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 41
Dated: 12 November 2000
Welcome to the Business Credit News UK.
In this weeks edition you will find the following topics.
UKBUSINESS WELCOMES BANK'S RATES HOLD
Reacting to last weeks 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 MPC is right to hold rates against the present backdrop of weather and travel chaos, which will have an impact on output.
"In the longer-term there are also good reasons to think that rates might have peaked, with tentative signs of cooling growth and inflation remaining subdued by the effects of a weak euro on competition in domestic and export markets.
"This decision will bring a further boost to business confidence following the Chancellor's helpful Pre-Budget, although what was announced may leave little room for more tax cuts or spending in the full Budget next March."
EASING THE IMPACT OF VAT ON SMES
The Government is proposing to introduce a major package of measures from April 2001 to allow small firms to manage their entry into the VAT system, reduce their VAT administration burden and improve their cash flow. The package will include:
Customs and Excise published the results of a consultation exercise into the impact of VAT registration on small and medium sized businesses on 9 March 1999. No immediate solutions to ease the impact were proposed. Since then, however, Customs have held discussions and workshops with a wide range of academics, tax advisers and small business representatives, including the Confederation of British Industry, the Federation of Small Businesses and Manchester Business School to try to find acceptable solutions. The package announced above is the result of this exercise.
ADVANCE ENERGY STATISTICS
Provisional statistics showing energy production and consumption and petroleum product prices in the three months to September 2000 were published on the 7 November 2000 by the Department of Trade and Industry. Some figures for typical retail prices of motor spirit and diesel fuel in October are also given.
Production of indigenous primary fuels
Production of indigenous primary fuels in the three months to September 2000, at 64.6 million tonnes of oil equivalent, was 3.8 per cent lower than in the corresponding period a year ago. Production of coal and petroleum fell by 17.8 per cent and 10.5 per cent respectively, whilst production of gas rose by 15.8 per cent. Production of primary electricity fell by 8.4 per cent because of a higher level of outages for maintenance and refuelling at nuclear stations. Gas production was higher as exports more than doubled. Petroleum production was lower due to summer maintenance 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 September 2000, at 47.8 million tonnes of oil equivalent, was 3.1 per cent higher than that recorded for the same period a year ago. Consumption of coal and gas rose by 7.3 per cent and 7.6 per cent respectively, whilst consumption of petroleum and primary electricity fell by 1.0 per cent and 7.2 per cent respectively. Coal consumption rose because coal was used at power stations to make up for the continuing shortfall in nuclear electricity.
Total use of petroleum, including non-energy use, in the third quarter of 2000 was 19.2 million tonnes, 2.4 per cent lower than a year earlier. Energy use increased by 0.9 per cent while non-energy use decreased by 12.5 per cent. Total motor spirit deliveries decreased by 4.3 per cent, with deliveries of unleaded petrol 0.5 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 88.0 per cent a year earlier. Derv fuel deliveries increased by 2.3 per cent, while deliveries of other gas diesel oils, primarily used for heating purposes, rose by 2.9 per cent. Fuel oil deliveries fell by 12.1 per cent, continuing its decline as a source of energy for industry and electricity generation. Deliveries of other products increased by 8.1 per cent with increased deliveries of aviation turbine fuel (up 7.6 per cent) and burning oil (up 13.8 per cent). Deliveries of liquefied petroleum gases were unchanged on last year. The fuel supply problems in September appear to have had little impact on total deliveries. Indeed, whilst September's motor spirit deliveries were a little lower than in August, Derv deliveries were slightly higher.
The prices of motor spirit and diesel have fallen slightly in the month to mid October. In terms of prices at the pump, the prices of premium unleaded, lead replacement petrol (LRP) and diesel have fallen by 0.7, 0.6 and 0.8 pence per litre respectively, compared to the mid September prices.
In the year to mid October 2000, rises of 5.7, 4.1 and 5.7 pence per litre were seen for premium unleaded, LRP and diesel respectively - these represent increases of around 5 to 8 per cent in the price of these fuels.
In the month to mid September the price of super unleaded rose by 0.5 pence per litre and was around 4 per cent higher than a year ago; an actual increase of 3.3 pence per litre.
