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: 99
Dated: 28 February 1999
Welcome to the Business Credit News UK.
In this weeks edition you will find the following topics.
UKLORD SIMON WELCOMES AGENDA FOR ECONOMIC REFORM
UK support for the next stage of economic reform in Europe was made clear in Brussels last week by Lord Simon, Minister for Trade and Competitiveness in Europe.
During a debate on the German Presidency's conclusions on economic reform, Lord Simon said the conclusions provided a good, forward looking basis for further improvement of the Single Market.
Lord Simon said:
"I welcome the work the Presidency has put into the preparation of these practical conclusions. I also look forward to further work following this Council to build on these conclusions to produce a more detailed programme including clear and measurable targets, which imposes the same sort of discipline on Member States which was so successful in the Single Market Action Plan. This work is also important for the future success of the euro.
"The conclusions highlight the key areas for further progress, which include:
LONDON STOCK EXCHANGE
The London Stock Exchange jumped to a record high after the British government announced its first cautious preparations for joining Europe's single currency, the Euro, early in the next century. But the euro itself fell again against the dollar: it is now 7% down since its launch in January.
Source: The Economist
TRADE MINISTER WELCOMES RECORD EXPORT LEVELS IN 1998
Trade Minister, Brian Wilson has welcomed record levels of exports of UK goods and services in 1998.
He said:
"This puts into perspective some of the gloomier accounts of how our exporters, backed by government, are facing up to global difficulties."
Figures published last week show that the trade surplus in services reached a record #13.4 billion in 1998, as the value of exports grew by over 7%. The volume of goods exports showed a 2.8% growth over the previous year and the volume of manufactured exports rose by 1.7% compared with 1997.
Speaking during a trade mission to Croatia, where he is supporting one of the UK's largest ever missions to this market, Mr Wilson said:
"Despite the extremely difficult world trading conditions, UK exports of services grew substantially and the volume of goods exports reached an all-time high in terms of world trade. Exports to EU countries have also held up well and in 1998 the volume of goods exports to the EU grew by 7.7% compared with 1997.
"UK exporters have faced, and are still facing, real challenges. But as these 1998 year figures prove, UK exporters continue to maintain their competitiveness and win business in overseas markets through effort and commitment. In turn the Government continues to work closely with these companies to help ensure the UK's best possible performance abroad.
"The most recent non-EU figures confirm the exceptional difficulties which exist in key markets, to which we cannot be immune. This means that we must try even harder elsewhere."
BRITISH BUSINESS GETS PRACTICAL HELP TO BE EURO COMPETITIVE
A practical new tool to help small and medium sized companies use the euro to their competitive advantage was launched last week by Small Firms Minister Michael Wills.
The EuroPlanner, a disk that includes spreadsheets to set euro prices and how various hedging options will affect firms' bottom lines, accompanies a CD-ROM which can be used for presentations. It also includes case studies and video clips of companies talking about their own preparations for the euro.
Mr Wills said:
"The CD-ROM and EuroPlanner demonstrate the Government's commitment to using information technology and innovation to invigorate Britain's business climate. They will be important tools in helping Britain's business meet the competitive challenges of the euro.
"The CD-ROM can be used as a presentation tool for intermediary organisations like Business Links or Chambers of Commerce to show the implications of the euro for British business. I hope it will also be help illustrate to SMEs why it is useful to be able to deal in euros.
"The EuroPlanner disk is a particularly useful item for small businesses who may not themselves have sufficient resources or time to investigate fully the potential the euro may have for them.
"To ensure the widest possible usage, the EuroPlanner is free and will be distributed to SMEs by intermediary organisations. We have already sent copies of the CD-ROM and EuroPlanner to all Regional Euro Fora, Business Links, Regional Supply Offices and Euro Information Centres. It will also be given to trade associations.
"Internet users will be able to download the EuroPlanner's contents from the Treasury's euro preparations website.
The CD-ROM will also be used as part of a new round of regional euro seminars beginning in March. The EuroPlanner will be available to firms attending these seminars.
Byers welcomes publication of company law review consultation paper
The independent Steering Group on the Company Law Review last week responded to the Government's challenge to bring forward proposals for a modern, clear and accessible framework of company law by publishing its Strategic Framework Consultation Document. The Document seeks views on a number of key company law issues and sets out a programme for future work and consultation.
Welcoming publication, Stephen Byers, Secretary of State for Trade and Industry, said:
"I am committed to modernising company law and regulation in a way which promotes the competitiveness of British business. Changes are also needed to make it easier for small and medium size businesses. I therefore welcome the publication of the Steering Group's Consultation Document on the strategic framework of the Company Law Review.
