limited liability and irresponsible conduct. I will continue to name and shame such persons."
Q1&2 Q1&2 Year ended
30 June
1998 1997 1998 1997
Disqualification reports and returns received
(companies)
Official Receivers 1,000 1,048 2,136 1,937
Insolvency Practitioners - England & Wales 1,478 1,624 3,028 3,003
- Scotland 88 91 180 175
TOTAL 2,566 2,763 5,344 5,115
Disqualification proceedings commenced
(directors)
From Official Receivers' reports 264 265 446 378
From Insolvency Practitioners' reports
- England & Wales 380 525 843 1,013
Scotland 47 23 23 52
TOTAL 691 813 1,367 1,443
Disqualification orders made by courts
From Official Receivers' reports 232 174 403 377
From Insolvency Practitioners' reports
- England & Wales 391 394 824 689
- Scotland 38 36 48 62
TOTAL 661 604 1,275 1,129
Since the Company Directors Disqualification Act came into effect on
29 December 1986 the following number of disqualification orders have
been made under Section 6: 5,836
Orders made in the last two years comprised:
(years)
2 252
3 439
4 490
5 409
6 259
7 186
8 132
9 45
10 54
11 5
12 23
13 3
14 -
15 10
2,307
YEAR ENDED 30 JUNE 1998 : DISQUALIFICATION STATISTICS
(A)
Type of business: No. of orders %
Construction and demolition 80 12
Labour supply: management and business services 74 11
Textiles and clothing (manufacture and retail) 58 9
Others 58 9
Retail (all other types) 45 7
Engineering 40 6
Manufacturing (all other types) 38 6
Transport and communications 37 6
Leisure, hotels, pubs and restaurants 30 4
Home and garden improvement 30 5
Computer services 28 4
Estate agents and developers 28 4
Furniture manufacture and retailers 27 4
Wholesale (all types) 26 4
Motor vehicle sales, repairs and petrol 26 4
Paper and publishing 19 3
Travel agents 17 2
361 100
(B)
Geographical spread No. of orders %
London and South East 250 38
North 150 22
Midlands 78 12
South 58 9
South West 39 6
Scotland 39 6
East Anglia 30 4
Wales 17 3
661 100
NOTABLE CASESHOTEL RECRUITMENT SERVICES LIMITED
On 24 February 1998 in the High Court of Justice, Alasdair Wesley Duff Ross ("Mr Ross") of Pickneys Green, Berkshire SL6 6QF, was disqualified from taking part in the management of a company for 9 years for his conduct as a director of Hotel Recruitment Services Limited ("Hotel").
Hotel, whose last principal trading addresses were 70 Charlotte Street, London and Holdsworth House, Staines Road, Middlesex, was engaged in the business of staff recruitment and was wound up on 29 February 1996 with a deficiency of #248,014. Matters of unfit conduct found by the court included Mr Ross causing or permitting Hotel to:
W G LIMITED
Michael John Nunnerley, formerly of Oswestry, but now resident in Valencia, Spain, was disqualified from being a director of a company for eight years in the Manchester District Registry of the High Court on Tuesday 17 March.
The disqualification order was made in respect of his conduct as a director of W G Limited and as a de facto director of Western C & C Limited. W G Limited carried on business as plumbers merchants from Radfords Fields, Maesbury Road Industrial Estate, Oswestry, Shropshire, Western C & C Limited traded from the same address and in the same line of business.
W G Limited was put into administrative receivership on 14 November 1995 with a net estimated deficiency of #159,676.
In respect of W G Limited, matters of unfit conduct by Mr Nunnerley found by the court included:
RITE WOOLS (WEST) LIMITED
On 7 March 1998 in Bristol County Court, Nicholas Edward Thomas Wright and Ann Barbara Wright, of Westbury-on-Tryn, Bristol, were disqualified for four years and two years respectively for their conduct as directors of Rite Wools (West) Ltd.
