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: 84
Dated: 1st November 1998
Welcome to the Business Credit News UK.
In this weeks edition you will find the following topics.
UKHOUSING MARKET
The Nationwide Building Society has predicted that the housing market will slow down over the next few months, following a modest rise in prices in October.
MANDELSON URGES ECONOMIC REFORM IN EUROPE TO MAKE A SUCCESS OF THE SINGLE CURRENCY
Reaffirms importance of EMU to Britain's economic future
In his first major speech on Europe since becoming Secretary of State at the DTI Peter Mandelson emphasised his commitment to the single market and the euro, while arguing that Europe must stick to the path of economic reform to make a success of the new currency.
Mr Mandelson dismissed the suggestion of some that Britain can quit Europe and join the North American Free Trade Agreement as "a barmy idea and a red herring." In a speech to a regional audience, he promised that the new Regional Development Agencies would not introduce new bureaucracy, but would provide real economic leadership for the regions.
Mr Mandelson said:
"Britain's economic interests are clear. We need to recognise that our economic future is inextricably tied up with the rest of Europe whilst arguing that we in Europe must replicate those features of enterprise and entrepreneurialism that have been the basis of the United States' economic success. In other words, we need to be pro-Europe, but pro-reform too.
"The euro will have the most dramatic and galvanising effect. Across the whole euro area - by far Britain's most important trading partner - there will be no hiding place for high charges and consumer rip-offs. There will be a massive encouragement to shop around for the best value deal - and any business knows that will mean a massive stimulus to competition."
Mr Mandelson also said that the UK would remain a powerful voice arguing that Europe sticks to the path of economic reform:
"Taking advantage of the single market and making a success of the single currency depends on greater labour market flexibility and greater product market competition and continuing capital market liberalisation.
"Of course, we must take action to promote jobs and growth. But we must do so in a sensible way and without sacrificing the benefits that Europe has secured from prudent finances and stable levels of low inflation.
"No-one believes that we can solve our problems by propping up companies whose time has come or that there are magical short-term macroeconomic fixes. Our long- term prosperity depends on governments throughout Europe recognising that structural reforms matter."
"Of course, Britain will not be part of the single currency in the first wave - we will only join when it is in our national economic interest to do so. However, no one should doubt our policy, we support the principle and will work to ensure the euro's success."
Mr Mandelson also emphasised being more innovative, enterprising and quicker to embrace technological change is an important message he intends to drive home to all sectors of the economy and throughout Government.
He said this was also a vital message for the regions:
"For too long we have simply thrown away the full productive potential of the English regions. Our goal is to lift Britain's economic growth rate. We can only do so by employing the full resources and infrastructure of the North of the country as well as the South.
"The whole economy needs the highest performance of each region to balance that of every other. This Government is committed to modernising and evening out the performance of the UK economy.
"This is why we cannot ignore the need for effective regional policy. We are creating the Regional Development Agencies in the English regions from April next year. Not as a new tier of bureaucracy and local government, but to provide crucial economic leadership at the regional level."
RESULTS OF LATEST WORKPLACE EMPLOYEE RELATIONS SURVEY "COMPELLING" - CBI
Commenting on the results of the latest Workplace Employee Relations Survey, John Cridland, Director of Human Resources Policy at the Confederation of British Industry, said: "This survey is a welcome and crucial contribution to the debate about the changing nature of UK labour markets. What is striking is the sheer variety of employment practices identified as now being in place across the economy."
The Report shows a substantial proportion of workplaces operating 'new' management practices and employee involvement schemes. And some of the results are compelling, showing harmonious employment relations are very much the norm, conflict levels are low and satisfaction at work is also widespread."
Nonetheless there is no grounds for complacency. More businesses need to adopt the workplace practices of the best, and the CBI will be intensifying its efforts to encourage them to do so."
MORTGAGE POSSESSION STATISTICS - THIRD QUARTER 1998
The Lord Chancellor's Department has published figures for mortgage possession actions taken in the county courts of England and Wales for the third quarter of 1998.
Table 1 shows the number of mortgage possession actions for each year, by quarter, since 1993. During the third quarter of 1998 20,196 mortgage possession actions were entered and a total of 13,257 orders were made - 7,938 of which were suspended orders.
The figures do not indicate how many houses have been repossessed through the courts; not all the orders will have resulted in the issue and execution of warrants of possession.
In the third quarter of 1998 the number of actions entered was 20 % higher than the third quarter of 1997. For the same periods, figures show an decrease of 5 % in orders made (60% of orders made were suspended the same as in the third quarter of 1997).
Prepared by the Government Statistics Service
Explanatory Notes
MORTGAGE POSSESSION ACTIONS
(Local Authority and Private)
Year Quarter Actions Entered Orders Made1
1993 1 31 731 26 910
2 33 371 26 526
3 32 276 28 201
4 18 803 23 646
116 181 105 283
1994 1 21 983 17 789
2 22 171 19 406
3 22 884 20 811
4 21 046 19 792
88 084 77 798
1995 1 21 345 18 830
2 19 560 18 801
3 22 084 19 028
4 21 181 18 599
84 170 75 258
1996 1 23 987 20 297
2 19 253 18 825
3 19 092 16 953
4 17 526 15 128
79 858 71 203
1997 1 16 298 14 649
2 16 566 14 550
3 16 778 13 999
4 17 431 13 958
67 073 57 148
1998 1 18 536R 16 497
2 19 478 16 221
3 20 1962 13 2572
UK TRADE WORLD - August 1998
Non-EU (goods only) - September 1998
The UK's balance on trade in goods and services in August is provisionally estimated as #0.2 billion in deficit. This compares with the revised #0.2 billion deficit in July. In three months ended August the balance on trade in goods and services was #0.7 billion in deficit. This compares with the #1.3 billion deficit in the previous three months.
