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 4 Issue 44
Dated: 10 December 2000
Welcome to the Business Credit News UK.
In this weeks edition you will find the following topics.
UKINTEREST RATES
INTEREST RATES HAVE PEAKED, SAYS CBI
The Confederation of British Industry last Thursday said that interest rates should have peaked following the MPC's decision to keep the cost of borrowing at six per cent.
Kate Barker, CBI Chief Economist, said:
"There is now mounting evidence to support the argument that UK interest rates have peaked. Inflation pressures remain subdued and this week's data on retail sales indicates consumer demand may be softening. However, weaker sterling and the changed market view on interest rates may bring little relief to UK manufacturers because of slower global demand."
AND BUSINESS BANKS ON NEW YEAR RATE CUT
Reacting to last week's 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:
''This is the best we could have hoped for, however it is clear that interest rates have now peaked and business will be looking for an early cut in rates in the New Year. Manufacturers remain under severe pressure from the weak euro and are being forced to squeeze profits and scale back investment plans in order to compete.
''The economy continues to show signs of cooling to a more sustainable level, with inflation remaining subdued due to intense competition in domestic and export markets.''
ADVANCE ENERGY STATISTICS
Provisional statistics showing energy production and consumption and petroleum product prices in the three months to October 2000 were published on the (5 December 2000 by the Department of Trade and Industry. Some figures for typical retail prices of motor spirit and diesel fuel in November are also given.
Production of indigenous primary fuels in the three months to October 2000, at 65.7 million tonnes of oil equivalent, was 5.6 per cent lower than in the corresponding period a year ago. Production of coal and petroleum fell by 15.6 per cent and 12.5 per cent respectively, whilst production of gas rose by 11.7 per cent. Production of primary electricity fell by 10.2 per cent because of a higher level of outages for maintenance and refuelling at nuclear stations. Oil production was lower as a result of this year's summer maintenance round having a longer and greater impact than last year.
Total inland consumption of primary fuels, which includes deliveries into consumption, during the three months to October 2000, at 50.8 million tonnes of oil equivalent, was 2.8 per cent higher than that recorded for the same period a year ago. Consumption of coal, gas and petroleum rose by 11.1 per cent, 3.4 per cent and 0.3 per cent respectively, whilst consumption of primary electricity fell by 9.5 per cent. Coal consumption rose because coal was used at power stations to make up for the shortfall of available capacity at nuclear and gas fired stations due to maintenance outages.
The recent fuel supply disruptions in the UK may have affected the normal pattern of deliveries for both motor spirit and Derv fuel during the months of September and October 2000 (details were contained in the text of the November edition of Energy Trends). The data for both these months are still under investigation and may eventually be subject to greater revision than usual. On the basis of the data available, total use of petroleum, including non-energy use, in the period August to October 2000 was 19.8 million tonnes, 0.1 per cent higher than a year earlier. Energy use increased by 2.3 per cent while non-energy use decreased by 3.7 per cent. Total motor spirit deliveries decreased by 2.4 per cent, with deliveries of unleaded petrol 0.9 per cent higher. In the period, unleaded petrol deliveries (excluding Lead Replacement Petrol (LRP)) represented 92.3 per cent of total motor spirit deliveries, compared with 89.3 per cent a year earlier. Derv fuel deliveries increased by 1.5 per cent, while deliveries of other gas diesel oils, primarily used for heating purposes, rose by 8.8 per cent. Fuel oil deliveries fell by 13.1 per cent, continuing its decline as a source of energy for industry and electricity generation. Deliveries of other products increased by 9.1 per cent with increased deliveries of aviation turbine fuel (up 8.8 per cent) and burning oil (up 15.0 per cent) being offset by decreased deliveries of liquefied petroleum gases (down 4.1 per cent).
The prices of motor spirit and diesel have risen in the month to mid November. In terms of prices at the pump, the prices of premium unleaded, lead replacement petrol (LRP) and diesel have risen by 2.6, 1.8 and 2.9 pence per litre respectively, compared to the mid October prices. In the year to mid November 2000, rises of 8.7, 6.6 and 9.0 pence per litre were seen for premium unleaded, LRP and diesel respectively - these represent increases of around 8 to 12 per cent in the price of these fuels.
In the month to mid October the price of super unleaded petrol decreased by 0.6 pence per litre but was around 5 per cent higher than a year ago; representing an actual increase of 3.9 pence per litre.
RETAIL SALES REVIVED IN NOVEMBER BUT OPTIMISM AT WEAKEST FOR TWO YEARS - CBI
Annual retail sales grew modestly in November following last month's standstill, according to a survey published last Wednesday by the Confederation of British Industry. However sales growth remains lower than reported in the first half of this year.
