Editor: John Arnold. E-mail jarnold@creditman.co.uk
Pat Williams. E-mail pwilliams@creditman.co.uk
Site: Business Credit Management UK
URL: http://www.creditman.co.uk
Issue: Vol 5 Issue 13
Dated: 1 April 2001
Welcome to the Business Credit News UK.
In this weeks edition you will find the following topics.
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UKUK READY TO JOIN EMU IN 2003 , SAYS ITEM BUT WILL WE BE IN A POSITION TO EXCISE THAT OPTION, POLITICALLY OR TECHNICALLY?
In a detailed assessment of the pros and cons of UK membership of EMU, the Ernst & Young ITEM Club (the independent economic forecasting group) finds that the UK should be ready, technically, to join Euroland in 2003. The Big Decision, then, will be a matter of politics. But there's no time to lose. According to the Club, it would be better for New Labour, should it win the election and come clean about its EMU aspirations, to grasp the bull by the horns and start to argue its case immediately. Not only could it take several years to capture the hearts and minds of the British, a number of technical steps need to be taken by institutions and business to ensure that the option to join, and join quickly, can be exercised when needed.
EMU pros and cons
The Ernst & Young ITEM Club report finds that:
the main economic benefits to EMU membership will come as reduced transaction costs and lower exchange rate volatility encourages a strong expansion in UK trade with continental Europe (some estimates put the potential gain from this source as high as 20 per cent of GDP);
although the UK will lose control over monetary policy, a fixed exchange rate will increase the effectiveness of fiscal policy;
most economic indicators – inflation, long-term interest rates, GDP growth – have already converged with the Eurozone. The Ernst & Young ITEM Club's forecast shows those that have not, such as the exchange rate and short-term interest rates, will do so over the next year or so.
"This analysis shows that the UK economy should be ready to join EMU in two years' time," says Professor Peter Spencer, the Ernst & Young ITEM Club's economic adviser. "But much preparation remains to be done, especially in convincing a sceptical electorate to vote 'yes' in a referendum. The sooner the government takes a lead in this debate, the better.
"There is no need for the government to commit itself yet to join EMU in 2003. It will want to ensure that the convergence we foresee is achieved and sustained," acknowledges Professor Spencer, "but it is likely to take the Prime Minister two years to persuade the public to accept the Euro. If he doesn't start that job now, so that the option to adopt the Euro is at least capable of being exercised on convergence, the political opportunity would be lost for a generation, and with it all the economic gains from EMU."
BYERS ANNOUNCES RADICAL REFORM OF EXPORT CONTROL LEGISLATION
Draft Export Control Bill published last week
Stephen Byers, Secretary of State for Trade and Industry, last week published the draft Export Control and Non-Proliferation Bill which will radically reform export control legislation, tightening up arms controls and go further than the proposals in the Scott Report.
The draft bill includes new powers that will be used to introduce:
The Government also sets out options for controlling licensed production overseas (where a British company arranges for its products to be produced abroad under licence) in the accompanying consultation document. The options include:
The draft bill contains a clear statement of the purposes for which export controls can be used and this makes a specific reference to human rights. It also improves accountability by:
The Government is currently considering the refined proposals on Parliamentary scrutiny of export licensing applications put forward by the Quadripartite Committee on Strategic Export Controls in its latest report.
Mr Byers said:
"The Scott Report on arms to Iraq emphasised the need for transparency and accountability in the operation of export controls.This Government has decided to go further than Scott and ensure the United Kingdom has the powers it needs to put in place a more comprehensive export control regime to try and prevent weapons getting into the wrong hands.
"The existing legislation dates back to1939 and needs updating. That's why we have carried out the most comprehensive review undertaken for over 60 years - it has taken time but it is important to get it right.
"There is no requirement for UK citizens to have a licence to broker deals or traffic in arms. Yet, I think most people would oppose irresponsible and immoral trafficking and brokering of arms to conflict zones and areas of instability.
"That's why we will introduce a new licensing requirement for arms trafficking and brokering and will also ban trafficking and brokering of arms to embargoed destinations and trafficking and brokering of torture equipment.
"We will also close a loop-hole in current legislation, by making it a requirement to get an export licence for exporting military technology by electronic means as well as by tangible means. The 1939 legislation doesn't recognise faxes and e-mails.
