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: Vol 4 Issue 27
Dated: 9 July 2000
Welcome to the Business Credit News UK.
In this weeks edition you will find the following topics.
UKINTEREST RATES - THE CBI and BCC COMMENT
ECONOMIC CONDITIONS JUSTIFY RATE FREEZE, SAY CHAMBERS
Reacting to the decision by the Bank of England’s Monetary Policy Committee to hold interest rates at six per cent, Dr Ian Peters, Deputy Director General of the British Chambers of Commerce (BCC) said:
‘’Economic conditions justify keeping rates on hold. The exchange rate against the euro has stabilised at a level which is still uncompetitive for UK businesses. Manufacturing output is now at a standstill and this is holding back growth in the economy as a whole.
‘’The fiercely competitive business environment continues to exert downward pressure on prices. Welcome signs that domestic demand and wage growth have eased strengthen the case for keeping rates unchanged.
‘’A further rate hike would risk prompting a renewed surge in the value of the pound, at a time when exporters are still under severe pressure. With inflation still significantly below target, interest rates can be safely left on hold for now.’’
CBI PLEASED THAT INTEREST RATES REMAIN ON HOLD
The Confederation of British Industry said that all sectors of industry would be pleased that interest rates have been left unchanged for the fifth successive month.
Kate Barker, CBI Chief Economist, said: "Continued interest rate stability is the right medicine since the economy is still unsettled. There are clear signs that inflationary pressures are slackening, as earnings growth slows and house prices stabilise. With sterling remaining strong, UK companies still face fierce competition from foreign competitors.
"Keeping interest rates on hold should be enough to keep the lid on inflation, despite the slight decline in the level of sterling during May, and should not put the inflation target in doubt."
RECORD INWARD INVESTMENT FIGURES ANNOUNCED
'Foreign investment is proof of Britain as world class centre for business' say Ministers
Investment in the UK by overseas companies is at record levels, according to figures published last week. Figures released by the Invest in Britain Bureau reveal that in the last financial year foreign companies have brought in:
In the year to 31 March 2000, there were:
The IBB figures show that the UK is particularly successful in attracting investment in industries linked to the knowledge-driven economy - computer software, Internet, telecoms and e-business sectors - which, when taken together, form the largest category of foreign direct investment some 205 projects (27%).
Welcoming the results, Trade and Industry Secretary, Stephen Byers said:
"These figures show that the UK is an excellent place to do business. We have the skills, business environment and sound economic base that is essential to attract overseas investors. This country is in a unique position - it is a gateway between the US and Europe. But we need to ensure that we maintain our prime position as the link between the US and the rest of Europe. Inward investors appreciate the Government's desire to play its full part at the heart of the European Union, including driving the reform agenda in Europe and the option of joining the single european currency early in the next Parliament if the five economic tests laid down by the Chancellor of the Exchequer are met and the British people agree in a referendum."
Minister of State at the Foreign and Commonwealth Office, John Battle added:
"Our continuing strong performance demonstrates the confidence that Britain's economic and business environment enjoys throughout the world. This is tribute to the British people's creativity and inventiveness, and the agility and adaptability of our workforce."
The UK is seen as having a leading position by the world's leading telecoms companies, while the country's traditional strength and reputation has also attracted high quality investments in the pharmaceutical and biotechnology fields.
The report provides an analysis of investment from key geographic markets - the US, Asia Pacific and Europe. The US continues to be the No 1 investor, accounting for some 48 % of all projects followed by Japan (7.7%), Germany (7%), Canada (6%) and France (6%).
Inward investment projects are verified and reported to the Invest in Britain Bureau by its 12 UK Development Agency partners - the 9 English Regional Development Agencies, Locate in Scotland, the Welsh Development Agency and the Northern Ireland Development Board. Figures are based on information provided by the companies themselves at the time of the announcement to invest, and take no account of subsequent developments.
RETAIL SALES GROWTH SLOWS TO LOWEST LEVEL FOR OVER A YEAR - CBI SURVEY
Retail sales volumes slowed in the year to June dashing expectations of stronger growth, according to a Confederation of British Industry survey out last Wednesday. A pick-up in growth is expected in the year to July, although expectations are the least positive since February.
The latest CBI monthly Distributive Trades Survey, covering sales from 6 to 21 June, shows that compared to a year ago, 43 per cent of retailers report increased sales volumes while 28 per cent reported falls. This gives a positive balance of 15 per cent, the lowest since May 1999, and compares with 45 per cent in May and 33 per cent in April.