Rite Wools (West) Ltd carried on business as a retail supplier of wools and haberdashery products from nine shops in the Bristol, Somerset and Wiltshire area. On 7 August 1995 the majority of the company's business and assets were transferred to a new company that was owned and controlled by Nicholas Wright. On 23 March 1996, Rite Wools (West) Limited ceased trading and on 19 June 1996 a winding up order was made against the company upon the petition of a creditor presented to the court on 18 April 1996. The company has an estimated deficiency of #104,832. Matters of unfit conduct found by the court with respect to Mr N E T Wright include:
L'ETOILE SUPPLIES LTD
A former director of L'Etoile Restaurant in London's West End has been disqualified by the High Court (January 1997) from being the director of any other company for six and a half years after his businesses crashed with debts of nearly #2M.
Eftichios Petros Tsacpounidis, of Keston, Kent was a director of Restaurant de l'Etoile Ltd, which was wound up by Customs & Excise in March 1995 with a deficiency of #1,050,497 and L'Etoile Supplies Ltd, wound up the following month with a deficiency of #910,756. Both traded as cafe-restaurants at 18 and 30 Charlotte Street.
The court held that he had traded without the prospect of all creditors being paid in full; under-declared VAT and failed to keep accounting records. In addition, some #695,000 of Restaurant de l'Etoile's funds had been misapplied.
# = pounds sterling
*** 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 27/07/98 to 04/08/98 Number of Creditor meetings : 172 Section Company Time Venue 138 Scotland - Interim Liquidator calling Creditors Meeting 27/07/98 Seagull Cleaners Ltd 12.00 pm Aberdeen 29/07/98 Rowandawn Ltd 11.00 am Glasgow 30/07/98 Hillway Services Ltd 10.00 am Glasgow Scotia Engineering Ltd 10.00 am Aberdeen Yule Concrete Services Ltd 11.00 am Aberdeen 31/07/98 Motherwell Enterprise Develop Co Ltd 10.00 am Glasgow Muir & Co (Ironmongers) Ltd 12.00 pm Glasgow 04/08/98 International Multibrand Products Ltd 10.00 am Aberdeen 48 Receiver calling unsecured Creditors Meeting 29/07/98 Victoria Garage Ltd 10.30 am Leeds 30/07/98 Largosport Ltd 11.00 am Manchester 31/07/98 Cyronn Ltd 11.00 am London 04/08/98 Acuitas Ltd 11.30 am Leeds 67 Scotland - Receiver calling Meeting of unsecured Creditors 31/07/98 Turnway Ltd 10.00 am Dunfermline 84 N. Ireland - Creditors Voluntary Liquidation 30/07/98 Portadown Structural Services Ltd 12.00 pm Portadown 31/07/98 R.J.W. Construction Ltd 11.00 am Belfast 98 Creditors Voluntary Liquidations 27/07/98 Abbey Care Services Ltd 02.30 pm London Adamson Developments (NW) Ltd 10.30 am Newcastle-u-Tyne Athco Ltd 10.30 am Hornchurch B.S.E. Press Knives & Co Ltd 11.00 am London Bee Screen Print Ltd 12.00 pm Manchester Challecrest Ltd 11.00 am London Children's Commision Plc - The 10.00 am London County Flooring Ltd 03.00 pm Gerrards Cross E W Arnold & Son Ltd 11.00 am Reading Eltee Information Ltd 10.30 am Manchester Flyscreen Co Ltd - The 03.30 pm Bristol Forsyth Johnson & Co Ltd 11.00 am Enfield HMG Norwood Products (Household) Ltd 11.00 am Liverpool Manor House Prime Ltd 10.30 am Southend-on-Sea