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 23
Dated: 11 June 2000
Welcome to the Business Credit News UK.
In this weeks edition you will find the following topics.
UKDEBATE ON CORPORATE GOVERNANCE MUST CONTINUE SAYS BYERS
Speaking at the TUC/IPPR seminar on corporate governance Stephen Byers, Secretary of State for Trade and Industry, said:
"The Review is an immense task. I have been greatly impressed by the progress of the Review and the level of informed debate which it has helped to generate and which many of you will have been involved in.
"I should stress that the Review is independent. Its reports do not represent the Government thinking. Corporate governance is likely to be a key issue in the next Parliament, because it is central to building a fair and prosperous society.
"The time is right for reform of our company law. The main principles of our company law date back to Victorian legislation. The last major review of company law was forty years ago.
"Quite simply, the current state of company law does not reflect the modern economy. It is unnecessarily complex. It limits the use of information technology in company administration.
"It also keeps the same burden of company law on firms of all sizes. We should use this as an opportunity to lift some of these bureaucratic burdens from small companies. These are important areas where we need to reform company law to provide a clear, simple framework.
"The present legal position leads directors to define their basic duty in the narrowest sense - based on the short term interests of shareholders. Many would welcome a change in the law, which allows wider, long-term considerations to be taken into account.
"This narrow view of the law may have made more sense in the past - when the shares in many companies were held by a relatively few private individuals. But the world has changed. Our company law framework needs to reflect this. Today 70% of shares are held by institutions, and only 30% are held by individuals.
"The largest block of shares is held by pension funds. This gives rise to something of a paradox. Companies are run in the interests of their shareholders. But the majority of shares are actually held on behalf of a large proportion of the population, who through savings or pensions are looking for long term returns. And yet companies can be legitimately run in a narrow interest for short-term motives.
"We must now consider the benefits of moving to a situation in which directors are able to take into account a far wider range of issues which have a bearing on the well-being of the company concerned.
THE EUROPEAN CENTRAL BANK INTEREST RATES
The European Central Bank raised its key interest rate by half a percentage point, to 4.25%. It had been expected to raise it by only a quarter of a point. The bank hopes its fifth tightening since November will curb the inflationary impact of "ample" liquidity in the fast-recovering euro area.
CBI BACKS DECISION TO KEEP INTEREST RATES ON HOLD DESPITE STERLING FALL
The Confederation of British Industry said last Wednesday that the Bank of England was right to keep interest rates on hold, despite the dip in the value of sterling.
Digby Jones, CBI Director-General, said: "Business is pleased at this news. Sterling may have declined from recent peak levels, but that would not have been a good reason to push up interest rates.
"So many sectors need more time to increase productivity and regain export markets. The present exchange rate against the euro remains uncompetitive.
"Raising interest rates would have dashed hopes of a further fall in the value of the pound at a time when there are few signs of inflation. This no-change decision will encourage a more balanced economy, without threatening our low-inflation environment."
BANK RIGHT TO AVOID 'KNEE-JERK REACTION', 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:
''The Bank is right to avoid a knee-jerk reaction to initial signs of a weaker pound. Sterling remains above a level at which UK manufacturers and exporters can compete effectively and this is having damaging knock-on effects across the wider economy.
''With strong signs that the economy is slowing, sterling's recent depreciation does not pose an inflationary threat. Intense competition continues to exert downward pressure on prices.
''In the current economic climate we would want to see sterling down to a level well below DM3 before countenancing any increase in interest rates.''
Company Directors urged to take action on fraud suspicions
1999 was a bumper year for fraud cases being heard in the UK courts. Figures published last week by KPMG Forensic Accounting show that instances of major reported fraud (each over £100,000) totalled £667 million, more than double the figure for 1998. This is the fourth year in succession that there has been a significant increase.