"I am also setting out new proposals for measures on licensed production overseas. I want to tackle the problem of arms being produced overseas under licence from a UK company which then end up in a country subject to an arms embargo".
In 1998 the DTI published a White Paper, Strategic Export Controls (Cm 3989), which took into account the recommendations made in the Scott Report and is now reflected in the draft Bill. It is available from http://www.dti.gov.uk/export.control/policy
Copies of the draft Bill, published as part of a wider consultation document, can be obtained from the Stationery Office or can be viewed on http://www.dti.gov.uk/export.control/policy. Comments in response to the consultation should be received by 24th May 2001.
The main primary legislation containing the Government's powers for strategic export control is the Import, Export and Customs Powers (Defence) Act 1939. In 1996 the Scott inquiry identified a number of limitations in the 1939 Act, including the lack of parliamentary scrutiny of secondary legislation made under the Act.
GOVERNMENT HAS PRODUCED A WORKABLE SOLUTION FOR CLOSING GENDER PAY GAP - CBI
The Confederation of British Industry last Tuesday said the government has come up with a workable solution for closing the gender pay gap.
Susan Anderson, Director of Human Resources Policy, said: "This announcement is all about tackling the different causes of the gender pay gap - not just unfair discrimination. The CBI believes pay inequality results from the different choices women make, the careers they choose and the time they spend out of the labour market because of childcare responsibilities.
"This initiative is designed to help women with their career choices. It is far more sensible than imposing ineffective legislation on all employers to curb the discriminatory practices of just a few.
She added: "We need to give more choices to women who are trying to balance work with family responsibilities. That means we want better childcare facilities and improved career advice to encourage them into higher paying jobs.
"Business will play its part in helping to develop a voluntary pay review system. We will seek to make sure it is simple and flexible and can deal with increasingly complex pay systems. We will continue to promote family-friendly working wherever possible."
CHAMBERS’ MANIFESTO SETS OUT BUSINESS PRIORITIES FOR NEXT GOVERNMENT
The British Chambers of Commerce last Monday set out Britain's business priorities for the next government, in a comprehensive manifesto launched at their National Conference in London.
The manifesto, "Empowering Business", follows months of extensive consultation amongst the Chambers' 135,000 business members and challenges all political parties to meet 14 key business priorities focused on creating in Britain the best economy, regulatory environment, skilled people, transport infrastructure and business support.
The Chambers’ manifesto urges full commitment from all parties to tackle the rising tax and regulatory burden on business, including measures to simplify the tax system. Among their demands, the Chambers are pressing for cuts in business payroll compliance costs by at least 20 per cent over the next parliament, regulatory budgets for government departments, and firm commitment to the principle of “regulation as last resort”.
Launching the manifesto, Anthony Goldstone, President of the British Chambers of Commerce, said:
"The most important priority for any government is to create the right conditions for business, our wealth creators, to thrive. We need to tackle the fundamentals - low skills levels, lack of business investment, a dilapidated transport infrastructure and the regulatory burden on small firms.
“Our manifesto offers a range of recommendations and solutions to the problems facing business and government, and we urge the political leaders to take heed, to commit and, in government, to deliver. “
Among their manifesto recommendations, the British Chambers of Commerce call on the next government to:
Reduce the tax burden on business which, according to the OECD, as a percentage of GDP in the UK (14.5%) is much higher than many of UK’s key trading partners: USA (10.0%), Netherlands (11.5%), Ireland (11.7%) and Germany (12.8%).
Reduce the cumulative burden of regulations on business, through the use of regulatory budgets for government departments
Make tax simplification a priority, pursuing a tax simplification project similar to the tax law rewrite, but that focuses on the underlying tax system.
Address priority skills issues, specifically by supporting the establishment of local and sectoral ‘employer learning networks’ for small and large firms to help each other to achieve their training needs.
At least match the current commitment to invest £180bn in transport over the next ten years, with clearly identifiable priorities, timescales and responsibilities.
Reform the planning system introducing greater flexibility into development plans and speeding up the planning process. Looking ahead to the British Chambers of Commerce National Conference this week, at which the political leaders, including William Hague and Charles Kennedy, will speak, Chris Humphries, Director General of the British Chambers of Commerce, said:
“Our National Conference offers a powerful platform for the politicians to show they mean business. While ‘too much regulation’ remains the constant message from our members, we will be asking all parties to submit their manifesto to a regulatory impact assessment to ensure the impact on business, whether positive or negative, is visible.”