The latest estimate (based on data to August) suggests that the trend in the UK trade balance is broadly flat over recent months.
The UK's deficit on trade in goods with non-EU countries in September is provisionally estimated at #1.9 billion.
WORLD - AUGUST
Value of total trade in goods
The UK's deficit on trade in goods in August is provisionally estimated at #1.2 billion. This compares with the #1.4 billion deficit in July. Trade with EU countries in August showed a deficit of #0.1 billion compared with the revised deficit of #0.4 billion in July. The deficit with non-EU countries in August was #1.2 billion compared with the deficit of #1.0 billion in July.
In August total exports of goods fell half per cent to #13.8 billion and total imports of goods fell one and a half per cent to #15.0 billion. Exports to EU countries rose three per cent while those to non-EU countries fell four and a half per cent. Imports from EU countries fell one per cent and those from non-EU countries fell one and a half per cent.
In three months ended August the deficit on trade in goods was #3.9 billion compared with the deficit of #4.6 billion in the previous three months. The deficit with EU countries narrowed to #0.8 billion and the deficit with non-EU countries narrowed to #3.1 billion.
In three months ended August exports of goods rose one and a half per cent while imports of goods were little changed.
Exports to both EU and non-EU countries rose one and a half per cent. Imports from EU countries fell half per cent while those from non-EU countries were little changed.
The latest estimate of trend (based on data to August) suggests that the whole world goods deficit is broadly flat over recent months. The trends in the value of trade show both exports and imports falling.
Volume of total trade in goods (excluding oil and erratics)
August's provisional estimates show the volume of both exports and imports at record monthly levels. The volume of exports rose two and a half per cent compared with July while imports rose only slightly.
In three months ended August exports rose two per cent and imports rose two and a half per cent compared with the previous three months.
Latest estimate of volume trends shows exports flat and imports rising.
Export and import prices (trade in goods)
August's provisional estimates show export prices down half per cent and import prices little changed compared with July.
In three months ended August export prices fell one per cent and import prices fell one and a half per cent. This led to an increase in the terms of trade.
TRADE IN GOODS BY COMMODITY
Trade in Oil
The August surplus on trade in oil was #0.2 billion compared with the #0.3 billion surplus in July.
In three months ended August the surplus on trade in oil was #0.6 billion, compared with the #0.8 billion surplus in the previous three months.
Trade in other commodities in three months ended August 1998
For exports all the main commodity groups except food, beverages and tobacco rose in volume. Within finished manufactures exports of cars rose seven per cent and other consumer goods rose two and a half per cent. Intermediate goods rose one and a half per cent and capital goods rose half per cent.
For imports, all the main commodity groups showed rises in volume except basic materials. Within finished manufactures imports of intermediate goods and capital goods both rose by around five per cent. Cars and other consumer goods both rose by more than three per cent.
TRADE IN GOODS BY AREA: in three months ended August 1998
In value terms exports to EU and non-EU countries grew at a similar rate. Within the EU the largest rise was in exports to Belgium and Luxembourg. For countries outside the EU, growth in exports to North America and Rest of World was partially offset by a drop in exports to Oil Exporting Countries.
In value terms a slight rise in imports from non-EU countries was offset by a fall in imports from the EU. Within the EU higher imports from the Benelux region contrasted with falls in imports from France and Italy. For countries outside the EU a rise in imports from Rest of World was offset by lower imports from Other OECD Countries and Other Western Europe.
TRADE IN GOODS WITH NON-EU COUNTRIES SEPTEMBER
The UK's deficit on trade in goods with non-EU countries in September is provisionally estimated at a record monthly level of #1.9 billion. The value of exports fell five and a half per cent to #5.4 billion. The value of imports rose five and a half per cent to #7.3 billion.
Provisional estimates of volume (excluding oil and erratics) show exports down by six and a half per cent to their lowest monthly level since December 1996 while imports rose by three and a half per cent from the previous month to reach a record monthly level.
Provisional estimates of prices show exports up half per cent while imports fell half per cent compared with August.
TRADE IN SERVICES - AUGUST
The UK's surplus on trade in services in August is provisionally estimated at #1.0 billion compared with the #1.1 billion surplus in July.
In three months ended August, the surplus on trade in services was #3.3 billion unchanged from the previous three month period. Exports of services totalled #15.4 billion, unchanged compared with the previous three months. Imports of services totalled #12.2 billion compared with #12.1 billion in the previous three months.
# = pounds sterling
Britain's businesses should see an improvement in their cash flow if they take up the measures set out in the Better Payment Practice Group's new campaign, Small Firms Minister Barbara Roche announced last week.
Speaking at the launch of the Group's campaign to change Britain's late payment culture, Mrs Roche said:
"The Better Payment Practice Group's work is vital to boosting the economic prospects and well being of the small firms sector. Late paying customers starve firms of cash flow and can force them into failure.
"The Group is a partnership which reflects the Governments determination to work with businesses and their representatives on issues of key importance to the economy. Today's campaign highlights the business benefits of paying on time and emphasises that paying bills late is an unacceptable business practice.