CHAMBERS REACT TO CHANCELLOR'S PRE-BUDGET
Reacting to Chancellor Gordon Brown's pre-Budget statement last Wednesday 8 November, Chris Humphries, Director General of the British Chambers of Commerce (BCC) said:
''We welcome the fact that the Chancellor has not strayed from his overall fiscal stance. With large spending increases already in the pipeline, the Chancellor was right to avoid boosting demand with big pre-election give-aways.
''While reform of fuel duties and the reductions in VED are welcome, we are concerned that what the Chancellor has given with one hand he may take away with the other. While the 'Britdisc' proposal may help level the playing field with foreign hauliers, it will be essential that the benefits of the vehicle excise and fuel duty reductions are not offset by the new costs of the 'vignette'.''
Commenting on individual proposals in the pre-Budget, Dr Ian Peters, Deputy Director General of the BCC, said:
''The Chancellor's measures to ease the burden of VAT administration are imaginative and will help small business, but much more needs to be done to tackle the complexity of taxation and regulation if small firms are to grow and compete.''
Urban regeneration measures
''The Chancellor's package of tax incentives to encourage venture capital investment and business start-ups will help revitalise deprived inner city areas. The abolition of stamp duty on property deals and fiscal incentives for property conversions were called for by the BCC to ease the pressure on greenfield sites and help dampen future buoyancy in the housing market.''
Reform of approved share options schemes
''Removing the limit on the number of staff eligible for tax-privileged share options was called for by the BCC to make the current scheme fairer and more attractive to small and medium sized enterprises. The Government must now look, however, at providing similar incentives that will allow staff to share in the successful performance of unincorporated businesses.''
Greater spending freedom for RDAs.
''Giving Regional Development Agencies (RDAs) greater freedom over how to spend their budgets will help tackle the regional imbalances in the UK economy.''
THE EURO
The European Central Bank intervened in the foreign-exchange markets on consecutive trading days to prop up the Euro. Its unilateral efforts signalled a concern over the euro's weakness and an intent to stand behind the currency; the euro strengthened a little, but only briefly.
The Lord Chancellor, Lord Irvine, has commissioned a study to examine the potential for establishing a new Commercial Court in London to handle a wide range of high-value and international commercial litigation and to develop Britain's role as a global centre for dispute resolution.
Management and IT consultants, Cap Gemini Ernst & Young, will support the study. The study will assess the feasibility of a new, modern way of dealing with commercial disputes using the latest information technology and international communications, capable of attracting legal business from around the world. The study will also explore the scope for any new court to be self-financing, drawing no subsidy from any other part of the civil justice system. The study will include the work currently dealt with by the Commercial Court, the Admiralty Court, the Technology and Construction Court, the Patents Court and Company Court.
The study will explore:
The study programme in the UK and overseas will involve consultation with the Court Service, the judiciary and the legal profession and with commercial interests including those with extensive international operations. The cost of the overall study, including the consultancy costs is approximately £400,000. Cap Gemini Ernst & Young are expected to deliver their report by 26 January 2001.
The Commercial Court is part of the Queen's Bench Division of the High Court and has existed since 1895 to deal with matters including contractual disputes related to shipping, banking, insurance, oil and gas, the purchase and sale of commodities and arbitration. There are 12 permanent, designated judges and seven or eight may sit at any one time. It heard 1,205 claims in 1999. The court currently sits in London in four courts in the Royal Courts of Justice in The Strand and in four courts at St Dunstan's House in Fetter Lane.
HUMAN RIGHTS AND BULLYING: SCOTTISH DEBT RECOVERY
The current Sheriff Court Rules prevent limited companies from raising their own Scottish court actions reserving this right solely to those in the legal profession. However, this may be subject to review following a report in the Scotland on Sunday on 29th October 2000.
A Sheriff (the judge who sits in the Sheriff Court) is now facing legal action by a businessman who appeared before him and now claims he was bullied in court and denied a fair trial.
Dean Warwick says Sheriff Kevin Drummond contravened human rights laws by refusing to let him represent himself, and also alleges he believes he was bullied by the Sheriff. Warwick has attempted to serve a writ on the Sheriff in which he accuses him of failing to uphold the European Convention on Human Rights (ECHR) and claims that he displayed "personal animosity" in court "to the extent that he induced Mr Warwick to a state of fear and alarm".
It is believed to be first time since the introduction of ECHR on October 2 that a Sheriff has faxed legal action over his decisions in court. The case could open the floodgates for other claims. Warwick is demanding that Drummond pay the costs of his legal action. He also wants a declaration from the courts that Drummond breached the ECHR. But the case could now be heading for the highest courts in the land after another sheriff declared the writ "incompetent".