The three-monthly average, which smoothes out month to month fluctuations, points to a modest easing in underlying growth over the past month.
Footwear and leather retailers reported a sharp fall in sales compared with a year ago, reversing the strong annual growth seen in May. Furniture and carpets stores and chemists reported a marked slowdown in annual growth in June and off-licences reported a decline in sales. However, booksellers, hardware, china and DIY stores and clothing shops reported sharp increases in sales compared with a year earlier.
Alastair Eperon, Chairman of the Distributive Trades Panel, said: "This survey showing a significant slowdown in retail sales is disappointing. Only a month ago we were reporting that retailers' confidence was at its highest for three years. With expectations for growth in July moderating, the message from retailers to the Bank of England is clear. There is no sign of a consumer boom so interest rates can be safely left on hold."
Sales in June were above average for the time of year, but to a lesser extent than was reported or expected in May's survey. Business is expected to remain above average in July and to a similar extent as in June.
Orders placed with suppliers rose in June, but at a much lower rate than was reported or expected in May. Forty-two per cent of firms reported increased orders in June compared with a year ago while 23 per cent said they were down. This gives a balance of 19 per cent compared with 31 per cent in May and 27 per cent in April. Slower growth is expected in the year to July.
Wholesalers' sales rose significantly in the year to June exceeding May's expectations. A similar rise is expected in July. Business is viewed as above average for the time of year and is expected to remain so in July. Orders placed on suppliers rose in June at a faster rate than had been reported or expected in May. Orders are expected to rise at the same rate in the year to July.
Motor traders' annual sales volumes continued to decline in June, but at a slower rate than was reported or expected in May. However a further sharp fall is expected in the year to July.
Despite growing pressure from shareholders and company boards, many European companies are struggling to reduce their accounts consolidation and reporting times, according to a new European research report by KPMG Consulting. In 1999, European companies actually took two days longer to release their provisional figures to the press than in 1998, although most made small improvements in other measures of reporting speed. Inadequate figures supplied by operating companies and business units and mediocre operating systems, which are not properly linked with financial systems, seem to be two of the most significant obstacles to improvement.
The survey by KPMG Consulting of 252 listed European businesses, reveals a strong commitment to reducing reporting cycles. On average, the top 10 per cent of respondents release their final figures just 20 days after the year end. Even this seemingly impressive feat is, however, 13 days behind the average of the top 10 per cent of US companies.
Chris Bedell, principal consultant at KPMG Consulting, commented: "Despite growing external and internal pressures to accelerate reporting cycles, European companies still lag some way behind their US counterparts. What we often see is a gap between intention and implementation. As each financial year is completed, many organisations make ambitious plans to improve the consolidation and reporting processes the following year. Unfortunately, since reporting is often seen as 'an annual event' rather than a continuous process, the planned improvements are not addressed rapidly enough and reporting schedules for the next year are sent out to the subsidiaries based on historic practices. Once this has happened it is too late to instigate significant improvements for the current year."
Findings of the survey showed that:
Nordic businesses are the clear European leaders in the time it takes them to publish their final results. On average, businesses in Sweden take 31 days and those in Finland 37 days. This is in part due to more stringent, regulatory reporting requirements in Nordic countries than in other European countries. Figures released on an annual basis by the London Stock Exchange imply that the UK lags well behind the rest of Europe, but recommendations from the Accounting Standards Board encouraging businesses to meet a 42 working day (60 calendar day) target for the release of provisional figures, combined with pressure from shareholders, are encouraging UK businesses to catch up.
Meeting shareholders' expectations is seen as the most important reason for speeding up closing times. On a scale of one to seven, shareholder expectations achieved the highest average ranking of importance (at 5.35). Good investor relations have also been a key driver behind improvements in the US. Demand from company executives for more timely management information - enabling the company to respond more quickly to opportunities or nip potential problems in the bud - is perceived as the second most important driver.
European businesses in the information, communication and entertainment industries are the most efficient when it comes to publishing final figures, taking on average, 32 days. This may be due to external circumstances: these organisations operate in dynamic, fast moving environments and are perhaps under more pressure from investors to release their reports as early as possible.
Many organisations spend over half the working month preparing their monthly reports. 40 per cent of companies surveyed take 6-10 working days and 35 per cent take 11-15 days. Quarterly reports consume a similarly disproportionate amount of time, 25 per cent spend 6-10 working days, while 65 per cent spend 11 to 15 days.
