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: 73
Dated: 2nd August 1998
Welcome to the Business Credit News UK.
In this weeks edition you will find the following topics.
UKSMALL AND MEDIUM ENTERPRISE (SME) STATISTICS FOR THE UK, 1997
There were an estimated 3.7 million active businesses in the UK at the start of 1997 according to new statistics published.
The Statistical Bulletin Small and Medium Enterprise (SME) Statistics for the UK, 1997 contains a size breakdown of the number of businesses in the UK, from small traders with no employees to those with 500 or more employees. It also shows the contribution to employment and turnover made by businesses of different sizes, industry by industry.
Trends in the number of businesses
The stock of enterprises remained at a similar level for the third successive year, following falls in 1992 and 1993. The business stock is 1.3 million higher than in 1980 (the first year for which comparable figures are available). Most of the growth in the business population has been in one person businesses.
Small, Medium and Large Businesses
Of the 3.7 million businesses in 1997, over 2.5 million were 'size class zero' businesses - those made up of sole traders or partners without employees.
Of the entire business population of 3.7 million enterprises only 25 thousand were medium sized (50 to 249 employees) and only seven thousand were large (250 or more employees).
Small businesses, including those without employees, accounted for over 99% of businesses, 45% of non- government employment and (excluding the finance sector) 40% of turnover. In contrast, the seven thousand largest businesses accounted for 43% of non-government employment and 46% of turnover.
Industry Patterns
At the start of 1997, at least 99% of businesses in all but the electricity, gas and water supply and mining/quarrying sectors were SMEs.
The share of employment provided by SMEs varies greatly from one industry to the next. In construction 87 % of employment is accounted for by SMEs while in finance it is only 23%.
More detailed industry figures (available in the Statistical Bulletin) show employment was particularly reliant on small businesses in areas as diverse as veterinary services, recycling, computing and salt production.
Regional Analysis
Small and medium enterprises accounted for over 99% of businesses in all regions. The share of employment in SMEs was highest for those based in Northern Ireland and lowest for those based in London. The share of turnover in SMEs was also highest in Northern Ireland, but there is no single source of estimates of the business population.
The SME statistics are compiled using a variety of sources; the main source is the Inter Departmental Business Register administered by the Office for National Statistics.
The SME statistics are published eighteen months after the start of the reference year. This reflects the long delays in the reporting of a minority of business birth and deaths, and the time taken to record employment in all existing enterprises.
The estimates provided here take account of the very small businesses that do not appear on the official business register. Since they are estimated using survey data, the reliability of the statistics is lower for the smallest size class.
The Statistical Bulletin Small and Medium Enterprise (SME) Statistics for the UK, 1997 is available from Joanna Selden, SME Statistics Unit, Level 2, St. Mary's House, c/o Moorfoot, Sheffield S1 4PQ. (Telephone: 0114 259 7538). Price: #15. It contains a size breakdown of the number of businesses in the United Kingdom. It shows the contribution to employment and turnover made by businesses of different sizes, with an industry breakdown. For the first time regional data are also included, as well as more detailed industrial sector information. The data are useful for business planning and marketing.
FALLING ORDERS DRIVE MANUFACTURING CONFIDENCE TO NEW LOW - CBI
Domestic orders in manufacturing fell for the first time in over two years and to the greatest extent since January 1993.
Export orders dropped at the fastest rate for 12 years leading to the sharpest fall in business confidence since January 1991, according to the latest CBI Quarterly Industrial Trends Survey out last week. The survey shows that only 7 per cent of firms are more optimistic about the general business situation compared with 51 per cent who are less optimistic, giving a negative balance of 44 per cent. This compares with a negative balance of 22 per cent in April. Domestic orders are reported to have fallen as indicated by a negative balance of 15 per cent of firms, the worst figure since January 1993.
Andrew Buxton, Chairman of the CBI's Economic Affairs Committee, said: "UK manufacturers are clearly running into considerable difficulties. The decline in domestic demand, coupled with the further fall in export orders is now leading to cuts in plans for output, investment and employment. The broader economic picture is less weak, but points to a cooling of growth".