The continuing foot and mouth crisis could cause 127,000 businesses to lose up to £150 million a week in revenue over the vital Easter period warns R3 - the association representing professionals who work with businesses in financial difficulty.
Tourism and leisure accounts for a significant part of all UK economic activity, the industry is worth £64 billion a year, and a wide range of businesses depend upon it for their own well-being. At present, although most of Britain's countryside is open for business as usual, people are staying away in droves. If the situation continues hotels, restaurants, transport companies and visitor attractions in the areas affected may quickly find themselves in serious trouble.
Stephen Gale, President of R3 and corporate recovery partner at Herbert Smith, said:
"R3's recent survey of company rescue demonstrated that the hotel, catering and tourism sector is near the bottom of the insolvency risk list, unlike sectors such as construction and manufacturing. The hotel and catering sector represents less than 5% of all insolvency cases.
"In light of the misfortune of the current foot and mouth crisis, it is vital that these businesses, many of which are small and undercapitalised, maintain up-to-date financial information so that any problems can be identified quickly. They should monitor their cash flow closely over the next few weeks. Keeping lenders and other creditors as informed as possible of changes in their situation is absolutely vital to keeping crisis at bay. Business people should seek professional advice as soon as they realise they have a problem.
"The vast majority of businesses likely to be affected are small in size and often owned by people with little previous experience of running a business and dealing with unforeseen financial crisis. Even well run and profitable small businesses do suffer from unforeseen financial difficulties - sadly their lack of management experience often means they seek advice too late."
R3 has produced a booklet for providing advice for businesses on how to handle a crisis - 'The Ostrich's Guide to Business Survival'. To receive a free copy please contact the Association of Business Recovery Professionals on 0207 831 6563.
HEWITT HIGHLIGHTS HELPLINE FOR RURAL SMALL BUSINESSES
Expansion of the national Business Link helpline
A national helpline for small businesses will be a valuable lifeline for rural firms affected by the outbreak of Foot and Mouth disease, Small Firms Minister Patricia Hewitt said on the 23 March 2001 .
The Business Link contact centre will give:
The contact centre number is 0845 600 9 006 and calls will be charged at the local rate.
Patricia Hewitt said:
"The Government's top priority is to ensure foot and mouth disease is contained and eradicated as quickly as possible.
"In the meantime we have to ensure that we offer as much support, help and information to those small businesses most affected by this disease.
"The Business Link helpline will do exactly that."
Additionally, Business Link Cumbria is developing as a matter of urgency a Survival Pack so that Business Link advisers, banks, accountants and others can all give consistent, effective help to businesses hit by Foot and Mouth disease.
Environment Minister and Head of the Rural Task Force, Michael Meacher announced a preliminary package of measures to help rural small businesses that have been affected by the foot and mouth outbreak on 20 March 2001:
These measures include help through:
The general public helpline number is 08456 071 071; the textphone number, for those with hearing impairments, is 08456 087 087.
INSTITUTE TO RELOCATE HEADQUARTERS
The Institute of Export is moving its headquarters at the end of March. After 17 years in the somewhat run-down building on the edge of the City, they are moving to brand-new freehold offices in Peterborough, Cambridgeshire. Close to the A1M and the East Coast mainline rail services the new administrative headquarters give easy access to road, rail and air connections throughout the UK and Europe. State of the art communications and new IT networks will enable a 21st century service from a 21st century base. A small representative office in London will remain to handle government and media relations.
Full details of addresses and new telephone numbers will appear on the website at http://www.export.org.uk shortly.
FREE SUBSCRIPTION TO OVERSEAS TRADE MAGAZINE
If you are an active player in the exporting market, it is essential you are provided with the best possible export information, advice and support. Overseas Trade is a publication produced monthly on behalf of Trade Partners UK and will provide this service. They are offering you a subscription at no cost to yourself.
If you or your company are currently, or thinking, of exporting and wish to receive your own copy of Overseas Trade FREE OF CHARGE, please visit it's website on http://www.tradepartners.gov.uk/overseas_trade
Here you will able to print off an Overseas Trade request form. Please spend a few minutes to sign and fill out the form and fax back to 020 7368 9602.