"The upward trend has been a source of concern for some time," comments Alex Plavsic, fraud investigation partner at KPMG Forensic Accounting. "However, convictions in the high profile cases can both deter potential fraudsters and also encourage management that it is worth taking action when they suspect they are victims of fraud. In more and more cases I see companies equipped to take the risk of fraud seriously and to move swiftly on fraud suspicions. In one case KPMG recently investigated, we worked overnight to secure IT and documentary evidence and this led to a dismissal the following day."
KPMG's Fraud Barometer has been a leading indicator of fraud trends for the last ten years. In the year to December 1999 there were 72 cases involving £100,000 or more. The figures were dominated by two large value bootlegging frauds, an illegal gambling scam and a money laundering case. The majority of cases, however, involved losses under £1 million and were spread across all sectors of industry.
"The upward trend is more a product of fraudsters going for higher value gains than a change in the number of underlying cases," said Alex Plavsic. "It also reflects an increasing awareness of fraud which has led to more cases being reported. KPMG's figures are consistent with the pattern suggested by recent Home Office statistics. These showed that there was a 30% increase in fraud and forgery offences notified to the police between 1998 and 1999."
"The recent launch of the "Partners Against Crime" initiative, by the Home Secretary, will encourage companies to work more closely with the Police in investigating fraud . This scheme has the backing of the CBI, Metropolitan Police and City of London Police and is being piloted in London for a year. It will allow companies to call on accredited forensic accountants and work with the police when investigating company frauds."
"In some of my cases, however, clients don't want to involve the police. It is now possible for businesses to go one step further to help protect themselves by entering a 'partnering' arrangement with forensic accountants. We are then on call to ensure a rapid response, tracing of losses and effective treatment of offenders if and when fraud does strike."
JUDGMENT ENFORCEMENT AND HUMAN RIGHTS ACT: WHAT ABOUT CLAIMANTS' RIGHTS?
Contributed by Stephen Cowan, Yuill & Kyle, Debt Recovery Lawyers, Scotland. www.debtscotland.com
E-mail Stephen Cowan scowan@yuill-kyle.co.uk
If creditors have their right to judgment enforcement removed will this be a breach of their human rights?
Those calling for the abolition of judgment enforcement in both Scotland and England have stated the removal of a debtor's goods, in implementation of a court order, is in breach of an individual's fundamental freedoms, and as such, could be seen to be a breach of the Human Rights Act 1998.
The Act, in effect, provides all domestic law must be understood in context with the Human Rights Act. In addition to the Human Rights legislation creditors may soon be faced with a European Charter of Rights, as proposed by The European Parliament, Commission and several EU members, including Germany. Article 20 of the Charter provides "no one may be deprived of possessions except in the public interest, subject to fair compensation".
But what of the 1998 Act which is in force in Scotland and which will be operational throughout the rest of the United Kingdom in October 2000? Article 1 of the First Protocol to the European Convention on Human Rights provides that "Every natural of legal person is entitled to the peaceful enjoyment of his possessions. No one shall be deprived of his possessions except in the public interest and subject to the conditions provided for by law….."
Those calling for the abolition of debt enforcement have referred to the Act to reinforce their argument that removal of debtor's goods by a sheriff officer or bailiff is in clear breach of the Act. The Scottish Law Commission investigated this argument and reported it was an incorrect interpretation of the law.
But is there a contrary argument? If creditors' enforcement rights are removed could they successfully argue their removal is a breach of the Human Rights Act? The Scottish Parliament has agreed with the principle that removing a debtor's property in satisfaction of a court order should be abolished. The national Association of Citizens Advice Bureau in England and Wales may be expressing the same sentiment. But can creditors turn the tables and use the Human Rights legislation to their advantage?
As expected the argument is not entirely straightforward. To establish an infringement of this article it would be necessary for a creditor to show that the right to an effective enforcement remedy is a "possession". Once this hurdle is overcome the creditor would then need to prove the "peaceful enjoyment" of this "possession" was being "interfered with". Finally if the "peaceful enjoyment" of this "possession" were being "interfered with" it would have to be proven this interference was not in the "public interest".
