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: 79
Dated: 27th September 1998
Welcome to the Business Credit News UK.
In this weeks edition you will find the following topics.
UKBRITISH AIRWAYS
Five big airlines have unveiled a Global Alliance to be called "oneworld".
British Airways and American Airlines, which still await approval of their own bilateral alliance, plus Qantas of Australia, Canadian Airlines and Hong Kong's Cathay Pacific will link their frequent-flier programmes and customer services to cover 632 destinations in 138 countries. Oneworld will rival Star, an alliance that includes America's United Airlines and Germany's Lufthansa.
Source: The Economist
BARCLAYCARD
Barclaycard is to cut a quarter of its workforce, more than 1,000 jobs, as it fights to cut costs and keep its leadership of Britain's credit-card market. Its market share has been eroded from 33% to 28% in five years as competition has intensified.
Source: The Economist
FALLING ORDERS KEEP PRESSURE ON UK MANUFACTURERS - CBI
Manufacturers' orders slipped further in September, to the weakest level seen in a monthly survey for over five and a half years, according to a Confederation of British Industry survey out last week. Export orders showed their lowest levels for fifteen years and domestic demand also eased.
The latest CBI Monthly Industrial Trends survey showed that forty-six per cent of manufacturers reported that their total order books were below normal, while 10 per cent said they were above normal, giving a negative balance of 36 per cent. This compares with a balance of minus 31 per cent in August.
Export orders weakened further in September. Only eight per cent of respondents reported export order books were above normal while 62 per cent said they were below normal, giving a negative balance of 54 per cent, compared with minus 51 per cent in August. At the present level sterling is still having a damaging effect on export demand. Sterling averaged DM2.89 and $1.67 over the period of this survey, compared to DM2.91 and $1.63 in August.
Sudhir Junankar, CBI Associate Director of Economic Analysis, said: "Manufacturers are still battling to keep their heads above water at current exchange rate levels. The combined effect of the crises in East Asia and other emerging markets, together with a softening of domestic demand, all points to a downturn in manufacturing output over the coming months. An interest rate cut, giving manufacturers a much needed breathing space, should not be delayed as the downward risks on economic growth outweigh the upward risks of higher inflation."
The survey shows that manufacturers' output expectations remain weak, with a decline expected in the next four months. Thirty-two per cent of respondents expect output to drop over the next four months and just 19 per cent expect to produce more, giving a negative balance of minus 13 per cent, this compares with minus 15 per cent in August and remains the lowest since November 1992.
Stock levels for finished products are considered to be more than adequate to meet current demand. Companies responding to the survey expect domestic prices to decline significantly over the next four months, as indicated by a balance of minus 17 per cent.
Since June price expectations have been the lowest ever recorded in a monthly survey, suggesting that the manufacturing sector is exerting little inflationary pressure.
SINGAPORE NEWS
Contributed by Bernice Kuo, kuopb@singnet.com.sg
E-commerce HubTo maintain its competitive edge, Singapore aims to become a global centre for e-commerce hub in five years time, through entrepreneurial ingenuity. It plans to attract activities from at least 25 of the world's top logistics, manufacturing and services companies. The government intends to do the lead into cyber-commerce which has been forecast to soar to US$300 billion world wide in four years' time. Five areas of development to encourage the pervasive use of e-commerce ranges from attracting multinationals to fine-tuning the legislation of e-commerce, the use of Internet for business transactions. There is a growing pool of IT savvy & promising local enterprises, and more than 5,000 multinationals companies who have operations in Singapore. The infrastructure are already in place, and the government encourage companies to use Singapore as a base to implement their e-commerce strategies.
Brian Wilson, Minister for Trade, last week announced he had appointed Alan Brown, Vice Chairman of Barclays Capital, to serve on the Export Guarantees Advisory Council.
Mr Wilson said:
"I am pleased that Alan Brown has accepted my invitation to join the EGAC. His banking experience and expertise in export credit policy will be a welcome addition to the work of the Council."