The CBI's latest quarterly Distributive Trades Survey, carried out from 1 to 21 November, shows 43 per cent of retailers reporting a rise in sales volumes compared to a year ago, 30 per cent reported a fall. This gives a balance of 13 per cent, which compares with zero in October and 14 per cent in September. The three-month moving average, which smooths out month-to-month fluctuations, has fallen as the underlying trend in growth slows.
Retailers expect sales growth to improve further in the year to December. Thirty-nine per cent of retailers expect sales to go up, while 20 per cent expect them to go down. This gives a balance of plus 19 per cent and compares with an expectation of plus 35 per cent for December last year. Business optimism among retailers is at its weakest since November 1998 with respondents now expecting the business situation to remain broadly stable for the next six months.
Alastair Eperon, Chairman of the Distributive Trades Panel, said: "Signs of a return to growth in the retail sector are welcome, following last month's standstill. However, volume growth has only returned to September's level and remains well below the first five months of this year. The prospects for Christmas are subdued, with optimism the weakest for two years. The long-term outlook remains downbeat, with prices expected to fall further over the coming months and with retailers' investment plans suggesting no increase in capital expenditure over the next year."
Stores selling durable household goods reported the largest increases in sales volumes compared to a year earlier. Significant increases in sales volumes are reported by firms selling footwear and leather, hardware stores, off-licences and grocers. The remaining sectors reported moderate increases, with the exception of specialist food retailers, chemists, and other retailers which reported falling annual sales volumes.
Prices were stable in the year to November with 30 per cent of retailers reporting prices up on a year ago. Thirty-one per cent reported that prices were down leaving a negative balance of minus one per cent. Prices are expected to resume their decline over the coming months.
Employment has continued to rise, though by less than had been expected. It is expected to increase a little more quickly over the coming months. The rise in import penetration, measured by the share of retailers' deliveries from imported supplies, has slowed further but remains at a historically high level.
Wholesalers reported a stronger than expected increase in sales volumes in the year to November. Sales are expected to rise a little more sharply in the year to December. Business is considered to be significantly above average for the time of year and wholesalers expect sales to remain above average during December. Prices rose significantly in the year to November, the sharpest rise since August 1996. Employment rose at the fastest rate since May 1989 and is expected to grow at the same rate in the coming months.
Motor traders' annual sales volumes fell more sharply than in October. A slightly slower fall is expected in the year to December. Prices fell at the fastest rate in the survey's history.
New Credit Service will Enable Online Businesses to Transact with Unknown Parties Online Without Risk of Payment Default
Los Angeles - December 5, 2000 - Escrow.comTM, and its operating subsidiaries, which collectively provide comprehensive online transaction settlement and escrow services, today announced from Ground Zero 4, a strategic partnership with eCredible Ltd., a provider of online B2B credit management and payment guarantee solutions.
Together, the companies will offer total credit coverage for all ebusiness transactions, enabling eMarketplaces and online suppliers to conduct payment-secure business with any party over the Internet without risk of payment default or fraud.
"As eMarketplaces strive to increase their volume of transactions, they're opening their communities to unknown buyers and sellers on the Web, which can hinder the growth of liquidity," said Russell Stern, CEO, Escrow.com. "They require a trusted third party to manage the transaction settlement process, as well as a secure online credit and payment service, to mitigate the risk. Our partnership with eCredible reduces the amount of uncertainty involved by providing a secure means for business participants to conduct their transactions entirely online."
The combination of financial services from Escrow.com and eCredible allows eMarketplaces and other online suppliers to offer a comprehensive online payment package that can cover virtually any buyer - either through direct credit or escrow services. Unlike standard credit offerings, the joint solution provides suppliers with the eCredible Payment Guarantee and buyer authentication to protect them from defaults and fraud.
"The future survival of eMarketplaces will be based on their ability to provide value-added services such as credit insurance, escrow, payment settlement, financing, verification of trading partners and other transaction processes that make it easier, safer and cheaper to do business," said Aaron McPherson, a Research Manager for IDC.
Escrow.com and eCredible Ltd. have formed a combined financial service that will provide transaction settlement services, including managing the transactional elements and payment processes, through Escrow.com's TransactionPointTM, a secure settlement engine that automates all of the necessary components for completing online transactions- from reliable collection and disbursement of funds to tracking and confirming the performance of all transaction participants, including third parties.
eCredible, utilizing its extensive online credit verification system and global buyer database supported by leading credit insurer NCM, authenticates prospective buyers and runs detailed credit checks to build a complete credit profile. If approved for coverage, eCredible issues an online credit certificate to the buyer with an authorized spending limit, similar to a credit card, and backs it with the eCredible Payment Guarantee. Subsequent transactions are then covered in realtime by eCredible against payment default.