Melair Ltd 10.30 am Halifax Midlands Building Co Ltd 12.30 pm Pedmore Scaledean Ltd 11.30 am Manchester Scenic Happenings Ltd 10.30 am Wetherby Spring Services Ltd 12.00 pm London TMG (Portsmouth) Ltd 02.00 pm London Waterside Products Ltd 11.00 am Birmingham Whitelight Engineering Services Ltd 12.30 pm Southend-on-Sea 28/07/98 A C & J Consultants Ltd 03.00 pm Northwood A.C. Joinery Ltd 02.15 pm York Abel Fabrications Ltd 11.00 am Wolverhampton Advanced UPVC Windows & Doors Ltd 10.30 am Cambridge Anderland International Transport Ltd 11.00 am Bromsgrove Aveca Commercial Stationary (UK) Ltd 12.00 pm London Chase Media Ltd 12.00 pm Southampton Chiron Systems Ltd 10.30 am Reading Comp Solutions Ltd 11.30 am Rotherham Creative Plastics Ltd 10.30 am Lower Sunbury Evenpath Ltd 02.30 pm Telford Farrar Technologies Ltd 12.00 pm London GKT Ltd 10.30 am London Hardline Management Ltd 10.45 am London Hydroburst UK Ltd 10.00 am Birmingham Iceart Ltd 12.00 pm London Intellective Management Services Ltd 11.00 am London Italian Furniture Manufacturers Ltd 11.00 am Manchester Loline Interiors Ltd 12.00 pm Royston M L Management & Development Ltd 10.30 am Chelmsford MRS Graphics Ltd 11.00 am Derbyshire MRS Paintwork Ltd 11.00 am Derbyshire Network Plus Ltd 10.30 am Sheffield O B Engineers Ltd 11.00 am Preston P.D.L. Group Ltd 11.00 am Birmingham Peel Taylor Packaging Ltd 11.15 am Leeds Pixieville Ltd 02.30 pm London Rimestar Ltd 03.00 pm London Sherwood Engineering Services Ltd 11.00 am Nottingham Stella Maris Trust 10.45 am Plymouth Surface Development Services Ltd 11.00 am Barnet Thistle Dust Extraction Ltd 10.30 am Perth Tormvales Ltd 02.30 pm Walsall View Systems Ltd 11.30 am Lutterworth Westrope Distribution Ltd 11.00 am London Whitwell's Delicatessen Co Ltd 12.00 pm Manchester World Kitchencentre (Failsworth) Ltd 10.15 am Manchester 29/07/98 A & S Ashton Contracts Ltd 11.30 am Selby Allied Deliveries Ltd 12.00 pm Southampton Beam Access Ltd 03.00 pm London Charles Fellows (Dudley) Ltd 11.30 am Dudley Concrete Drilling & Cutting Ltd 11.30 am Blackpool Eyebright Ltd 11.30 am London G S K Electrical Services Ltd 03.00 pm London Galacia Ltd 02.30 pm Bristol Galaplan Ltd 02.30 pm Southampton Green Pak Holidays Ltd 12.00 pm London Harry Morgan Ltd 12.00 pm London Hearth & Home Ltd 02.30 pm Manchester L T M Ltd 11.30 am Blackpool Marona Ltd 10.30 am London Mayflower Jewellers Ltd 11.30 am Altrincham Negions Ltd 03.30 pm Shrewsbury Nexis Linc Ltd 12.00 pm London Panela Fashions Ltd 03.00 pm London Petalcare Ltd 11.00 am London Southdown Maintenance Services Ltd 02.30 pm Portsmouth Stag UK Ltd 02.30 pm London Three Rivers Colour Litho Ltd 11.30 am Aylesbury Turner Engineering (Wigan) Ltd 12.00 pm Manchester Whitehall Contracts Ltd 11.30 am Sileby 30/07/98 ARC Electrical (Yorkshire) Ltd 10.30 am Sheffield Allied Press Ltd 02.30 pm Lincoln B J White Transport Ltd 11.30 am Manchester Black Country Boards Ltd 11.30 am Dudley Celia Fashions Ltd 11.00 am London Connect Computer Specialists Ltd 12.00 pm Leeds Courant Porteur Ligen Communi Ltd 10.30 am Weymouth Earlsfield Facilities Ltd 02.00 pm London Earlybird Designs Ltd 10.00 am London Farjan International Ltd 02.30 pm Leeds G & B Haulage Ltd 12.00 pm Rochester Grandaim Ltd 04.00 pm London Impact Property Services Ltd 11.30 am London JPM Valley Decorators South Wales Ltd 11.00 am Abergavenny Laure Ltd 10.00 am Sileby Mixmade Ltd 12. 