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 1
Dated: 7 January 2001
Welcome to the Business Credit News UK.
We are pleased to be back with you and wish all our readers a very Happy and Healthy New Year.
In this weeks edition you will find the following topics.
UKINWARD INVESTMENT HITS RECORD £300 BILLION
The stock of foreign direct investment in the UK has risen to over £311 billion according to Balance of Payments figures released by National Statistics on the 21 December. This is a 42.3% rise on the third quarter last year demonstrating that the UK continues to be the first choice for inward investment in Europe.
Welcoming the figures, Minister responsible for Trade and Investment Richard Caborn said:
"These figures reveal continuing international confidence in the UK business environment. Recent closure announcements, although very disappointing, reflect specific industry trends and are not representative of the overall investment picture.
"The role for government in today's global economy is to provide economic stability and the business environment which make the UK an attractive location for investment. We remain ahead of our European competitors as the top location for investment.
Invest-UK - the joint FCO and DTI organisation responsible for promoting the whole of the UK as the premier investment location in Europe - published figures in July which highlighted record levels of investment, new projects and new jobs in the financial year 1999/00.
The Balance of Payments figures were published on the 21 December by National Statistics and can be found at http://www.nationalstatistics.org/pdfdir/bop1200.pdf
Invest-UK is the Government agency promoting the whole of the UK as an inward investment location. Its principal aim is to attract, retain and add value to investment by communicating the benefits of the UK as the first choice in Europe for potential investors, and their influencers world-wide. It identifies and approaches potential investors and assists them with all aspects of locating and expanding in the UK. Invest-UK is part of British Trade International and jointly managed by the FCO and DTI, it operates through its network of overseas offices in FCO posts, and with its partners in development agencies throughout the UK.
RETAIL SALES IMPROVED IN DECEMBER BUT FALL SHORT OF A PRE-CHRISTMAS BONANZA - CBI
Annual retail sales grew a little more quickly in December, following on from November's recovery, according to a survey published last Thursday by the Confederation of British Industry. The rate of growth was the strongest since August, although below expectations. Sales are expected to increase more moderately in the year to January.
The CBI's latest monthly Distributive Trades Survey, carried out from 6 to 22 December, shows 49 per cent of retailers reporting a rise in sales volumes compared to a year ago while 33 per cent reported a fall. This gives a balance of 16 per cent, which compares with 13 per cent in November and zero in October. The balance for December 1999 was 41 per cent. The three-month moving average, which smooths out month-to-month fluctuations, has stabilised at a lower level than earlier in the year.
Retailers expect sales to increase more moderately in the year to January. Twenty-nine per cent of retailers expect sales to go up, while 18 per cent expect them to go down. This gives a balance of plus 11 per cent and compares with an expectation of plus 21 per cent for January last year.
Stores reporting the largest increases in sales volumes compared to a year earlier were those selling durable household goods, books, stationery, groceries and hardware goods. Firms selling furniture and carpets and clothing retailers reported smaller increases. Footwear and leather retailers reported the sharpest fall in sales while specialist food stores, off-licences and chemists reported more moderate falls in annual sales volumes.
Alastair Eperon, Chairman of the Distributive Trades Panel, said: "This survey signals a return to steady retail sales growth, although well below the levels of a year ago. Retailers reported that sales improved in December but fell short of a pre-Christmas bonanza and their growth expectations for January are only moderate. The next survey will confirm whether or not sectors such as clothing and footwear remained weak or have benefited from New Year trading."
Retailers reported that sales volumes in December were about average for the time of year and in line with expectations. They expect this to continue during January.
Orders placed on suppliers rose slightly in the year to December, more slowly than in the previous three surveys but in line with expectations. Stock levels were built up substantially over the past month after falling markedly during November. Stocks are expected to be run down during January.
Wholesalers said sales volumes grew only moderately in the year to December, despite strong growth in November, which had been expected to continue. The three-monthly average has fallen to the lowest level since June 2000, indicating that underlying sales growth, while remaining robust, is slowing. Sales volumes are expected to rise only slightly in the year to January.
Motor traders reported a slight increase in sales volumes in the year to December, the first survey in which annual sales have not fallen substantially since September 1999. But December's increase of plus four per cent is from a low base and compares to a balance of minus 63 per cent reported a year earlier.