Mr Brown joined Barclays in 1968, and in 1993 became Director of the bank's Group Credit Policy, responsible for management of Credit Risk across the whole of the Barclays Group. He was appointed Vice Chairman of Barclays Capital in 1997.
The Export Guarantees Advisory Council is established by the Export and Investment Guarantees Act 1991 to provide advice to the Secretary of State for Trade and Industry, at his request, in respect of any matter relating to the operation of the Export Credits Guarantee Department (ECGD). This includes particular advice on country risks and market limits.
Members are appointed to serve in a personal capacity on the basis of their breadth of knowledge and experience. They include senior and distinguished people from the banking, commercial and industrial sectors.
FSA AND BANK OF ENGLAND CONFERENCE ON CREDIT RISK
Speaking at the Barbican last week, at a conference on "Credit risk modelling and the regulatory implications", Howard Davies, the Chairman of the Financial Services Authority, said: "The FSA objectives of maintaining market confidence and promoting consumer protection make it natural for us to take a lead in encouraging serious work on credit risk and its modelling. We know that many bank failures stem from credit problems. And current market turmoil makes it ever more vital for banks to understand the nature of their exposures and the risks attached to them."
"I have a strong presumption that the most accurate information on risks is usually to be found inside a bank. So I would hope that this conference will tell us something about how models can be used in managing and supervising credit risks."
"I am confident that a more systematic approach to credit risk has much to offer the regulators. We in turn must devise ways of rewarding good credit risk management."
Michael Foot, Managing Director and Head of Supervision, also spoke at the same conference, spelling out how supervisors approach credit risk modelling, describing the main issues to be settled, and setting out how the FSA is setting in train three initiatives to take the work forward.
The Conference is jointly organised by the Bank of England and the Financial Services Authority, with the Bank of Japan, the Federal Reserve Board and the Federal Reserve Bank of New York and is being attended by some 200 people: regulators, practitioners, researchers and commentators.
Credit Risk Modelling refers to the methods now being developed by a few large banks and consultancies to measure across the whole portfolio the credit risks involved in holding loans and other assets, taking account of the possibilities of default in each loan, both separately and jointly.
A more detailed UK perspective on credit risk modelling in practice is given in a paper by Vyvian Bronk and Emmanuelle Sebton, both of the Financial Services Authority, available from the FSA.
Other speakers addressing the conference include:
The Lord Chancellor's Department last week published a consultation paper on modifying and strengthening bailiff certification procedures in the county courts. The paper also looks at increasing the availability and accessibility of redress for those aggrieved by the actions of certificated and private bailiffs.
Proposals are set out to strengthen the rules governing the issue of bailiff's certificates, to provide forms to assist those wishing to complain about the conduct of a bailiff, and to provide information about bailiffs in general.
Comments on the paper are sought by 20 November 1998.
The consultation paper is on the LCD Internet website:
www.open.gov.uk/lcd
Members of the public may obtain copies of the consultation paper from Audrey Fisher at LCD, Tel: 0171-210 8863.
Certificated bailiffs are granted certificates by a county court judge under the Distress for Rent Rules 1988.
The current rules set out the procedures for applying for either a general or special bailiffs certificate, how to complain about the fitness of a bailiff to hold a certificate, and how to cancel a certificate. A general certificate authorises the bailiff to levy distress for rent anywhere in England and Wales. A special certificate authorises the person named to levy only in respect of the distress to which it applies.
The Distress for Rent Rules prohibit a judge from granting a certificate to an applicant who fails to satisfy the court that he or she:
The working party included representatives from other Government Departments and relevant bodies, such as local authority associations, the bailiff industry, and debtors advisors. The proposals in this paper arise from the recommendations put forward by the working group.
Major Review
This consultation paper does not explore the powers of bailiffs nor the position of bailiffs within the whole enforcement system. On 25 March 1998 Lord Irvine, the Lord Chancellor, announced a major review of the current methods of enforcement available in the county courts and the High Court, (Hansard 25 March 1998 col.243 and see also LCD press notice 65/98).
That review will also include an examination of the law governing the activities of bailiffs when distraining or executing debts, the effectiveness of the procedures for warrants and writs and, in the second phase, an examination of who should carry out the enforcement of civil court judgments.