*** 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 02/04/2001 to 10/04/2001 Number of Creditor meetings : 147 Section Company Time Venue 138 Scotland - Interim Liquidator calling Creditors Meeting 02/04/2001 Eastfield Motor Co Ltd 12.00 pm Glasgow 04/04/2001 Kintorran Fish Ltd 11.30 am Inverness Quayland Ltd 10.00 am Edinburgh 09/04/2001 G S Plant Hire Ltd 11.00 am Glasgow 10/04/2001 A & W Builders Ltd 03.00 pm Paisley Easy Access (Scaffold) Ltd 10.00 am Glasgow 23 Administrator Calling a meeting of Creditors 03/04/2001 Lazarus Metal Resources (UK) Ltd 10.30 am London 05/04/2001 Abacus Seafoods Ltd 11.00 am Aberdeen C L Collections Ltd 11.30 am Staffordshire Hill Leigh (Timber Products) Ltd 02.30 pm Staffordshire 09/04/2001 Blue Chip Advertising Ltd 10.30 am London Save Group Plc 10.30 am London Save Petroleum Ltd 10.30 am London Save Service Stations Ltd 10.30 am London Winchendon Estates Ltd 10.30 am London Winchendon Property Investments Ltd 10.30 am London 10/04/2001 Art Glass Ltd 10.00 am Bradford Blue Thane Ltd 11.00 am Manchester Century Car Rental Ltd 02.00 pm London East Lancashire Paper Mill (Hold) Ltd 11.00 am Manchester East Lancashire Paper Mill Co Ltd - Th 11.00 am Manchester Glentarget Ltd 11.00 am Manchester 48 Receiver calling unsecured Creditors Meeting 02/04/2001 Alarmcall Systems (Nottingham) Ltd 11.00 am Nottingham Cranleigh Estate Ltd 11.30 am Exeter Exeter Photographic Ltd 10.00 am Exeter 06/04/2001 Scalford Construction Co Ltd 02.30 pm Leicester Stygate Farms Ltd 03.00 pm Leicester 10/04/2001 Egerton Care Ltd 10.00 am Sheffield 67 Scotland - Receiver calling Meeting of unsecured Creditors 05/04/2001 Stobo Select Ltd 11.00 am Edinburgh 84 N. Ireland - Creditors Voluntary Liquidation 06/04/2001 CN Systems Ltd 12.00 pm Belfast 10/04/2001 R H Franchises Ltd 02.30 pm Belfast 98 Creditors Voluntary Liquidations 02/04/2001 Adept I T Solutions Ltd 10.30 am Birmingham Aston Construction Services Ltd 10.30 am London CCE Computers (UK) Ltd 11.00 am Blackburn Choices With Care Ltd 10.30 am Yarm Donnington Trucks & Trailers Ltd 11.00 am Birmingham Kestrel Public Houses Ltd 10.30 am Bristol London Scottish Rugby Plc 11.45 am London Mad Records Ltd 11.15 am Tunbridge Wells Madeusual Ltd 11.00 am London Mayridge Construction Ltd 11.30 am Poole Mode House Ltd 02.00 pm Leicester Production Personnel Ltd 11.00 am London Scanplan (Swindon) Ltd 12.30 pm Westlea Tarrum Contractors & Consultants Ltd 10.30 am Dartford Ultimate Web Solutions Ltd 11.00 am Birmingham Vision Contracts Ltd 10.30 am Harrow 03/04/2001 A & C Printing Ltd 11.30 am Preston Beever Enterprises Ltd 10.00 am Tunbridge Wells C F Masters Metal Fabrications Ltd 11.30 am Southampton Ditton Corporate Clothing Ltd 03.00 pm Leeds E S Lighting Ltd 11.00 am London Fortuna Investments Ltd 12.00 pm Leeds King Design Services Ltd 11.30 am Manchester Mailpower Ltd 02.30 pm Barnet Oakfields Financial Services Ltd 12.00 pm London Palmers of Enfield Ltd 10.30 am London R Scott Transport Ltd 11.30 am London Satellite Vehicle Logistics Ltd 11.00 am Birmingham Spike & Violet Ltd 12.00 pm London Termpaper Ltd 12.00 pm Woodford Green Thames Valley Const & Join Co (OX) Ltd 10.15 am Summertown W G Transport Ltd 03.00 pm Glasgow 04/04/2001 Benley Ltd 04.00 pm London Carduc Robinson Ltd 02.30 pm Blackburn Clayton Estates Ltd 12.00 pm London Crackers UK Ltd 11.15 am Kingston upon Dionysus Hellas Ltd 10.30 am London Effigy Ltd 11.30 am Kingston Estuarys Ltd - The 11.30 am Southend-on-Sea Farm House Windows Ltd 12.00 pm Norwich Heavylift Volgadnepr Ltd 10.00 am Essex J & S Buildings