The bizarre row started on October 19 when Warwick appeared at Jedburgh Sheriff Court to represent his company in a legal dispute. Warwick says Drummond refused to let him represent himself because, under Scots law, companies must employ a lawyer. But Warwick argued that Article Six of the ECHR gave him rights of audience whether he was defending himself or a company. Warwick from Kelso, Roxburghshire, said a Sheriff in Edinburgh has now refused to allow his writ to proceed. He said: "I am appealing the decision to declare the writ incompetent and if that fails I will take the case all the way to the Court of Session.
Drummond declined to comment.
It will be interesting to see how this case progresses and if I have any further information about it I'll let you know.
Stephen Cowan
Yuill & Kyle, www.debtscotland.com
Debt Recovery Lawyers,
Scotland
DTI PETITION TO WIND UP INFO4PC.COM LIMITED
The Secretary of State for Trade and Industry on the 9 November presented a petition in the High Court of Justice in London to wind up Info4pc.com Limited in the public interest. The petition follows enquiries made by the Companies Investigation Branch of the DTI under the provisions of Section 447 of the Companies Act 1985.
On the application of the Secretary of State the Court appointed the Official Receiver as provisional liquidator of Info4pc.com Limited pending the hearing of the petition on 13 December 2000.
Info4pc.com Limited was incorporated on 28 June 2000 and trades from Leyland, Lancashire, continuing the business previously operated by Smartalk Limited, in respect of which the Official Receiver was appointed provisional liquidator on 6 October 2000. Both companies operate a scheme selling computers, costing approximately £535 each, to the public for £150 each and a commitment by the purchaser to complete a monthly "lifestyle" questionnaire for a period of two years.
The registered office of Info4pc.com Limited is at Lifestyle House, Marathon Place, Leyland, Lancashire, PR5 7GH.
All public enquiries concerning the business affairs of the company should be made to the Official Receiver at the following address:
The Official Receiver
The Insolvency Service
Public Interest Unit
PO Box 203
21 Bloomsbury Street
LONDON WC1B 3QW
Telephone: 020 7637 6425
Fax: 020 7637 6390
*** 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 13/11/2000 to 21/11/2000 Number of Creditor meetings : 220 Section Company Time Venue 138 Scotland - Interim Liquidator calling Creditors Meeting 14/11/2000 D L Wholesale Stationers Ltd 12.30 pm Glasgow 15/11/2000 Excel Resins Ltd 10.00 am Glasgow 16/11/2000 William Mustard Ltd 02.30 pm Paisley 17/11/2000 M C Construction Glasgow Ltd 11.00 am Paisley MSG Construction Ltd 12.00 pm Glasgow Timber Terminal Ltd 11.00 am Glasgow 20/11/2000 E M Bowman (Haulage) Ltd 12.00 pm Glasgow Hunter Engineering Ltd 11.00 am Glasgow Nice House Ltd 11.00 am Glasgow 21/11/2000 Missing Records Ltd 11.00 am Glasgow 23 Administrator Calling a meeting of Creditors 13/11/2000 Performing Arts Management Ltd 11.00 am Manchester 16/11/2000 Blowers Green Timber Co Ltd 10.00 am Birmingham 17/11/2000 David Crabtree & Son Ltd 10.00 am Sheffield 20/11/2000 KSC Trading Ltd 10.30 am London Kingsway Scotland Ltd 11.00 am London 48 Receiver calling unsecured Creditors Meeting 13/11/2000 PAL (2112) Realisations Ltd 11.00 am Leeds PPL (2117) Realisations Ltd 11.00 am Leeds RTL (2118) Realisations Ltd 11.00 am Leeds 14/11/2000 C Gilbert Ltd 10.00 am Sheffield Paul Wilson Pine Furniture (Hull) Ltd 10.30 am Hull 15/11/2000 Brannoc Fibres Ltd 10.00 am Taunton Silverscreen Print Plc 11.00 am Newcastle-u-Tyn 16/11/2000 G T Supplies & Engine (Accrington) Ltd 10.00 am Manchester 17/11/2000 Hedley House Hotel Ltd 10.30 am Norwich 20/11/2000 Beechdale Engineering Ltd 10.30 am Birmingham Lancashire Steel Fabrication Co Ltd 10.30 am Birmingham Queenswood 100 Ltd 10.30 am Birmingham SP Engineering Ltd 10.30 am Birmingham 67 Scotland - Receiver calling Meeting of unsecured Creditors 15/11/2000 Edinburgh Electronics Co Ltd 12.00 pm Glasgow Grampian Tractors Ltd 11.00 am Inverurie 98 Creditors Voluntary Liquidations 13/11/2000 Anna Christie (UK) Ltd 11.00 am Richmond Card Systems Ltd 10.15 am Leeds Challenge Recruitment Ltd 03.00 pm Northwood Cheshire Agricultural Services Ltd 02.00 pm Mold City Commercial Maintenance Ltd 12.00 pm London Copro Ltd 11.00 am Birmingham Daltrend Ltd 11.00 am London Diacut Ltd 11.00 am Harpenden Filtec Inspection Systems Ltd 12.30 pm Lichfield Indi Computers Ltd 11.30 am Woodford Green Integrated Business Communications Ltd 11.00 am London Jackson Evans Ltd 03.00 pm Liverpool Jim Arnold Insurance Assessors (UK) Lt 02.00 pm Newcastle-u-Lym Knot Just Pine (North East) Ltd 10.30 am Yarm Limefield Fabrications Co Ltd 10.15 am Bury Network Advantage International Ltd 12.00 pm London Old Park Lane (Leisure) Ltd 02.00 pm London Orion Security (UK) Ltd 11.15 am Manchester Parallel Trading Ltd 04.00 pm London Prestige Homecare Ltd 10.30 am Warrington Redfern & Birchall Ltd 11.15 am Bury Sorbie Research Inter (Computing) Ltd 11.30 am Paisley Sorbie Research International Ltd 11.00 am Paisley Stealing Beauty Ltd 03.00 pm London Switch TV Ltd 12.00 pm Manchester Tonbridge Contractors Ltd 10.30 am Tonbridge Utilities 2000 Ltd 03.00 pm Lower Beeding W W Dealing Ltd 12.00 pm London 14/11/2000 A Brittle & Co Ltd 10.30 am Nottingham Akwapur Ltd 02.00 pm London Amford Ltd 10.15 am Tunbridge Wells Argyke Alarms Ltd 04.00 pm Shoreham-by-Sea Balsana Ltd 04.00 pm London Bar Bufi Ltd 11.00 am London Baybridge Service Ltd 03.00 pm London Buckingham Driveways Ltd 11.00 am London CGD Solutions Ltd 11.30 am Liverpool CMF (UK) Ltd 03.00 pm London DGM Harthill Ltd 11.00 am Birmingham Easy Deal Service Ltd 04.00 pm London Finestop Ltd 10.30 am Liverpool Halstead Enterprises Ltd 02.30 pm Manchester Imported Car Warehouse Ltd 10.30 am London K & G Glass Ltd 11.30 am Blackburn KP Electrical Prepackers Ltd 10.45 am Ipswich Lakeside Design & Club Refurb Spec Ltd 11.00 am Manchester M A Wilkins Ltd 11.00 am Abingdon M C Executive Cars Ltd 11.45 am Preston Miller-Citax Ltd 11.30 am Preston Pets Crazy Ltd 11.00 am London Profile Training for Preofessionals Lt 11.15 am Halsall Rapid Service Printing Ltd 11.00 am Bristol Rapido Ltd 10.30 am Bolton Sams Travel Services Ltd 12.00 pm London Shepherd Airconditioing (Wales) Ltd 12.00 pm Ton Gwynlais Stokes Bakery Ltd 11.30 am Almondsbury Valhaven Ltd 12.00 pm Reading Warley Welding Services Ltd 02.00 pm Halesowen Whatley Manor Ltd 11.00 am Bristol Wholesale Vehicles Ltd 11.30 am Cardiff 15/11/2000 ANR Europe Ltd 11.00 am Royston Abbey Gardens Ltd 11.30 