The first changes from that review are expected to come into effect November 2001.
The Institute of Chartered Accountants in England and Wales,
REVIEW COMMITTEE DECISION
24 September 1998
On 24 and 25 August 1998 the Review Committee considered an application for a Review by Mr Jeremy Carter BA FCA of Chancery House, All Saints Square, Rotherham, S65 1YS and Mr Mark Ashley Saul BA ACA of Chancery House, PO Box 167, Rotherham, S65 1YS, against a decision of the Insolvency Licensing Committee on 18 June 1998.
The following decision was made by the Review Committee:-
*** 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 28/09/98 to 07/10/98 Number of Creditor meetings : 243 Section Company Venue Liquidator 138 Scotland - Interim Liquidator calling Creditors Meeting 01/10/98 Relay Systems Ltd Paisley Dallas Nicoll & Co 05/10/98 F.T.C. Contracts Ltd Glasgow Buchler Phillips Graphic Advert Practice (Scotland) Ltd William Duncan & Co Octavia Developments Ltd Glasgow Stirling Toner & Co Stained Glass Products Ltd Glasgow Cork Gully 06/10/98 Abbe Metal Fabrications Ltd Glasgow Hastings & Co 23 Administrator Calling a meeting of Creditors 02/10/98 E. Tomkinson & Co. Ltd Birmingham Ernst & Young 05/10/98 Feven Associates Ltd Manchester Poppleton & Appleby 06/10/98 Okura & Co UK Ltd London Arthur Andersen 266 Ireland - Creditors Meeting to appoint liquidator 01/10/98 Stolz Trading Ltd Dublin 48 Receiver calling unsecured Creditors Meeting 28/09/98 R R Stiffell & Son Ltd London BDO Stoy Hayward Shreddit Plc Manchester PricewaterhouseCoop 30/09/98 Canamerican Ltd Nottingham Deloitte & Touche Fineway Quality Fabrics Ltd Manchester BDO Stoy Hayward J J Parkinson & Company Ltd London Smith & Williamson 02/10/98 City Motors (Herts) Ltd London BDO Stoy Hayward Procip Fabrications Ltd Cardiff Deloitte & Touche Procip Ltd Cardiff Deloitte & Touche Procip Trade Hire Ltd Cardiff Deloitte & Touche 05/10/98 Pembleland Ltd Leeds PricewaterhouseCoop Sealand Quality Foods Ltd London Grant Thornton Sealand Quality Foods Subsidiary Ltd Grant Thornton 06/10/98 Integrated Options Ltd Guildford Smith & Williamson 07/10/98 Finecare Plc Manchester Buchler Phillips 67 Scotland - Receiver calling Meeting of unsecured Creditors 01/10/98 William Reid Engineering Ltd Morayshire Ernst & Young 84 N. Ireland - Creditors Voluntary Liquidation 30/09/98 F M (Windows) Ltd Belfast PricewaterhouseCoop 05/10/98 Classform Ltd Dungannon J J Cavanagh & Co 98 Creditors Voluntary Liquidations 28/09/98 Aceopal Ltd Preston Begbies Traynor Alin Designs Ltd London C Jacobs & Co Brayplace Ltd Manchester Latham Crossley & Broadwest Ltd Cardiff Pannell Kerr C.J. Cooper Ltd Newport Ray Purnell & Co Callmaster International Ltd Kingston-u-Thames Clear Call Ltd London Valentine & Co Connell Douglas Mentzis Ltd London Begbies Traynor Corporate Genetics Ltd Coventry Pattinsons Crypton Test Centre (Newcastle) Ltd RMT Eclat Ltd London Begbies Traynor Elfinpower Ltd London PricewaterhouseCoop Event Holdings Ltd London Poppleton & Appleby Fantana Ltd London C Jacobs & Co Flower Fresh Ltd London Begbies Traynor Graphic Technical Organisation LtdSidcup Gallagher & Co H. Horn and Sons Ltd North Shields Hawdon Bell & Co HPG Ltd London PricewaterhouseCoop Homecare Window Systems Ltd