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: 97
Dated: 14 February 1999
Welcome to the Business Credit News UK.
In this weeks edition you will find the following topics.
UKBUSINESS CREDIT MANAGEMENT UK ARE PROUD TO ANNOUNCE.......
Business Credit Management UK is linked as an Accredited Site to the Enterprise Zone (EZ) -http://www.enterprisezone.org.uk - which is the Department of Trade and Industry's Internet portal to high quality business information for SMEs and Business Links.
Since its launch in November, 1997, visitors to EZ have reached 4.9 million, with user sessions lasting an average of 6 minutes in duration.
From the beginning of this year EZ has been managed and developed by The Dialog Corporation plc for and on behalf of the Department of Trade and Industry.
EZ aims to be the on-line business information resource for SMEs and Business Links.
THE EURO
The euphoria that surrounded the launch of THE EURO at the beginning of the year has quickly faded. Dragged down in part by worries over European banks' exposure to the Brazil crisis, the currency has sunk. Despite the threat of recession in Britain, even sterling has strengthened against the euro.
Source: The Economist
ABR was the first broker of the ASIC in Australia to provide Internet access to the governments' company search and financial database. This release took place on May 20 1997. Subsequently ABR has continued to develop this system and ABR is now the only credit information company in Australia which can provide access to the full list of ASIC services in addition to a comprehensive range of other new on-line services.
The ASC is now known as the ASIC - the Australian Securities and Investment Commission. This is the federal governments regulatory body which maintains full statutory search (and some financial) information on every Australian company.
More recently, ABR has launched access on a 'live time basis' to its national Credit Reporting database. This database is one of the largest in Australia. The release of this service means that clients throughout Australia and Internationally have immediate on-line access to one of the largest credit and business information databases in Australia.
Hypertext links also exist from this database to the governments ASIC database so that current up to date company searches can be performed instantly.
Until now online information on Australian companies has been possible only through D&B. However whilst only D&B - and now ABR offer online access on a live time basis to both the ASIC and their respective credit reporting database, ABR has a more extensive service in other key and important areas. These D&B does not offer.
For example, ABR's recently established on-line Internet services to assist the credit industry: include
INSIDER'S GUIDE TO INSOLVENCY AND CORPORATE RESCUE
In March, New City Media will be publishing the first annual Insider's Guide to Insolvency and Corporate Rescue. This independent and authoritative publication will offer a unique level of qualitative analysis for turnaround and insolvency professionals. Relevant for everyone from the sole trader to the multinational, it will contain an impartial assessment of the restructuring and insolvency practice offered by each firm of accountants or lawyers that claims proficiency in this area.
This will be based upon a variety of factors that we believe provide an accurate reflection of a firm's ability to deliver services for a particular business function. It will cover specialisations in everything from owner-managed business liquidations to invoice discounters; from retail to agriculture to complex cross-border restructurings. The Insider's Guide to Insolvency and Corporate Rescue will be essential reading and an authoritative reference source for anyone practising in the field of insolvency or turnaround management.
For more information, please contact New City Media on 0171 430 7988 or e-mail mathewl@ncm.co.uk
UK FIRMS SHOULD MAKE THE MOST OF POLAND'S STAR QUALITY
Brian Wilson launches new trade promotion campaign in Central Europe
Trade Minister Brian Wilson last week told exporters that with annual growth rates in excess of five percent, Poland has become a star among emerging markets. Mr Wilson was speaking at the launch of the new Opportunities in Central Europe trade promotion campaign at the CBI in London.
Opportunities in Central Europe will run for two years and will focus on each of the three main markets of Central Europe in turn. The campaign will begin with Opportunity Poland. Attention will then turn to Hungary in the autumn and the Czech Republic next spring.
Mr Wilson said:
"The message we want to get across today is that Poland is an important country; as a business partner, as a trading partner and as an investment partner. Of all the countries in Central and Eastern Europe, Poland is one of a small group which has made strong progress in restructuring and has shown real commitment to reform.
"This can be seen for example in the growth of the private sector - which now accounts for over half of GDP - and plans to accelerate that growth in the future. In addition, Poland can boast a convertible currency, established commercial law and developed banking and financial services. For some years it has enjoyed a consumer boom and is strategically placed between the European Union and the vast under-developed markets further east.