Despite the fact that 58 per cent of companies now use specialised consolidation and reporting software (compared with 40 per cent in 1997) this has not significantly improved the efficiency of consolidation processes.
This is because, all too often, organisations replace poorly structured 'intergalactic' spreadsheets with consolidation packages, without improving the underlying process.
Chris Bedell commented: "While the legally required timetable for UK businesses to publish their results is a relatively relaxed 7 months, a company that is able to publish its results shortly after the year end is seen as having its internal organisation under control. Analysts are receiving company results earlier and earlier and there is a definite air of disapproval towards those companies whose results arrive later than the rest of the pack.
A focus on the implementation of best practice - by improving processes and IT systems and creating the right cultural atmosphere to motivate employees - will go a long way to solving these problems. The top ten per cent of KPMG Consulting's survey respondents took, on average, only 20 days to publish their results in 1999. These organisations are now reaping the benefits of significant improvements in their reporting cycles."
ECGD BACK IN BRAZIL WITH SUPPORT FOR BLAST FURNACE REBUILDING - CABORN
Richard Caborn, the Minister for Trade, has announced that support from ECGD for a US$26 million UK bid to rebuild a blast furnace in Brazil had resulted in success for VAI Industries (UK) Ltd. The order has consolidated VAI's newly acquired iron and steel business in Stockton and will also provide work for a range of sub-contractors around the UK.
VAI have been appointed by Companhia Siderurgica Nacional (CSN), the largest fully integrated steel manufacturer in Brazil, to lead a European consortium to substantially modernise and enhance their blast furnace at Volta Redonda. This work should help CSN increase the plant's annual production of molten steel by 700 tons, whilst improving the quality of output and helping the company meet operating cost and production targets.
ECGD have agreed to underwrite a US$60 million loan, arranged by Barclays Bank, to help finance the overall contract, and will be seeking reinsurance from the export credit agencies of France, Germany and Luxembourg to cover the work to be undertaken by contractors in those countries.
Mr Caborn said:
"This has got to be excellent news for VAI's workforce in Stockton. The results of this major overseas order are going to keep work flowing locally for a good many people for some time to come. I know that VAI were also very appreciative of the help they were given by ECGD in putting their successful bid together".
ECGD, the Export Credits Guarantee Department, Britain's official export credit agency, is a separate Government Department responsible to the Secretary of State for Trade and Industry. One of its main functions is to underwrite bank loans to enable overseas buyers to purchase capital and project related goods/services from the UK.
ECGD has been able to put together a single financing package to cover the whole bid by the European consortium because of the availability of co-operation agreements it has in place with COFACE of France, Hermes of Germany and ODL of Luxembourg. These allow the country with the largest share of the bid to provide export credit cover for the whole contract and to obtain reinsurance from the partners for their respective shares.
ENFORCEMENT UPDATE
Contributed by Stephen Cowan, Yuill & Kyle, Debt Recovery Lawyers, Scotland. www.debtscotland.com
E-mail Stephen Cowan scowan@yuill-kyle.co.uk
At the same time Scottish Justice Minister Jim Wallace announced the creation of the cross-party working group to examine the reform of Scottish debt enforcement he also announced immediate secondary legislation to extend the list of goods exempt from poinding to include televisions, microwave ovens and telephones.
When sheriff officers attend a debtor's premises to enforce a judgment they will fix an appraised value on the debtor's property. This is known as the poinding. If the debt still remains unsatisfied the sheriff officers remove the goods to a public auction for sale. This latter stage is known as the warrant sale.
There is a wide range of goods exempt from poinding, which basically means they cannot be sold by the warrant sale process. What the statutory instrument is doing is further increasing the already extensive list of items that cannot be removed for sale.
As the items to be excluded largely form domestic goods it is thought their exemption will have little impact in the recovery of commercial debt. Sheriff officers to whom I have spoken think the exemptions will have little significance in the recovery of domestic debt as they would rarely poind the items in question as they would not anticipate their sale would realize anything significant.
When the bill to abolish poindings and warrant sales was introduced the Scottish Executive did say they would extend the range of exempt goods. The legislation certainly does reflect this commitment.
The cross-party group did meet last week and one decision on the agenda was whether they should examine the system of debt enforcement in other jurisdictions with a view to seeing how this could assist the legislature in reforming the position in Scotland. It may be they will examine the proposals being currently discussed by the Lord Chancellor's Department to establish whether any of the English proposals will have any place in Scotland.