Two Belgian cases (Pacheco v Belgium D & R and Pressos Compania Naviera SA v Belgium), as well as the English case of National Provincial Building Society v UK, have defined the actual right to take a court action as a "possession". However this is not the same as a right to enforce a courts' judgement. But if the right of effective enforcement is removed will this not amount to the same thing? It may seem odd if it were not.
On several occasions the European Court has held the European Convention on Human Rights is intended to guarantee "practical and effective" rights (Sporrong v lonnroth). Law which merely declares a creditor has a right to payment (by way of a judgment) would be ineffective if there was no means of having that judgment enforced. In these circumstances creditors could argue the right to a "practical and effective" guaranteeing of a right of possession would be lost. So it may well open to creditors to argue the entitlement to execute a debt is capable of being regarded as a "possession".
And what about the question of the "public interest"? This would be a more difficult nut to crack. In convention terms it might be expressed as a need to strike a fair balance between the general interests of the community (meaning a fair and acceptable means of enforcing debts) and the protection of individuals' fundamental rights (to secure payment of outstanding debt). To be successful under this heading credit controllers would have to argue the total abolition of poindings and warrant sales was disproportionate. The argument would be there would be absolutely no means of recovery in the event of a debt being less than £1500 (where insolvency is incompetent) and where the debtor's bank account could not be identified-in which event arrestment would not be possible. Also credit controllers would argue a general culture of non payment would emerge with commercial debt being irrecoverable-and not just domestic debt whose interests the enforcement abolitionists wish to protect. By going down this tack credit controllers' would, in effect, be arguing, total abolition would be going too far.
It is a complex legal argument. Let us all hope it will be academic with the Scottish Parliament introducing sensible reform allowing the retention of effective enforcement for those who can pay their debts but simply delay in doing so.
NEW IT DIRECTOR FOR NCM
Neil Anderson (47) has joined international credit insurer NCM as Group IT Services Director. He will be responsible for building upon NCM Group's achievements to date in providing standard, integrated information systems to the business.
Neil Anderson has previously managed international IT departments for the tobacco company, Rothmans Services; Bose (famous for their hi-fi equipment); and Busak+Shamban, makers of industrial seals. Prior to moving into IT management, he worked as a Principal Consultant for DCE, a leading Dutch Information Management Consultancy, where he specialised in defining and implementing IT Strategies, re-engineering IT Departments to improve their contribution to the business, and Project Management. He gained an MBA from Warwick University Business School. Unusually for someone from the UK living in Amsterdam, he speaks good Dutch.
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, Denmark, France, Germany, Ireland, Italy, Malaysia, The Netherlands, Norway, Spain, Sweden, USA and UK.