Mr Wilson went on to comment on Poland's ambition of joining the European Union, an aim which the UK strongly supports. He continued:
"In more and more ways, doing business in Poland is now very much like doing business anywhere else in Europe. Virtually all goods already pass duty free between EU countries and Poland. And the familiar rules and disciplines that guarantee free and fair trade in the single market are mainly in place as Poland prepares for EU membership.
"The DTI is strongly engaged in helping Poland's effort to join the EU as soon as it is ready. We and the European Commission work together to remove the remaining barriers to trade with Poland. The DTI is increasing the numbers of its staff going on short term visitsand longer secondments to transfer the administrative skills needed for the challenges ahead. There is no better demonstration of our commitment to Poland."
The Trade Minister, Brian Wilson is scheduled to visit Poland in September, when he will attend a major trade exhibition in Warsaw. In addition, the Minister for Trade and Competitiveness in Europe, Lord Simon, will visit Poland on 15 February to discuss Poland's preparations for EU accession.
The Opportunities in Central Europe campaign, which will run for two years, starts with Poland and will be extended to Hungary this autumn and the Czech Republic in the year 2000. In addition to covering generic issues of doing business in the market, it will also focus on specific sectors such as environmental waste treatment & disposal services, retail and consumer goods, transport and distribution, security and insurance. The campaign was launched at the CBI in London.
Poland has enjoyed average rates of growth in excess of five percent over the last five years. From January to November 1998, UK exports to Poland were worth #1.1 billion. Imports for the same period were worth #629 million.
In March 1998, the European Union launched the process of enlargement of the EU to include ten Central and Eastern European countries and Cyprus. Poland is one of the countries currently in the early stages of substantive negotiations with the EU (the others are the Czech Republic, Cyprus, Estonia, Hungary and Slovenia).
#BILLIONS AT STAKE AS COMPANIES FAIL TO INVEST IN INTERNATIONAL LANGUAGES
Trade minister tells exporters don't assume everyone speaks English
UK companies are in danger of losing out on #billions of revenue each year because of their lack of international language skills, said Trade Minister Brian Wilson last week.
Talking at the launch of the National Languages for Export Awards, which recognise outstanding achievements in overcoming language and cultural barriers in global trade, Mr Wilson said "Failure in the ability to communicate effectively and efficiently with lucrative export markets in Europe, Latin America and Asia/Pacific means that for many British firms more than a quarter of their potential revenues are at risk."
EU research shows that one in eight UK companies believe they have lost business through an inability to speak their customer's language or understand the local culture. Set against British exports to the top ten non-English speaking markets totalling #82 billion a year, the potential loss is considerable.
Mr Wilson commented:
"We can never assume that everyone speaks English, we have to find more ways to encourage business people to communicate across different languages and cultures, improve understanding and expand their business abroad. That is what the National Languages for Export Campaign aims to achieve."
The Awards, launched at the Eurostar terminal in London today, form part of the National Languages for Export Campaign. There are nine Awards in total: four Company Awards targeting small, medium-sized and large companies and a new Technologies Award; two Language Services Awards, targeting training, translation and interpretation organisations and three Education Awards, targeting schools, colleges and further education institutions.
The Awards are sponsored by a group of leading public sector organisations and blue chip companies with a commitment to improved international language capabilities in the UK. They include: NCM Credit Insurance; Rio Tinto; NatWest; Bell Design, Marketing and Communications; the London Language Show and Export Trade magazine, the Languages National Training Organisation, the Assessment and Qualifications Alliance and Whitehead Mann. The awards are also supported by the Nuffield Languages Inquiry.
Mr Wilson continued: "International trade these days demands a degree of communication expertise; expertise in such matters as dealing with the necessary documentation, knowledge of export financing, market analysis, right down to visiting the market place and winning the order. As the competition intensifies in the non-English growth markets of the world, knowledge of the local language and local culture becomes a crucial factor in increasing the success of exporting businesses.