Economic growth has slowed from its peak rate in mid-1997, and latest data indicates that the non-oil economy is growing at 1.6 per cent on an annualised basis, below the long-term trend rate. Services output is now growing more modestly, while manufacturing is very weak according to official and survey data. Manufacturing accounts for around a fifth of the economy, but remains a disproportionately important contributor to volatility in overall economic activity. On the demand side, underlying retail spending also seems to be starting to slow.
The CBI recognises that the MPC will next month face a very difficult and finely balanced decision on interest rates, with concerns about the recent pick-up in average earnings posing an upside risk to the 2.5 per cent inflation target. The CBI however expects earnings growth and labour market pressures to ease as the economy slows down further over the second half of this year.
Mr Buxton added: "The risks of a sharper slowdown, highlighted by this latest survey, outweigh the risks of higher inflation. The CBI has therefore decided to call for a cut in interest rates of 0.25 percentage points at next month's MPC meeting."
The survey also indicates that output has fallen for the first time in over five years. The decline, although fairly modest, is the sharpest since early 1993. Output is expected to fall further over the coming four months, with expectations weaker than at any time since July 1991.
Plant and machinery investment intentions have been negative for two consecutive surveys and are at their weakest since July 1991. The negative balance for building investment over the next 12 months has increased since April. Improving efficiency remains the single most important factor influencing investment plans, while uncertainty about demand, unchanged since April, is the most significant constraint.
Demand shortage has risen further as an output constraint, reaching its highest level since January last year. Encouragingly, skilled labour has eased back as a limiting factor, close to levels last seen in the first half of last year. However, employment in manufacturing fell markedly over the past four months and is expected to fall further at the sharpest rate for two years.
Capacity utilisation has fallen to its lowest level since April 1994 and is close to its long-term average. Plant capacity has also eased significantly as a factor likely to limit output to levels last seen in July 1993.
Inflationary pressures remain very weak, with domestic prices falling at the fastest rate for almost six years. Unit costs were little changed, which implies that domestic profit margins have been squeezed over recent months. Domestic prices are expected to fall more quickly than unit costs, highlighting continued pressure on margins. Export prices have fallen over the past two years and remain under severe downward pressure with the reported and expected balances continuing to be the lowest on record.
The Survey was carried out between 25 June and 15 July 1998. 1013 firms completed the survey. The survey covers some 50 industries and account for around half of the UK's manufacturing exports and some two million employees.
GROSS DOMESTIC PRODUCT PRELIMINARY ESTIMATE 2ND QUARTER 1998
In the second quarter of 1998,the preliminary estimate of gross domestic product (GDP), at constant factor cost, shows a rise of 0.5 per cent compared with the previous quarter. GDP excluding oil and gas extraction shows an increase of 0.4 per cent compared with the previous quarter.
If comparisons are made with the second quarter of 1997, the preliminary estimate of growth in total GDP over this period is 2.6 per cent and for GDP excluding oil and gas extraction the estimated growth is 2.5 per cent.
Within GDP, it is estimated that the output of the production industries increased in the second quarter. This increase is almost entirely due to rises in the energy extraction and energy supply industries.
Output of the service industries overall is estimated to have grown at a quarterly rate of 0.6 per cent in the second quarter. Growth is estimated to continue in most private sector service industries, but not everywhere and generally at a more modest rate. Public sector service industries continue to show overall weakness.
HARMONISED INDEX OF CONSUMER PRICES JUNE 1998
In the twelve months to June, the UK harmonised index of consumer prices rose by 1.7 per cent, down from 2.0 per cent for May.
The main downward effect on the HICP 12-month rate came from seasonal food prices (compared to last month's large upward effect) and from motoring costs. There were also smaller downward effects from price changes for catering, furniture and furnishings, and recreation and culture. There was, however, a small upward effect from prices for clothing and footwear.
NEW WORKING GROUP TO SPEARHEAD THE DRIVE AGAINST COWBOY BUILDERS
Anthony Merricks CBE, Chairman of the Construction Skills Certification Scheme, is to chair a working group to take forward the Government's campaign against cowboy builders.