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.
*** 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 12/06/2000 to 20/06/2000 Number of Creditor meetings : 219 Section Company Time Venue 138 Scotland - Interim Liquidator calling Creditors Meeting 13/06/2000 Douglas Haulage Ltd 11.00 am Glasgow Precision Cutting Systems Ltd 12.00 pm Glasgow 14/06/2000 Common Grounds (Scotland) Ltd 10.00 am Edinburgh 15/06/2000 Slater Property Sales Ltd 11.00 am Glasgow West of Scotland Estate Agents Ltd 10.30 am Glasgow 16/06/2000 Glentarent Ltd 12.00 pm Glasgow Linell Engineering Co (Johnstone) Ltd 10.00 am Glasgow Shopfront & Curtain Walling Serv Ltd 12.00 pm Hamilton 19/06/2000 D B Contract Services Ltd 11.00 am Glasgow Eurocapital Asset Management Ltd 11.00 am Glasgow 20/06/2000 A Richardson & Son (Roofers) Ltd 12.00 pm Glasgow M K Construction Ltd 11.00 am Glasgow Saltire Number Fifty Six Ltd 03.00 pm Dundee 23 Administrator Calling a meeting of Creditors 12/06/2000 Brightside YAY Ltd 11.30 am Manchester Brightside YAY Maintenance Ltd 11.30 am Manchester 13/06/2000 Uno Plc 11.00 am Bolton 14/06/2000 Gibsons Machinery Sales Ltd 11.00 am Preston World of Leather Plc 11.00 am Bolton 16/06/2000 Angelic Candles Ltd 10.00 am London 48 Receiver calling unsecured Creditors Meeting 12/06/2000 Illingworth Construction Ltd 10.30 am Newcastle-u-Tyn Loyal Designs (UK) Ltd 11.00 am London 13/06/2000 Inwoods Equities Ltd 10.30 am Birmingham 15/06/2000 Carnfast Ltd 10.00 am Sheffield Fox Brothers & Co Ltd 11.00 am Bristol Optical Disc Management Ltd 10.00 am London Point Classics (UK ) Ltd 10.00 am London Point Group Ltd 10.00 am London Point Sound & Vision Ltd 10.00 am London West of England Textiles Lyd 11.00 am Bristol 16/06/2000 Parker Morris (Haulage) Ltd 10.00 am London 19/06/2000 Hampshire Pipelines Valves & Comp Ltd 10.00 am London Orpris Ltd 10.00 am London Salmons Northfleet Ltd 10.00 am London Salmons Office Supplies Ltd 10.00 am London Transimpex International Ltd 10.00 am London 20/06/2000 DHD Electrical Ltd 11.30 am Manchester DHD Engineering Group Ltd 03.45 pm Manchester DHD Engineering Ltd 10.00 am Manchester 67 Scotland - Receiver calling Meeting of unsecured Creditors 14/06/2000 Roeberry Farms Ltd 12.30 pm Kirkwall 98 Creditors Voluntary Liquidations 12/06/2000 1998 Software Ltd 10.15 am Leeds 1st National Maintenance Ltd 10.15 am Southend-on-Sea Alligator Sales Ltd 10.30 am London Alpadale Ltd 12.00 pm Manchester BTC Steels Ltd 11.00 am Birmingham Bellcraft Ltd 12.00 pm Manchester Brannan Heat Projects Ltd 11.00 am Brigg Cellutrim Ltd 12.00 pm London Clanson Office Equipment Ltd 03.30 pm Marlow Contract Property Services Ltd 12.00 pm Sheffield Copyscan Ltd 12.00 pm Manchester Divitech Ltd 12.00 pm Manchester Dore Step Ltd - The 03.00 pm Tankerlsey FMS International Ltd 11.00 am London Fullcross Ltd 12.00 pm Manchester Futuremex Ltd 12.00 pm Manchester Goldfarm Ltd 12.00 pm Manchester Goldhouse Fashions Ltd 11.00 am London Happy Radio Ltd 11.30 am London Interseal Ltd 12.00 pm Manchester Limik Ltd 12.30 pm Warwick Linkside Ltd 12.00 pm Manchester Maxipace Ltd 12.00 pm Manchester Merlin Contractors (UK) Ltd 02.30 pm Henley-on-Thame Moreview Civil Engineering Ltd 11.00 am Barnet Powerspec Ltd 12.00 pm Manchester Premier Products (Europe) Ltd 11.00 am Gosforth Reditech Ltd 12.00 pm Manchester Samson