"I particularly welcome the launch of the Better Payment Practice Code which builds on the CBI Prompt Payers Code, and which leading UK companies have already signed up to. It is important that the public sector leads by example and I am pleased to announce that all Government Departments and Agencies will also be signing up to the Code
"The Government promised legislation on late payment and on 1 November the Late Payment of Commercial Debt (Interest) Act comes into force. The new Act will provide the small business community with the statutory right to claim interest from large companies and the public sector. It will be a catalyst for change and will work along side the all other measures in the campaign."
The Better Payment Practice Group (BPPG) was formed in 1997 as a partnership between the public and private sectors. It aims to improve the payment culture of the U.K. business community and reduce the incidence of the late payment of commercial debt. It is supported by a cross-section of the business community. Further information on the Better Payment practice Group is available from Polehill Communications on 0171 369 9333.
The 'Late Payment of Commercial Debts (Interest) Act' received Royal Assent on 11 June 1998.
Other measures being taken forward by the Government include:
Contributed by Verne J. Gay, Jr.verne2@ix.netcom.com
As an international credit report agency servicing United States clients, it became clear that the potential effects of the Millennium Bug had developed into a key responsibility to our clients. The affects of Y2K would become as important an integral part of our foreign reports as would be an economic, governmental or natural upheaval in the country where the subject is based. With the strong support of an associate and long time friend it was decided to dedicate the Open Forum link in our Web Site to this subject.
CREDIT REPORT LATIN AMERICA INC. , New York City, was formed in 1997. Its original design was to provide reports on Latin America located companies to U.S. clients. Of course, from the start there were requests for reports on European, Pacific Rim and Asia companies. So the WORLD was added. The company was established and operated during its first year by the writer's wife, Rita. She was knowledgeable of the industry by virtue of being with Dun & Bradstreet for over ten years, and following, in the formation and management of Graydon. Her knowledge of Latin America business is extensive.
At the start of 1998 the writer joined into the CRLA&W adventure. My experience was a little more extensive 25 years with D&B, largely International, latterly as V.P, and subsequently, for eight years, founder and C.E.O. of Graydon America.
Now, returning to Y2K, we have become convinced that the effects will be far reaching and seriously damaging to international trade. Clients in foreign lands will be burdened by problems that will be extremely difficult with which to cope. Their local network of suppliers, transportation, banking, communications, electrical power, could all present dangerous conditions for that foreign account to survive. And in our considerable research into the Millennium Bug matter, there has not surfaced one single solution for the international risk manager to take, without damaging or destroying much or all of export activities.
But we do believe there can be developed a guidance tool, a measurement of the Y2K position of each international company with which international risk management people are dealing. The Y2K Credit Rating Guide.
So our purpose is to try and find that solution, a solution that will only evolve with the contributions and support of international risk managers, credit reporting agencies and international credit insurance companies. Therefore, classify us, if you will, as recruiters for bringing that talent into a single, focused force that recognises the importance of the Y2K challenge. With those brave rallying words resonating in this Business Credit News UK newsletter, we would like to invite you to enter that section of our Web Site and join with us http://www.crla.com/y2k.html by registering via the Listbot program. Of course, there is no charge - for saving the world.
When you do register we will send you a copy of the first two editions published since the start-up early October 1998. And while you are in the Y2K Open Forum, take a look at the materials presented when the 2000 is clicked. Someday maybe fifty flags will be floating there.
EXPORTS VALUE RISE WELCOMED BY TRADE MINISTER
The Trade Minister, Brian Wilson, has welcomed a halving in the UK's trade deficit on goods and services, to #669 million for the three months up to August. The figure for August alone was down from #240 million to #200 million.
Figures published this morning show that the value of goods exported during the three month period to August grew by 1 1/2 per cent while the volume of goods exported grew by two per cent to three per cent higher than a year earlier.
Mr Wilson said:
"World trading conditions have made this a difficult time for exporters. However, I am encouraged by the fact that during this period, the value of exports rose by #600 million compared to the previous three months.
"While in no way underestimating the problems our exporters face, it is vital we do not talk down their prospects by generalising or exaggerating. As these figures confirm, thousands of exporting companies are working extremely hard and effectively to maintain their competitiveness abroad during this period.
"That is both maintaining our level of exports in the short term and laying sound foundations for the future."
However, Mr Wilson warned that the Asian crisis was having a very substantial effect on exports to that region and this was beginning to come through strongly in the figures.
Mr Wilson said:
"Some of our major markets in Asia are simply not in a position to import foreign goods on anything like the previous scale. That is a reality from which we cannot be immune and it is a major challenge for our exporting firms to adjust to the decline in these markets."
DATA PROTECTION DIRECTIVE IN FORCE: DATA PROTECTION REGISTRAR ISSUES ADVICE ON NEW LAW
The EU Directive on data protection is now in force but The Data Protection Act 1998 will not be brought into operation until 1999 when the subordinate legislation is in place. Ministers have said they will announce the planned commencement date as soon as they can. When the 1998 Act is brought into force it will repeal the Data Protection Act 1984. Until that time the 1984 Act will remain in place.
Anticipating data users' needs The Data Protection Registrar has issued an introduction to the New Act in the form of a document entitled, "The Data Protection Act 1998 - An Introduction". This is available free of charge by writing to: Publications, Office of the Data Protection Registrar, Wycliffe House, Water Lane, Wilmslow, Cheshire SK9 5AF. It is also available via the Registrar's home page with which we have a link to from the website.