Wrotham Jeremy Knight & Co ITCS-Info. Tech. Contract Serv. Ltd D Wald & Co Intergrated Printing Systems Ltd London Valentine & Co MGU Technical Services Ltd Manchester Kidsons Impey Megachange Ltd Birmingham Moore Stephen Pipelines and Projects Ltd Sunderland Jennings Johnson R S Motors (Tipton) Ltd Birmingham Kidsons Impey Shadowhall Development Ltd London Kallis & Co Specialpress Ltd London Gerald Edelman Sunrise Glass & Glazing Ltd Southampton Pricewaterhousecoop Supportphase Ltd London Valentine & Co Yes (Cables) Ltd Sheffield Ratcliffe & Co Yorkshire Beer Supplies Ltd Leeds Wilson Pitts Zonecurve Ltd Bromsgrove Haden Insolvency 29/09/98 Approved Cablebolting Engineers Ltd Deloitte & Touche Arena Scaffolding Ltd London BBK Ashdown Business Services Ltd Bolton Ratcliffe & Co Breezy Fashions Ltd Edgware David A Rose & Co Bright Morn Ltd Manchester A H Tomlinson & Co Cadas Software Plc Twickenham Car Preparation Specialists Ltd London Valentine & Co Cebana Ltd Bromley Crane & Partners Cocktail Design Ltd Gerrards CrossPhillips & Co County Property Services Midlands Ltd Mayfields Craft Company Ltd - The Abingdon Peter Edwards & Co Dair Services Ltd Sunderland Jennings Johnson Eckington Autocare Ltd Sheffield Poppleton & Appleby Elite Machinery Removals Ltd Southend-on-Sea Euramet Ltd Glasgow W David Robb Forest Fabrics Ltd Leicester Smith & Williamson Glass Relief Ltd London Alexander Lawson H. M. S. Holdings Ltd Alcester Elwell Watchorn & Handle Management Services Ltd Alcester Elwell Watchorn & J & T Training Services Ltd Chelmsford BDO Stoy Hayward Jiwani (Wholesale and Exports) LtdLondon Sorskys M S R Engineering Ltd Kingston-u-Thames Matrix Ltd Manchester Mitchell Meridian Graphic Machinery Ltd Southend-on-Sea Mid-Print Marketing Ltd Lutterworth F A Simms Midlands Multimedia Ltd Nottingham Blades Natural Health Supplements Ltd London Panos Eliades P.P.C. Printing Ltd London Poppleton & Appleby Print Workshop Ltd - The Hornchurch Redhead French & Co Printstream Ltd Lutterworth F A Simms R & D Technology Ltd London Haines Watts Saffron Printing Ltd London Poppleton & Appleby Startline Recruitment (UK) Ltd Manchester PricewaterhouseCoop Stirling Windows & Conservatories Ltd Radfords Systems Computers & Equipment Ltd Worthing Begbies Traynor Trendtex International Ltd Leicester Smith & Williamson Woodside Staircases Ltd Newport Ray Purnell & Co Wrap & Roll Ltd Manchester BDO Stoy Hayward 30/09/98 21st Century Plastics Ltd Sileby Elwell Watchorn & A & M Paints Ltd Glasgow Stirling Toner & Co A 1 Express Ltd London Grant Thornton AB Accounting Ltd Manchester Moores Rowland Alderton Roofing & Maintenance LtdWalsall K J Watkin & Co Apex Contracting Company Ltd Royston Poppleton & Appleby Avik Ltd London C Jacobs & Co Centrelink Enterprises Ltd London Kakouris & College Court Estates Ltd Taunton Milsted Langdon Dexpoint Ltd London Panos Eliades Dynamic Supplies Ltd Birmingham HKM Harlow Khandhia EGMS Ltd Crawley Baker Tilly Edward Jones (Blackburn) Ltd Manchester PricewaterhouseCoop Edward Parker & Company Ltd Dundee Henderson Loggie Fenland Pallets Ltd Old Fletton First Computer Centre Ltd Leeds John Gordon Walton Galvani Ltd Birmingham Poppleton & Appleby Grencove Ltd Glasgow James Macintyre & Jamesway Group Plc