"Our system of company law has developed around the requirements of large public companies. Yet of the 1.32m companies on the Company House Register at the end of 1997/98 only 12,000 (1%) were public limited companies and of these only 2,450 listed on the Stock Exchange. Since 1.18m have less than 50 employees and of these 1.01m have nine or fewer employees, it is clear that the needs of small and medium size businesses must now be put first.
"The Review will only produce a company law framework fit for the 21st century if all those involved in business express what they want out of the Review. We are aiming to produce a company law framework which addresses the needs of all businesses, from the small companies that make up the majority of UK business to our biggest companies. I therefore urge all concerned to take this opportunity to give the Steering Group their views."
Commenting on behalf of the Steering Group, Sir Stuart Hampson said:
"This has been a challenging few months for the Steering Group. In our Consultation Document we look both at overarching issues such as the position of small companies and the scope of company law (the so-called "stakeholder" issue), and at more detailed matters such as the role of electronic communication and the capital maintenance regime. We want the conclusions of the Review to enjoy the widest possible support and we look forward to considering a wide range of views and ideas during the consultation period, which begins today and ends on 1 June 1999".
The Company Law Review was announced by the then Secretary of State, Margaret Beckett, on 4 March 1998 in the document 'Modern Company Law', which can be found at www.dti.gov.uk/CLD/condocs.htm The Review has the primary objective of ensuring a modern company law framework which is clear, accessible and which promotes competitiveness.
The Review is directed by a Steering Group of independent experts tasked by DTI Ministers with delivering an outcome that is clear in concept, internally coherent, well articulated and workable. The Steering Group have today published a Strategic Framework Consultation Document with suggestions and proposals in a number of key areas, which can be found at www.dti.gov.uk/CLD/review.htm These include a possible "think small first" principle, which would entail a revised Companies Act organised around the needs of small companies, with clearly identified add-on provisions for larger companies. Among other things, the Steering Group also considers the purpose of company law (the so-called "stakeholder" issue); suggests ideas for using information and communication technology to bring company/shareholder communications into the 21st century; and makes specific, provisional proposals in the area of capital maintenance and company formation; and outlines a possible new regime for small companies. The consultation period lasts until 1 June 1999.
The Steering Group go on to set out their work programme for the coming year, which will include detailed work on the range of vehicles for company organisation; on corporate governance (including the role and duties of directors, and the rights and duties of shareholders); and on accounting, reporting and disclosure requirements. Further consultation documents will be issued by the Steering Group as this work progresses. The Steering Group's final report is due in 2001, with the Government's decisions on legislative proposals falling to the next Parliament.
Responses to the Steering Group's consultation document should be sent to:
Edwin James
Secretary
Company Law Review
Department of Trade and Industry
Room 510
1 Victoria Street
London SW1H 0ET
Fax: 0171-215 0438
E-Mail:edwin.james@lond02.dti.gov.uk
Internet address: http://www.dti.gov.uk
The Strategic Framework
This Consultation Document is the first to be issued by the Steering Group set up to take forward a fundamental review of company law. It:
Chapter 2: sets out the Steering Group's overall approach to the Review. It says, among other things, that there should be presumptions
Chapter 4: briefly reviews relevant trends in key foreign jurisdictions.
Chapters 5 and 6: look at eight key areas of company law.
Chapter 5.1 looks at the scope of company law, that is the interests which company law should serve, in particular: The chapter analyses what is meant by the "stakeholder" debate, and draws out two main possible approaches, looking - without preconceptions - at the implications of these for the law.
Views are sought on whether there should be change in the law to enable or require directors to take wider interests into account when they determine the interests of the company; or whether directors' fiduciary duties to the company are already sufficiently wide to enable them to do so in practice; and if so whether that effect could be more clearly set out in some way.
The chapter goes on to ask whether companies should have the option of a two-tier board structure; and to consider the role of disclosure in the company's relationship with its wider interests.
Chapter 5.2 addresses the needs of small and closely held companies. It concludes, provisionally, that legislation should be rewritten on a "Think small first" basis, while retaining integrated legislation which provides for all.
Chapters 5.3 and 5.4 make proposals for simplifying the law relating to company formation and maintenance of share capital, including the clarification and reform of the rules relating to capacity of companies and their agents and validity of transactions with third parties; removing the need for court approval of capital reductions; a simplified financial assistance regime; and the introduction of no par value shares.
European Directive constraints on these proposals (particularly for public companies) are recognised, but the case is made for negotiating their reform.
Chapter 5.5 maps present boundaries between regulatory and enforcement jurisdictions and raises issues of principle.
Chapter 5.6 assesses the current international attractiveness of UK law, and looks at the regime for foreign companies established here.
Chapter 5.7 assesses the case for changing the company law to take account of modern information and communications technologies. Proposals are made on company meetings, communications with members and the holding of company information. A broad power to amend the Act to respond to change is also proposed.