The Data Protection Registrar, Elizabeth France said, "It is important that data users develop an early understanding of the new Act. I have therefore decided to issue a preliminary guide to help meet data users" needs. Over time, as we gain experience of applying the new law, my Office will refine and amplify guidance on the 1998 Act."
Keen to allay data users' fears, Mrs France added, "Whenever concerns regarding a data user's compliance with the Principles are brought to my attention I attempt to achieve compliance by dialogue. Formal enforcement action is the exception rather than the norm. I intend to take the same approach to enforcing the new requirements of the 1998 Act.
While there is no room for complacency, many of the requirements of the 1998 Act are substantially the same as those of the 1984 Act."
Data users and data subjects will continue to be kept up to date with thinking on specific aspects and general progress of the Act. Further guidance and detailed advice on its various provisions will be issued as they become available.
Data Protection Act 1998 - When does it come into effect? Do any of the provisions of the new Data Protection Act apply now? The new Data Protection Act received Royal Assent on 16 July 1998. However, it has not yet come into effect, and none of its provisions apply. Until they do, the Data Protection Act 1984 is still in force, and data users must continue to comply with it. When will we know when the new Act will come into effect? The decision on when the new Act will come into effect is the Government's, not the Registrar's. The Government is not likely to take that decision until later in the year. We expect the actual implementation date to be early in 1999.
What is the significance of 24 October 1998?
The new Act is intended to meet the requirements of a European Union directive on data protection. 24 October 1998 is the date by which all member states of the European Union should have brought into effect their legislation to meet those requirements. The UK, together with many of the other member states, will be a few months late. If the implementation date in the UK is going to be later than 24 October 1998, does that date still mean anything?
It does, because of the transitional arrangements. Once the new Act has been implemented, whenever that may be, any new processing of personal data which started after 24 October 1998 must comply with all the provisions of the new Act immediately. Any processing which was already under way before 24 October 1998 has 3 years from that date to comply, i.e. until 24 October 2001. During that 3 year period, processing already under way on 24 October 1998 will effectively only have to comply with the provisions of the 1984 Act.
What does "processing already under way" mean?
Our view on this can be found in the Introductory Guide we published on 26 October 1998. What is the effect of the transitional provisions on registration? Registration under the 1984 Act will be replaced by notification under the new Act. Data users, who will now become data controllers, will still have to provide certain information about their processing, and some of that information will be placed on a public register, but there will be differences of detail. However, any data controller who is registered as a data user under the 1984 Act on the implementation date of the new Act will be exempt from the requirement to notify under the 1998 Act until their existing register entry expires or until 24 October 2001, whichever comes first. Controllers with more than one register entry will be exempt until the entry with the latest expiry date expires.
Will data users be able to renew their existing register entries right up to the implementation date of the new Act?
Yes, but if the renewal takes the expiry date beyond 24 October 2001, the register entry will only be valid until that date. There will be no refund of the fee for any "unused" part of the renewal period.
Is it true that transitional relief is not available once a controller has to notify under the new Act?
No! The fact that controllers have had to notify under the 1998 Act because their entries under the 1984 Act have expired does not mean that they are unable to continue to enjoy transitional relief from the additional publications imposed by the 1998 Act in respect of personal data subject to processing already underway.
If the new Act is not coming into effect until the early part of 1999, what will new data users have to do about registration or notification?
The 1984 Act will still be in force, and new data users will have to register under the 1984 Act right up to the implementation date of the new Act. However, any register entry which is added to the register after 24 October 1998 will be valid only until 24 October 2001. There will be no refund of the registration fee for any "unused" part of the registration period. Will data controllers have to notify any changes to their processing?
Notification regulations will determine the extent to which data controllers will have to notify changes to their processing. These have not yet been published by the Home Office. What about data users who want to renew entries which currently expire after the implementation date (once we know what that is)?
Data users can renew up to 6 months in advance of the current expiry date. If they apply before the implementation date to renew an entry which expires after the implementation date, provided the application is within the 6 month period, they must be allowed to renew. However, the renewed entry will be valid only until 24 October 2001. There will be no refund of the fee for any "unused" part of the renewal period.
When do the provisions of the new Act come into effect for manual data? For new processing which started after 24 October 1998, the rules are the same for manual data as for automated data, i.e. the processing has to comply with all the additional provisions of the new Act immediately from the implementation date. For processing which was already under way on 24 October 1998, manual data (with some exceptions) is effectively exempt from all the provisions of the new Act until 24 October 2001. There is then a further transitional period until 24 October 2007 during which some, but not all, of the provisions of the new Act will apply.
What about registration or notification of manual data? Manual data is exempt from the notification requirements of the new Act except in cases where "prior checking" will be necessary. These are expected to be rare.
Following petitions presented by the Secretary of State for Trade and Industry in the High Court of Justice to wind up North West Holdings Plc and North West Holdings Limited in the public interest, winding up orders were made against both companies on 19 October 1998. The petitions were presented following investigations under Section 447 of the Companies Act 1985 (as amended).
The Official Receiver has been appointed liquidator of both the companies.
North West Holdings Plc promoted a "Flexible Savings and Investment" scheme which represented to clients an attractive projected return on their investment which was unlikely to be met. Some of the company's clients opened interest bearing accounts at a bank from which premiums for life and critical illness insurance policies, the company's charges for these and other apparently provided services were paid. The company also arranged similar policies for other clients who did not enter the scheme.