Preston Begbies Traynor Leinster Private Hire (1987) Ltd London Grant Thornton London Advertising Partnership LtdLondon Muras Baker Jones & Martyn Bosworth Transport Ltd Halesowen Mayfields Medi-Scot Ltd Ayr Bryson & Co Raven Textiles Ltd Sileby Elwell Watchorn & S Rudd & Son Ltd Driffield Redman Nichols Scorpion Industries Ltd Stourbridge Silver Altman & Co Servic Ltd London C Jacobs & Co Star Paper Products (UK) Ltd Warrington R W Keating & Co Sumaya Fashions Ltd London Panos Eliades Temple Components Ltd Sileby Elwell Watchorn & Transatlantic Trad Co (Wholesale) Ltd Begbies Traynor Twicesound Projects Ltd Sheffield Poppleton & Appleby Westrup Potatoes Ltd Norwich 01/10/98 Abesto Safe Ltd Cardiff Doyle Davies As-Tech (UK) Ltd Hornchurch Redhead French & Co Ashwood Communications Ltd Batley O'Hara & Co Balsam Services Ltd London Valentine & Co Bengal Tiger (London) Ltd London Panos Eliades Blackpool Typesetting Services LtdBlackburn White & Co Chartfield Administration Ltd Lower Sunbury A H Tomlinson & Co Commercial Bodywork Systems Ltd Wolverhampton Muras Baker Jones & Complete Business Solutions Ltd London Geoffrey Pollard & Crossland Transport Ltd Royston Poppleton & Appleby Elbro Ltd Sheffield Ratcliffe & Co Eurogirl Ltd London Panos Eliades Gold Centre Discount Jewellers LtdBirmingham Casson Beckman & Grangemoor Furniture Ltd Birmingham Poppleton & Appleby Highway Tyre Services Ltd Slough Clarks Mulcahy Site Resources Ltd London Levy Gee N T F Contractors Ltd London PricewaterhouseCoop P & B Contractors Ltd Warrington R W Keating & Co Pavilion Ltd Moorhouse D Lewis & Co Rydaltree Tree Ltd London B N Jackson Norton S & H China Company Ltd London C Jacobs & Co Scotsmade Window Company Ltd Glasgow Kidsons Impey Southern Protective Coatings Ltd Bristol Newland Mallett Treasure House of Heraldry Ltd Llandudno Parkin S Booth & Co Uniwell Ltd London C Jacobs & Co Wallspan Interiors Ltd London Sorskys Waverley Unit Trust Management LtdLower Sunbury A H Tomlinson & Co 02/10/98 A G R Developments Ltd Altrincham Lines Henry Belgrave Restoration Ltd Bolton Cooper Lancaster Bracedene Ltd Brighton Valentine & Co Ceramic Tiles (Contract) Ltd Ipswich Birketts Chineham Foods Ltd Basingstoke Langley & Partners Clean Cuts (UK) Ltd London C Jacobs & Co Concad Software Ltd London Poppleton & Appleby Concord Gatwick Ltd London Harris Lipman Davy Construction Ltd Glasgow Cork Gully Efes Fashions Ltd London C Jacobs & Co First Futures Ltd London B Mistry & Co G.A. Radcovers Ltd Royston Poppleton & Appleby Houghtons (Radcliffe) Ltd Manchester Deloitte & Touche L M H Intermodal Ltd Lutterworth F A Simms & Leo James Nightingale Ltd London Sorskys Libris Computing Ltd Edinburgh Cowan & Partners P & R Industrial Roofing Ltd Leeds Deloitte & Touche R J Blann & Co Ltd West Byfleet Gibson Hewitt & Co R J Janes (Holdings) Ltd London S G Banister & Co Restic Ltd London Arkin & Co Stanza Double Glazing Ltd Harrow Shasens Syscomtek Ltd Liverpool Huntingdon Moore Tamborito Ltd Brighton Valentine & Co Textiles R Us Ltd London Leigh & Co Thos. Hedley & Sons Ltd Newcastle-u-Tyne Uptown Records Ltd London Kallis & Co Venture Building Services Ltd Gloucester Hazelwoods Westminster Security and Guard LtdLondon Valentine & Co 05/10/98 B & C Integrated