Chapter 6 describes, and seeks initial views on, key issues in the field of financial and other reporting, including the form and content of accounts; the role of accounting standards and international standards; exemptions for small and medium sized companies; the directors' report and the case for its expansion to achieve wider accountability; and the role and responsibilities of auditors.
Chapter 7: describes related work being undertaken by the English and Scottish Law Commissions on directors' duties.
Chapter 8: discusses options for the form of new legislation, and the related question of institutional mechanisms for reform.
Chapter 9: describes the priorities and method for work in the next stage. Further consultation on this work is due end-1999, with final consultation on the overall outcome in late 2000.
Chapter 10: summarises questions for consultation.
TRADE MINISTER WELCOMES ECGD BACKING FOR LARGEST EVER AIRCRAFT FINANCING DEAL
Brian Wilson, Minister for Trade, has announced that ECGD had agreed to provide backing for the UK portion of the largest aircraft financing deal in history. A US$4.327 billion umbrella facility, arranged and lead managed by Halifax plc, Group Treasury, is to support the delivery of 75 Airbus aircraft over the next three years.
Mr Wilson said:
"This is superb news for British Aerospace. The orders to be financed under the ECGD-backed loan facility will provide the company with valuable work for some time to come and should secure jobs in Bristol and Chester and for BAe's many sub-contractors up and down the country. I am absolutely delighted that this co-operation between Government and industry has produced such an excellent result for Britain."
As part of the overall facility ECGD has agreed to support up to US$1.123 billion of export credits to help Airbus Industrie provide a subsidiary of US-based operating lessor International Lease Finance Corporation (ILFC) with a range of aircraft for on-lease to a number of airlines around the world.
ECGD has started to issue a series of guarantees for loan repayments in respect of deliveries to individual airlines, e.g. Air Canada, Dragonair, Swissair. A variety of Airbus models will be involved, e.g. A319, A320, A321, A330, A340. The remainder of the financial backing is being supported by Coface of France and Hermes of Germany.
The other Lead Managers for the financing facility are Societe Generale of France (on behalf of Coface) and Commerzbank AG of Germany (on behalf of Hermes).
This facility enables Airbus Industrie to place aircraft with a wide range of airlines worldwide in the knowledge that the lessor (ILFC) has a top quality credit rating.
Airbus aircraft are built by a European consortium comprising British Aerospace (who provide the wings), Daimler Chrysler Aerospace of Germany, Aerospatiale of France and CASA of Spain. On occasion Britain also provides Rolls-Royce engines.
ECGD, the Export Credits Guarantee Department, Britain's official export credit agency, is a separate Government Department responsible to the Secretary of State for Trade and Industry. One of its main functions is to underwrite bank loans to enable overseas buyers to purchase capital and project related goods/services from Britain.
ECGD COMPLETES ANGLO-GERMAN ONE STOP SHOP EXPORT CREDIT ARRANGEMENTS
ECGD last week announced that it had concluded an agreement with KfW, the German provider of official export credit finance, to enable British and German capital goods exporters to obtain "One Stop Shop" fixed rate interest support when working together in overseas projects.
The agreement was signed in Frankfurt by David Wyatt, Head of ECGD's Marketing Branch and Hans Reich, a Member of the Board at KfW.
Together with the arrangement ECGD already has in place with Hermes, the manager of Germany's official export credit insurance scheme, this agreement will help British and German exporters present competitive and streamlined finance packages to potential buyers.
Mr Wyatt said: "This agreement complements the arrangement we already have in place with Hermes and means that British and German companies can now offer their overseas buyers a fixed rate package. We have already received considerable interest from a number of exporters to this initiative."
Mr Reich added: "Supporting the export industry in a global environment means no longer financing national exports alone. Exporters and borrowers today ask for financial packages that allow for the financing of multi-sourced export transactions. The co-operation between ECGD and KfW is an answer to this challenge."
KfW, Kreditanstallt fur Wiederaufbau, is a state-owned bank responsible for promoting the German economy by granting investment loans and medium/long term export credits, giving guarantees, and extending loans and grants on behalf of the federal Government within the framework of German financial co-operation with developing countries.
ECGD's agreement with Hermes was signed on 6 July 1998. This allows British and German exporters to approach just one Export Credit Agency when seeking payment guarantees for contracts in which they have a mutual interest in third countries. 10 applications for support have already been received by ECGD/Hermes and one deal has so far been concluded.
ECGD also has co-operation arrangements with Belgium, Denmark, Finland, France, Japan and Sweden and is negotiating further agreements with other countries.
EXPORTERS TO BENEFIT FROM IMPROVED TECHNICAL ADVICE
Exporters looking for information or advice about the technical standards, regulations or testing procedures their goods must satisfy to gain approval in markets abroad, are to benefit from a new simplified service.