FIGURES SHOW GAP IN REGIONAL PAY DIFFERENCES IS CLOSING
The National Minimum Wage has helped to close the gap in regional pay differences, Stephen Byers, Secretary of State for Trade and Industry, said on the 4 January 2001 that new figures were published showing that enforcement officers have recovered more than £3 million for the low paid.
The largest increase in average earnings has been in traditionally low-paying regions. Between April 1999 to April 2000, Government figures show that average earnings rose by:
Stephen Byers said:
"The National Minimum Wage is having a real impact on the lives of millions of families.
"I am very pleased to see that the gap in regional pay differences is closing, ensuring that people living throughout Britain are sharing in the country's economic prosperity."
"Today's figures show that we are doing everything we can to make sure that low paid workers are being paid at least the National Minimum Wage.
"Our enforcement officers will continue to pursue scrooge bosses - news that will be welcomed by everyone, including good employers who need to know that they are competing on a level playing field," added Mr Byers.
CBI RENEWS WARNING OVER THE DATA PROTECTION DRAFT CODE OF PRACTICE
The Confederation of British Industry last Friday renewed its plea for changes to a draft code of practice on company use of employees' personal data, which business has branded as confusing and potentially damaging.
Its response to the Data Protection Commission's draft code of practice covers issues such as employee monitoring, which includes e-mails and telephone calls, as well as issues of recruitment and maintenance of records.
Rod Armitage, CBI Head of Legal Affairs, said the current draft introduces significant additional requirements to recent regulations, which were introduced only last year after substantial changes to placate business concerns.
He said: "It is vital that we get this code of practice right. It should be up to businesses to decide what degree of monitoring they want to carry out, provided that employees are made aware of this. The needs of individual businesses will vary and in some areas, such as financial services, monitoring is a regulatory requirement. If changes aren't made the code will clash with other regulations, create confusion and hinder not help industry.
The CBI said the Commission should:
Mr Armitage added: "Some parts of the code are clearly unworkable. It is too complicated and too long. Businesses will be forced to wade through over 200 standards in 62 pages. We had hoped that the code would simplify and verify the requirements of a complicated Act, but it does not do this."
THE EURO
America's travails gave a boost to the Euro, which reached a five-month high against the dollar, of just below 95 cents. And it rose above YEN108--a level not seen since last February. The euro-zone also welcomed a new member: Greece became the 12th country to adopt the single currency.
Source - The Economist
A debt collector has had her consumer credit licence revoked after failing to pass on the money she collected.
This decision means that Lena Ann Murray, trading as Independent Debt Collections or I.D.C. of Mansfield Road, Derby, can no longer collect debts due under consumer credit or consumer hire agreements.
Ms Murray's sole trader licence was revoked after the OFT received complaints from clients that she did not pass on collected money within a reasonable time - if at all. She also failed to provide clients with information as to how their collection was progressing.
These practices were deemed to be "deceitful, unfair and improper" by an Adjudicating Officer on behalf of the Director General of Fair Trading.
The complaints also showed that she had breached written undertakings given to the OFT in 1997 after the Office threatened to remove her licence. She failed to put in place a complaints procedure and adequately train staff as she had promised.
John Vickers, Director General of Fair Trading, said:
'The OFT will not tolerate traders with consumer credit licences acting in deceitful or otherwise unfair and improper ways. We will always take action to stamp out such practices when we have the power and facts to do so.'
Lena Ann Murray's licence, which covered debt collection and credit reference activities, was revoked on 6 November 2000. She did not appeal. She was informed that the OFT was minded to revoke her licence on 6 April 2000.
The revocation of Ms Murray's licence means that she can no longer collect debts due under consumer credit agreements (defined in Section 8 of the Consumer Credit Act 1974) or under consumer hire agreements (defined in Section 15 of the Act) nor act as a credit reference agency. Existing agreements are not affected.
Under Section 25 (2) of the Consumer Credit Act 1974 the Director General can, when determining whether or not a licensee is fit to hold a licence to carry on the business of providing consumer credit, consider, among other matters, evidence of the licensee engaging in business practices appearing to him to be deceitful or oppressive or otherwise unfair or improper (whether unlawful or not).
Decisions to revoke a consumer credit licence are made by an Adjudicating Officer for and on behalf of the Director General of Fair Trading. Before a licence is revoked the Adjudicating Officer issues a 'minded to revoke' notice to the licensee. The licensee is then given the opportunity to make representations before a final determination is made. In the event that the determination is adverse, the licensee has the right to appeal against the determination to the Department of Trade and Industry.