The court found that these products were so defective that they should not be promoted to the public at large and had so little intrinsic merit that those clients purchasing them must be under a misconception as to what they were getting. It also found that the level of charges levied in respect of them was excessive and the services offered were relatively paltry. A bank account was operated under the style of "Premium Collection Services" into which charges were paid and from which substantial sums were withdrawn for the benefit of the officers of the company.
The affairs of North West Holdings Ltd, incorporated under Guernsey law with objects which did not reflect its actual business, were inextricably linked with those of North West Holdings Plc thereby leading to confusion for those persons dealing with the companies.
All public enquiries concerning the business affairs of the company should be made to the Official Receiver at the following address:
The Official Receiver
The Insolvency Service
PO Box 203
21 Bloomsbury Street
London
WC1B 3QW
The registered office and principal trading address of North West Holdings Plc is at Beetham House, Tithebarn Street, Liverpool. The registered office of North West Holdings Limited is at The Old Presbytery, Le Rocquettes and its principal place of business is at Stratair Buildings, Alderley Airport, Alderley
*** 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 02/11/98 to 10/11/98 Number of Creditor meetings : 203 Section Company Time Venue 138 Scotland - Interim Liquidator calling Creditors Meeting 02/11/98 Russell Express Distribution Ltd 10.30 am Glasgow 03/11/98 Print Warehouse Ltd - The 10.00 am Glasgow 48 Receiver calling unsecured Creditors Meeting 02/11/98 Open Door Group Ltd 03.00 pm Shrewsbury Pendelbury Hotels Ltd 12.00 pm Leeds 10/11/98 Arthur Redfern Ltd 11.00 am Stoke-on-Trent Chatfield (Stoke) Ltd 11.00 am Stoke-on-Trent 84 N. Ireland - Creditors Voluntary Liquidation 05/11/98 Process Controls Engineering Ltd 11.00 am Londonderry 06/11/98 Sabre (Retail) Ltd 10.00 am Belfast 95 Members converting to Creditors Voluntary Liquidation 06/11/98 Earnshaw Home Supplies Ltd 12.00 pm Manchester 98 Creditors Voluntary Liquidations 02/11/98 1st Standard Heating & Gas Serv Ltd 11.30 am Portsmouth Biolytic Systems Ltd 12.00 pm Newcastle-u-Tyne Camden Wines Ltd 11.00 am London Classic Clothing Co (Brighton) Ltd 10.15 am Worthing Communication Cabling Services Ltd 11.00 am Corby Dennis Designs Ltd 04.00 pm London Donaldson & Evans (Hale) Ltd 02.30 pm Manchester Envirodri International Ltd 02.00 pm London Farm Shops (Yorkshire) Ltd 10.15 am Batley Harlows Ltd 11.30 am Altrincham Jordans Accident Repair Centre Ltd 12.00 pm Manchester Millbank Joinery Ltd 11.00 am Birmingham Nuray Fashions Ltd 10.00 am London Pennine Plastics Technology Ltd 11.30 am Preston Redpoint Systems Ltd 12.30 pm Cardiff Reeve Analytical Ltd 12.00 pm Glasgow Stokes (Builders) Ltd 11.00 am Birmingham 03/11/98 APL Group (Holdings) Ltd 11.00 am London APL Monitoring Services Ltd 12.00 pm London Absolute Zero Refrigeration Ltd 11.15 am London Acriform Ltd 02.30 pm Walsall Asra Care Ltd 10.00 am Worcester Basford Development Ltd 02.00 pm London Bretton Informatic Ltd 03.00 pm London Britannia Windows (Midlands) Ltd 10.30 am Sheffield Brooke Lighting Ltd 10.15 am Leeds Building & Property Services Ltd 03.00 pm London C.C.S. Ltd 02.30 pm Westerham Capital Karts Ltd 03.00 pm Edinburgh Dana UK Ltd 11.30 am London Diecutters (Newcastle) Ltd 10.30 am Newcastle-u-Tyne Elmoro Engineering Ltd 12.00 pm Manchester Euro 800 Ltd 11.30 am Manchester Greaves Air Ltd 12.00 pm Manchester Grenco House Ltd 11.30 am London H Frank Green Ltd 11.00 am Denham Harlow Brewery Co Ltd 12.10 pm London Inglewood Associates Ltd 11.30 am Southampton Jina Ltd 03.00 pm London K E E Engineering Ltd 10.30 am Tichfield Kitex Ltd 03.00 pm London LHD (International) Ltd 10.30 am London Leisure Light Company Ltd - The 11.00 am Birmingham Mersey Ltd 11.30 am London North London MOT Centre Ltd 11.00 am London Pageant