am Bath Adventure Co (Keswick) Ltd - The 11.30 am Kendal Air Flow Systems (UK) Ltd 12.00 pm London Avon Tip Recovery Ltd 11.00 am Cardiff Axiom Publishing Ltd 02.15 pm London Bar Ltd 11.00 am London Bay Interior Contracts Ltd 12.00 pm Fforestfach Bernells Packaging Ltd 11.00 am Peterborough CMS Country Ranges Ltd 01.30 pm Exeter Central Reprographics Ltd 11.00 am Birmingham City Auction Centre Ltd 11.30 am Nottingham Classic Horse Clothing Ltd 10.15 am Leeds Direct Medical Services Ltd 12.00 pm Swansea Elvaco UK Ltd 10.30 am Weybridge Fortune 331 Ltd 10.00 am Leeds Gay Life & Style Ltd 12.00 pm London Gladtech Analysis Ltd 12.30 pm Royston J A Harkins (Transport) Ltd 11.30 am Cardiff Klar Ltd 10.30 am Sutton Lowair Ltd 03.30 pm London Medcot Developments Ltd 11.00 am London Midas Engineering Ltd 12.00 pm Peterborough Netsolutions4U Ltd 11.30 am Manchester R S Plumbing Services Ltd 11.15 am Poole South Yorkshire Groundcare Ltd 10.30 am Sheffield Studio 99 Ltd 12.00 pm Guildford Triangle Clothes Ltd 11.00 am London Waste Material Services Ltd 12.15 pm Winwick Welding Supplies (South Wales) Ltd 11.00 am Swansea Western Sound Equipment Ltd 11.00 am Hereford X-Press Processing Ltd 11.30 am Manchester Zealwise Ltd 12.00 pm Walsall 16/11/2000 A D Computer Systems Ltd 11.00 am Cardiff Abbotsley Corporation Ltd 10.45 am London Access Freight Ltd 10.30 am Epping Associated Coachways (1999) Ltd 10.30 am London Audiotex Solutions Ltd 02.30 pm Lower Sunbury Avitec (UK) Ltd 12.00 pm Dundee BBV Digital Ltd 12.00 pm London Bennetts (New Southgate) Ltd 04.00 pm London Biofence Ltd 10.30m am Manchester Birmingham Software Sales Ltd 12.00 pm London Bradley Lane Tyre & Exhaust Centre Ltd 11.30 am Exeter Chester Management (UK) Ltd 12.15 pm London Clarkewood Ltd 11.30 am Leicester County Office Systems Plc 11.30 am Walsall County Technology Ltd 11.30 am Walsall Crossfield Accident Management Ltd 10.30 am Sheffield Ecobed Ltd 11.00 am Norwich Fine UK Ltd 10.30 am Sheffield Freestyle Interiors Ltd 03.00 pm Gerrards Cross Inshore Engineers Ltd 10.15 am London Investoriq.com Plc 11.30 am Staverton Kinetsys Ltd 11.30 am Walsall Larkstone Associates Ltd 11.15 am London Macase Computer (UK) Ltd 01.30 pm London N Budd & Son Ltd 11.30 am West Midlands Penta Chemicals Ltd 11.30 am Blackburn Protos Systems (UK) Ltd 11.30 am Walsall Q T S Ltd 12.00 pm Cardiff Roberts Logistics Ltd 11.00 am London SSN Ltd 10.15 am Bately Shaman Ltd 11.00 am Birmingham Station Pine Antique & Design Ltd 10.15 am Sheffield T V & Audio Repairs Ltd 11.30 am Lutterworth UK Traffic Control Management Ltd 12.30 pm Norringham Warmlook Ltd 04.00 pm London York Management (UK) Ltd 11.45 am London 17/11/2000 Active Minds Ltd 11.00 am Manchester Advenchat Ltd 11.30 am Manchester Anglesey International Ltd 11.30 am Harrow BC Management Services Ltd 03.00 pm Swansea Black & White Associates Ltd 11.00 am Newcastle-u-Tyn Eastley Commercials Ltd 11.30 am London Forum Investors Plc 12.10 pm London Forum Underwriting Ltd 11.15 am London G & G 2000 Ltd 02.30 pm Fleet H S I Enigma Ltd 11.00 am Leeds Harlequin Imaging Ltd 11.30 am Manchester Ideal Build Ltd 11.00 am Edgware International Claims Services Ltd 10.30 am Reading Kerawisch Ltd 10.30 am Leeds Multifruits (Sales & Distribution) Ltd 12.30 pm Altrincham O & K Caterers Ltd 03.00 pm London