Buyers that do not qualify for eCredible coverage, but who have the cash to make a purchase, may utilize Escrow.com's escrow service. This service arranges for a buyer's payment to be held in a trust account until both the supplier and buyer agree that the goods have been exchanged satisfactorily, and that payment can be made.
"This partnership allows the credit risk for eMarketplaces and suppliers to be fully managed for any size B2B transaction, regardless of the buyer's size, credit profile, or geographic location," said Gil Grossman, CEO, eCredible.
"No other credit management package offers coverage this broad, backed by eCredible's Payment Guarantee and buyer authentication system, in a service processed online at Web speed."
Benefits to Suppliers & eMarketplaces:
About Escrow.com Inc.
Escrow.com™ and its operating subsidiaries, founded by Micro General Corporation (NASDAQ: MGEN) and Fidelity National Financial Inc. (NYSE: FNF), offer comprehensive online transaction settlement solutions, including licensed escrow services. The company delivers a secure and scalable business transaction platform with integrated transaction settlement services for business-to-business e-commerce. For more information, please visit www.escrow.com
About eCredible Ltd.
eCredible provides risk management solutions for online B2B transactions. eCredible's core product, the Credit Certificate, is the platform for a full suite of risk management services - including authentication/verification, encrypted communications, the eCredible Payment Guarantee and dunning/collections. The entire range of services is provided in a fully integrated and automated fashion, without interrupting the online transaction.
As a separate subsidiary of NCM, dedicated to B2B solutions, eCredible benefits from the experience and assets of one of the world's leading providers of credit insurance, 75 years in business and covering over $130 billion annually. NCM is majority owned by Swiss Re, a AAA-rated global leader in credit reinsurance.
eCredible is headquartered in Amsterdam, The Netherlands, with US offices in Denver, Colorado and Baltimore, Maryland. More information is available at www.ecredible.com
ECGD READY TO BACK UK EXPORTERS IN VENEZUELA - CABORN
Richard Caborn, the Minister for Trade, last week announced in Caracas that ECGD medium-term cover is now available for UK capital goods exporters seeking to win business in Venezuela.
Mr Caborn, who is this week leading a trade mission to Chile and Venezuela, made the announcement during a meeting with Venezuela's Minister of Energy and Mines, Ali Rodriguez Araqui.
Mr Caborn said:
"I am pleased to be able to make this announcement about ECGD cover. This reflects the importance of the Venezuelan market for UK exporters and the undoubted improvement in the country's economic prospects.
"I am aware that some UK exporters have been unhappy about the lack of ECGD cover for the country recently but the announcement is a clear message that the UK means business.
"ECGD is now ready and able to provide the support needed for our capital goods exporters to re-enter the market. I know that the authorities in Venezuela have a high regard for the quality of product and service our companies have provided in the past."
ECGD cover for Venezuela was suspended early in 1999 when the country's economy went into a sharp recession.
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.
ROGUE CREDIT BROKERS WARNED
Credit brokers who fail to refund fees when a consumer does not take up a loan have been warned by the OFT that they risk losing their consumer credit licences.
The warning follows the revocation of the credit licence belonging to Baronsmede Finance, formerly based in Holywell, Flintshire. Baronsmede's licence was taken away because the company failed to refund fees of more than £300.
Section 155 of the Consumer Credit Act 1974 states that if a borrower does not take up a loan offered by a broker - for whatever reason - the broker can only keep £5 of the arrangement fee.
The OFT received complaints about Baronsmede and a copy of a letter sent by the business to consumers stating that should an application not lead to a loan, a minimum processing fee (£240) would be deducted from fees paid.
Further evidence was provided in a 'Letter of Engagement' document supplied to the OFT. In that Baronsmede said "should the application for funding by the above named client/s not proceed from offer to completion draw down funds for any reason, then a minimum administration charge of £350 (Three hundred and Fifty pounds sterling) will be payable to the company Baronsmede Financial Services Ltd on demand".
John Vickers, Director General of Fair Trading, said:
"The law on brokerage fees is crystal clear. If loans are not taken up - even if the consumer pulls out of the deal - the broker cannot keep more than £5 of the arrangement fee. They must pay back the difference to consumers. However, some brokers are able to flout the law by relying on consumers being unaware of their rights.