Systems Ltd Glasgow W David Robb Charter Interior Contracts Ltd Southen-on-SeaBegbies Traynor Chase (Northburgh) Ltd London Valentine & Co Chase (Sutton) Ltd London Valentine & Co Choice Office Systems Ltd London Langley & Partners Coastmist Ltd Chelmsford Wagstaff & Co Colour Workshop Ltd - The London Valentine & Co Data Entry Systems Ltd Reading Bridgers Grangewood Systems Ltd Liverpool Huntingdon Moore J.S. (UK) Ltd Barnet The Kelmanson Lochvale Ltd Edinburgh Pannell Kerr S. A. Watts (Aluminium) Ltd St Albans Morton Thornton & S. J. Carney Construction Ltd London A Segal & Co Total Print Solutions Ltd St Albans Morton Thornton & X R Courier Services Ltd Worthing Levy Gee 06/10/98 ASP (Oxford) Ltd London Valentine & Co ASP Cars (Private Hire) Ltd London Valentine & Co Audio Broadcasting Ltd Leeds Lynn M Houghton Briny Ltd London Arkin & Co Cheshire Timber Components (1997) Ltd Pannell Kerr Downslade Quarry Ltd Wincanton Ward Mackenzie Essex Replica Castings Ltd London A Segal & Co Euro Lettings Ltd London Panos Eliades Golfzone Ltd Southernhay East Intermodal Shipping Ltd Manchester Ernst & Young J V Sheet Metal Engineering Ltd Leeds Latham Crossley & Kalco-Pak Ltd Bristol KPMG London Roofing Centre Ltd London Geoffrey Pollard & M & F Gowns (Dressmakers) Ltd London Alexander Lawson Orbital Engineering Services Ltd Glasgow Kidsons Impey Plymouth Blindmakers Ltd Plymouth Richard J Smith & Premier Fitted Furniture Ltd London Begbies Traynor Pretend Ltd Birmingham Poppleton & Appleby Redbros Removal Company Ltd Slaugham David A Rose & Co Stocksfield (Bradford) Ltd Leeds Wilson Pitts Systems Servicing Ltd Edgware David A Rose & Co Tauras International Ltd London Langley & Partners Trimmings Company Ltd - The London David Rubin & Co Wilson Roberts & Company Ltd Liverpool Parkin S Booth & Co 07/10/98 Acme Delibake Ltd Halesowen Mayfields Barnet Timber Ltd London David Rubin & Co Brinkcliff (Environ. Products) LtdHarpenden Maidment Judd Egg Records Ltd Liverpool BDO Stoy Hayward Expert Fashions Ltd Portsmouth Langley & Partners Fruit Fare Ltd Lutterworth F A Simms & Imagedale Ltd London Valentine & Co Inglebury Ltd London Valentine & Co Intec Machine Sales Ltd Abingdon Critchleys Kaycee Packaging Ltd Manchester Leonard Harris Loftworld Conversions Ltd Portsmouth Langley & Partners Merit Construction Ltd Hull Hodkin & Co Multi Services Ltd London Radfords PDS Express Ltd London A Segal & Co Pact Medical Ltd Liverpool Parkin S Booth & Co Pot Pourri Production Co Ltd - TheHale Milner Boardman T Norbury & Company Ltd Liverpool Grant Thornton Withyridge Ltd Exeter David Gerald Kirk Yuriko Ltd Brighton Moores Rowland
TW LW TW LW
USA 1.6853 1.6930 Canada 2.5782 2.5765
Austria 20.0034 20.0170 Portugal 291.543 291.537
France 9.5320 9.5376 Belgium 58.6340 58.6620
Finland 8.6560 8.6620 Italy 2809.62 2811.64
Germany 2.8448 2.8470 Sweden 13.4341 13.2015
Holland 3.2071 3.2075 Switzerland 2.3470 2.3402
Spain 241.885 241.730 Ireland 1.1362 1.1388
Australia 2.8932 2.8778 Denmark 10.8422 10.8619
Hong Kong 13.0577 13.1140 ECU 1.4496 1.4503
Africa Com 10.2861 10.4065 Saudi Arabia 6.3209 6.3499
India 71.5996 71.9390 Malaysia 6.4038 6.4326
Singapore 2.9196 2.9119 Norway 12.6654 12.6545
Japan 228.190 226.650
TW This week LW Last week.