Furniture (Agencies) Ltd 11.00 am Barnsley Southern Cross Instalations Ltd 11.00 am Leeds Sparetime Consultants Ltd 02.30 pm London Starsky & Hutch Ltd 11.00 am London Surebay Ltd 12.00 pm Manchester Tag Fabrications Ltd 11.30 am Manchester Telepresence Ltd 12.00 pm Sheffield Timeplus Ltd 12.00 pm Manchester Viewtex Ltd 12.00 pm Manchester W Plowman (Containers) Ltd 10.30 am London Wakefast Ltd 12.00 pm Manchester 13/06/2000 A B CDs Ltd 11.00 am London A Barnes (Stock Disposal & Pack) Ltd 11.30 am Warrington Alco Mechanical Services Ltd 02.00 pm Halesowen Andersons of Hitchin (Bespoke Kitch) L 11.45 am London Askwith Glass & Glazing Ltd 10.30 am Hornchurch Beryl Builders Ltd 12.00 pm Hale Big J Construction Ltd 11.00 am Newcastle-u-Lym Bondhouse Fashions Ltd 12.00 pm Manchester Clevedon Motorways Ltd 11.00 am Wells Club Destination International Ltd 11.30 am Chelmsford Colin Felton Associates Ltd 11.00 am Sevenoaks Cover Publishing Ltd 11.00 am London Diwppw Publishing Ltd 11.30 am Bingham Executive Travel Associates Ltd 11.00 am London G W C Contractors Ltd 12.00 pm London JKosmotron Ltd 10.30 am Warrington Jackie Hardy Ltd 11.00 am Rotherham Maidstone Car Autions Ltd 12.00 pm Seal Marine & Industrial Profiles Ltd 11.00 am Plymouth Old Park Project Management Ltd 04.00 pm Cliftonville PBS Plastics Ltd 12.30 pm London Pel Electrostatic Screens Ltd 03.00 pm Peterborough Please Mum Ltd 10.30 am London Pretty Originals Ltd 11.30 am Guildford Proto Glazing Ltd 11.00 am London Racefind Ltd 12.00 pm Sevenoaks Spectator Sports Ltd 11.00 am Watford Spencers Dry Cleaners Ltd 11.30 am London Swaneast Ltd 11.00 am London Thow & Young Ltd 02.30 pm Dunfermline Trackfare Plant Hire Ltd 12.00 pm London Tradewest 2000 Ltd 10.30 am Droitwich Spa Upstairs Downstairs Kit/Bed Co Ltd 12.00 pm Manchester Western & Warwickshire Engine Ltd 02.45 pm Wells World 2000 Ltd 10.30 am Seal 14/06/2000 A J R International (UK) Ltd 11.00 am London AHA Training Ltd 11.30 am Blackpool Andrew Stevens Construction Ltd 11.00 am Ashford Ashdale Concrete Ltd 10.30 am Halifax Bendrive Ltd 12.00 pm Manchester Bos Recruitment Ltd 11.00 am Manchester Dressright Ltd 12.00 pm London Edge Advertising & Design Ltd - The 12.00 pm London Elmdene Ltd 11.00 am London Forest Floors Ltd 12.00 pm London Imageglade Ltd 10.30 am Sutton Lasun Graphics Printers Ltd 12.30 pm London Llyn Woodcrafts Ltd 12.00 pm Llandudno Louvre Technik Ltd 11.30 am Bury Moruplast Ltd 11.30 am Leicester Nans Pantry Wedding Services Ltd 12.00 pm London Net Imperative Ltd - The 11.00 am London North Pole Ltd - The 11.00 am London Orbital Distribution Services Ltd 11.30 am Altrincham Owen-Gould (Services) Ltd 11.00 am London Plumbrite Heating & Plumbing Serv Ltd 11.00 am Stafford Probe Market Research Ltd 11.30 am Liverpool RMPR Ltd 03.00 pm London Rekluf Trading Ltd 11.00 am Watford Relay Distribution Serv (Holdings) Ltd 11.30 am Lutterworth Ripleys The Printers Ltd 03.00 pm Glazebrook Tileport Ltd 02.15 pm Leeds U K Leisure Interiors Ltd 11.00 am Brighton Verve Model Management Ltd 10.30 am Watford Whizzkids Computer Games Ltd 10.00 am Sheffield Wood Floors Direct Ltd 11.30 am Cambridge Wood Marketing Services Ltd 11.30 am Worcester 15/06/2000 Aces UK Ltd 11.00 am Barnwood Aircare Spray Finishing Equipment Ltd 11.00 am Birmingham Alanair Industries Ltd 11.30 am Norwich Ashworth & Fletcher Engineering Ltd 