45pm Harrow Morris Pollitt 10.30 am Reading Newby Farm Ltd 10.30 am Bury Papersave Ltd 02.30 pm London Risters Of Swindon Ltd 12.00 pm London Round Spinney Packaging Ltd 11.00 am Northampton Shewalton Plant Ltd 12.00 pm Glasgow Site & Soil Ltd 10.30 am Hertford Swiftglobe Freight Services Ltd 03.00 pm London Universal Import Group Services Ltd 03.00 pm Edgware Walbond Ltd 01.00 pm London Westset Ltd 11.15 am Batley 31/07/98 ADP Design & Print Ltd 11.30 am Peterborough Alvis Securities Ltd 11.00 am London Amber Express Ltd 11.00 am Gloucester Art (High Wycombe) Ltd 11.30 am Marlow Ashdowne Nursing Homes Ltd 10.30 am Taunton Brensale Ltd 11.00 am London Fantastic Fashions Ltd 04.00 pm London Feed Rees Ltd 11.00 am Truro HGP Interiors Ltd 12.00 pm Gerrards Cross Hart Fabrication Ltd 11.00 am Southampton Hutton & Rostron Data Processing Ltd 11.30 am Ruislip J & R Enterprises (1993) Ltd 12.00 pm London MJP Fabrications Ltd 10.15 am Batley North Lancashire Stevedores Ltd 11.00 am Lancaster Novasky Ltd 10.00 am London Number One Trading Ltd 12.00 pm London P V Plant Ltd 11.00 am London Painting Services (Merseyside) Ltd 11.30 am Liverpool Seathurst Ltd 11.30 am Walsall Shire Four By Four Ltd 02.30 pm London Strivepride Ltd 12.00 pm London Sutch Florist Cards Ltd 12.00 pm London Willbuild (Wokingham) Ltd 11.30 am Reading 03/08/98 Andrie Gowns Ltd 10.00 am London Buyrest Ltd 11.00 am Birmingham Ciao Ciao UK Plc 10.30 am Southend-on-Sea Heatdouble Ltd 12.00 pm London Northumbria Home Improvements Ltd 11.15 am Darlington Plastics & Rubber Profiles Ltd 11.30 am Redruth Procurement & Environmental System Ltd 10.15 am Newcastle-u-Tyne Spurn Point Developments Ltd 12.00 pm London World Cup Fest 98 Ltd 11.30 am Leeds 04/08/98 Distribution Of Information Ltd 12.00 pm London Falcon Corporation (Inc) Ltd 11.00 am Birmingham Hague Contracting Ltd 11.30 am Altrincham J.T. Nash Building Services Ltd 12.00 pm London Lydden Timber Co Ltd 10.30 am Weybridge Maintainer Depot Services Ltd 11.00 am Ipswich Meridian Imaging Supplies Ltd 02.45 pm Watford PH Fabrication & Supplies Ltd 11.00 am Ipswich Point Publications Ltd - The 11.00 am Needham Market Sculptress Ltd 11.30 am London Select Homes Ltd 11.30 am Blackburn Solutions Print & Packaging Ltd 10.30 am Broughton Unit Two Engineering Ltd 11.00 am Sunderland Waldron Civil Engineering Ltd 03.30 pm Lutterworth
TW LW TW LW
USA 1.6448 1.6399 Canada 2.4615 2.4411
Austria 20.7348 20.6960 Portugal 301.797 301.541
France 9.8796 9.8646 Belgium 60.7968 60.7980
Finland 8.9622 8.9400 Italy 2907.36 2902.32
Germany 2.9474 2.9256 Sweden 13.0937 13.0942
Holland 3.3218 3.3165 Switzerland 2.4894 2.4707
Spain 250.1600 250.1000 Ireland 1.1721 1.1708
Australia 2.6673 2.6301 Denmark 11.2365 11.2265
Hong Kong 12.7431 12.7061 ECU 1.4930 1.4907
Africa Com 10.3180 10.1581 Saudi Arabia 6.1690 6.1506
India 70.0620 69.7310 Malaysia 6.8453 6.8083
Singapore 2.8198 2.7817 Norway 12.4634 12.4960
Japan 233.440 230.720
TW This week LW Last week.