From 1 April 1999 the British Standards Institution (BSI) working together with Trade Associations will provide, through the Technical Help to Exporters service, a more responsive in- depth service to UK exporters. A single call to the BSI help desk will identify the source of the necessary information and advice.
For the first time Trade Associations will work with BSI to provide access to a complementary range of assistance. BSI will add a section to its web site dedicated to the new service drawing attention to the very real need to research standards, regulations and testing procedures adequately.
The DTI has funded the Technical Help to Exporters Service for the last thirty years, during which time it has been operated on its behalf by the British Standards Institution (BSI). Following the launch of the revised service, restrictions on the service will disappear and for the first time it will become self-financing.
BSI will make no charge for the background information on the Internet or to scope an inquiry i.e. to work out what help the exporter needs. If BSI then provide the necessary information they will charge a flat fee of #35 per half hour with a minimum payment of #20. For the same fee, it will provide information on the need for testing and certification and also on the suppliers of such services. The fee for advice will be #90 per hour. Using information provided by trade associations about what they can offer in this field, BSI will refer inquirers on to a trade association where the latter can provide the better service.
The contact point for Technical Help to Exporters service is tel: 0181 996 7111, fax: 0181 996 7048, website www.bsi.org.uk The DTI contact is Peter Westley, Kingsgate House, 66-74 Victoria Street, London SW1E 6SW; fax: 0171 215 2460, email: peter.westley@xpd3.dti.gov.uk
Details of the whole range of services provided for UK exporters by Overseas Trade Services (OTS) can be obtained from Business Links (Business Link Signposting Line: tel: 0345 567 765) or the OTS Internet pages www.dti.gov.uk/ots
Radical plans have been put forward to regulate the insolvency profession. The recommendations, from the Insolvency Regulation Working Party, would replace the existing eight oversight bodies with a single regulator. The recommendations include measures to crack down on rogue advisers and to ensure that only authorised professionals are able to use the title "insolvency practitioner".
*** Forthcoming Creditors Meetings ***
Contributed by http://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 01/03/99 to 09/03/99 Number of Creditor meetings : 211 Section Company Time Venue 138 Scotland - Interim Liquidator calling Creditors Meeting 01/03/99 James Hay (Heat) Ltd 03.00 pm Edinburgh Telecom Manufacturing Ltd 10.30 am Glasgow 02/03/99 Argyll Freight Services Ltd 10.00 am Aberdeen Farm Fare Ltd 10.30 am Glasgow Phoenix Medical Rehab Ltd 10.30 am Dunfermline Stockbridge Pine Co Ltd - The 10.00 am Edinburgh 04/03/99 J & A Anderson (Builders) Ltd 11.30 am Paisley 05/03/99 Ritz Management Ltd 11.00 am Edinburgh Teciel Ltd 10.00 am Aberdeen 23 Administrator Calling a meeting of Creditors 03/03/99 Tipek Security Services Ltd 12.00 pm Manchester 05/03/99 Automobiles RK Ltd 02.30 pm London 48 Receiver calling unsecured Creditors Meeting 01/03/99 Box Clever Ltd 12.00 pm Manchester Zendiq Ltd 10.30 am Newcastle-u-Tyne 02/03/99 Palmier Plc 02.00 pm London Ripspeed Racing International Ltd 10.30 am London 03/03/99 Rose of England China Ltd 10.30 am Stoke-on-Trent 04/03/99 Jessna 6 Ltd 09.30 am Southampton West Yorkshire Engineers Ltd 10.00 am Leeds 05/03/99 Fruitbadger Ltd 10.30 am Manchester Windowbadger Ltd 11.30 am Manchester 84 N. Ireland - Creditors Voluntary Liquidation 01/03/99 L.W. Ball and Company Ltd 02.30 pm Belfast 98 Creditors Voluntary Liquidations 01/03/99 A C Ornsi Build & Decor Contract Ltd 11.30 am Hornchurch Allied Maintenance Ltd 12.00 pm London BCF Stone Sales Ltd 11.00 am Rotherham Barstock Ltd 11.00 am London Beveridge Building Ltd 10.00 am Peterborough Capitalzone Ltd 03.00 pm London