The British Chambers of Commerce (BCC) has thrown its weight behind changes to bankruptcy law that will distinguish honest bankrupts from those that have acted fraudulently or irresponsibly, in its response to the Insolvency Service’s consultation paper, Bankruptcy – a Fresh Start.
The BCC believes that those individuals that have become bankrupt through misfortune or bad judgement should be given a second chance in order to reinforce the creation of a more entrepreneurial culture in the UK.
Commenting on the government’s proposals, Ian Peters, Deputy Director General of the BCC said:
‘’The inequity in the current system dissuades would-be-entrepreneurs from taking the risks on which an enterprise economy is built. Business failure is a fact of life and part of the learning curve that many successful entrepreneurs go through. Whilst bankruptcy must never be seen as a soft option, reform is essential to remove the stigma attached to it.’’
In its response the BCC states that the vast majority of bankrupts’ estates are dealt with in under a year and this period is therefore the one it advocates for automatic discharge of honest bankrupts. The BCC would support, however, an option to allow creditors to oppose a discharge where they have good grounds for doing so.
The BCC also believes most of the current restrictions on bankrupts serve no useful purpose and should therefore be scrapped. The three restrictions that should be retained until discharge are the prohibition on a bankrupt acting as company director, obtaining credit over £250 without disclosing his/her status and trading in another name.
The BCC would also like government to abolish the requirement for a bankruptcy order to be published in a local or national newspaper. It believes that this out-dated rule reinforces the stigma of bankruptcy and causes significant distress for a bankrupt and his/her family.
‘’The long list of restrictions that apply reinforces the stereotype that all bankrupts are criminals and untrustworthy. The idea that a bankrupt is any less worthy than any other member of society of being an MP or school governor is ludicrous.’’
The BCC welcomes the proposals to improve the protection of creditors from dishonest or irresponsible bankrupts through the use of restriction orders, but advocates a minimum of four rather than two years.
The BCC however opposes the proposal to allow bankrupts to keep an amount up to £20,000 of equity from the sale of their home, as this would further relegate unsecured creditors down the ‘’pecking order’’ of repayment, behind even the bankrupt.
*** 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 10/07/2000 to 18/07/2000 Number of Creditor meetings : 228 Section Company Time Venue 138 Scotland - Interim Liquidator calling Creditors Meeting 11/07/2000 Bossen Laboratories (Scotland) Ltd 12.00 pm Glasgow 12/07/2000 Charlie McNair Ltd 11.00 am Edinburgh 13/07/2000 Heritage Building & Preservation Ltd 11.00 am Dundee Norral Logistics Ltd 11.00 am Glasgow 14/07/2000 GDS Radio Systems Ltd 10.00 am Glasgow Specialist Glass Services Ltd 10.00 am Edinburgh 18/07/2000 All Clear Emergency Services Ltd 10.00 am Edinburgh European Bathrooms (Scotland) Ltd 12.00 am Edinburgh Millbry 199 Ltd 11.00 am Glasgow 23 Administrator Calling a meeting of Creditors 11/07/2000 Welch & Sons Ltd 11.00 am Newcastle-u-Tyn 14/07/2000 Bricesco International Export Ltd 11.00 am Stoke-on-Trent Flare Group Plc 10.00 am Stoke-on-Trent Flare Industries Ltd 12.00 pm Stoke-on-Trent Gibbons Refractories Ltd 12.00 pm Stoke-on-Trent Hewitt Refractories Ltd 11.00 am Stoke-on-Trent Rathbone International Ltd 10.00 am Stoke-on-Trent 18/07/2000 European Transaqua Ltd 10.30 am Nottingham 48 Receiver calling unsecured Creditors Meeting 10/07/2000 Stonebow