11.30 am Glazebrook Countryway Construction Ltd 12.00 pm London Cowley Fire Protection Ltd 11.30 am Preston Cybertron Computers Ltd 11.30 am London Dictagold Ltd 11.00 am Bristol Durston Plant Contractors Ltd 03.00 pm Barnwood E J Field (1908) Ltd 02.00 pm London Gwent Landscapes & Designs Ltd 10.30 am Cardiff Hydmech Ltd 11.00 am Southend-on-Sea Innocuous Ltd 10.30 am London J F Padwick Ltd 11.00 am Watford Newline Fashions (Leicester) Ltd 11.30 am Leicester Platston Ltd 11.30 am Liverpool RBB Removals Ltd 11.45 am London S N F (Contracts) Ltd 10.30 am Aldridge Smallvent Ltd 11.45 am London Stockley Construction Co Ltd 11.00 am Watford Straughan Excavations Ltd 11.00 am Birmingham Unisec Technology Ltd 03.30 pm Guildford WW Freight Services Ltd 11.30 am Arundel Yateson Engineering Ltd 12.00 pm Manchester 16/06/2000 Argonvale Ltd 12.00 pm Hale Borborygm Ltd 11.00 am London Camelot Stores Ltd 02.00 pm Newport Card Shop (Leicester) Ltd - The 11.30 am Lutterworth Chalecrest Ltd 11.00 am London Chris Morgan Transport Ltd 12.00 pm Cardiff Compsystems Ltd 03.00 pm Northwood Curbishley Building Ltd 10.15 am Bury EMB Enterprises Ltd 04.00 pm London Expert Coach Travel Ltd 10.30 am Harrogate First Class Services Ltd 11.00 am Northampton Giraffe (Glasgow) Ltd 12.00 pm Glasgow HLQ Realisations Ltd 11.15 am London Harlequin Group Plc 10.30 am London Hi-Spec Services Ltd 10.45 am Hertingfordbury J & M Energy Ltd 10.00 am Dunfermline Kensington Telecomm Services Ltd 11.00 am London Mitecs Ltd 11.00 am Manchester Reviva Ltd 11.00 am London S J M Builders Ltd 10.30 am Salisbury Sipal Counselling & Traing Serv Ltd 11.00 am Warrington Southport Life & Pensions Ltd 10.30 am Liverpool Walding Transport Ltd 11.00 am Birmingham 17/06/2000 Lesley Ross Ltd 10.00 am Kilmarnock 19/06/2000 Absolute Sheet Metal Ltd 11.30 am Lutterworth Anchor Decorating Supplies Ltd 02.00 pm Nottingham Beaumont Security Ltd 03.00 pm Bristol D J Stanyon Ltd 11.30 am Leicester Origin Developments Ltd 12.00 pm Taunton PMC Trading Ltd 11.00 am Bristol Quick Fix Installations Ltd 03.00 pm Birmingham Square Scissors Ltd 03.00 pm Milton Keynes Strategic Quality Management Ltd 10.30 am London 20/06/2000 Alet 5188 Ltd 12.00 pm Sandbach Alliance M & E Ltd 11.00 am Sandbach Aussie Leisure Ltd 10.30 am Droitwich Camshape Ltd 11.30 am At Annes Carlton Loco Ltd 10.30 am Salisbury Claro Vale Ltd 11.00 am York Designer Maker Furniture Ltd 10.15 am Bradford Hasler Farthing Ltd 12.00 pm Newcastle-u-Tyn Innovative Management Services Ltd 02.00 pm Halesowen Knightstead Ltd 02.30 pm London Large Corporation Ltd - The 12.00 pm London SMS Business Solutions Ltd 11.00 am Birmingham Technical Air Services Ltd 12.00 pm Bury Techset Systems Ltd 11.00 am Manchester Tower Education Ltd 10.30 am Reading Transmase Haulage Contractors Ltd 11.00 am Lincoln Vsualmotion Ltd 12.00 pm Manchester
TW LW TW LW
USA 1.50 1.50 Canada 2.22 2.24
Austria 21.77 22.11 Portugal 317.18 322.25
France 10.37 10.54 Belgium 63.82 64.84
Finland 9.40 9.55 Italy 3063.37 3112.40
Germany 3.09 3.14 Sweden 13.22 13.45
Holland 3.48 3.54 Switzerland 2.47 2.52
Spain 263.23 267.45 Ireland 1.24 1.26
Australia 2.56 2.63 Denmark 11.81 11.99
Hong Kong 11.72 11.70 Euro 1.58 1.60
Africa Com 10.51 10.49 Saudi Arabia 5.64 5.63
India 67.34 66.90 Malaysia 5.71 5.70
Singapore 2.59 2.60 Norway 13.15 13.37
Japan 160.80 163.13
TW This week LW Last week.