Publishing Ltd 12.30 pm London Peak Pantries Ltd 11.00 am Leeds Penwith Kitchen Studio Ltd 12.30 pm Redruth Petromex Ltd 10.00 am London Portland Health & Leisure Ltd 11.30 am Altrincham Rezvale Ltd 10.00 am London Robert Whiteman (Contracts) Ltd 12.00 pm Walsall Robert Whiteman Decorations Ltd 12.00 pm Walsall Rockingham Systems Solutions Ltd 11.00 am Sheffield SPA Graphics Ltd 11.30 am Hereford Surplus Plastic Recyclers Ltd 03.30 pm Walsall TCL Products Ltd 01.30 pm Walsall Targetplumb (Merchants) Ltd 11.00 am Merriden Xuxu Joinery Ltd 12.00 pm Liverpool Yewtern Ltd 11.30 am London 04/11/98 1st Choice Logistics Ltd 02.00 pm Barnet Abbeytech Ltd 11.00 am London Accfin Ltd 03.00 pm London Balacrest Ltd 11.30 am Liverpool Book Package Company Limited - The 11.00 am Dorset Book Package Company Ltd - The 11.00 am Dorset C L P Ltd 10.30 am Warrington C P (Guildford) Ltd 10.30 am Bracknell C. Lawbury Ltd 02.30 pm Southampton Champagne Exchange Plc 12.00 am London Decision Maintenance Ltd 11.30 am London Dorset Electrics Ltd 11.30 am Southampton Ductline Systems (North) Ltd 11.30 am Wigan Egerton Holdings Ltd 12.00 pm Hale Gadrion Ltd 11.00 am Harpenden Incentives For Less Ltd 10.30 am London International Traders Ltd 11.00 am London JZ Trucking (UK) Ltd 11.30 am Hull Kites Ltd 11.30 am London L & S Building Services Ltd 10.30 am Egham L K C Services Ltd 02.30 pm Egham Lida Ltd 04.00 pm London Marlow Design Centre Ltd 11.30 am London Mega Magnets Ltd 11.00 am London Mehwish Enterprise Ltd 12.00 pm London Merrick Plant Ltd 11.30 am Sheffield Olympia Manufacturing Ltd 12.00 pm Manchester Partsmaster Ltd 10.30 am London Rockville Design Consultants Ltd 11.30 am Leeds Sky Furniture Ltd 10.30 am Holland-on-Sea Talkline Communications Ltd 11.00 am Sunderland Trent Med Ltd 10.30 am Sheffield Tyler Industrial Mouldings Ltd 12.30 pm London Wavewood Ltd 12.00 pm Sunderland 05/11/98 A & C Factors (Paints) Ltd 11.00 am Ainley Top Abbey Welding (Southern) Ltd 12.00 pm Portsmouth Aero Offset (Bournemouth) Ltd 11.00 am Bournemouth Allport Technology Ltd 11.00 am Birmingham Alpabond Ltd 11.30 London Andina Ltd 12.00 pm London Apex Building Supplies Ltd 12.00 pm Cardiff Atrotec Industries Ltd 11.30 am Dudley Bar 150 Ltd 12.00 pm Worcester Crescent Moon Ltd 03.00 pm London G & G Scaffold & Labour Services Ltd 12.00 pm London Interlink Recruitment Ltd 02.30 pm London J F Electrical Services Ltd 11.00 am Caersws Jadehire Ltd 10.30 am Lincoln Leek Hydraulic & Pneumatic Pipe Ltd 11.30 am Altrincham Lyngrove Services Ltd 04.00 pm Southend-on-Sea Mockler & O'Connor (South East) Ltd 11.30 am London Moorside Construction Services Ltd 10.45 am Leeds P & W Connolly (Contractors) Ltd 12.00 pm Manchester P G Proprite Ltd 03.00 pm Newmarket Plastics Stockholder (UK) Ltd 11.00 am Birmingham Production Automation Ltd 11.30 am Lutterworth Qumetric Technology Ltd 11.00 am Winchester Riverside Leisure (Mirfield) Ltd 02.15 pm Batley Rosella Ltd 12.00 pm London Scanfuture Ltd 11.00 am Grimsby Skarthi Computing Ltd 10.30 am Driffield Smith Owen Supplies Ltd 11.30 am Liverpool Suntex Formtex Plastics Ltd 11.30 am Guildford Technoproduct Services Ltd 11.00 am Northampton Telson Maintenance & Cleaning Ltd 11.30 am Birmingham UK Freight Ltd 11.00 am Southport Zenrose Ltd 11.00 am London 06/11/98 A1 Glass Ltd 11.00 am Chatham Advanced Marketing Technologies Ltd 11.00 am Northampton Amethystos Ltd 11.30 am London B V Components Ltd 11.30 am Walsall Bix Developments (UK) Ltd 11.30 am London Buildrite Construction Ltd 03.00 pm Swansea Calmlook Ltd 10.45 am Sheffield Caveat Diem Ltd 12.00 pm Hale Ceramic Gift Tiles Ltd 12.00 pm Llandudno Courtney Plc 11.30 pm London D & S Print Finishing Ltd 12.00 pm Worcester D.J. Packaging Ltd 11.00 am Sunderland Dean Oliver Landscap. & Sportsgrd Ltd 12.00 pm Cardiff Ductline Systems (UK) Ltd 11.30 am Mildenhall Ipswich Book Company Ltd 10.00 am Egham Keltcrest Investments Ltd 10.30 am Birmingham Keltcrest Ltd 10.30 am Birmingham Leocrown Taverns Ltd 03.00 pm Northwood Life Science Laboratories Ltd 03.30 pm St