The group will develop detailed proposals for an approved list of reputable contractors and a kitemark or badge of quality scheme backed by a warranty. It is charged with delivering a working scheme by July 1999.
The draft terms of reference of the group are:
To develop the proposals in the DETR's consultation paper "Combating
Cowboy Builders" into a scheme which can be adopted by the industry
and give consideration in particular to:
Factors which the Working Group will need to consider and reflect in
their recommendations include:
The Working Group should make its recommendations by 30 July 1999.
MORTGAGE POSSESSION STATISTICS - SECOND QUARTER 1998
The Lord Chancellor's Department last week published figures for mortgage possession actions taken in the county courts of England and Wales for the second quarter of 1998.
Table 1 shows the number of mortgage possession actions for each year, by quarter, since 1993. During the second quarter of 1998, 19,478 mortgage possession actions were entered and a total of 16,221 orders were made - 9,939 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.
Prepared by the Government Statistics Service.
In the second quarter of 1998 the number of actions entered was 18% higher than the second quarter of 1997. For the same periods, figures show an increase of 11% in orders made (61% of orders made were suspended the same as in the second quarter of 1997).
Explanatory Notes
Table 1 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
16 181 105 283
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 18 539 R 16 497 R
2 19 478 16 221
1 Including suspended orders
R Revised figure
SINGAPORE NEWS
Contributed by Bernice Kuo, kuopb@singnet.com.sg
China, Mexico, India, the Middle East, Eastern Europe, and Latin America are the new emerging markets for Singapore-made export goods. The country exports to the emerging markets which grew to an impressive record, was due to the falling exports to regional economies that were affected by the Asian economic crisis. Diversification of trade to the new emerging markets looks promising for Singapore exports. The trade & development planned to organise more trade & investment promotion missions to the emerging markets. Overall, the total value for non-oil trade in those new markets have reached $19.9 billion in first half of this year.
Margaret Beckett, the former President of the Board of Trade, last week announced that ECGD had agreed to insure the sale of British goods sold to Iran on cash terms and also to boost reinsurance capacity for exports sold on short terms of credit.
Mrs Beckett said:
"The reintroduction of these forms of cover is a welcome step in strengthening the trading relationship between Britain and Iran, and I know that this move will be especially welcomed by a number of British exporters.
"ECGD will continue to keep developments in the Iranian economy under careful review (particularly in the current low oil price environment), but this step is a clear recognition on the part of the British Government of the good progress which has been made in managing and reforming the economy by President Khatami and his Ministers."
OFT WINS COURT CASE AGAINST CEILING TILES CARTEL
Torn up and discarded scraps of paper, taped back together to see what was written, led to a court ruling striking down two agreements between companies which secretly fixed the prices of ceiling tiles in the UK.
In an undefended hearing the Restrictive Practices Court made orders against four of the companies and accepted undertakings from the fifth, Nevill Long Ltd, not to continue with the agreements, not to enter into any similar agreements in the future and not to enter into any registrable agreements without submitting details to the Office of Fair Trading (OFT) and not to operate the restrictions in any such agreements until they also are submitted to the OFT.
The companies involved were Ceilings Distribution Ltd of Sheffield, C P Supplies Ltd of Birmingham, Commercial Ceiling Factors Ltd of Reading and Capco Interior Supplies Ltd and Nevill Long Ltd, both of London. The case was originally brought to the attention of the Office by two anonymous individuals working in the industry who pieced together notes of an agreement which had been torn up and thrown away.
The Director General of Fair Trading John Bridgeman, commenting on the case said: 'It is encouraging to know there are people in industry who are aware that this type of activity is illegal, is in nobody's best interests and were public spirited enough to inform my Office.
'Unfortunately there are also firms who continue to flout the accepted rules of fair competition. Everyone should be aware that the Competition Bill currently before Parliament, will give me stronger powers to investigate such agreements as well as the ability to impose fines of up to 10 per cent of turnover on offending companies. This should act as a powerful deterrent to those who may consider becoming involved in cartel activity.'