Oakland International Corp Venture Ltd 12.00 pm Salford R M D Partners Ltd 11.30 am London Ringoak Ltd 04.00 pm London Roban Services Ltd 02.00 pm Barnet Rose Ltd 11.00 am London Rose Wood Flooring Ltd 01.00 pm Droitwich Rugby Profiles Ltd 11.00 am Swansea S J Hawkley Ltd 03.00 pm Brighton SBO Consulting Ltd 10.30 am London Silcock Greengrocers (Ellesmere) Ltd 11.30 am Altrincham Silcock Retail Ltd 10.30 am Altrincham Splash Out Ltd 11.00 am Harpenden Spy UK Ltd 10.00 am London Talbotbest Ltd 11.00 am Birmingham Tidysmart Ltd 10.30 am London Victor Steeden Associates Ltd 11.45 am London Wheelers (Display) Ltd 10.15 am Epsom 20/11/2000 Alliance Corporation (UK) Ltd 10.15 am London Altimo Ltd 04.00 pm London Beck Engineering (Bristol) Ltd 11.00 am Bristol Cleaning Force Ltd 11.30 am Preston Delta Developments Ltd 11.30 am London E & S Welding Engineers Ltd 11.00 am Birmingham EL Flamenco Ltd 12.00 pm Lewes Five & Four Ltd 11.00 am Gerrards Cross Fleetwood Amusements Ltd 11.30 am St Annes Kilmartin Construction Ltd 11.15 am Bately L W Interiors Ltd 03.00 pm London Pal (2112) Realisations Ltd 11.30 am Leeds Passland Ltd 12.00 pm Gerrards Cross Safecare Homes Ltd 12.45 pm London Security Technology Systems Ltd 02.30n pm Nottingham Wolf Electrical (London) Ltd 11.00 am London 21/11/2000 Ace Catering Equipment (Canterbury) Lt 10.30 am Sittingbourne Barker & Davis Ltd 11.00 am Brighton Baytree Garage (Cheltenham Spa) Ltd 11.00 am Staverton Cruddas Ironcraft Ltd 11.30 am Aldridge Direct Text Ltd 11.00 am London Futura Interiors Ltd 12.00 pm Ashford Hanro Shoecare Ltd 11.30 am Lutterworth Intelligent Computer Solutions Ltd 10.30 am London Jaylynne Crystal Glass Ltd 11.30 am Dudley Phoenix Carraige Co Ltd 10.30 am Sheffield Triblast (UK) Ltd 11.00 am Manchester Watermark Design & Market (Inter) Ltd 02.00 pm Manchester
TW LW TW LW
USA 1.43 1.45 Canada 2.19 2.22
Austria 22.91 23.76 Portugal 333.93 346.31
France 10.92 11.33 Belgium 67.19 69.68
Finland 9.90 10.27 Italy 3225.08 3344.70
Germany 3.25 3.37 Sweden 14.31 14.66
Holland 3.67 3.80 Switzerland 2.53 2.62
Spain 277.13 287.41 Ireland 1.31 1.36
Australia 2.72 2.82 Denmark 12.41 12.85
Hong Kong 11.18 11.34 Euro 1.66 1.72
Africa Com 10.90 11.01 Saudi Arabia 5.37 5.45
India 66.86 68.05 Malaysia 5.44 5.52
Singapore 2.49 2.55 Norway 13.30 13.66
Japan 153.91 158.83
TW This week LW Last week.
Colt Telecom announced pre-tax losses of 97.4 million pounds, on turnover of 450.4 million, for the nine months ending 30th September 2000.
Charles Stanley, the stockbroking company, announced pre-tax profits of 7.19 million pounds, on turnover of 34.9 million, for the six months ending 30th September 2000. Earnings per share stand at 11.7p.
FirstGroup, the train operator, announced pre-tax profits of 56.8 million pounds, after exceptional credit, on turnover of 991.2 million, for the six months ending 30th September 2000. Earnings per share stand at 9.8p, on increased capital.
Marks and Spencer announced pre-tax profits of 179.7 million pounds, after exceptional charge, on turnover of 3,756 million, for the six months ending 30th September 2000. Earnings per share stand at 4.3p.
Robert Wiseman Dairies announced pre-tax profits of 9.48 million pounds, on turnover of 145.6 million, for the six months ending 30th September 2000. Earnings per share stand at 9.4p.