Development Co Ltd 03.00 pm Nottingham 11/07/2000 Lucas Brothers (Hinckley) Ltd 10.30 am Leicester Lucas Brothers (Knitting) Ltd 10.30 am Leicester Well-Knit Hosiery Co (Hinckley) Ltd 10.30 am Leicester 14/07/2000 Fields & Pimblett Ltd 10.30 am Manchester Hornsea Pottery Ltd 10.00 am North Ferriby Lorehove Ltd 10.15 am Manchester Standish Equipment Ltd 11.30 am Manchester 17/07/2000 DDSS Ltd 11.00 am Leeds Knight & Willson Ltd 02.00 pm Leeds Status Innovations Ltd 11.30 am Birmingham 67 Scotland - Receiver calling Meeting of unsecured Creditors 18/07/2000 McAlindon Building Contractors Ltd 12.00 pm Glasgow 84 N. Ireland - Creditors Voluntary Liquidation 10/07/2000 Maurice E Taylor (Merchants) Ltd 11.00 am Belfast 14/07/2000 Macben Ltd 11.00 am Belfast 98 Creditors Voluntary Liquidations 10/07/2000 Ask Internet Ltd 01.00 pm London Bar Clothing Ltd 03.00 pm London Budene Ltd 12.00 pm London C G Converters Ltd 03.00 pm Newport Delivering Direct Ltd 03.30 pm Bedford Finesse Hygiene Ltd 11.00 am Farlington Global One Holdings Ltd 10.30 am London Global Phone Warehouse Ltd 11.45 am London Henry Grenville Ltd 03.00 pm Birmingham Hereford Fabrications Ltd 11.00 am Hereford Highland Design & Construction Ltd 04.00 pm Edinburgh Interose Ltd 12.00 pm London Jollyboat Brewery Ltd 11.00 am Exeter Marbrook Total Office Supplies Ltd 11.00 am Marlow Middleton & Hirst Ltd 11.00 am Leeds Mish Mash Designs Ltd 11.00 am London Omega Windows & Conservatories Ltd 11.30 am Ramsgate PDC Engineering Construction Ltd 10.15 am Wakefield Patterncraft Press Ltd 11.15 am Manchester Plastic Pipework Systems Ltd 11.00 am Birmingham Precise Proofing Ltd 11.30 am Manchester Radiographic Testing Services Ltd 11.00 am Nottingham Soundivision Ltd 11.30 am London Stanley G Flagg & Co Ltd 11.30 am London Swanlux Cleaning Services Ltd 11.30 am Bristol Sylvan Refurbishment Ltd 12.00 pm Manchester Xpress Vinyl Ltd 04.00 pm London 11/07/2000 Action Repairs Ltd 12.30 pm London Advanced Voice Processing Ltd 03.15 pm London Advocats Ltd 02.30 pm London Alert Investigations Ltd 11.00 am Manchester Alexander Business Centre Ltd 11.00 am Preston Amy McPherson Cards Ltd 11.30 am Manchester Aura Membranes Engineering Ltd 11.30 am Doncaster Barlanfin Ltd 12.00 pm Manchester Barlanin Ltd 11.30 am Manchester Barlanold Ltd 11.15 am Manchester Bridport Motor Co Ltd 11.00 am Chandlers Ford Clothing City Ltd 03.45 pm London Creative Systems International Ltd 12.00 pm Walsall D W C Brickwork Ltd 11.30 am Blackpool Excelsior House Ltd 11.00 am Bolton Farthing & Galaxy Holidays Ltd 11.00 am Leicester Feature Ltd 11.30 am London Floodlite Ltd 12.45 pm London Galaxy Air Holidays Ltd 02.00 pm Leicester Hooker Serowka Ltd 11.00 am Hornchurch Jorvik Investments Ltd 10.30 am Leeds KLen Products Ltd 11.30 am Larkfield Kestner-DJM Pollution Control Ltd 02.00 pm Redditch Leather by Choice Ltd 11.00 am Blackburn Limros Ltd 11.30 am Preston Manorgate (UK) Ltd 02.10 pm London Multistock (UK) Ltd 11.30 am Sheffield Officentre.com Ltd 03.00 pm London Queensway China Ltd 10.30 am Hanley Quickstyle Ltd 12.45 pm London Rafiki Garments Ltd 11.30 am Bingham Ransons Press Ltd 12.00 pm London Showcomm Presentations Ltd 02.00 pm Milton Keynes T F H Ground Works Ltd 10.30 am Sheffield Torchco Ltd 10.30 am Cambridge WM Marketing Ltd 02.00 pm Halesowen 12/07/2000 Airpad Corporation Ltd 11.00 am London Alfred A Saxon Ltd 03.00 pm London Applaud Co Bridal (Consessions) Ltd 04.00 pm London Aston Tele-Projects Ltd 10.30 am Birmingham Coling Corporation Ltd 03.00 pm London Combined Service Publications Ltd 11.00 am Farnborough Community Developments (Midlands) Ltd 11.30 am Birmingham Computer Enhancements Ltd 11.00 am Harrogate Darby Brothers Construction Ltd 01.00 pm Ilford Dolphin Scuba Centre Ltd 