COURT BANS SECRET CARTEL SUPPLYING REPLACEMENT CAR PANELS
A secret cartel organised by three companies involved in the supply of replacement car panels was unearthed in court last week.
In an undefended hearing the Restrictive Practices Court accepted undertakings from Saltofix Ltd of Oswestry in Shropshire and Marrs Property & Investments Ltd (formerly Veng UK Ltd) of Coventry in the West Midlands, and made an order to be drawn up in seven days against Bryans Skeldon Ltd (formerly Pop-on-Body Parts Ltd) of Ayr in Scotland to stop the agreement or similar agreements and not to enforce any other registrable agreement which has not been properly submitted to the Office of Fair Trading.
The Court heard that the agreement began after the entry of a competitor to the market in 1992. The agreement took the form of denying supplies to Imperial Motor Components Ltd with a view to keeping prices higher than they would be with the increased competition. The agreement was brought to light after a complaint was received by the Cartels Task Force.
The Director General of Fair Trading, John Bridgeman, said: 'I am delighted that the Court has once again confirmed that such agreements are against the public interest. This was an especially pernicious example of cartel activity which had as its object the denial to the public of cheaper products through increased competition.
'This investigation has taken two years to reach a conclusion. This is largely as a result of the inadequate powers available to me under current legislation. The new powers of investigation which will be available to me when the Competition Bill becomes law will enable me to act far more quickly and decisively, imposing fines of up to ten per cent of turnover to protect the public from anti-competitive practices.'
Car body panels make up the exterior of the shell of a car but are not the safety critical parts. They are used in the manufacture of new cars and in the after market when the original has been damaged in a crash or affected by rust. The supply of car body panels is dominated by original equipment manufacturers (OEM) who produce panels both for new cars and for the replacement of damaged parts. However there are independent suppliers of pattern panels which are copies of the original parts. These are made by non-OEM manufacturers and in the main are manufactured outside the UK. The parts are imported into the UK and are distributed to motor factors which then supply garages and body shops. There are therefore two separate distribution streams, the car manufacturers' supply to its network of franchise dealers and the independent channel.
*** 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 03/08/98 to 11/08/98 Number of Creditor meetings : 166 Section Company Time Venue 138 Scotland - Interim Liquidator calling Creditors Meeting 04/08/98 International Multibrand Products Ltd 10.00 am Aberdeen 10/08/98 Fleet Transmission Ltd 12.00 pm Dumfries 11/08/98 Balnagown Holdings Ltd 11.00 am Inverness Caledonian Exhibition Services Ltd 10.00 am Glasgow W & T Harkin Ltd 10.00 am Edinburgh 23 Administrator Calling a meeting of Creditors 05/08/98 Broadbent Machine Tools (Halifax) Ltd 11.00 am Huddersfield 06/08/98 Ringtail Engineering Ltd 11.00 am Manchester 48 Receiver calling unsecured Creditors Meeting 04/08/98 Acuitas Ltd 11.30 am Leeds 05/08/98 Midplas Ltd 10.30 am Birmingham Rhodes Fabrics Ltd 10.00 am Leeds 06/08/98 B W (1988) Ltd 11.00 am Norwich 