Crestacare, the healthcare provider, announced pre-tax profits of 1.92 million pounds, after exceptional charge, on turnover of 26.9 million, for the six months ending 30th June 1998. Earnings per share stand at 0.7p.
Metalrax announced pre-tax profits of 6.31 million pounds, on turnover of 52.7 million, for the six months ending 30th June 1998. Earnings per share stand at 3.44p.
Powerscreen announced a pre-tax loss of 47.6 million pounds, after exceptional charge, on turnover of 310.6 million, for the year ending 31st March 1998.
Sytner announced pre-tax profits of 3.75 million pounds, on turnover of 137.8 million, for the six months ending 30th June 1998. Earnings per share stand at 11.6p on increased capital.
Tarmac, the construction group, announced pre-tax profits of 49.7 million pounds, on turnover of 1,512 million, for the six months ending 30th June 1998. Earnings per share stand at 3.2p on increased capital.
Tesco, the supermarket group, announced pre-tax profits of 365 million pounds, after exceptional credit, on turnover of 7,676 million, for the 24 weeks ending 15th August 1998. Earnings per share stand at 3.87p.
White, Young, Green announced pre-tax profits of 1.36 million pounds, after exceptional charge, on turnover of 30.06 million, for the year ending 30th June 1998. Earnings per share stand at 3.6p.
CABLE & WIRELESS
It was revealed that TELECOM ITALIA had held talks to buy Britain's Cable & Wireless, but a big fall in both companies' share prices amid stockmarket turbulence had brought an end to discussions. C&W's shares, which have fallen by a third in less than two months, climbed on the news.
Source: The Economist
FORD
Ford is cutting output of Fiesta cars and vans at its Dagenham plant by 20% for seven weeks and putting 4,400 workers on a temporary four-day week.
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:Acquisition by Hydra Tools International plc of assets of FKI plc, namely Clarkson Osborn International.
KIM HOWELLS REFERS PROPOSED ACQUISITION BY CENDANT OF RAC MOTORING SERVICES
Dr Kim Howells, Competition and Consumer Affairs Minister, has decided, in accordance with the advice of the Director General of Fair Trading, to refer the proposed acquisition by Cendant Corporation of RAC Motoring Services to the Monopolies and Mergers Commission (MMC) for investigation and report under the provisions of the Fair Trading Act 1973. The MMC is required to make its report by 23 December 1998.
The Minister accepted the DGFT's advice that the proposed acquisition raises competition concerns in respect of the market for breakdown insurance. The decision to make a reference does not in any way prejudge the question of whether or not the merger would be against the public interest. It is for the MMC to report on this after its investigation.
The Fair Trading Act 1973 empowers the Secretary of State to refer to the MMC for investigation and report actual or proposed mergers which create or intensify a market share of 25 per cent of the supply in the United Kingdom, or a substantial part of the United Kingdom, of particular goods and services or involves the take-over of assets exceeding #70 million.
2nd October ICM Annual Dinner Drapers Hall - City of London Tickets 67.00 - details from the ICM on 01780-721888 or Fax 01780-721271 8th October West of Scotland branch meeting of the ICM 6.15 for 6.30pm Tom Shields Diary Presentation by the popular Herald columnist The offices of Ernst Young, George House, 50 George Square, Glasgow 13th October Kent branch of the ICM meeting 7.30pm Say Goodbye to 'Gone-Aways' Presentation by Experian Ashford International Hotel 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 8th-10th December Online Information 98 The world's largest information industry event. Visit www.online-information.co.uk for full details. # = pounds sterling
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