"The eventual winners of the Awards will act as beacons to others of what can be achieved in an increasingly competitive global environment. We need role models from industry, training and education to help convey these messages to those who have not identified the importance of speaking their customer's language and understanding something of the business culture in their export markets.
"It is very clear that in the global market place, those who take the initiative with languages are the first to see the results in terms of new business opportunities," Mr Wilson concluded.
Sir Peter Parker, chairman of the National Languages for Export Campaign highlighted one of the reasons why language skills are becoming more, not less, important in the emerging global economy. "The export market for British firms has gone through numerous changes over recent years with rapid growth in exports especially to countries throughout Europe and to the emerging markets of China and Southeast Asia. Today UK exports to traditionally English speaking markets make up only 25 per cent of total exports," he said.
"When you account for the fact that more UK firms have been involved in take-over, merger and joint venture activities world-wide than any other European country over the past two years, you can soon see how vital a language strategy can be in supporting the long-term success of UK businesses."
For further information about the National Languages for Export Awards, contact Hugh Davies / Annabel Anderson at Cohn & Wolfe on Tel: 0171-331-5300
Statistics showing insolvencies in the fourth quarter 1998 published by the Department of Trade and Industry.
COMPANY INSOLVENCIES
There were 3,346 company insolvencies in England and Wales in the fourth quarter of 1998 on a seasonally adjusted basis. This was an increase of 0.1% on the previous quarter, and an increase of 6.8% on the same period a year ago.
1.2% of active companies became insolvent in the twelve months ended Q4 1998, the same as in the previous quarter and in the corresponding quarter in 1997.
INDIVIDUAL INSOLVENCIES
There were 6,561 individual insolvencies in England and Wales in the fourth quarter of 1998 on a seasonally adjusted basis. This was an increase of 5.9% on the previous quarter and an increase of 12.6% on the same period a year ago.
Number of Insolvencies in England and Wales (seasonally adjusted)
Percentage Change
1997 1998 1998 1998 1998 Q4 1998on:
Q4 Q1r Q2r Q3r Q4p Q3 1998 Q4 1997
Companies 3,132 3,169 3,346 3,342 3,346 0.1 % 6.8%
Individuals 5,828 5,753 5,917 6,193 6,561 5.9 % 12.6%
p = provisional, r = revised
The Official Insolvency Statistics are the most comprehensive record of the number of insolvencies and bankruptcies and provide a more accurate picture for analysing business conditions. The figures include businesses and individuals, with a breakdown by type of insolvency procedure. The figures treat Scotland separately (as insolvencies are defined differently in Scotland) and give an industrial analysis.The statistics are derived from administrative records of the DTI Insolvency Service and Companies House Executive Agencies. The figures for company insolvencies are made up of compulsory liquidations (winding-up orders made by the courts) and creditors' voluntary liquidations registered at Companies House. Figures for individual insolvencies comprise bankruptcy orders and individual voluntary arrangements under the Insolvency Act 1986 and deeds of arrangement under the Deeds of Arrangement Act 1914.
Numbers of insolvencies are not directly comparable with numbers of new business formations. Statistics of business starts and stops that are directly comparable with each other have been assembled from VAT records and are published by the Department of Trade and Industry. The latest figures are those for 1997, and were issued in a DTI press notice on 25 August 1998. More detailed figures are available via the on-line database NOMIS. Additionally, analysis into the number of firms in the United Kingdom estimated the total number of businesses at the start of 1997 at 3.7 million.
The seasonal adjustment methodology has been updated for the Press Releases covering the fourth quarter of 1997 onwards. The X11ARIMA program (developed by Statistics Canada) is now being used, this being the recommended program for seasonal adjustment within the Government Statistical Service.
DTI WINDS UP SAFEGAS SERVICECARE LIMITED.
The Secretary of State for Trade and Industry has obtained an order in the High Court to wind up, in the public interest, Safegas Servicecare Limited following enquiries by the DTI under the provisions of Section 447 of the Companies Act 1985 (as amended). This followed an application on 18 December 1998, at which time the Official Receiver was appointed as Provisional Liquidator.
On the application of the Secretary of State the Court appointed the Official Receiver as liquidator of the company.
The company offered gas heating servicing and repairs from its registered offices at 6 Eastern Avenue, Bolsover, Chesterfield.