Ltd 10.00 am Bately LMP Marketing Group Ltd 11.00 am Birmingham MSM Food Machinery International Ltd 10.30 am Huddersfield MTA Group Ltd 02.30 pm London Sidney Bramley (Livestock) Ltd 11.30 am Tong Simply Cars Ltd 03.00 pm Manchester Turner Visuals Ltd 11.00 am Sunderland Woods of Winchester Ltd 10.30 am Eastleigh 05/04/2001 A Hales Wholesale Ltd 10.30 am Bristol Agency (South West) Ltd - The 02.30 pm Exeter Aksys Computers Ltd 11.00 am Deighton Anthony Bentley Build Merch (Chest) Lt 11.00 am Stockport Balnain Trading Ltd 10.00 am Inverness Calibra Marketing Ltd 11.00 am St Albans County Protection (East Midlands) Ltd 11.30 am Derby Davista Ltd 02.00 pm London Discounted Cars (Worldwide) Ltd 12.00 pm Manchester F Long (Securities Services) Ltd 11.30 am Cardiff Fabric Store Ltd - The 11.30 am Hereford Ferny Knoll Haulage Ltd 12.00 pm Liverpool Gooch & Jones (Contracts) Ltd 11.00 am Canterbury Julian Hill Associates Ltd 11.00 am London London Employmewnt Training Ltd 11.15 am London Mossley Fabrications Ltd 02.30 pm Liverpool Net Gen Ltd 12.00 pm Birmingham Newmans Catering Services Ltd 11.30 am Birmingham Pitella Ltd 12.00 pm London Right Systems (UK) Ltd 11.30 am Edinburgh Syscom Business Systems (UK) Ltd 11.00 am Birmingham Systems Group Maintenance Ltd - The 11.45 am London Trueworld Visions Ltd 12.00 pm Derby WE2.Net Ltd 11.00 am London 06/04/2001 3SI Ltd 10.45 am Crawley Ace Build Ltd 02.30 pm London Aklec Technology Ltd 11.00 am Birmingham Artrepublic.Com Ltd 02.00 pm London Diagonal Software Ltd 11.00 am London GK Construction (Sussex) Ltd 10.30 am Haywards Heath Goldteam Builders Ltd 11.00 am Portsmouth Heatmost Ltd 02.15 pm Glasgow J & J Fabrications Ltd 12.00 pm High Wycombe Kartpro Stratos Leisure Ltd 11.00 am Northampton M & S Car Spares & Accessories Ltd 11.00 am Bolton Machine Shop Services Ltd 02.30 pm Sheffield Marcos Sales Ltd 11.00 am Bath Matthews Motors & Coach Ltd 12.30 pm Stoke-on-Trent Paramount Electrical Contractors Ltd 11.30 am Doncaster S & M Construction Ltd 11.00 am London Soccer Network Group Ltd - The 10.30 am Bromsgrove Toyzone.co.uk Ltd 11.30 am London Unitec Computer & Communication Ltd 03.00 pm London Waterhouse Tours Ltd 11.30 am London Wayfield Properties Ltd 10.00 am Swansea 09/04/2001 Chapel Place Ltd 11.00 am Barnet Colour Pride Print & Design Ltd 10.30 am Bromsgrove Darwin & Bean Ltd 11.00 am Sheffield Executive Computers (UK) Ltd 03.30 pm Lutterworth GBR Business Services Ltd 11.00 am Grimsby Garyvale Ltd 11.30 am London Global Canvas Ltd 11.00 am London Interactive Health Ltd 10.30 am Gerrards Cross Lal Qila Restaurant Ltd 11.30 am Liverpool Leverrent Ltd 11.15 am Southend-on-Sea RR & Building Contractors Ltd 03.00 pm Chelmsford Studio Fish Ltd 11.00 am Harpenden Waldham Ltd 02.30 pm Southend-on-Sea 10/04/2001 A & M Construction Group Ltd 03.00 pm Hounslow Coating & Finishing Services Ltd 02.00 pm Halesowen Drewton Beck Ltd 11.00 am Harpenden Guidehaven Ltd 11.30 am Harrow Industrial Supplies (1991) Ltd 11.30 am Barnsley Listapart Ltd 11.30 am Blackburn Roval (Finishers) Ltd 10.15 am London Sydenham Motor Co Ltd - The 11.30 am Harrow Tritech Ltd 10.30 am Driffield
TW LW TW LW
USA 1.43 1.43 Canada 2.26 2.24
Austria 22.25 22.07 Portugal 324.31 321.68
France 10.61 10.52 Belgium 65.25 64.72
Finland 9.61 9.54 Italy 3132.25 3106.90
Germany 3.16 3.13 Sweden 14.86 14.81
Holland 3.56 3.53 Switzerland 2.47 2.45
Spain 269.16 266.99 Ireland 1.27 1.26
Australia 2.90 2.90 Denmark 12.07 11.97
Hong Kong 11.21 11.16 Euro 1.61 1.60
Africa Com 11.52 11.40 Saudi Arabia 5.39 5.36
India 66.93 66.72 Malaysia 5.46 5.43