11.30 am Blackburn Drury Vincent Ltd 12.00 pm Glasgow Essential Equipment Finance Ltd 11.00 am London Executive & Management Resources Ltd 02.30 pm London Global Shopfitters Ltd 11.00 am Warmsworth Globegrange Properties Ltd 11.30 am London Hanovia Property Ltd 12.00 pm London Heron Research Ltd 11.30 am Somerset Ideas In Action Ltd 11.00 am London Linkserve Systems Ltd 11.30 am Cardiff Mainavon Ltd 02.30 pm Birmingham Middle East Market & Comm (London) Ltd 11.00 am Bromley Net-Tec (UK) Ltd 10.30 am Driffield North Notts Coatings Ltd 10.30 am Sheffield Oakland Joinery Contracts Ltd 12.00 pm Manchester S & T Merchants (Edmonton) Ltd 02.00 pm London Storm Holdings Ltd 12.00 pm Chesterton Studio One Graphics Ltd 10.30 am Lichfield V W Training Ltd 12.00 pm London Value Added Services Ltd 10.30 am Swindon Whispergold Sales Ltd 10.00 am Northwood Wirral Manufacturing Ltd 10.00 am Birmingham 13/07/2000 A & J Elec & Mech Serv (Sussex) Ltd 11.00 am Hove Ashton Investments & Finance Ltd 11.00 am Newton Abbot Avanti International Electronics Ltd 02.45 pm Egham Beau Foods Ltd 10.15 am Bately Bromsgrove MG Centre Ltd 02.30 pm Bromsgrove CRA Knitwear Ltd 11.00 am Newcastle-u-Lym Cardowe Developments Ltd 11.00 am Braintree Cecconi Restauranteurs Ltd 11.30 am Stanmore Clifton-Tyler Ltd 11.00 am Hexham Desmondford Ltd 12.00 pm London Ellis & Co Builders Ltd 11.00 am London Essex Spedition Ltd 10.30 am London F1 Key Ltd 01.30 pm Guildford Foremost Circuits Ltd 03.45 pm Egham George Street Mills Ltd 11.45 am Holmfirth Graham Cheadle Power Products Ltd 11.30 am Cheadle Hi-Tec Interiors Ltd 10.30 am Sheffield I G Hales (Holdings) Ltd 11.30 am Swansea Jimpro Fresh (UK) Ltd 12.00 pm Leeds Kingdom Leisure Ltd 11.00 am Barnsley Max Games Ltd 11.00 am Leeds Naturepride Ltd 03.00 pm Leicester PSL International Exhibitions Ltd 01.00 pm London Parrott Inns Ltd 11.00 am Peterborough Pentagon Cleaning Services Ltd 12.30 pm Ampfield R L Wensley & Co Ltd 11.30 am Liverpool Rogers & Harris Ltd 11.00 am Bristol Samuel Armitage & Sons Ltd 11.15 am Bately Samuel Phillips Ltd 12.30 pm Liverpool Softcrest Ltd 11.00 am London Stanbrook Software Ltd 11.00 am London Syndicate (Stove Enamellers) Ltd 12.30 pm London Tank Systems Ltd 11.00 am Corsham Tasklake Ltd 12.00 pm Manchester W & M Gibson Ltd 11.30 am Preston Zamanis Too Ltd 10.30 am Normanton 14/07/2000 A G Accessories Ltd 12.00 pm Coventry Abbey (Textiles) Ltd 11.00 am Solihull Admin & Utility Services Ltd 11.00 am Swansea Board Co Ltd - The 11.30 am Glazebrook Breckton Ltd 12.00 pm London Brockley Upholstery Ltd 12.00 pm London Call Out Services Ltd 11.00 am Northampton Dolan Construction (NW) Ltd 12.00 pm Manchester Faldowood Ltd 10.30 am Sheffield Globelink Systems Ltd 11.00 am Birmingham Hallmark Engineering Ltd 11.00 am Chandlers Ford Independent Consolidation Co Ltd 11.30 am Chatham Integrated Network Systems Ltd 11.00 am Northampton Jonacraft Ltd 03.30 pm London K Chessell Ltd 11.30 am Brighton Kingsway Trading Ltd 10.30 am Sheffield Multimedia PC Centre Ltd 04.00 pm Manchester Penny Candle Co Ltd - The 12.00 pm London Random Transport Services Ltd 12.00 pm London SMM Systems Ltd 11.30 am Southampton Steambox Ltd 11.00 am London Thistle Trading Co Ltd - The 11.00 am Solihull Touch Technology Ltd 02.30 pm Abingdon Tristar Communications Ltd 11.00 am Ringwood UK Direct Wholesale Ltd 10.30 am Southampton Usk Groundworks Ltd 11.30 am Cardiff 17/07/2000 Axiom Development Partnership Ltd 02.45 pm London Axiom Workshops Ltd 02.30 pm London Contrast Marketing Ltd 12.00 pm London Gilcrest Trading Ltd 10.30 am London I T S Logistics Ltd 11.00 am Hull Magnum Restaurants Lts 11.00 am London Marlston Engineering Ltd 10.30 am Reading Moore Bros (Wilton) Management Ltd 11.00 am Southampton Northgale Ltd 11.00 