Albans M & R Holdings Ltd 10.30 am Birmingham Mediastore Ltd 11.00 am Barnet Midland Gas & Chemicals Ltd 11.00 am Birmingham Number One Systems Ltd 02.15 pm Cambridge Printmaster Ltd 04.00 pm London Prostar Ltd 04.00 pm London Pure Initiative Ltd 10.30 am Nottingham Sefton Surfacing Ltd 11.30 am Liverpool Shotgate Ltd 0.30 am Southend-on-Sea Sopex Oils Ltd 11.00 am London South Wales Alloys & Metals Ltd 10.00 am Swansea Sovereign Atlantic Consultants Ltd 10.30 am London Spectrum R S Ltd 10.15 am Batley Tres Chic Ltd 03.30 pm London 09/11/98 Clerkdress Ltd 11.00 am Brighton Construction Consumables Ltd 11.00 am Birmingham D C Projects Ltd 10.15 am Kingston-u-Thames Elnstyle Ltd 02.30 pm London H Morgan & Sons (Haulage) Ltd 02.00 pm Newport Metfit Ltd 10.30 am Sheffield Priory Garage Ltd 11.00 am Plymouth Ronak (UK) Ltd 11.00 am Edgware Starpath Ltd 11.00 am Leeds Stoke Power Transmissions Ltd 11.15 am South Normanton Tilt Techneik Ltd 10.00 am Southend-on-Sea Valley Pine Crafts Ltd 11.00 am Basingstoke Weybuild Ltd 12.00 pm Bristol 10/11/98 Blackwater Office Contracts Ltd 11.00 am Uckfield Brighton Hove & Mid-Sussex Buil Co Ltd 11.00 am Brighton Communica Design Ltd 12.00 pm Royston Consultancy Contracting & Care Ltd 03.00 pm London Conway Relf Ltd 03.00 pm London Environmental Concept Serv (GB) Ltd 11.00 am Sutton Ersatz Ltd 03.00 pm London Fayley Box Co Ltd 10.30 am Southend-on-Sea Globe International Freight Ltd 10.30 am Harrow Images Building Contract Midlands Ltd 11.30 am Tamworth Integrated Technology Ltd 12.00 pm London M & A Surfacing Ltd 11.00 am Bromsgrove New Watson England Co Ltd - The 10.30 am Birmingham Quantec Systems Ltd 03.30 pm Birmingham Ramsbottom Van & Car Hire Ltd 11.00 am Manchester Scream Designs Ltd 11.00 am London Stark Naked Ltd 11.45 am London Taw & Torridge Fisheries Ltd 12.00 pm Taunton Tilehouse Harson Ltd 10.30 am London Tudormace Ltd 12.30 pm London Wirral Refrigeration Ltd 11.00 am Manchester
TW LW TW LW
USA 1.6786 1.6967 Canada 2.5898 2.6243
Austria 19.5161 19.5655 Portugal 284.305 284.969
France 9.3012 9.3247 Belgium 57.3460 57.3697
Finland 8.4350 8.4559 Italy 2744.01 2750.69
Germany 2.7749 2.7808 Sweden 13.1678 13.0808
Holland 3.1269 3.1362 Switzerland 2.2572 2.2716
Spain 235.510 236.164 Ireland 1.1133 1.1154
Australia 2.7205 2.7169 Denmark 10.5461 10.5737
Hong Kong 13.0061 13.1479 ECU 1.4093 1.4129
Africa Com 9.6740 9.6882 Saudi Arabia 6.2954 6.3634
India 70.9410 71.7280 Malaysia 9.0795 6.4475
Singapore 2.7373 2.7487 Norway 12.4160 12.4878
Japan 198.400 199.795
TW This week LW Last week.
Air London International announced pre-tax profits of 3.23 million pounds, on turnover of 52.1 million, for the year ending 31st July 1998. Earnings per share stand at 21.9p.
Pilkington announced pre-tax profits of 66 million pounds, on turnover of 1,360 million, for the six months ending 30th September 1998. Earnings per share stand at 3.3p, on increased capital.
J. Sainsbury announced pre-tax profits of 455 million pounds, after exceptional charge, on turnover of 8,095 million, for the twenty eight weeks ending 19th September. Earnings per share stand at 16.7p, on increased capital. The company warned that although profits have increased, growth has slowed dramatically since September.
Whitbread announced pre-tax profits of 192.2, after exceptional charge, on turnov er of 1,688 million, for the six months ending 29th August 1998. Earnings per share stand at 7.28p.
Wyndeham Press announced pre-tax profits of 5.7 million pounds, on turnover of 40.9 million, for the six months ending 30th September 1998. Earnings per share stand at 9.7p, on increased capital.
Members of the Birmingham Midshires Building Society are set to receive a £1,250 windfall if the takeover bid by the Halifax is approved by members, next week.
British Airways and American Airlines tentatively agreed to take a stake of up to 10% in Iberia Airlines, in what could be a first step towards privatising the Spanish carrier. The deal values Iberia at Ptas 520 billion-580 billion ($3.7 billion - 4.1 billion).