Cable & Wireless has announced an alliance with Microsoft to create an applications-service provider, renting software to small businesses over the Internet. Applications ranging from e-mail to payroll programmes will be available.
The world's biggest airlines may get bigger if a fresh round of consolidation takes off. KLM Royal Dutch Airlines confirmed that it was in talks with British Airways that could lead to an alliance or merger. Together the two airlines would form Europe's largest and the world's third-largest.
BA's one world alliance partner, American Airlines, the world's second-largest carrier, was rebuffed by Northwest, America's fourth-largest airline and an alliance partner of KLM, over a merger proposal. Now it is reported to be in discussions with Delta Air Lines.
Uniliver, an Anglo-Dutch consumer-goods giant, agreed to pay $20.3 billion for Bestfoods, a large American food company. Unilever, improving an offer of $18.4 billion made last month, will thus make a significant acquisition while undergoing a radical restructuring, aimed at concentrating on its leading brands. The move could herald more big mergers in the global food industry.
The European Commission announced that a proposed 13 billion pounds ($21 billion) merger between Warner Music, a division of Time Warner, and EMI, the UK's music company, would be subject to a full scrutiny. The four-month investigation was prompted by fears that a combined company would enjoy a dominant position in music publishing in Nordic countries.
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 of Hyder plc by St David Capital PLC
Proposed acquisition by Chase Manhattan plc of Robert Fleming Holdings Limited
Patricia Hewitt, Minister for Small Business and E-commerce, on the 7 June 2000 announced a £12 million high-tech programme to support the engineering industry.
The Information and Communication Technology [ICT] Carrier Programme includes £6 million from the DTI with matching contributions of £6 million from industry.
Ms Hewitt answered a Parliamentary Question from Ian Stewart (Lab.Eccles). She added:
"We have one of the most innovative engineering industries in the world. This new £12 million programme will encourage them to adopt and improve their use of new technologies, share good practice, and seize the opportunities of the knowledge driven economy.
"The Government is committed to playing its part too. We shall continue to work in partnership with the manufacturing industry, to improve its competitiveness and to make the UK a world class place to do business in the new millennium."
The programme will encourage industry to:
The programme builds on the Government's support for the manufacturing industry and will support sector-based projects by intermediaries such as Trade Associations and Research and Technology Organisations (RTOs).
Two types of project will be supported:
The first call for full proposals is planned for later this year.
16 June 2000 The ICM Fellows Luncheon Royal Air Force Club Piccadilly, London W1.Tickets are #39.50 plus vat each. To reserve tickets contact the ICM Training Department on 01780-722907 fax 01780 721271 e-mail training@icm.org.uk 19 June 2000 The Wessex Branch meeting of the ICM Presentation by Mike Heath Director General of the Chamber of Commerce The Royal Southampton Yacht Club 1 Channel Way, Southampton 7.00pm for 7.30 pm Buffet 20 June 2000 The ICM AGM at 3.30pm The Water Mill, Station Road, South Luffenham, Oakham, Leics, LE15 8NB 5 July 2000 E-Commerce for the Credit Manager New ICM Conference Kenilworth, Warwickshire Contact the ICM Training Department on 01780-722907 e-mail training@icm.org.uk Tuesday 3 October 2000 ICM Credit Scotland 2000 (Conference and Exhibition) Hampden Park Football Stadium, Glasgow Anyone interested in attending (or exhibiting) should contact David Ancliffe on (0131 200 8686). Friday 20 October 2000 Millennium Annual Dinner of the ICM Drapers Hall, City of London.
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