07/08/98 Hamlet Group Plc 12.00 pm London 10/08/98 Hill (Pyebridge) Ltd 10.30 am South Normanton 98 Creditors Voluntary Liquidations 03/08/98 Andrie Gowns Ltd 10.00 am London Borderwalk Ltd 10.30 am Sheffield Buyrest Ltd 11.00 am Birmingham Carltons Petcare Ltd 11.00 am Newcastle-u-Tyne Ciao Ciao UK Plc 10.30 am Southend-on-Sea Emberland Ltd 04.00 pm London Heatdouble Ltd 12.00 pm London Northumbria Home Improvements Ltd 11.15 am Darlington Plastics & Rubber Profiles Ltd 11.30 am Redruth Procurement & Environmental System Ltd 10.15 am Newcastle-u-Tyne Spurn Point Developments Ltd 12.00 pm London World Cup Fest 98 Ltd 11.30 am Leeds 04/08/98 A. Cameron Ltd 11.00 am Sutton Aptica Ltd 04.00 pm London Clacton Car Panels & Paint Ltd 11.00 am London Clearance Carpets (London) Ltd 12.00 pm Edgware Dependable Group Manufacturing Ltd 11.00 am Birmingham Distribution Of Information Ltd 12.00 pm London Double Edge UK Ltd 03.30 pm London Evenflyer Ltd 11.30 am Altrincham Exatech (UK) Ltd 12.00 pm London Falcon Corporation (Inc) Ltd 11.00 am Birmingham Hague Contracting Ltd 11.30 am Altrincham J.T. Nash Building Services Ltd 12.00 pm London Lydden Timber Co Ltd 10.30 am Weybridge Maintainer Depot Services Ltd 11.00 am Ipswich Meridian Imaging Supplies Ltd 02.45 pm Watford Mi-Tech Peripherals Ltd 11.00 am Harrow Office Haste Projects Ltd 10.30 am Maidstone PH Fabrication & Supplies Ltd 11.00 am Ipswich Pathmedia News Ltd 11.30 am London Pathmedia Productions Ltd 11.30 am London Point Publications Ltd - The 11.00 am Needham Market SK Group Holdings Ltd 11.45 am Purley Sculptress Ltd 11.30 am London Select Homes Ltd 11.30 am Blackburn Short List Ltd - The 02.00 pm Sheffield Smith Kiew (1996) Ltd 12.15 pm Purley Smith Kiew Ltd 11.15 am Purley Solutions Print & Packaging Ltd 10.30 am Broughton Unit Two Engineering Ltd 11.00 am Sunderland Viva Fashions Ltd 12.00 pm London Waldron Civil Engineering Ltd 03.30 pm Lutterworth 05/08/98 A & L Supplies Ltd 11.30 am London Adept Machining Ltd 11.00 am Wolverhampton Blairclass Ltd 11.00 am Westcliff-on-Sea Blueland Ltd 02.00 pm Dudley Clencrest Ltd 02.00 pm London Demelon Ltd 12.00 pm Moorhouse Designer Craft Upholstery Ltd 10.45 am Leeds Graham Byfleet Ltd 10.30 am West Byfleet Guardian Couriers Ltd 11.00 am London Heatherdale Ltd 11.00 am Leicester Issue Communications Ltd 10.30 am London J.D. Carpenter & Sons Ltd 11.00 am Landsdown Joemeek Ltd 11.30 am London Kent Chamber Of Commer & Ind Ltd - The 02.00 pm Maidstone Manchester Linen Services Ltd 12.00 pm Hale Marflex (P.V.C.) Ltd 10.15 am Peterborough Merlon Contracts Ltd 11.00 am Peterborough Nationwide Transport Training (UK) Ltd 12.00 pm London Proform Technology Ltd 11.00 am Birmingham Raylton Skillbuild Ltd 11.00 am Wolverhampton Shannon Engineering Ltd 03.30 pm Weymouth Softscan Ltd 11.00 am Newcastle-u-Tyne Store Concepts Ltd 12.00 pm Altrincham Suite Selections (Clydebank) Ltd 12.00 pm Glasgow Tudorgloss Ltd 12.00 pm Royston Unirock Contractors Ltd 12.00 pm Peterborough 06/08/98 A M Tomlinson (Builders) Ltd 11.00 am Liverpool Avonmouth Foods Ltd 10.30 am Bristol Bastion Security (Developments) Ltd 11.00 am Ruislip Brook Precision Engineering Ltd 03.00 pm Manchester Catercleanse Hygiene Ltd 12.00 pm Manchester Chiltern Designs Ltd 11.00 am London Countess Windows Ltd 10.30 am Newton-le-Willows D.H. Hall & Son Ltd 12.00 pm Wolverhampton Digital Technologies Ltd 02.30 pm Southampton Grove Interiors Ltd 12.00 pm Reading London