USE THE INTERNET TO GET PAID ON TIME
It only takes minutes to think of a great excuse for late payment - but for many smaller companies it takes a lot longer to persuade customers to pay up.
But the power and immediacy of the internet and e-mail makes it possible for small companies to take the upper hand and manage this problem more cost-effectively than ever before - from the very first day the invoice is issued, and even before!
And here are seven useful tips from PayMentor on how to use the Internet to get paid on time:
PayMentor, offers a unique and award winning on-line invoice management and collection service that exploits the Internet, as well as traditional best practices, to stop late payment strangling small businesses.
CREDIT RISK PROTECTION FOR SMALLER COMPANIES
Wiltshire-based credit information provider, Checkit, on the 20 December announced a re-branding of the company to reflect a broader range of services recently introduced for its rapidly growing customer base. In addition, to credit reports, Checkit will also now offer its customers optional insurance against the buyer becoming insolvent, as well as professional debt collection services.
This move is designed to help smaller UK companies improve cash flow and trade more profitably.
Under its new trading name of the 'it Group' of companies, customers can select from: 'Checkit' which will continue to offer credit information reports, 'Coverit' which will offer protection from bad debt arising from buyer insolvency, and 'Collectit' which offer professional debt collection services.
The bad debt protection cover and debt collection services are arranged in connection with leading world credit insurer NCM.
Managing Director Michael Kyte explained:
"Checkit was born out of a genuine customer demand for easy to access and high quality credit information as quickly as possible. The availability of both Coverit and Collectit build on these fundamental principles of our business and has enabled us to offer a broader range of services. It is early days, but the response from customers has been very encouraging".
Coverit is one of the first to offer a simple certificate of insurance which offers companies protection from bad debts arising from the insolvency of a creditor. The Coverit offer is different because it enables companies to apply for cover on a buyer by buyer basis and the offer of cover is instantaneous. Companies can apply for cover of up to £25,000 on a single buyer, which will cover them for a period of one year for goods despatched within 90 days of cover commencing.
Will Clark, Director of NCM's On-Line Business Unit said:
"We've been working with Checkit for a number of months perfecting the offer in the light of customer feedback. Providing credit management solutions to smaller companies is a key part of our business strategy and this new service fulfils the needs of an industry group who have previously found it difficult to be taken seriously by the insurance industry."
The NCM Group, privately owned company headquartered in Amsterdam, annually insures more than EURO126 billion (£85 billion) of business worldwide against the risk of non-payment. The majority of its shares are owned by Swiss Re, one of the world's leading reinsurers.
Checkit was set up in 1994 to meet the needs of customers requiring fast and inexpensive credit check information through a fully automated system that delivers credit information at the touch of a button. Checkit currently has 15,000 customers using its services. For more information please call Michael Kyte of Checkit on 0800 389 0972, Gary Hicks of NCM on 020 7248 6121, or Annette Stafford of NCM on 029 20 824951
ECGD ANNUAL REPORT AND ACCOUNTS - UK EXPORTERS RECEIVE £1.4 BILLION BOOST
UK exporters and investors have benefited from increased support from the Government's Export Credits Guarantee Department, according to new figures published on the 20 December 2000.
Annual Report and Resource Accounts figures reveal that during the 1999/2000 financial year ECGD provided £4.7 billion of new guarantees for UK capital goods exporters, a £1.4 billion increase, and insured £797 million of overseas investments made by UK companies.
1998/99 1999/2000 increase
Export Credit £3.3bn £4.7bn 43%
Guarantees
Investment £561m £797m 42%
Insurance
Richard Caborn, the Minister for Trade, said:
"ECGD has recorded another excellent year for supporting UK exporters - certainly the best since its short-term operation was privatised in 1991. Investment insurance in the developing world is also now at an all time high. These results provide a firm base for ECGD to build on as it implements the reform process following this year's Mission and Status Review."
The Annual Report and Resource Accounts show that the Department continues to make a significant overall surplus of £19 million. This consists of a surplus of £56.9 million on underwriting activities, partly offset by a deficit of £37.9 million on export finance activities.