Source: The Economist
In Europe's largest cross-border deal yet between electricity generators, National Power is taking a 25% stake in Spain's Union Fenosa for Ptas 97 billion ($689m). 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 mergers to the Monopolies and Mergers Commission under the provisions of the Fair Trading Act 1973:Acquisition by London Luton Airport Group Limited of the airport business of London Luton Airport Limited
Proposed acquisition by Day Runner Inc of Filofax Group plc
Proposed acquisition by British-Borneo Petroleum Syndicate PLC of Hardy Oil & Gas plc
Proposed acquisition by Courtaulds Textiles plc of Clarement Garment (Holdings) plc
3 November Northern Ireland branch meeting of the ICM 5.30 for 6.00pm An Evening with Group Treasury Presentation by The Ulster Bank (Venue as 1 October) + Buffet North East Branch meeting of the ICM 7.00 for 7.30pm Duties of The Sheriff of London Presentation by Claire Sandbrook The Golden Lion Hotel, Lower Briggate, Leeds + Buffet Northampton Branch meeting of the ICM 7.30pm Quiz night Northants County Cricket Club +Buffet 5 November 6.15 for 6.30pm West of Scotland Branch of the ICM Race Night Venue as 8 October + Buffet + Drinks West of Scotland Branch of the ICM Race Night 6.15 for 6.30pm The offices of Ernst & Young, George House, 50 George Square, Glasgow + Buffet + Drinks 9th November 6.30 for 7.00pm Stoke-on-Trent Branch meeting of the ICM Business Credit Scoring Presentation by Dun and Bradstreet Ltd Chamber of Commerce, Festival Park, Etruria, Stoke-on-Trent +Wine and Buffet Norfolk Branch meeting of the ICM 6.30 for 7.00pm Insolvency - the Solicitor's Viewpoint Mark Oakley, Partner, Leathes Prior PricewaterhouseCoopers, The Atrium, St George's Street, Norwich + Buffet Contact Bill Read on 01603-610911 10th - 11th November The ICM 5th Annual Conference on Credit Scoring Weetwood Hall, Leeds Contact the ICM Training department on 01780-722907 North East Branch meeting of the ICM 7.00 for 7.30pm Interview Skills Presentation by Hays Accountancy Personnel Services Ltd The Marina Post House Hotel, Hull + Buffet 13 November 7.00 for 7.30pm Thames Valley Branch of the ICM Branch Dinner Moat House Hotel, Sindlesham, nr Reading For tickets (#25 each) contact Colin Hingston on 01494 456620 16 November 6.30 for 7.00pm Wessex Branch meeting of the ICM Euro Problems Presentation by Dave Millet The Botleigh Grange Hotel, Hedge End, Southampton + Buffet 17th November Chilterns Branch meeting of the ICM 6.45 for 7.00pm Tomorrow's Technology - Tonight Presenter - Steve Cookham Fuji Photo Film (UK) Ltd, Cambridge Road, Bedford 18th - 20th November ICM Credit Management Forum Westwood Hall, Leeds Contact the ICM on 01780-722907 for more details E-mail training@icm.org.uk 18 November 6.30pm East Midlands Branch meeting of the ICM A Technology Update Dun & Bradstreet will lead a presentation and discussion on the Internet and related technology - its credit application, uses, benefits and pitfalls. Kegworth Hotel, J24 Ml + Buffet 23rd November 12.30 for 1.00pm South West Branch meeting of the ICM VA's - are they worth it? Presentation by Stephen Lawson, Anstey Sargent and Probert, and Stephen Allinson, Clarke Willmott and Clarke Devon Hotel, Mattford, Exeter +Hot Buffet 24th November Time TBA Swindon Branch meeting of the ICM Presentation on Surveillance Venue TBA 25 November Merseyside & North Wales Branch meeting of the ICM 6.00pm Wine Tasting Intrum Justitia, 4th Floor, 47 North John Street, Liverpool. +Buffet 26th November 2.00pm Bristol and West Branch meeting of the ICM The Bristol Lecture The Euro and how it will affect your business Ashton Court, Bristol 27 November 7.30 for 8.00pm West Midlands Branch meeting of the ICM Tenpin Bowling Night Mega Bowl, Redditch + Buffet Meal Teams of 6. Cost - #10.00 per person (includes 2 games & meal) 1 December 7.00 for 7.30pm North East Branch meeting of the ICM EDM Presentation by Shane Hussain The Golden Lion Hotel, Lower Briggate, Leeds + Buffet Northern Ireland Branch meeting of the ICM 5.30 for 6.00pm Tour of the BBC Broadcasting House Ormeau Avenue, Belfast +Buffet 3rd December Sussex and Surrey Branch meeting of the ICM 7.30pm Year 2000 Presentation and discussion with an IS Manager Bridgehouse Hotel, Reigate 3 December 6.00 for 6.3Opm London Branch meeting of the ICM Receiverships - what are they and how do they affect you? Presentation by John Alexander, Pannell Kerr Forster Pannell Kerr Forster, 78 Hatton Garden, London ECiN 8JA + Buffet + Drinks 7th December Bristol and West Branch meeting of the ICM 6.30 for 7.00pm Race Evening and Social Event Ashton Court, Bristol +Buffet Wessex Branch of the ICM 6.30 for 7.00pm Quiz Night The Botleigh Grange Hotel, Hedge End, Southampton + Buffet Norfolk Branch of the ICM 6.30 for 7.00pm Annual Quiz Night Teams competing for the ICM Norfolk Quiz Challenge Shield PricewaterhouseCoopers, The Atrium, St George's Street, Norwich + Buffet Contact Bill Read on 01603-610911 9 December Northampton Branch of the ICM Christmas Meal Time TBA Local Chinese/Italian Bistro - TBA Contact Kerry Bland on 0966-275454 or Malcolm Swann on 01604-673410 10 December 6.45 for 7.15pm Sir Roger Cork - Charity Evening in aid of Cancer Research 'A Year as Lord Mayor - a Rough Ride?' Dun & Bradstreet Ltd, Holmers Farm Way, High Wycombe + Buffet March 9th to the 11th March 1999 Credit 1999 The Novotel, Hammersmith, London W6 Free Conferences and Workshops Free Exhibition Top Industry Speakers # = pounds sterling
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