Web Offset Ltd 12.00 pm London M C Staff Agency & Business Ser Ltd 11.00 am Birmingham MPS (Southern) Ltd 11.45 am Southampton MPS (Wytch Farm) Ltd 12.15 pm Southampton Martins Petrochem Services (UK) Ltd 10.30 am Southampton Mato Ltd 02.45 pm Bromley Multicare Hygiene Products Ltd 11.00 am Rochdale Nextcheer Ltd 11.30 am Lutterworth Print On Tyne Ltd 11.00 am Newcastle-u-Tyne Probook Sales Ltd 12.00 pm London S. N. Rahman & Co Ltd 10.00 am London Stanley Environmental Services Ltd 11.00 am Newcastle-u-Tyne Stanley Holdings Ltd 12.00 pm Newcastle-u-Tyne Strutmark Ltd 11.30 am Seale Sweeney's Manufacturing Ltd 12.00 pm Manchester Westway Manufacturing Ltd 10.00 am Newton-le-Willows Worldstar Marketing Ltd 10.30 am Croydon Yorkshire Homecare Ltd 10.15 am Bradford 07/08/98 Allgon Lovelock Ltd 11.00 am Birmingham Alphabet Zoo (Ashton) Ltd 02.30 pm Altrincham Alphabet Zoo (Chorlton) Ltd 01.30 pm Altrincham Alphabet Zoo (Sale) Ltd 12.30 pm Altrincham Alphabet Zoo (Stockport) Ltd 11.30 am Altrincham Alphabet Zoo (Whitefield) Ltd 10.30 am Altrincham Camill Systems Ltd 11.30 am London Chamberlain Vaughan Ltd 03.00 pm Weybridge Chase Technical Services Ltd 10.00 am Birmingham Connectivity Specialists Ltd 12.00 pm Nottingham Consolidation Environ Enginering Ltd 11.35 am London Dewcarla Ltd 03.00 pm Manchester Expressions Marketing Ltd 12.00 pm Manchester Fluidised Combustion Ltd 11.40 am London Heritage (Custom Furniture) Ltd 12.00 pm Hambrook Independant Cellular Services Ltd 11.00 am Bolton Jeacell Ltd 11.00 am London L.P. Solution Sciences Ltd 02.30 pm Egham MacClean Cleans Ltd 11.00 am London Photograph Clothing Co Ltd 11.30 am London Pro-Sec Mobile Services Ltd 02.30 pm Rugby Ratcliff Construction Ltd 11.00 am London Regal Quality Ltd 12.00 pm London Tudor Wallace Ltd 12.15 pm Sidcup Vapro Ltd 11.00 am Swansea Vertex Associates Ltd 12.00 pm Manchester Viceroy Cuisine Ltd 11.00 am Manchester 10/08/98 Adverts Ltd 12.00 pm Manchester Chancellor Freight Ltd 11.30 am Ware Chancellor Trading Ltd 11.30 am Ware County Heat Services Ltd 11.00 am Birmingham Equus Food Distribution Ltd 12.00 pm West Byfleet High Row Haulage Ltd 11.30 am Manchester Management Consultants Europe Ltd 10.30 am Sutton Mr Vendor GB Ltd 11.30 am Wrexham Owen & Tristram Ltd 11.00 am Congleton Reactive Records & Publishing Ltd 10.00 am London Super Seal Insulated Glass Ltd 03.30 pm Lutterworth Walker Wingsail Systems Plc 11.00 am Plymouth Xeralinx Ltd 11.30 am London 11/08/98 Ally & Friends Ltd 11.30 am London Apsylog (UK) Ltd 12.00 pm London Black Fox Ltd 12.00 pm London C & S Paints Ltd 10.30 am Leeds Cedar Associates Ltd 04.00 pm Nottingham Classic Gears (Stoke-on-Trent) Ltd 11.00 am Stoke-on-Trent Demolet Garden Products Ltd 11.30 am Honiley Enviropump Ltd 11.30 am Nottingham Express Lamps Ltd 12.00 pm London Hawston Management Ltd 11.00 am Southend-on-Sea Industrial Electrics Ltd 11.15 am Bromley Kendall Trading Ltd 11.30 am Peterborough Maplestar Systems Ltd 11.00 am Colchester Practical Services (London) Ltd 12.00 pm London Sew Co Ltd 10.15 am Shrewsbury Stanley's (Caterham) Ltd 11.30 am London
TW LW TW LW
USA 1.6455 1.6448 Canada 2.4826 2.4615
Austria 20.5065 20.7348 Portugal 298.556 301.797
France 9.7788 9.8796 Belgium 60.1100 60.7968
Finland 8.8580 8.9622 Italy 2875.68 2907.36
Germany 2.9153 2.9474 Sweden 13.0229 13.0937
Holland 3.2864 3.3218 Switzerland 2.4411 2.4894
Spain 247.630 250.160 Ireland 1.1593 1.1721
Australia 2.6897 2.6673 Denmark 11.1091 11.2365