Singapore 2.58 2.55 Norway 13.09 12.99
Japan 175.41 175.88
TW This week LW Last week.
Aiwa, a Japanese electronics maker just over half-owned by Sony, said it would cut its workforce by half and close eight of its nine factories in Japan, Malaysia, Indonesia and Wales. Instead it will outsource most of its production to contract manufacturers in low-cost countries.
Hyundai Engineering and Construction, a troubled subsidiary of the Hyundai group, secured an emergency rescue package worth 2.9 trillion won ($2.2 billion) from its creditors. There had been fears that it might be liquidated instead. As one condition for the deal, the founding family is expected to lose its control of Hyundai.
Lloyd's of London, the insurance market, said that it would lose well over £1 billion ($1.4 billion) in 1999 (it closes its accounts three years in arrears). That is more than the £1.06 billion that it lost in 1998. It added, however, that these two awful years should mark the bottom of the cycle.
Leaked drafts of a government report into Robert Maxwell's 1991 flotation of Mirror Group Newspapers criticised the role played by Goldman Sachs, an American investment bank that sponsored the share issue.
Investors punished the shares of Singapore Telecom after it announced plans to buy Optus, Australia's second-largest telecommunications carrier, from Cable & Wireless for up to $8 billion. SingTel offered combinations of cash and shares to Optus's shareholders. SingTel shares fell to a record low, despite the company's efforts to buy some of them back.
Liffe, a British derivatives exchange, and Nasdaq formed a joint venture to develop a market in stock futures. Trading in single-stock futures will become legal in America next December.
British insurers and pension funds attacked the directors of Royal Bank of Scotland for awarding themselves bonuses worth £2.5m ($3.6m) as a reward for winning their takeover battle for National Westminster Bank. They want a promise from the Scots never to make such payments again. George Mathewson, executive deputy chairman, said that the bonuses would not even give him "bragging power in a Soho wine bar".
Source - The Economist
A G Barr announced pre-tax profits of 13.9 million pounds, on turnover of 111.9 million, for the year ending 27th January 2001. Earnings per share stand at 52.3p.
Barratt Developments, the housebuilders, announced pre-tax profits of 63.1 million pounds, on turnover of 633.3 million, for the six months ending 31st December 2000. Earnings per share stand at 19.4p.
Huntleigh Tech, the medical equipment group, announced pre-tax profits of 17 million pounds, on turnover of 136.3 million, for the year ending 31st December 2000. Earnings per share stand at 14.3p.
Johnston Group announced pre-tax profits of 9.15 million pounds, after exceptional credit, on turnover of 141.4 million, for the year ending 31st December 2000. Earnings per share stand at 54.5p. Signet, the jewellery chain, announced pre-tax profits of 162.8 million pounds, on turnover of 1,387 million, for the year ending 27th January 2001. Earnings per share stand at 6.6p.
MERGER NEWS
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/s to the Monopolies and Mergers Commission under the provisions of the Fair Trading Act 1973:Completed acquisition by Sinclair Collis Ltd (a subsidiary of Imperial Tobacco Group plc) of Mayfair Vending Ltd
Proposed acquisition by The Thompson Corporation of assets currently owned by Harcourt General Inc, namely its Higher Education Group and certain of its Corporate and Professional Services group businesses.