Europe's big mobile-phone operators entered strategic alliances before Switzerland's auction of third-generation licences. Britain's Vodafone is to take a 25% stake in state-controlled Swisscom's mobile operation, MobileCom, Switzerland's largest, for SFr4.5 billion ($2.5 billion). France Telecom doubled its stake in Orange Communications, Switzerland's second-largest operator, to 85%, at a cost of more than Euro1.6 billion ($1.37 billion).
British Telecom is taking drastic action to reduce its debt by GBP10 billion ($14.3 billion). It will float up to 25% of its BT Wireless division, and plans also to float up to 25% of a new networking company, NetCo. The company reported second-quarter pre-tax profits of GBP471m, down from GBP890m a year ago.
Pets.Com, an online pet-supplies retailer and home of America's most famous sock puppet, announced that it would close. Despite expanding revenues the company, 25%-owned by Amazon, could find neither a buyer nor the cash to continue in business.
Restructuring plans at Hyundai, South Korea's second-largest Chaelbol, appeared to be in trouble. Creditors of its Hyundai Construction unit, with debts running to 5.3 trillion won ($4.7 billion), may not extend loans and the company could collapse. Plans by the parent company's family owners to cross-subsidise Hyundai Construction were rejected by group executives.
British Airways proved that its strategy of concentrating on high-margin business flyers is beginning to pay off. Profits for the quarter to the end of September were GBP200m ($296m), compared with GBP40m in the previous year. BA also announced that it would sell Go, its no-frills subsidiary, and reorganise its loss-making short-haul operations.
Pre-tax profits at Ryanair, the Irish budget airline, rose to EURO78.9m ($72.4m) in the half-year to the end of September. The company said that a strong pound, a hedging strategy to keep fuel costs low and an Internet booking system introduced this year, had all contributed towards keeping it one of the world's most profitable airlines.
BP, the British oil company, demonstrated that "Big Oil" could still mean big money. Profits hit a record $3.8 billion in the third quarter, partly because of the high price of crude oil. This merely matched analysts' expectations; they were concerned about the firm's declining output of crude, and the share price barely changed.
A claim invalidating a patent on an ingredient of Viagra, Pfizer's leading impotency drug, stood up in a British court. The case was brought by Eli Lilly, an American drug company, and ICOS, an American biotech firm, that hope to break into a lucrative market.
Marks & Spencer, the beleaguered British retailer, reported operating profits before exceptional items for the half-year to the end of September of GBP173m ($261m), 7% down on last year. Continued efforts to turn the retailer around have failed; the latest was a series of ads signalling the company's commitment to the needs of large naked women.
Source - The Economist
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:Acquisition by Watts Blake Bearne & Co (a subsidiary of SCR Sibelco SA) of Hepworth Minerals and Chemicals (Holdings) Limited
Completed acquisition by Maiden Outdoor Advertising Limited of CP Poster Advertising Limited
Proposed acquisition by Cadbury Schweppes plc of Snapple Beverage Group Inc
BYERS CLEARS THE ACQUISITION BY MICROSOFT OF AN INTEREST IN TELEWEST
In line with the new policy on mergers announced on 26 October, Stephen Byers, Secretary of State for Trade and Industry, announced on the 8 November 2000 that he has decided not to refer the acquisition by Microsoft Corporation of a 23.6% interest in Telewest Communications plc.
Mr Byers made his decision in accordance with the recommendation of the Director General of Fair Trading (DGFT).
Announcing his decision, Mr Byers said:
"The DGFT has advised me that the relevant market in this case is the provision of software to all digital television set top boxes. The DGFT has also advised me that, having carried out an investigation into the complex issues raised by the case, he has seen no evidence that Microsoft's stake in Telewest gives rise to sufficient competition concern to recommend a reference to the Competition Commission.
"I announced on 26 October that my policy would be to accept the advice of the DGFT on whether or not to refer merger cases to the Competition Commission, save in exceptional circumstances. I have considered the DGFT's advice on the Microsoft/Telewest case very carefully and have decided to clear the merger in accordance with his recommendation."
The merger qualified for investigation under the assets test of the Fair Trading Act 1973
ENHANCED ROLE FOR OFT IN MERGER POLICY
Proposals to reform merger control and enhance the role of the OFT have been welcomed by John Vickers, the Director General of Fair Trading.
The reforms, announced by the Secretary of State for Trade and Industry, would largely remove ministerial involvement from the control process. The OFT would continue to make a competition assessment of mergers and, under the new proposals, would refer cases requiring further investigation to the Competition Commission. Primary legislation is required to enact the new policy.