Hong Kong 12.7465 12.7431 ECU 1.4782 1.4930
Africa Com 10.1743 10.3180 Saudi Arabia 6.1710 6.1690
India 69.9450 70.0620 Malaysia 6.7865 6.8453
Singapore 2.8322 2.8198 Norway 12.3900 12.4634
Japan 234.520 233.440
TW This week LW Last week.
Glaxo Wellcome has announced pre-tax profits of 1,203 million pounds, on turnover of 3,865 million, for the six months ending 30th June 1998. Earnings per share stand at 23p.
Ocean, the freight Group, has announced pre-tax profits of 36.2 million pounds, on turnover of 585.6 million, for the six months ending 30th June 1998. Earnings per share stand at 16.1p.
Rotork, manufacturers of electronic actuators, announced pre-tax profits of 12.3 million pounds, on turnover of 53.8 million for the six months ending 30th June 1998. Earnings per share stand at 9p.
Rubicon, the electrical engineering group, has announced pre-tax losses of 18.9 million pounds, after exceptional charge, on turnover of 241.1 million, for the year ending 31st May 1998.
TI, the engineering group, has announced pre-tax profits of 124.9 million pounds, on turnover of 1,009 million for the six months ending 30th June 1998. Earnings per share stand at 16.9p.
HALIFAX/BIRMINGHAM MIDSHIRES
Britain's biggest lender, Halifax, is to purchase Birmingham Midshires for 780m pounds ($1.3 billion). Halifax made its bid for the building society in March, but had to wait until the expiry of an exclusivity agreement with the Royal Bank of Scotland, which had tried to buy Midshires last year, before it could carry through the deal.
Source: The Economist
ROLLS ROYCE
The battle between two German car makers for Rolls Royce motor cars, which appeared to end with Volkswagen's trumping BMW with a 479m pounds ($787m) offer, concluded with an extraordinary twist. VW indeed won the company from Vickers. But the rights to the Rolls-Royce name belonged to Rolls-Royce plc, which wanted BMW, its partner in various aerospace projects, to use it. VW underestimated the problem: for 40m pounds BMW now owns the Rolls-Royce marque, but no factory; VW has the Bentley, and the means to produce it.
Source: The Economist
MERGER CLEARANCE
WESSEX WATER/ENRON ENRON, an American energy giant now moving into international water, made a 1.4 billion pounds ($2.3 billion) purchase of WESSEX WATER, a British water and sewerage firm.Source: The Economist
Contributed by Xi Software Ltd
Xi Software Ltd, together with numerous computer professionals, are advising that the vast majority of the implications of the so-called "Millennium Bug" are wildly exaggerated.
Certainly very few if any of the advertised failures in traffic lights, aircraft systems, hospital equipment, burglar alarms, telephone systems and so forth are likely to be affected. Neither are most PCs.
This is because the bug almost entirely affects older "mainframe" systems which store dates in "character format". It seemed a sensible economy 20 years ago to use 2 digits rather than 4 as no one then imagined that the software would still be in use so many years later.
However PCs and Unix-based systems, and systems derived from those, don't store the year as digits at all, but base the date and time upon the number of seconds since midnight on 1/1/70, a figure which will reach an "innocent" 946,684,800 when the year 2000 starts. All of the standard "library routines" for converting dates and times in this format to and from dates we understand are tested well into the next century.