am Hornchurch Roger Black Partnership Ltd -The 03.00 pm London Sureline (Pipeline Constructors) Ltd 11.00 am Blackburn T K L Ltd 11.30 am Liverpool Total Office Group Plc 04.00 pm Leeds Vitalis (International) Ltd 12.30 pm Leeds Vitalis Ltd 10.15 am Leeds 18/07/2000 Albert Gate Fruit Stores Ltd 11.00 am Barnet Amilu Ltd 12.00 pm Manchester Birdsall Furnishings Ltd 11.30 am Wakefield Camelot Conservatory Co Ltd 03.00 pm London Carpet Movements Ltd 02.30 pm Bradford Central Marketing Management Ltd 11.30 am Leicester Daydawn Ltd 12.00 pm London Dennis Transport Ltd 11.00 am Chandlers Ford Design Corner Ltd 11.00 am London Emsworth Road Garage (Lymington) Ltd 12.00 pm Southampton Environmental Waste Technology Ltd 10.30 am Halifax Faithfulls Ltd 11.30 am Guildford Frinton Shipbrokers Ltd 12.00 pm London Glenforth Engineering Ltd 11.00 am Bristol Industrial & Allied Chemicals Ltd 11.00 am Birmingham John Henry Architectural Install Ltd 11.00 am Bolton Kerry Construction Ltd 02.30 pm Southampton Level 3 Ltd 12.00 pm Liverpool M & S Electrical Services Ltd 02.30 pm Southampton Maztex Ltd 12.00 pm Manchester Melon Records Ltd 10.30 am Crawley Music in the Sun Ltd 10.30 am Sheffield Robin Stone Services Ltd 12.00 pm London Rose Greeting Cards (UK) Ltd 11.00 am Manchester Sun & City Holidays Ltd 12.00 pm London Trade Glaze (Windows & Doors) Ltd 11.00 am London
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After the heads of both airlines met the European Commission, it was reported that approval of a merger between KLM Royal Dutch Airlines and British Airways would be conditional on both selling their respective budget operations, Buzz and Go.
Pacific Century Cyber Works, a Hong Kong Internet company, and Pearson, the UK media group, announced a joint venture. Pearson will supply television and online educational content for distribution through PCCW's Network of the World broadband service.
After withdrawing from auctions for third-generation mobile licences in Britain and Germany, Worldcom announced that it would pursue its European expansion strategy through joint ventures or by renting capacity from European operators, possibly in return for access to its fixed-line network in America.
Microsoft made renewed efforts to stop the European Commission from blocking its bid to acquire 25% of Telewest, the UK cable company. The American software giant is said to have offered further concessions in an effort to persuade the commission that it did not seek to dominate Europe's market for digital-television decoding software.
Liberty Media, an American cable company, said that it would take a 38% stake in United Globalcom for shares, assets and cash valued at $3.5 billion. UGC owns 51% of United Pan-Europe Communications, a Dutch cable company, which itself owns Chello, a broadband Internet company. UPC will take Liberty's 25% stake in Telewest, the UK's second-biggest cable operator, giving it an entry in to the British market. Telewest may yet take a stake in Chello.
Amazon, an e-commerce trail-blazer and Internet "blue-chip" firm, suffered a decline. Amazon's shares fell by 19% in one day after a report criticised the firm's creditworthiness because it was likely to run out of cash. Despite encouraging sales growth and around 20m customers, the company has yet to make a profit.
Shares in Freeserve, the UK Internet service provider, tumbled after negotiations for a 6.0 billion pounds ($9.0 billion) takeover by T-Online, Deutsche Telekom's Internet arm, collapsed. Investors were also unimpressed by the company's annual results.
Yahoo!, the Internet portal, is to buy EGroups, an e-mail communication service, in an all-share deal worth around $428m. Yahoo! will integrate eGroup's 17m members into its own e-mail services.