In the interim, the Secretary of State has said that he will accept the Director General's advice on whether to refer mergers to the Competition Commission in all but exceptional cases.
John Vickers today said:
'This reform proposes a much clearer and sharper role for the OFT in relation to mergers. The principle that competition assessments should be made by independent bodies charged with clear competition objectives is the right one in my view and is welcome.'
Stephen Byers, Secretary of State for Trade and Industry, announced a new initiative on the 5 November to help combat on-line scams between the UK and the US.
A new memorandum of understanding (MOU) will promote co-operation between UK enforcement bodies - DTI, the Office of Fair Trading and local trading standards departments - and the Federal Trade Commission (FTC) in the US.
UK and US authorities will help each other to tackle bogus schemes, such as get rich quick ploys, misleading credit and price offers, fraudulent prize draws and unfair terms and conditions on both sides of the Atlantic.
The MOU will:
Mr Byers said:
"E-commerce brings tremendous benefits to all consumers, but there can be problems too. This new understanding is a major step forward in international enforcement co-operation and will help ensure better peace of mind for the on-line consumer.
"I want to increase confidence in e-commerce and this step is only the start. More extensive co-operation with the US and other countries will help encourage more people to get on-line."
The new understanding will help prevent recent scams such as a US company offering misleading "discount" cruises, where the full cost was hidden and consumers - including some in the UK - were not allowed their initial payments back when they found out.
The Government is keen to promote closer cross border enforcement co-operation within the EU and with other trading partners, in order to protect consumers as global e-commerce expands.
It has also been announced in Washington, where the International Marketing Supervision Network (IMSN), the OECD countries' enforcement bodies, met earlier this week.
The aim of the MOU, particularly with the internet in mind, is to help tackle scams and other breaches of consumer law which originate in either the UK or the US, but which harm consumers on both sides of the Atlantic. Despite the many differences between the US legal system and our own, there is much in common between UK and US consumer protection laws. The authorities would not act outside their jurisdictions and any proceedings following co-operation would be brought under the authorities' own existing legislation.
UK legislation within the scope of the MOU includes that on consumer credit, timeshare, package travel, unfair contract terms, misleading advertising, trade descriptions and price indications. The Consumer Protection (Distance Selling) Regulations 2000, which came into force on 31 October, are covered by the MOU.
Improving enforcement co-operation is on the IMSN agenda. This includes the issue of barriers to co-operation such as legal restrictions on enforcement bodies' ability to share information. The MOU recognises that the UK and US authorities are subject to such restrictions. It is a "best efforts" arrangement under which the participants will co-operate as far as they are able. The Government will examine the need for legislation to lift the restrictions which apply to UK authorities.
Monday 13 November Wessex Branch of the ICM Annual Quiz Night Sponsored by ICC Information Ltd The Southampton Royal Yacht Club 7.00pm for 7.30pm Refreshments Thursday 23rd November 2000 Companies House Seminar Forte Posthouse Wood Lane Beechwood Runcorn Cheshire WA7 3HA Registration 5.30pm - 6.00pm Friday 24th November Chilterns Branch of the ICM Annual Dinner Your Branch Committee invites you and your Colleagues, Suppliers or Customers to a formal Dinner, a Speech and Toasts by our Special Guest Speaker. This Years sumptuous occasion is at Putteridgebury near Luton, one of the most beautiful of locations in the branch area. Tickets : £30 Per member, £50 Member & guest or A corporate table for the modest price of £275.00 For details, tickets & Table reservations please contact: Jennifer Scott 01992 553931, Stuart Hopewell 020 7465 5908, Year 2001 4 to 10 March National Credit Week 7 March Credit Today Awards 2001 Natural History Museum. London Wednesday and Thursday 7 and 8 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 24 to 26 October 2001 International Credit Exhibition & Conference The Westin Stamford, Singapore http://www.internationalcredit001.com Mailto:info@internationalcredit001.com If you have an event coming up which is credit management related and you would like us to make an entry in the Diary section please e-mail the details to jarnold@creditman.co.uk.
To unsubscribe to this list please send e-mail addressed to jarnold@creditman.co.uk as follows:
unsubscribe credit-news your e-mail name and address
Business Credit Management UK: John Arnold jarnold@creditman.co.uk
Business Credit News UK: Pat Williams pwilliams@creditman.co.uk