"In the case of Baronsmede we were able to remove their licence with only a couple of complaints because we had strong evidence that they were breaking the law. People who are having similar problems getting money back should complain to their local trading standards service."
Baronsmede traded under the names Stateside Express Credit, Oakland Manor Property Consultants, Ring Wood Debt Collection, Monarch Asset Management and Alpraham Sports & Performance Centre - Car Sales.
Section 155 of the Consumer Credit Act 1974 applies to a number of types of agreement including mortgages and consumer loans of £25,000 or less. It states that a credit broker may charge no more than £5 for its services if the consumer does not enter into an agreement within six months of an introduction to a lender. If the broker has already charged more than £5, the excess must be refunded to the consumer upon request. 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:
i. contravening any provision made by the Act, such as Section 155 [Section 25 (2) (b)]; or
ii. engaging in business practices appearing to him to be deceitful or oppressive or otherwise unfair or improper (whether unlawful or not). [Section 25 (2) (d)]
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.
Once a licensee has had its credit licence revoked, it is not able to offer credit facilities. Consumer credit agreements already made are not affected.
COMPANIES HOUSE WINS THIRD AWARD
Companies House has won the E-Government Award, given as part of Computer Weekly's E-Business Excellence Awards 2000. The Award was sponsored by Global Crossing. This is the third award Companies House has achieved this year for its electronic information services.
The Award was given for Companies House Direct, the web service through which Companies House provides customer access to its database of more than 25 million documents filed by more than 1.4 million limited companies.
Companies House Direct was judged to be the best example of the use of e-business technology in the public sector. The Award category covered central government, local authorities and public services more generally, such as police, fire and ambulance services.
Speaking about the award, John Holden, Chief executive at Companies House, said:
"Once again, I am very pleased at the recognition given to work done by people at Companies House. We are very much aware of our responsibility in making services more easily available to customers, much of this being done to push forward the Modernising Government agenda."
"This Award reflects very well on the Companies House team and the significant efforts we have made to develop our electronic information services."
Companies House is the Government Agency with responsibility for the incorporation and dissolution of limited companies, for the registration of information supplied by them to the Registrar of Companies, under the Companies Acts and related legislation, and for making this information available to the public.
Earlier this year Companies House won the Pricewaterhouse Coopers Award for Innovation and Risk Management and the Microsoft Digital Britain Award for Best Content and Document Management/Workflow Solution.
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TW LW TW LW
USA 1.44 1.42 Canada 2.21 2.18
Austria 22.36 22.93 Portugal 325.79 334.10
France 10.65 10.93 Belgium 65.55 66.77
Finland 9.66 9.90 Italy 3146.63 3226.82
Germany 3.17 3.26 Sweden 14.00 14.47
Holland 3.58 3.67 Switzerland 2.45 2.52
Spain 270.39 277.29 Ireland 1.27 1.31
Australia 2.64 2.71 Denmark 12.20 12.56
Hong Kong 11.30 11.09 Euro 1.62 1.66
Africa Com 11.00 11.03 Saudi Arabia 5.43 5.33
India 67.76 66.65 Malaysia 5.50 5.40
Singapore 2.51 2.49 Norway 13.17 13.35
Japan 160.40 157.11
TW This week LW Last week.
Reuters, the UK media group, announced a successor to replace Peter Job as chief executive when he retires next July. Tom Glocer, head of Reuters' main information division, will become the first American (and first non-journalist) to run the company.
British Telecom sold bonds worth $10 billion, offering high yields to compensate for its ballooning debt and rickety credit rating. Initial public offerings by Norway's Telenor and Portugal Telecom both fell below their offer prices when trading began.
Corus, forged from the merger of British Steel and Hoogovens, a Dutch rival, abandoned its experiment of employing two chief executives. Both are to leave. The unwieldy compromise, needed to facilitate the merger, slowed down decision-making at a time of declining demand for steel, which had led to losses and a declining share price.
Pernod Ricard and Diageo announced that they had agreed to bid jointly for the drinks business of Seagram, which is to be auctioned for a sum likely to exceed $7 billion after Seagram completes its merger with Vivendi, a French conglomerate. A side-deal by the suppliers of Captain Morgan, Seagram's premium rum, with Allied Domecq, rivals for the rest of Seagram, has not deterred Pernod and Diageo. Bacardi, in alliance with Brown-Forman, an American firm, is also interested.
Nokia, the world's leading mobile-phone maker, said that revenues were likely to remain strong until 2003 and that the world would see its one-billionth mobile subscriber by early 2002, rather than the end of this year. Nokia also dismissed suggestions that WAP and other Internet-enabled devices would not catch on.