As the final bidding for Daewoo, South Korea's bankrupt car maker, came closer, Daimler Chrysler acquired 10% of Daewoo's rival Hyundai, for $428m. But the pair's hopes for a bid for Daewoo Motor, have been dented by Daewoo's decision to name Ford as exclusive bidder. The world's big car companies are all vying for position in the Asian market.
America's Wal-Mart, the world's biggest retailer, and four German supermarket chains are to be investigated by Germany's cartel office. Wal-Mart's entry to the German market in 1997 sparked a price war that may have breached restrictions on selling goods for less than they cost to make.
An OECD report named 35 Tax Havens that are harmful to trade and investment, including the Channel Islands, the US Virgin Islands and Panama. After a year's grace, OECD member governments will consider action including economic sanctions. Six centres, including the Cayman Islands and Bermuda, were removed from the list after promising to co- operate in a crackdown on tax evasion.
A campaign to force the demutualisation of Standard Life, Europe's biggest remaining mutual life-assurer, failed after only 46% of its 1.1m members voted for the move. Despite the promise of significant windfalls for members, the vote fell well short of the 75% required for success.
Source - The Economist
MERGER CLEARANCE
There is no merger news this week.
Stephen Byers, Secretary of State for Trade and Industry, on the 5 July unveiled proposals to help innovative, knowledge-intensive businesses with no tangible assets behind them secure finance.
Speaking at the UK/US Investment Conference, Mr Byers said:
"New knowledge-based businesses can often find it difficult to raise finance. They are often too young and small, and do not offer the growth potential to attract classic venture capital. Yet these are the very firms we need to encourage in order to prosper fully in the knowledge driven economy."
"The Government's aim must be to ensure that people with bright ideas can get the advice and finance they need to turn them into successful growth businesses."
The consultation document Knowledge Funding considers three main options:
The consultation document also seeks views on the merit of including mentoring and business support as part of any knowledge funding service and discusses ideas for restructuring the general support that the Government provides towards the finance needs of SMEs.
Copies of the consultation document Knowledge Funding are available on the Small Business Service website at http://www.businessadviceonline.org/knowledgefund from Thursday 6 July. Copies are also available from Andrew Moore at The Small Business Service, Investment Directorate, Level 2 St Mary's House, c/o Moorfoot, Sheffield, S1 4PQ .
The closing date for comments on the consultation document is 30 September 2000. The results of the consultation are expected to be announced in winter 2000/01.
JUDGES GET WIRED UP TO THE WEB
Judges are to be given official access to the World Wide Web, the Lord Chancellor Lord Irvine announced on the 4th July.
From 17 July, more than 1,000 full time judges will receive a Compact Disc enabling them to connect their official laptop computers to the web. By mid-August all these judges will be able to log on to a new 'portal' web page, called LEXicon, provided by the Court Service to give the judiciary speedy links to web-based legal information such as the HUDOC database of the European Court of Human Rights.
Via LEXicon, these judges will also receive a customised version of Butterworths Direct, providing them with quick and easy access to the legal reference materials they need. Judges will have on-line access to UK and European cases, commentary and legislation as well as being able to request e-mail updates on key judgments and developments in specific areas of law.
On the day of a Human Rights Information Day organised by Liberty at the House of Commons, the Lord Chancellor said:
"The judiciary and the Court Service are together moving into the Information Age. All full-time judges are to have official access to this valuable resource from their laptops.
"That is why I am announcing that more than 1,000 full-time judges will soon be able to access quickly and easily the latest judgments and developments in law by surfing the net from their chambers and eventually from the courtroom. This will be invaluable when the Human Rights Act comes into force on 2 October this year as judges develop UK human rights jurisprudence."
Ian Magee, Chief Executive of the Court Service, said:
"More than 1,000 full-time judges now have Court Service laptops with word processing, secure e-mail and conferencing facilities and this number is set to increase.
"I am pleased that we are now able to give the judiciary Internet access as well. This will provide an efficient way of providing judges with up-to-date legal reference materials which they can access speedily from their laptops."
Lord Justice Brooke, who has been given responsibility for judicial IT matters by the Lord Chief Justice, welcomed the new service:
"These arrangements are going to make a great difference to the ease with which judges will be able to access the information they will need from October onwards. We are grateful to the Court Service for the extra help they are now giving us.
An interactive CD-Rom, developed by the Judicial Studies Board, will be included in the pack to assist those judges who are less experienced users of the Internet. The judiciary will also have access to a Help Desk.
The total cost of providing this service over three years is approximately £1,686,000.
LEXicon is an open site and will go live on 17 July at: http://www.courtservice.gov.uk/lexicon
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