Vivian Brown, ECGD's Chief Executive, added:
"ECGD has had a dual remit to support as much export business as possible whilst limiting the risks to the taxpayer. These Report and Accounts demonstrate, once again, that we have been very successful in doing just that. The Resource Accounts, which we had been aiming to publish before the end of the year, show that we are in a strong financial position to support new business.
"Since April, the end of the financial year covered by the Report, we have increased our efforts to improve the service we offer to our customers. This will help us identify new exporters, particularly smaller ones, and work with them to find ways we can help them in the future.
"We are now working hard to drive through the recommendations of our Mission and Status Review, and published last week a statement of Business Principles which will give us a range of non- financial considerations, including sustainable development and good governance, on which our future performance will also be judged. We must ensure that the future actions of ECGD contribute to the creation of long-term wealth both at home and abroad."
SHORT TERM POLITICAL RISK COVER ASSIGNED TO NCM
NCM in The Netherlands acts as international pioneer
The international credit insurer NCM will now, on its own account, accept short-term political and commercial risks on whole turnover policies in The Netherlands and, in principle, for all countries. These new arrangements will apply to all companies operating in The Netherlands. To date, these risks on non-industrialised countries were for the account of the Dutch government. Through this initiative, NCM becomes an international pioneer.
The move fully ties in with Dutch government's belief that, where possible, the market should be left to take on those risks for which it has appetite. NCM already took its first step in this direction in 1999 by accepting not only commercial, but also political, short-term risks on all industrialised (OECD) countries. The transfer of risks will now be extended, in principle, to all countries worldwide - something totally new in the credit insurance business in the Dutch market.
The effect of this risk transfer on Dutch exporters will be either neutral or positive, and this has been set down in the agreement between the Dutch government and NCM.
It is noteworthy that NCM is accepting and covering risks not only on OECD countries, but worldwide. In doing so, it will provide at least the same country cover policy as the Dutch government. In other words, NCM will be 'open' - with similar coverage conditions as the government - on countries where the government is 'open', and 'off cover' on countries where the government is currently 'off cover'.
An advantage to exporters is that NCM will be less restrained by regulations than the government - for example, the past requirement that the business include sufficient Dutch content. This means NCM can react more promptly to exporters' requests for cover.
The NCM Group, a privately owned company with headquarters in Amsterdam, annually insures more than EURO 126 billion of business worldwide against the risk of non-payment. It has invested heavily in customer service and technological innovation and has operations in Belgium, Canada, Denmark, France, Germany, Ireland, Italy, Japan, Malaysia, The Netherlands, Norway, Spain, Sweden, USA and UK. NCM's majority shareholder is Swiss Re.
Swiss Re is one of the world's leading reinsurers with over 70 offices in more than 30 countries. In the 1999 financial year, gross premium volume amounted to CHF 22.4 billion and the result after tax amounted to CHF 2.8 billion. Swiss Re is rated 'Aaa' by Moody's and 'AAA' by Standard and Poor's.
The Secretary of State for Trade and Industry has presented a petition in the High Court to wind up in the public interest C. W. Cheney & Son Limited following investigations by Companies Investigations Branch of the DTI under section 447 of the Companies Act 1985 (as amended).
On the application of the Secretary of State the Court appointed the Official Receiver as provisional liquidator of the company pending the hearing of the petitions on Wednesday 7 February 2001 at 10.30 am.
C. W. Cheney & Son Limited is a manufacturer of locks. On 20 October 2000, the Occupational Pensions Regulatory Authority appointed an independent Trustee of the Cheney Pension Scheme, of which the company is a debtor.
The registered office and trading address of C. W. Cheney & Son Limited is Factory Road, Hockley, Birmingham, B18 5LH
The petition was presented under Section 124A of the Insolvency Act 1986.
All public enquiries concerning the company should be made to:
THE OFFICIAL RECEIVER
Public Interest Unit
21 Bloomsbury Street
London WC1B 3SS
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For more detailed information and ALL the British Isles insolvency's (liquidation's, receiverships, administrations, dividends, creditors) please visit http://www.insolvency.co.uk
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TW LW TW LW
USA 1.49 1.47 Canada 2.24 2.24
Austria 21.95 22.74 Portugal 319.85 331.36
France 10.46 10.84 Belgium 64.35 66.67
Finland 9.48 9.82 Italy 3089.14 3200.39
Germany 3.12 3.23 Sweden 14.12 14.18
Holland 3.51 3.64 Switzerland 2.42 2.48
Spain 265.46 275.02 Ireland 1.25 1.30
Australia 2.68 2.71 Denmark 11.90 12.31
Hong Kong 11.67 11.52 Euro 1.59 1.65
Africa Com 11.35 11.40 Saudi Arabia 5.61 5.54
India 69.86 69.09 Malaysia 5.68 5.61
Singapore 2.59 2.56 Norway 13.22 13.43
Japan 161.60 160.40
TW This week LW Last week.