Eurodis Electron, distributor of electronic components, has announced pre-tax profits of 9.28 million pounds, after exceptional credit, on turnover of 314 million, for the year ending 31st May 1998. Earnings per share stand at 8.7p.
ICI has announced pre-tax profits of 235 million pounds, after exceptional credit, on turnover of 4.704 million, for the six months ending 30th June 1998. Earnings per share stand at 16.1p.
Mitie Group has announced pre-tax profits of 11.1 million pounds, on turnover of 236.3 million, for the year ending 31st March 1998. Earnings per share stand at 10.3p.
SmithKline Beecham has announced pre-tax profits of 802 million pounds, on turnover of 3,826 million, for the six months ending 30th June 1998. Earnings per share stand at 9.5p, on increased capital.
Stagecoach has announced pre-tax profits of 158.5 million pounds, on turnover of 1,382 million, for the year ending 30th April 1998. Earnings per share stand at 48.5p, on increased capital.
AMERGEN ENERGY
Amergen Energy, a joint venture set up last year between British Energy and Peco Energy of Pennsylvania, agreed to pay GPU, which wants to concentrate on distribution, $100m for the remaining working power plant at Three Mile Island. The other plant has been closed since a near-meltdown in 1979.
Source: The Economist
BRITISH NUCLEAR FUELS British Nuclear Fuels, plus three partners, reached agreement with America's Department of Energy on a $6.9 billion, 20-year deal to clean up NUCLEAR WASTE stored in 177 tanks in Washington state.
Source: The Economist
WILLIS CORROON
Willis Corroon, a British insurance broker, succumbed to a take-over offer of 851m pounds ($1.4 billion) from Kohlberg Kravis Roberts, the leveraged buy-out specialists, plus a consortium of American and British insurers that will take a minority stake.
Source: The Economist
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 mergers to the Monopolies and Mergers Commission under the provisions of the Fair Trading Act 1973:Proposed acquisition by TI Group plc of EIS Group plc.
Proposed acquisition by Network Associates Inc of Dr Solomon's Group plc.
Acquisition by Dixons Stores Group of Byte Computer Superstores Limited.
Proposed acquisition by the Tussauds Group Ltd of Thorpe Park from Leisure Sport Ltd, a subsidiary of RMC Group plc.
Proposed acquisition by More Group plc of Tracemotion Limited.
National Bullying Advice Line
The Institute of Personnel and Development
GOVERNMENT OPENS UP INFORMATION SUPERHIGHWAY: LAUNCH OF CONSULTATION ON OUR DIGITAL FUTURE
The Government today last week out a framework for consultation on the future regulation of the converging telecommunications and broadcasting industries.
The Green Paper, 'Regulating communications: approaching convergence in the Information Age', is published jointly by the Department of Trade and Industry and the Department for Culture Media and Sport.
Through the Green Paper consultation process, the Government aims to serve the consumer interest, support universal access to services at affordable cost, support the competitiveness of the industry as a whole, promote quality, plurality, diversity and choice in services, encourage investment in services and infrastructure and provide efficient management of scarce resources such as radio spectrum.
Margaret Beckett, President of the Board of Trade, said:
"The boundaries between different means of delivering information - via television, phones and computers - are becoming increasingly blurred every day. That's why the Government is looking to get the regulatory framework right so that we are able to welcome the new Information Age.
"We are asking industry and users how we can ensure the regulatory framework encourages investment and competition, to create the best infrastructure, new services and content for all end users."
Chris Smith, Secretary of State for Culture, Media and Sport , said:
"In the light of the development of digital technology, fundamental changes in the delivery of broadcasting and telecommunications services are certain in the course of the coming years.
"These changes will impact on public policy and regulation in both fields, and policy must develop in step as this transformation unfolds. While ensuring that regulation does not hold back the development of new services, we must also ensure that important public interest objectives are protected."
The Government believes that the present regulatory structure is sufficiently flexible to cope with the immediate challenge, but the Paper acknowledges that fundamental change will at some time be necessary. It presents a number of key questions for consultation, seeking views as to when fundamental change will might be needed and what regulatory methods and structures might then be appropriate.