Christian Windows Ltd 10.30 am Bromley Demolex Holdings Ltd 11.00 am Leeds Derek McAvoy Ltd 12.00 pm Glasgow Domevista Ltd 11.00 am London Euronord Ltd 02.00 pm Manchester H Beanland & Son Ltd 02.30 pm Bradford J Simpson & Partners (Air Cond) Ltd 10.00 am London Jobseekers (Milton Keynes) Ltd 11.00 am Harpenden Jobseekers (Rugby) Ltd 11.00 am Harpenden Microdot Design & Film Ltd 02.30 pm London Midland Carpets (Wholesale) Ltd 12.00 pm Walsall North Pressing Ltd 02.30 pm London Prideex Ltd 12.00 pm Halifax Profactor Ltd 11.00 am London Proteus Design Group Ltd 03.00 pm Chelmsford Road Movement Services (Scotland) Ltd 10.30 am Dunfermline Selectametal Ltd 11.30 am Birmingham Sloanes On The Square Ltd 03.00 pm Coventry Talon Services Ltd 12.00 pm Glasgow Tameside Aids & Serv for the Handic L 12.00 pm Manchester Technology Network UK Ltd - The 10.30 am Egham Trace Ltd 04.00 pm London Traineeze Ltd 10.30 am Guildford Triple Seven Building Services Ltd 12.00 pm London Waystead Investments Ltd 10.30 am Halifax 02/03/99 Artmode Fashions Ltd 10.30 am Leicester B & P Plastics Ltd 10.30 am Yarm Bifi Retail Ltd 02.30 pm London Black Cat Europe Ltd 11.00 am Edgware Chameleon Creative Ltd 10.30 am Harrow Character Lofts Ltd 10.45 am Sutton Clifford Whatmough (Holdings) Ltd 12.00 pm Hale Control Panel Supplies Ltd 11.00 am Meriden Crusader Architectural Products Ltd 11.30 am Dudley Danric Ltd 11.30 am Altrincham Eclipse Solar Cont & Energy Manage Ltd 12.00 pm Manchester Employee Assis Partnership Ltd - The 12.00 pm London Essex Graphics Ltd 12.00 pm London F X Music Ltd 11.00 am London Faithcourt Ltd 11.15 am Bromley Flames Fireplace Design Ltd 10.30 am Halifax Floral Street Plc 11.00 am London Frampton Plastering Ltd 11.00 am Gloucester IGBF Ltd 11.00 am Derby J & E Dolan Ltd 10.30 am Cheam John Peck (1982) Ltd 12.00 pm Liverpool Joydale Ltd 02.00 pm London Kiran Communications Ltd 12.00 pm Leicester Le Palme Di Mimmo Ltd 11.00 am London M & I Plant Services Ltd 10.30 am Liverpool MBK Independent Financial Services Ltd 11.30 am Liverpool Machine Safety Guards Ltd 11.00 am Birmingham Maxdeal Ltd 12.00 pm London Morris Green Machinery (Sussex) Ltd 10.30 am Worthing Motorlodge (Brantfell Garage) Ltd 12.00 pm Skipton Nationwide Fleet Services Ltd 11.00 am Brighton New Aspects Ltd 12.00 pm Meriden Niche Communications Ltd 11.00 am Hornchurch Northern Gas Appliances Ltd 01.30 pm London Omega Corporation Plc 03.30 pm London Omega Facilities Management Ltd 02.00 pm London PVC Developments Ltd 11.00 am Birmingham Park Lane Upholstery Ltd 11.00 am Birmingham Precase Ltd 11.00 am Manchester Precision Design Fabrications Ltd 12.00 pm London Regency Fashions Ltd 11.00 am London S C F Equity Services Ltd 11.00 am Bristol Sash Factory Ltd - The 11.30 am Ashford Severnside Roofing Contracts Ltd 11.30 am Bristol Summit Components Ltd 11.00 am Marlow Tomita Auto UK Ltd 10.30 am Norwich Topfern Ltd 04.00 pm London Water Management Services Ltd 10.30 am Reading 03/03/99 AB Dyers Ltd 03.00 pm Manchester Airline Travel (UK) Ltd 12.00 pm London Anglo Swedish Weld & Boiler Repair Ltd 10.00 am Newcastle-u-Tyne Atlant UK Ltd 10.30 am Waltham Abbey Barneshall Press Ltd 12.00 pm Worcester Build-Equip Ltd 10.45 am East Sussex City Building & Security Ltd 10.30 am Leeds D O S Office Supplies (Telford) Ltd 11.00 am Birmingham David Peters Ltd 11.30 am Preston David R Maxwell & Co (Newcastle) Ltd 11.00 am Sunderland Emmerstone Ltd 11.00 am Bristol Eric Ellis (Electrical) Ltd 10.15 am G B Farms Ltd 10.00 am Manchester Good Health Co Ltd 11.00 am Birmingham Handsoff Aviation Ltd 11.45 am Gerrards Cross I P Information Ltd 10.30 am Reading Imball International Ltd 12.00 pm London International Opportunities Ltd 10.30 am Cambridge Keats & Co Ltd 10.45 am Hove Laser Parry Ltd 11.00 am London Maultway Developments Ltd 11.30 am Guildford Newscope Ltd 02.00 pm London One Ltd 12.30 pm London Park Lodge Properties Ltd 11.00 am London Saunders Design Consultancy Ltd 11.00 am London Shipsafe International Ltd 11.00 am Liverpool Spoirting Classics Publications Ltd 12.00 pm London T P