Wal-Mart, the world's biggest retailer, said that the December shopping season had been disappointing and that sales would be below its projections. But it also announced plans to follow Carrefour, the world's number two retailer, into Japan. The French company opened a store in Japan late last year and plans another dozen. Wal-Mart is hoping to open its first store next year.
Glaxo Wellcome and SmithKline Beecham completed their merger to form the world's second-largest drug company. Glaxosmithkline's birth had been delayed by American regulatory concerns over market dominance in some product lines.
Letsbuyit.com, a European online group-buying concern, won temporary bankruptcy protection. It also announced that it would take no new orders as it hunts around for a cash injection to keep it solvent. When market trading resumed, its shares fell by over 50% in one day.
Intershop Communications, Europe's foremost supplier of e-commerce software, issued a profits warning. The German company blamed cutbacks in Internet spending by big companies as gains promised by e-commerce remained an ever distant prospect. Its shares plummeted.
Etoys, a struggling American online toy shop, is to close all its European operations later this month after disappointing sales over Christmas.
Napster, a free service for downloading music from the Internet, struck a deal with Edel Music, a European music company, to make Edel's music available on the web. Napster, which is developing the new service with Bertelsmann, a German media giant, hopes that other record companies will follow suit.
Source - The Economist
Creston announced pre-tax losses of 5.41 million pounds, after exceptional charge, on turnover of 1.33 million, for the six months ending 30th September 2000.
MERGER CLEARANCE
The Secretary of State for Trade and Industry has decided, on the information at present before him, and in accordance with the recommendation of the Director General of Fair Trading, not to refer the following merger to the Monopolies and Mergers Commission under the provisions of the Fair Trading Act 1973:Proposed acquisition by Methanex (UK) Ltd of the methanol sale and distribution business of ICI Chemicals and Polymers Limited
Completed acquisition by the National Magazine Company Limited of the UK publishing interests of Gruner and Jahr (UK)
Proposed acquisition by Thomson CSF of Avimo Group Ltd
Completed acquisition by Alamo Group (EUR) Limited of Twose of Tiverton Limited
KIM HOWELLS REFERS PROPOSED ACQUISITION BY CITY TECHNOLOGY LIMITED OF THE GAS SENSORS BUSINESS OF MARCONI APPLIED TECHNOLOGIES LIMITED
Kim Howells, the Competition and Consumer Affairs Minister,on the 21 December referred to the Competition Commission the proposed acquisition by City Technology Limited of the gas sensors business of Marconi Applied Technologies Limited. Dr Howells made his decision in accordance with the advice of the Director General of Fair Trading (DGFT).
Dr Howells said:
"The DGFT has advised me that the proposed acquisition raises competition concerns in respect of the market for pellistors which warrant reference to the Competition Commission. I have carefully considered the DGFT's advice and agree with his conclusions. I am therefore referring the proposal to the Competition Commission so that it can be fully investigated."
The decision to make a reference does not in any way prejudge the question of whether or not the merger would be against the public interest. It is for the Competition Commission to report on this after investigation. The Commission are to make their report by 4 April 2001.
The Fair Trading Act 1973 empowers the Secretary of State to refer to the Competition Commission for investigation and report actual or proposed mergers which create or intensify a market share of 25 per cent of the supply in the UK, or a substantial part of the UK, of particular goods and services or involve the take-over of assets exceeding £70 million.
KIM HOWELLS BLOCKS NUTRECO/HYDRO SEAFOOD MERGER
Dr Kim Howells, Competition and Consumer Affairs Minister, has decided not to permit the merger between Nutreco Holding NV (Nutreco) and Hydro Seafood GSP Ltd (GSP).
Dr Howells has accepted the conclusions of the Competition Commission (CC), contained in their report which he is publishing today, and the advice of the Director General of Fair Trading (DGFT), also published today, that the merger would be against the public interest.