Proposed joint venture between The Society of Lloyd's, The International Underwriting Association of London and Xchange BV.
KIM HOWELLS ACCEPTS UNDERTAKINGS FROM NUTRECO
Kim Howells, Competition and Consumer Affairs Minister, announced on the 29 March 2001 that he had accepted undertakings from Nutreco Holding NV (Nutreco) in relation to their proposed acquisition of Hydro Seafood GSP Limited (GSP). His decision is in accordance with the advice of the Director General of Fair Trading (DGFT).
Dr Howells referred the merger to the Competition Commission in July 2000. Dr Howells announced on 22 December that he decided not to permit the merger in accordance with the CC's findings that it would be against the public interest and with the advice of the DGFT. He asked the DGFT to seek suitable undertakings from Nutreco to prevent the adverse effects identified by the CC.
A copy of the signed undertakings is attached to this notice. These require Nutreco not to acquire an interest in GSP or in any company having control of GSP without the consent of the Secretary of State.
KIM HOWELLS ACCEPTS UNDERTAKINGS FROM SYLVAN INTERNATIONAL AND LOCKER GROUP
Kim Howells, Competition and Consumer Affairs Minister, announced on the 29 March 2001 that he had accepted undertakings from Sylvan International Limited (Sylvan) and Locker Group plc (Locker) in relation to their proposed the joint venture Pentre Askern Group Limited (Pentre Askern). His decision is in accordance with the advice of the Director General of Fair Trading (DGFT).
The merger was referred to the Competition Commission in June 2000. Dr Howells announced on 2 November 2000 that he had decided not to permit the merger. He asked the DGFT to seek suitable undertakings from the parties to prevent the adverse effects identified by the CC.
A copy of the signed undertakings is attached to this notice. These require the parties to return the business of the joint venture to the separate ownership of Sylvan and Locker and not to acquire an interest in those businesses or in any company having control of them without the consent of the Secretary of State.
The first hi-tech courtroom was unveiled on the 27 March 2001 by David Lock and Lord Bach, Ministers at the Lord Chancellor's Department, at Kingston upon Thames Crown Court.
The £500k hi-tech courtroom will lead the way for modernisation of all 78 Crown Court centres throughout England and Wales by 2005. This is part of a £94m programme to speed-up justice, improve efficiency and provide better treatment for victims, witnesses and jurors in the Crown Court. Kingston will test the whole range of new courtroom technology before it is installed in other courts, while an additional 20 court centres will also be involved in piloting new technology and techniques. After thorough testing, the hi-tech courtroom will be used for live cases.
Lord Bach said:
"Introducing modern technology and working practices will revolutionise the Crown Court. It will help bring about speedier administration of justice with fewer court delays, reduced costs and a better service to victims, witnesses and jurors. The Court Service will also be able to make a greater contribution towards creating a more joined-up criminal justice system.
David Lock said:
"We are now ready to test our ideas for change and Kingston Crown Court centre, along with an additional 20 pilot courts, is central to this. The end result will be a modernised Crown Court fit for the 21st Century. One that not only makes the best use of technology, but also offers the level of service that the public and court users have a right to expect."
Ian Magee, Chief Executive of the Court Service said:
"The Crown Court of today offers a good service to court users. In February, our customer satisfaction survey showed that 79% of court users were satisfied with the service provided by the courts and 80% were satisfied with the approach of court staff. Similar surveys have shown that 95% of jurors are satisfied with the service they receive.
"But there is always room for improvement. We aim for an excellent service, not just a good one. This programme for the Crown Court will help us achieve that. The hi-tech courtroom being unveiled today at Kingston marks a key milestone."
Mr Magee outlined the features of the new hi-tech Crown Court centre:
Electronic information screens outside each courtroom and in the main foyer will keep all court users up to date with proceedings in each courtroom, for example indicating when a jury is being sworn in or when there is legal argument. In time, this information may be accessible on the Internet.
The court clerk will be able to instantly e-mail information, such as the outcome of a case, from the courtroom to other criminal justice agencies and set the date for the next hearing via in-court access to an electronic listing package, improving and speeding up communication. Kingston will pilot the first electronic link between a court and a prison - HMP Wandsworth.