Hill (Castings) Ltd 11.00 am Bristol Turbofix Wall Tie Systems (SW) Ltd 01.00 pm Cardiff Wastle Food & Wine Co Ltd 11.00 am London 04/03/99 1st Phase Ltd 03.00 pm Edgware Ascot Window Systems Ltd 10.30 am Manchester B M E Ltd 02.00 pm London Brown & Johnson Plumbing Ltd 11.30 am Lutterworth Buckingham Management Ltd 11.30 am Altrincham Cheshire Care Co-operative Ltd 11.00 am Northwich Chiltern Leisure Plc 11.00 am London Classic Interiors (UK) Ltd 11.00 am Leeds Delta Sports Games Ltd 12.00 pm London Fielding Services Ltd 11.00 am Ipswich Front Line Graphics Ltd 12.00 pm London Lawrence Samuel Enterprises Ltd 11.00 am London M & L Kitchen Designs Ltd 12.00 pm Glasgow North Cheshire Carpets Ltd 12.00 pm Manchester Quest Leisure Wear Ltd 11.00 am Sunderland Sky Roofing Ltd 12.00 pm Birmingham Superflex (Portsmouth) Ltd 12.00 pm London 05/03/99 A & K Specialist Building Services Ltd 12.00 pm Southampton Aircool Installations Ltd 02.30 pm London Automated System (UK) Ltd 11.00 am Knutsford B J Merchants Ltd 12.00 pm Glasgow Charter Fresh Foods Ltd 10.30 am Llan-yr-Afon Commercial Services (UK) Ltd 10.30 am Reading Commerical Maritime (UK) Ltd 11.00 am Newcastle-u-Lyme Design Associates Ltd - The 12.00 pm London Elirofin Asset Management Ltd 11.00 am Stanmore Express Knives Ltd 11.00 am Epping Fingerprint Printing Corporation Ltd 10.30 am London Haven Property Support Ltd 11.00 am London J J Electronic Developments Ltd 02.30 pm Lyndhurst Jacobi Rings Ltd 11.30 am Birmingham Jutta Pharmacy Ltd 10.00 am London KCA Interiors Ltd 10.30 am Birmingham Laidbell Ltd 12.00 pm Hale Lifespring Ltd 10.30 am Birmingham Major Image Line Ltd 11.30 am London Nicklin (Electrical) Ltd 12.00 pm Walsall Quarternary Education Ltd 10.30 am Derby R & J Ltd 03.00 pm Swansea Rapidprogram Ltd 10.00 am Manchester S Leach Engineering Co Ltd 03.00 pm London Starmek Ltd 02.30 pm London Themedirect Procurement Ltd 10.45 am Manchester Visit UK Ltd 11.00 am London Watkiss Ashley (Telford) Ltd 11.30 am Dudley Weightrace Ltd 02.15 pm Bradford 08/03/99 Apex Fabrications & Cooling Ltd 11.30 am Lutterworth Avendale Ltd 04.00 pm London Bass Riley Creative Consultants Ltd 02.30 pm London C & L Properties Ltd 11.30 am London Coding & Research Output Ltd 02.30 pm Gerrards Cross ECD Ltd 11.00 am London ECD Products Ltd 12.00 pm London Estate Office Residential Ltd - The 03.00 pm Barnet Graylink Transport Ltd 10.30 am London Harvey Bros (Transport) Ltd 11.00 am Grantham Hi-Dri Rainwater Systems Ltd 11.00 am Bingley Hi-Dri Roofing Systems Ltd 02.00 pm Bingley Hopgood (Builders) Ltd 11.00 am Marlow Limed Pine Co Ltd - The 12.00 pm London M I E Contractors Ltd 03.30 pm London RDS Domain Ltd 11.30 am Bracknell Shenforge Ltd 11.00 am London Spectrum Refrigeration Ltd 11.30 am Barnet Templegate Ltd 11.00 am London Togo Enterprises Ltd 11.30 am London Trans-Mediterranean Foods UK Ltd 11.30 am London 09/03/99 Associates UK Ltd - The 10.30 am London Barclay Properties Ltd 11.00 am London Black County Ind Boilers & Main Serv L 11.00 am Birmingham Capricorn Paper Ltd 12.00 pm London Duplum Engineering Services Ltd 12.00 pm Birmingham Felday Ltd 11.30 am Altrincham H J Simon Construction Ltd 11.30 am Manchester Hay The Baker Ltd 11.30 am Hull Lionheart Worldwide Ltd 10.30 am Stoke-on-Trent M & C Screens Ltd 12.00 pm Manchester Mountsett Garage Ltd 10.30 am Newcastle-u-Tyne Peartree Associates Ltd 10.30 am London Trinity Cabs Ltd 10.30 am Yarm Wilsona of Holyhead Ltd 10.00 am Caernarfon
TW LW TW LW
USA 1.6067 1.6390 Canada 2.4138 2.4450
Austria 20.0314 20.1277 Portugal 291.857 293.250
France 9.5491 9.5949 Belgium 58.7250 59.0070
Finland 8.6550 8.8970 Italy 2818.70 2832.26
Germany 2.8481 2.8619 Sweden 13.0490 13.0112
Holland 3.2081 3.2234 Switzerland 2.3127 2.3347
Spain 242.210 243.380 Ireland 1.1465 1.1520
Australia 2.5697 2.5885 Denmark 10.8334 10.8703
Hong Kong 12.4487 12.6990 Euro 1.4557 1.4627
Africa Com 9.9696 10.0845 Saudi Arabia 6.0267 6.1471
India 68.3490 69.6580 Malaysia 6.1051 6.2168
Singapore 2.7748 2.7822 Norway 12.6667 12.6792
Japan 194.800 195.120
TW This week LW Last week.