Views in response to the Green Paper are invited by 30 November 1998 and the Government intends to publish a follow up statement of its conclusions early in 1999.
The Green Paper 'Regulating communications: approaching convergence in the Information Age' is available from The Stationery Office publications centre (telephone 0171 873 0011), The Stationery Office bookshops and other booksellers. It is also being published on the Internet and can be found at www.dti.gov.uk/converg/
Also published today is the Government's response to the Culture, Media and Sport Select Committee's report, "The Multi-Media Revolution".
29th July 6.00pm Suffolk Branch of the ICM Presentation of Experian's non-limited Database of Information Pettys Solicitors, 25 Elm Street, Ipswich 31st July North East Branch meeting of the ICM Gliding Evening 5.30pm Evening includes fun quiz + buffet Burn Gliding Club, near Selby Cost # 17.50 Bookings to David Kirkby on 0113-282-3852 - # 5.00 deposit required 3rd September 6.15 for 6.30pm West of Scotland Branch meeting of the ICM Stress Management The offices of Ernst & Young, George House, 50 George Square, Glasgow 4th September Wessex Branch of the ICM in conjunction with the Fareham & Gosport Friends of the Children's Hospice Fund Raising Committee Invite you to a 'Butterfly Ball' Botleigh Grange Hotel, Hedge End, Southampton. Contact Miss J D Evans 77 Walker Gardens, Grange Park, Hedge End, Southampton Hants SO30 2RH for more details. 8th September Northampton Branch meeting of the ICM The role of the Solicitor in Credit Management Time TBA Followed by Go-carting at St.James Mill Road, Northampton For further details contact - Kerry Bland on 0966-275454 or Malcolm Swann on 01604-673410 11th September East Midlands Branch of the ICM Dinner Dance Black tie dinner Quorn Country Hotel, Quorn, Nr Loughborough Cost #30.00 per ticket - Contact Tim Davies on 0116-257-6264 12th September 7.00pm North East Branch of the ICM Annual Dinner The Cedar Court Hotel, Bradford Cost #25.00 - further details form Sid Ulph (01254-724000) or Brian Lewis (01937-581977) 15th September London Branch meeting of the ICM 6.00 for 6.30pm Business Information - where does it go from here? Presentation by Phillip Mellor, Senior Analyst, Dun & Bradstreet London Transport House 55 The Broadway London SW1H OBD Thames Valley Branch meeting of the ICM 6.45 for 7.15pm Mock Creditors' Meeting Presented by the Moore Stephens Booth White thespians Honeywell Control Systems Ltd, Honeywell House, Arlington Business Park, Bracknell +Buffet 16th September Merseyside & North Wales Branch meeting of the ICM 10.00am to 5.00pm Annual Full Day Seminar A full day of speakers and exhibitions The Maritime Museum, Albert Dock, Liverpool +lunch +coffee 17th September Kent Branch meeting of the ICM Wine and Wisdom 7.30pm Teams of 4-6 competing for the Branch's Annual Challenge Shield Dominican Priory, Canterbury Bookings for Kent Branch meetings - Ian Mella (Tel 01233-756253) Members - # 3.00 Non Members - # 3.50 Students # 1.00 Sussex and Surrey Branch meeting of the ICM 7.30pm Mock Summary Judgment Hearing With a local Judge Bridgehouse Hotel, Reigate 19th September East Midlands Branch meeting of the ICM Bi-Annual Dinner Dance 1.30pm Contact Tim Davies on 0116-257-6264 for further details and to reserve places and tables. 23rd September 6.30pm East Midlands Branch of the ICM Effective use of litigation as a debt recovery tool Chris Radford, Head of Corporate Recovery at Eversheds Eversheds, 1 Royal Standard Place Nottingham 20th to 21st October Credit North 1998 The Northern Conference and Exhibition for the Commercial and Consumer Credit Industry Free Conferences, Free Specialised Workshops, Free Exhibition. Over 40 top Industry Speakers The Royal Armouries, Leeds Registration Hotline +44 (0) 181-201-9888 Fax +44 (0) 181-201-8339 # = pounds sterling
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