Jurors and witnesses will be able to access general information about the court, such as information about jury service and how to get to court, via kiosks placed in public buildings and the Internet.
"Each Crown Court Centre will have a website. And in time we aim to enable jurors to respond to their summons forms electronically. Evidence will be presented to the court electronically, allowing photographs, maps, witness statements and even video and internet pages to be displayed on computer screens at the touch of a button, making the court process easier for jurors to follow and quicker - saving as much as 20% of court time.
Case Progression Officers, working directly to the judiciary, will monitor the progress of cases to ensure there is no unnecessary delay. There will be more flexibility in the use of plea and directions hearings by using paper-based or e-mail-based systems where appropriate, instead of a full court hearing to speed up the court process and reduce costs.
Victims and witnesses will no longer have the added stress of being asked to speak up or repeat what they have said. Courts will be equipped with microphones and new digital audio recording systems which will improve the quality of recording and make it easier and quicker to replay in the courtroom and produce transcripts.
Director General of the Prison Service Martin Narey said:
"This exciting new development enables a step change in the way that the Courts will interact with prisons, and should lead to an altogether more speedy, efficient and joined-up approach to the daily business of moving people between prison and Court.
"Wandsworth is a busy local prison which, on average, can have contact with Kingston court up to 20 times a day. I am sure that electronic links will be a great asset to staff in the prison's reception area and custody office, in particular, as they receive information about court decisions almost as they happen." Over the next year, 20 Crown Court centres " nearly a quarter of all Centres in England and Wales - will begin to take part in piloting these improvements.
WEBSITES TO VISIT
Middle Eastern Resources
A resource for those interested in the Middle East is The Middle East Information Network at http://www.mideastinfo.com/
Here you'll find links to the region's banks and stock markets, articles about Middle Eastern culture, religion, news events, and detailed profiles of each country.
Reference Library
Experienced Web surfers know the WWW Virtual Library is a treasure trove of material about hundreds of subjects. One of the newer Virtual Libraries is the General Reference http://home.istar.ca/~obyrne/ . Here you'll find links to encyclopedias, dictionaries, statistical sources, biographical databases, maps, atlases, almanacs, directories, and much more.
23 to the 24 April FCIB Corporation - A Global Association for Managers in Finance, Credit & International Business FCIB's 106th International Round Table Conference In Europe Hilton Budapest Hotel Hess Andras Ter 1-3, H 1014 Budapest, Hungary Further information may be obtained from Tim Lane, Director of European Operations on 01865 481 630 or email timlane@fcib-europe.org 21st to 23rd May, 2001 GARP Credit & Counterparty Risk Summit, London. For full programme details please visit www.garp.com or contact GARP on tel. +44 (0)20 7626 9300. 22 May The Institute of Credit Management National Conference and Exhibition Cumberland Hotel, Marble Arch, London W! European Outlook ICM Members #165.00 - Non-members #190.00 Retired & Student members #95.00 all plus vat Buffet Luncheon 8.30am to 5.00pm To register telephone 01780-722907 Fax 01780-721333 Thursday 24 May Sussex & Surrey Branch of the ICM Telephone Collections Speaker: Manager of Equifax Risk Management The Imperial Hotel Hove Time: 7.00 for 7.30 p.m. Sponsored by Equifax Risk Management Monday 11th June Stoke on Trent Branch of the Institute of Credit Management Credit Management Organisations in Europe - an Overview International speaker Russell KENNARD, MBA AIMC Places at this event are limited - those interested in attending should contact Catriona COLERICK on Telephone Number (01782) 28 2430. Coffee and biscuits will be served from 1830hrs, the presentation will commence at 1900hrs and will be followed by a light buffet to facilitate networking and discussion. The venue is Knight & Sons premises in The Brampton, Newcastle-under Lyme, Staffordshire. 22 June The Institute of Credit Management Fellows' Luncheon Dartmouth House Mayfair, London Tickets #42.00 plus vat To reserve places telephone 01780-722907 E-mail training@icm.org.uk Wednesday, Thursday and Friday 24th to 26th October 2001 International Credit Exhibition & Conference The Westin Stamford, Singapore http://www.internationalcredit001.com Mailto:info@internationalcredit001.com# = pounds sterling If you have an event coming up which is credit management related and you would like us to make an entry in the Diary section please e-mail the details to jarnold@creditman.co.uk
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