Source - The Economist
Bass announced pre-tax profits of 1,987 million pounds, after exceptional credit, on turnover of 5,158 million, for the year ending 30th September 2000. Earnings per share stand at 192.9p, on increased capital.
Courts, the furniture and electrical retailer, announced pre-tax profits of 35 million pounds, after exceptional credit, on turnover of 324.5 million, for the six months ending 1st October 2000. Earnings per share stand at 41.8p.
Dyson announced pre-tax profits of 1.25 million pounds, after exceptional charge, on turnover of 32.2 million, for the six months ending 30th September 2000. Earnings per share stand at 4.2p.
Glotel, the telecommunications consultancy, announced pre-tax profits of 3.53 million pounds, on turnover of 81.4 million, for the six months ending 30th September 2000. Earnings per share stand at 6.0p on increased capital.
Grainger Trust announced pre-tax profits of 16.1 million pounds, after exceptional charge, on turnover of 68.2 million, for the year ending 30th September 2000. Earnings per share stand at 43.3p.
Securicor announced pre-tax profits of 47.7 million pounds, on turnover of 1,090 million, for the year ending 30th September 2000. Earnings per share stand at 5.5p.
MERGER CLEARANCE NEWS
STEPHEN BYERS BLOCKS BUPA/CHG MERGERStephen Byers, Secretary of State for Trade and Industry, has decided not to permit the merger between the British United Provident Association Limited (BUPA) and Community Hospitals Group plc (CHG). He has also decided not to permit the mergers between BUPA, CHG and Salomon International LLC, and between Salomon International LLC and CHG.
Mr Byers accepted the conclusions of the Competition Commission (CC), contained in their report, and the advice of the Director General of Fair Trading (DGFT), also published last week, that these mergers would be against the public interest.
Mr Byers said :
"I agree with the conclusions of the CC, endorsed by the DGFT, that the proposed merger of BUPA and CHG, and the related mergers involving Salomons, would be against the public interest.
The CC found that the BUPA/CHG merger would reduce competition in the market for Private Medical Services and cause prices to be higher than they would otherwise be in both the Private Medical Services and Private Medical Insurance markets. They also found that the related mergers involving Salomons would inhibit CHG's ability to compete with BUPA and create damaging uncertainty for the company.
I have accepted the CC's proposed remedies for these adverse effects; that BUPA and CHG be prohibited from merging, and that the Salomons shareholding in CHG be disposed of. I have asked the DGFT to seek suitable undertakings from the parties to ensure that the BUPA/CHG merger does not take place and that SBUKE's shareholding in CHG is disposed of as soon as possible. My decisions are in the best interests of competition, and therefore of consumers, in the markets for Private Medical Services and Insurance."
The CC's report found that BUPA, already the largest provider of Private Medical Insurance (PMI) with 40% of the UK market, would if the merger went ahead become the largest provider of Private Medical Services (PMS) as well. The CC believed that BUPA's market power in both PMS and PMI, coupled with increased vertical linkages between the BUPA businesses in each market, would have reduced competition in the national PMS market and caused prices to be higher than they would otherwise have been in both the national PMS and PMI markets.
Although the CC also identified some local areas where there might be competition concerns, they concluded that local competition effects were much less significant than the adverse effects on competition in the national PMS markets and on prices in the national PMS and PMI markets.
The CC concluded that existing "Chinese walls" between BUPA's PMIS and PMS businesses, even if strengthened, would not be an effective safeguard against the increased vertical linkages, and that behavioural remedies would not be effective in reducing BUPA's market power. BUPA told the CC it would not proceed with the merger if its PMI business had to be put completely under separate ownership and control. Thus the remedy recommended by the CC was prohibition of the merger.
The CC also found that a continued shareholding by Salomon Brothers UK Equity Ltd (SBUKE) in CHG is against the public interest. They concluded that the shareholding was acquired at BUPA's behest and that its continuance would imply a continuing influence by BUPA over CHG. This would inhibit CHG's ability to compete with BUPA, create uncertainty for the company, its staff and its customers, and be detrimental to a normal market in CHG's shares. The CC recommended that the shareholding should be disposed of in a way acceptable to the Director General of Fair Trading.
The Director General of Fair Trading agreed with the CC's conclusions and recommendations, and Mr Byers' decisions are in accordance with his advice.
The Fair Trading Act 1973 empowers the Secretary of State to refer to the CC 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 takeover of assets exceeding £70 million.
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.ukor 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. 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 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
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