Dr Howells said :
"I agree with the conclusions of the CC, endorsed by the DGFT, that the merger of Nutreco and GSP would be against the public interest.
The CC found that the merger would reduce competition in the market for salmon feed and lead to increased prices. Although the merger would not increase Nutreco's share of feed supply, the CC concluded that its already strong position in the market, coupled with an increased share of the customer base through the acquisition of GSP, would enhance its position in the market at the expense of competitors and customers. Nutreco's position in the market would enable it to raise prices to salmon producers, and as salmon feed is a major component of the costs of salmon production such price increases could lead to increased prices for end consumers. In particular, the CC concluded that those customers and end consumers who specifically wanted Scottish salmon could face higher prices.
The CC did not consider that behavioural remedies, or the divestment of either feed or salmon production capacity, would be sufficient to remedy these adverse effects. They therefore concluded that prohibition was the only appropriate remedy."
The CC's report found that Nutreco, already the largest supplier of salmon feed in the UK, would if the merger went ahead secure an increased share of the customer base in the feed market, and would have strong incentives to take its feed requirements in house, to the detriment of competitors in the feed market. Competition would also be dampened by a supply agreement between Hydro Seafood and one of Nutreco's feed competitors, BioMar. The CC found that Nutreco would have the ability to price discriminate between its feed customers and that dependence by some salmon farmers on Nutreco would increase.
Against these factors the CC identified no evidence of constraining competition from other sources. The CC noted that imports into the feed market have been stable and low (5%); that UK salmon producers' prefer local feed suppliers; that new entry is unlikely from either pet food manufacturers, other fish feed suppliers or other salmon producers; and that the strengthened position of Nutreco would in any case discourage new entry.
In the market for the production and supply of salmon, the CC looked specifically at the effect of the merger on the UK market for farmed salmon., They concluded that Nutreco would have a high market share which could put it in a position to price discriminate against those customers requiring specifically Scottish salmon and therefore unwilling to source from outside Scotland. Such customers, particularly the smaller ones, would be forced to pass such price increases onto end consumers or absorb them themselves, and the CC believe that these price effects could be significant. The CC also note that to the extent that Nutreco's enhanced position in the feed market causes higher prices for feed, this could also lead to higher prices for salmon processors, retailers and end consumers (as feed makes up about half of the costs of salmon production). The CC considered possible benefits of the merger but considered that these did not offset the detriments to competition and prices they had identified.
The CC considered a range of remedies for these adverse effects, including behavioural remedies to control salmon prices, requiring Nutreco to divest itself of production capacity in feed or salmon, and requiring Nutreco to buy feed from other suppliers. They concluded for a variety of reasons that these would not be sufficient and therefore recommended prohibition of the merger as the only viable remedy.
The Director General of Fair Trading agreed with the CC's conclusions and recommendations, and Dr Howells' decision is in accordance with his advice.
STEPHEN BYERS ACCEPTS COMPETITION COMMISSION'S CONCLUSIONS ON INTERBREW/BASS MERGER
Stephen Byers, Secretary of State for Trade and Industry, has decided not to permit the merger between Interbrew SA (Interbrew) and the UK business of Bass Brewers. Mr Byers accepted the conclusions of the Competition Commission (CC), contained in the report being published on the 3 January 2001, and the advice of the Director General of Fair Trading (DGFT), that the merger may be expected to operate against the public interest. In addition, in accordance with the conclusions of the CC and the DGFT, he has decided that Interbrew should be required to divest Bass Brewers in the UK to a buyer approved by the DGFT.
"The CC found that the merger would strengthen Interbrew's market position, with four of the ten top selling beer brands, including two of the top three, Carling and Stella Artois. An effective duopoly in the industry, between the two largest brewers/distributors, Interbrew and Scottish and Newcastle, would be created. The CC expected this to cause higher prices for end consumers, a concentration on leading brands leading to reduced consumer choice, and reduced competition in retail, again to the detriment of consumers. The CC conclude that the only remedy which deals adequately with the adverse effects identified is for Interbrew to divest itself of Bass Brewers in the UK. The DGFT endorses this conclusion, and I have accepted it. I have asked the DGFT to seek suitable undertakings from Interbrew to effect the disposal."