The British bank HSBC reported a 21% slide in net profits last year, to $4.32 billion, as provisions for bad loans in Asia rose to $1.96 billion. Fearful that it may no longer be able to make 20%-plus on its investments, the bank said it aims to double returns to shareholders over the next five years, perhaps helped by share buybacks. HSBC also reached agreement with the South Korean government to take a 70% stake in troubled Seoulbank for about $700m.
Source: The Economist
ICI
Michael Meacher, Environment Minister, last week summoned senior managers from ICI and its subsidiary, Tioxide Europe, to discuss last week's leak of hydrochloric acid from Tioxide's plant at Greatham on the Tees Estuary.
After the meeting Mr Meacher said:
"I want to underline my concern at damage done to a nationally important wetland site. This is the latest in a series of serious environmental incidents involving ICI and it is not acceptable."
Mr Meacher went on to say:
"Although it is clearly too early to say whether prosecution would be appropriate over this incident, I am concerned that very serious consequences can often flow from breaches of authorisations. I have therefore made it very clear to the Environment Agency that I want to see it continue to use prosecution vigorously to deter bad environmental practice. I also want to see the courts making fuller use of the heavy fines available in such circumstances."
MARKS AND SPENCER
As the shake-up continues at Marks and Spencer, now split into three divisions, three top executives, including the head of American operations, were ousted. A further 31 senior directors are to go at Britain's largest retailer. The job cuts, amounting to a quarter of M&S's top management, came as Peter Salsbury, who has just taken the role of chief executive relinquished by the chairman, Sir Richard Greenbury, restructures.
Source: The Economist
NATWEST
Two other British Banks had widely different results last year. Net profits at NatWest nearly trebled to 1.57 billion pounds ($2.6 billion), boosted by one-off gains. But Asian-oriented Standard Chartered suffered a 19% fall in pre-tax profits, to 703pounds m, as bad-debt charges shot up to 436pounds m.
Source: The Economist
NEWS CORP
Rupert Murdoch's News Corp is still looking for a base in Europe, after his failure in Italy. This time BSkyB, 40%-owned by News Corp, is in talks with Canal Plus of France. Any merger would create the largest pay-TV company in Europe, but the regulatory hurdles are daunting.
Source: The Economist
UNILEVER
In a surprisingly generous move, Anglo-Dutch Unilever said it would hand shareholders a special dividend of 5 billion pounds ($8 billion), amounting to nearly 11% of its market capitalisation. The cash has been hoarded since the consumer group sold its specialty chemicals business to ICI in 1997.
Source: The Economist
MERGER CLEARANCE
IMS TO BE REQUIRED TO GIVE UNDERTAKINGS FOLLOWING ITS ACQUISITION OF PMSIKim Howells, Competition and Consumer Affairs Minister, has announced that he has decided that IMS Health Inc (IMS) should divest the Source Dispenser business that it acquired as a result of its merger with Pharmaceutical Marketing Services Inc (PMSI) and should also be required to give undertakings in relation to the supply of specialised pharmaceutical data services in the UK. The undertakings are designed to encourage competition in the market for specialised pharmaceutical data services, as a means of restoring the competition which has been lost as a result of the merger. Dr Howells accepted the findings and recommendations of the Monopolies and Mergers Commission (MMC), and the advice of the Director General of Fair Trading (DGFT), that the merger of IMS and PMSI may be expected to operate against the public interest.