Nothing that doesn't actually need to input or output dates is likely to fail at all. Some which display dates may possibly display something like 1/1/100 if someone has taken a short cut, and some input dates may be misinterpreted, but this is unlikely to be a problem where the use picks dates off a menu, even if they are displayed strangely.
Some older PCs may not retain the date and time correctly in the "BIOS" when the machine is switched off, but the user will be able to quickly reset the date and time after the machine is booted, and in any case no catastrophic effects should be noticeable.
All in all we do not recommend too much anxiety on this matter if you are using PCs, and we would not recommend the purchase of any of the various audit packs etc. However there are people around with a vested interest in spreading panic!
For more information please visit the Xi Software Web site on http://www.xisl.co.uk
3rd September 6.15 for 6.30pm West of Scotland Branch meeting of the ICM Stress Management The offices of Ernst & Young, George House, 50 George Square, Glasgow 4th September Wessex Branch of the ICM in conjunction with the Fareham & Gosport Friends of the Children's Hospice Fund Raising Committee Invite you to a 'Butterfly Ball' Botleigh Grange Hotel, Hedge End, Southampton. Contact Miss J D Evans 77 Walker Gardens, Grange Park, Hedge End, Southampton Hants SO30 2RH for more details. 8th September Northampton Branch meeting of the ICM The role of the Solicitor in Credit Management Time TBA Followed by Go-carting at St.James Mill Road, Northampton For further details contact - Kerry Bland on 0966-275454 or Malcolm Swann on 01604-673410 11th September East Midlands Branch of the ICM Dinner Dance Black tie dinner Quorn Country Hotel, Quorn, Nr Loughborough Cost #30.00 per ticket - Contact Tim Davies on 0116-257-6264 12th September 7.00pm North East Branch of the ICM Annual Dinner The Cedar Court Hotel, Bradford Cost #25.00 - further details form Sid Ulph (01254-724000) or Brian Lewis (01937-581977) 15th September London Branch meeting of the ICM 6.00 for 6.30pm Business Information - where does it go from here? Presentation by Phillip Mellor, Senior Analyst, Dun & Bradstreet London Transport House 55 The Broadway London SW1H OBD Thames Valley Branch meeting of the ICM 6.45 for 7.15pm Mock Creditors' Meeting Presented by the Moore Stephens Booth White thespians Honeywell Control Systems Ltd, Honeywell House, Arlington Business Park, Bracknell +Buffet 16th September Merseyside & North Wales Branch meeting of the ICM 10.00am to 5.00pm Annual Full Day Seminar A full day of speakers and exhibitions The Maritime Museum, Albert Dock, Liverpool +lunch +coffee 17th September Kent Branch meeting of the ICM Wine and Wisdom 7.30pm Teams of 4-6 competing for the Branch's Annual Challenge Shield Dominican Priory, Canterbury Bookings for Kent Branch meetings - Ian Mella (Tel 01233-756253) Members - # 3.00 Non Members - # 3.50 Students # 1.00 Sussex and Surrey Branch meeting of the ICM 7.30pm Mock Summary Judgment Hearing With a local Judge Bridgehouse Hotel, Reigate 19th September East Midlands Branch meeting of the ICM Bi-Annual Dinner Dance 1.30pm Contact Tim Davies on 0116-257-6264 for further details and to reserve places and tables. 23rd September 6.30pm East Midlands Branch of the ICM Effective use of litigation as a debt recovery tool Chris Radford, Head of Corporate Recovery at Eversheds Eversheds, 1 Royal Standard Place Nottingham 20th to 21st October Credit North 1998 The Northern Conference and Exhibition for the Commercial and Consumer Credit Industry Free Conferences, Free Specialised Workshops, Free Exhibition. Over 40 top Industry SpeakersThe Royal Armouries, Leeds Registration Hotline +44 (0) 181-201-9888 Fax +44 (0) 181-201-8339 # = pounds sterling
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