The CC's report found that the merger would make Interbrew the largest brewer, wholesaler and distributor of beer in Great Britain; that it would strengthen Interbrew's portfolio of leading brands; and that it would lead to the creation of an effective duopoly in the industry between Interbrew and Scottish & Newcastle plc (S&N).
E-Minister Patricia Hewitt will visit China and Japan from Monday 15 to Friday 19 January. The Minister will promote the UK as the partner of choice for trade and investment in e-commerce and the new technologies.
Ms Hewitt said:
"The UK is the number one choice for investment into the EU, and Europe's leading e-trading nation. We are the world's largest overseas investor, and a world leader in mobile telephony, digital television, games and other creative industries. That makes the UK perfectly placed to be China and Japan's best friend in Europe."
The Minister's visit will start in Beijing, on Monday 15 January. Ms Hewitt will address the Ministry of Information Industry and will meet with key Government ministers in Beijing and in Shanghai.
Ms Hewitt will sign a Memorandum Of Understanding (MOU) with Information Industry Minister Wu Jichuan. The MOU identifies further co-operation on a range of e-commerce policy issues such as consumer confidence, authentication, trustmarks and privacy. Collaboration is promised on aspects of e-commerce such as data protection, intellectual property rights, and electronic signatures.
Ms Hewitt said:
"China is a rapidly developing e-commerce nation. Ten times as many Chinese people use the internet today compared to two years ago and 60 million people own a mobile phone. Trade between our countries is at a record high with UK exports to China totalling £1.8 billion in 1999.
"China's leading high-tech firms recognise that they need European partners and a global reach if they are to succeed internationally. The UK is very attractive to high-tech investors. We have the most developed e-commerce sector and lowest unmetered internet access costs outside North America. That is why we will be supporting top Chinese companies who are looking to open up or expand their presence in the UK."
Ms Hewitt will be in Tokyo on Thursday 18 and Friday 19 January. She will give the keynote speech when she visits the Keidanren [Japanese CBI] on Friday.
On the same day she will launch the UK Government's mobile website UKNow. There has been a huge growth in the use of mobile phones in Japan for internet access. The UK recognises the importance of new and emerging technology and is the first foreign Government to make a substantial investment in its website, which will be accessible by mobile phone from anywhere in the world.
Ms Hewitt said:
"Japan is well known for developing innovative and high-tech consumer goods and will be the first country in the world to deploy third generation mobile services later this year. Japan really is ready to embrace the era of internet for all!
"When it comes to mobile internet and to m-commerce it is Japan and the UK who lead the world. We will be among the first nations to realise the vision of multi-media access anytime, anywhere, through any device."
NEW YEAR RESOLUTIONS
Almost everyone makes New Year's Resolutions. Need a Little Reminder? Visit http://www.hiaspire.com This site has been dedicated to New Year Resolutions and they will even remind you to keep yours!
Saturday 13th January 2001 Yorkshire Ridings Branch of the ICM Annual Dinner Dance at the Cedar Court Hotel in Bradford This years event is being sponsored by ICC. Tickets are very reasonably priced at #27.50 per head and corporate tables are available (seating 10 to 12). We have also negotiated special room rates - #65 per double and #47.50 per single room. For tickets and further information, please contact Mr. Wayne Parker at wayne.parker@pinsent-curtis.co.uk or Ms Sally Atkin at sally.atkin@uk.pwcglobal.com 15th January Wessex Branch of the ICM Mock meeting of Creditors Royal Southampton Yacht Club Channel View Road, Southampton. 7pm for 7.30pm start Refreshments provided. 24 January Sussex & Surrey Branch of the ICM Annual General Meeting followed by Dinner with guest speaker: Ted Brown The Imperial Hotel Hove Time: 7.00 for 7.30 p.m. 4th to 10th March National Credit Week 7th March Credit Today Awards 2001 Natural History Museum. London Wednesday and Thursday 7th and 8th March Credit 2001 The Event for the Commercial and Consumer Credit Industry Olympia London Thursday 8th March 2001 Companies House Seminar Swallow Hotel Peterborough Lynch Wood Peterborough Business Park Peterborough Registration 5.30pm - 6.00pm Tuesday 13 March Sussex & Surrey Branch of the ICM Alternative Dispute Resolution - Mediation Speaker: Russell Caller of Gillhams, Solicitors The Bridge House Hotel Reigate Time: 7.00 for 7.30 p.m. Sponsored by Gillhams, Solicitors 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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