Publishing the MMC's report today, Dr Howells said:
"I accept the MMC's unanimous conclusions that the merger may be expected to operate against the public interest by reducing competition in the supply of specialised pharmaceutical data services. These services provide pharmaceutical companies with information on sales of pharmaceutical products, based primarily on data from pharmaceutical wholesalers and from pharmacists. I agree with the MMC that the merger would be likely to lead to higher prices to pharmaceutical companies for these services, weaker incentives to improve quality of data and service, less innovation and customer choice in the supply of specialised pharmaceutical data services and lower rewards to the wholesalers and pharmacies which provide the raw data, adversely affecting the incentives to provide data and the quality of the data provided. The merger may thereby be expected to have adverse effects on the efficiency, effectiveness and costs of the management and marketing of pharmaceutical companies. Ultimately, the adverse effects on the pharmaceutical companies may be expected to lead to greater costs to the NHS for the supply of medicines, higher prices for over-the-counter (OTC) medicines in the UK and less choice of pharmaceutical products in the UK.
"I have considered carefully how best to remedy the adverse effects of the merger. I agree with the MMC that divestment or flotation of the whole of PMSI UK or of Source UK (now both subsidiaries of IMS) is unlikely to be as reliable or effective in remedying the adverse effects as other measures to restore the competition that has been lost as a result of the merger. I also agree with the MMC that a more effective solution would be to introduce a package of measures aimed at encouraging greater competition in the pharmaceutical sales information field, so as to provide a counterweight to the strengthened position which the merger has given IMS.
"Therefore, in line with the MMC's recommendations and in accordance with the DGFT's advice, I have asked the DGFT to seek undertakings from IMS that it will:
If satisfactory undertakings cannot be obtained by 25 May 1999 I would then have to consider using my powers to make an Order to enforce suitable remedies, which could include a requirement for IMS to divest PMSI's business in the UK."
BRITISH AIRWAYS/CITYFLYER EXPRESS MERGER INQUIRY: MMC WRITES TO THE MAIN PARTIES
In accordance with its normal practice, the MMC has sent an "issues letter" to the main parties involved in this investigation.
The issues letter is always sent before the MMC has reached any firm conclusions and is intended to highlight the matters to which the investigating group will be giving further consideration.
This inquiry into the proposed BA/CityFlyer Express merger is at an early stage. The MMC has arrived at no views as to whether the proposed merger may be expected to operate against the public interest and is not as yet in a position to decide whether there are adverse effects that would need to be remedied. Remedies referred to in the letter are identified for preliminary discussion with the parties on a strictly hypothetical basis to allow an early appreciation of their practicability and possible effects. The MMC's conclusions on the issues raised in the letter will be contained in its final report which is due to be submitted to the Secretary of State on 28 April 1999.
The issues letter is being made public to give other parties an opportunity to tell the MMC if they think that any important issues have been missed or to identify other conditions to the merger that should be considered if the MMC were to conclude that there were adverse effects to be remedied.
Amazon.com, the leading Internet book retailer, is to buy 40% of Drugstore.com, making it the biggest shareholder in the seven-month-old online pharmacy and beauty store. Amazon said it might invest in other online retailers.
BRITAIN'S 'SOFTWARE STARS' FOR THE NEW MILLENNIUM:
The UK Software Partnering And Investment Forum
The UK's first Software Partnering and Investment Forum brought together small software companies, financiers, marketers, lawyers and other business support organisations to help 'Software Stars' of the future network and foster key strategic partnerships. The Forum is an important part of DTI's support for Britain's software industry to enable it to compete in the global markets of the new millennium.
Over 300 senior industry figures, including representatives from IBM, Microsoft, Sun Microsystems, ICL and EDS attended the forum along with more than 50 'software stars' who have the potential to form the vanguard of this growing sector and underpin the UK's place in the digital economy.
The UK Software Partnering And Investment Forum is organised and promoted by the DTI supported Software Business Network (SBN).
The UK Software Partnering And Investment Forum is organised by the Software Business Network (SBN), which is run by the Computing Services and Software Association (CSSA) and supported by DTI and the computer industry.
The SBN is modelled on similar US organisations and is a self- help collaborative network which brings together the key elements needed for business success. These include; access to marketing and management specialists, financiers lawyers and business support organisations.
The SBN has attracted more than 700 members since its launch in February 1998. DTI is providing #860,000 in funding over a three year period for the SBN. Over 50 of the members are on the SBN/FAST TRACK Programme and will make presentations at the Investment Forum.
For further information about the work of the SBN and details of membership please contact: Andrew Wilder, Director CSBN, 20 Red Lion Street London WC1 4QN, telephone: 0171 395 6700.
March 9th to the 11th March 1999 Credit 1999 The Novotel, Hammersmith, London W6 Free Conferences and Workshops Free Exhibition Top Industry Speakers 28th - 29th April 1999 Credit Management in Central and Eastern Europe Conference by Vision in Business Ltd and sponsored by Intrum Justitia The Hilton Hotel, Budapest For more information: tel +44 (0) 171 256 5186 Fax +44 (0) 171 9393 Email postmaster@visibis3.demon.co.uk www.visibis.com 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 # = pounds sterling
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