The registered office of Safegas is 6 Eastern Avenue, Bolsover, Chesterfield. The company traded from this address.
The petition was presented under Sections 124A of the Insolvency Act 1986.
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
PO Box 203
21 Bloomsbury Street
London
WC1B 3QW
Tel 0171 637 6544
*** 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
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TW LW TW LW
USA 1.6310 1.6455 Canada 2.4352 2.4534
Austria 19.9223 20.0099 Portugal 290.267 291.536
France 9.4970 9.5388 Belgium 58.4040 58.6610
Finland 8.6080 8.6460 Italy 2803.35 2815.68
Germany 2.8324 2.8449 Sweden 12.9350 12.8909
Holland 3.1905 3.2046 Switzerland 2.3162 2.3315
Spain 240.900 241.960 Ireland 1.1403 1.1453
Australia 2.5379 2.5386 Denmark 10.7664 10.8150
Hong Kong 12.6394 12.7493 Euro 1.4480 1.4547
Africa Com 9.9654 9.9440 Saudi Arabia 6.1163 6.1716
India 69.1891 69.8760 Malaysia 6.1973 6.2524
Singapore 2.7572 2.7749 Norway 12.4938 12.6456
Japan 187.870 186.430
TW This week LW Last week.
BT announced pre-tax profits of 3,459 million pounds, after exceptional credit, on turnover of 13,326 million, for the nine months ending 31st December 1998. Earnings per share stand at 37.5p, on increased capital.
Barclays has appointed American Michael O'Neill, a senior banker with Bank of America, to succeed its former chief executive Martin Taylor, who quit unexpectedly last November.
Source: The Economist
Birse, the construction group, announced pre-tax losses of 1.86 million pounds, on turnover of 193.7 million, for the six months ending 31st October 1998.
British Airways announced a pre-tax loss of 75m pounds ($125m) for the third quarter of 1998-99, compared with an 80m pounds profit in the same quarter a year earlier. The airline denounced naysayers in the press, insisting that its ruthless cost-cutting scheme -- which has attracted the ire of some passengers -- had laid the foundations for a profitable future without compromising customer service.
Source: The Economist
Ladbroke, a British hotels and gaming firm, unveiled a deal to buy Stakis, a smaller rival, for 1.46 billion pounds ($2.39 billion). The merged firm would be Britain's second-biggest in both gaming and hotels.
Source: The Economist
Marks and Spencer is understood to be axing over 200 jobs, mostly amongst senior management, after issuing a profits warning last month.
SmithKline Beecham a British drug firm, surprised the market by restructuring its divisions and selling assets. Its boss insisted the firm would go it alone, despite the fact that he had tried and failed twice last year to consummate mergers. The firm's research head quit.
Source: The Economist
Torex announced pre-tax profits of 2.98 million pounds, after exceptional charge, on turnover of 21.8 million, for the year ending 31st December 1998. Earnings per share stand at 6.8p.
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 E.I. Du Nemours and Company of certain assets of Imperial Chemical Industries Plc namely its solid reagant chemicals business
Acquisition by January Investments Limited of Sears Plc
Microsoft and BT announced plans jointly to develop a new generation of mobile devices for accessing the World Wide Web without using PCs. Dreams of pioneering the wireless internet also spurred alliances between Cisco and Motorola, and Nextel and Netscape.
Source: The Economist
EDS/MCI WORLDCOM
Electronic Data Systems and MCI WorldCom agreed to swap assets with a combined value of $17 billion and about 13,000 employees. MCI will turn over its software operations to EDS, while taking on the latter's global network. The deal is similar to one struck earlier between AT&T and IBM.
Source: The Economist
AMAZON.COM
Amazon.com, the high-flying Internet bookseller, may have lost its touch. After initially defending the practice of accepting fees to promote new books as "recommended", the firm suddenly reversed course: it will now disclose which reviews are paid for by publishers.
Source: The Economist
USA NETWORKS/LYCOS
Electronic Commerce got a big boost when USA Networks, an American broadcaster, announced plans to merge its Home Shopping Network with Lycos, an Internet search firm. The combined group will have a market value of some $20 billion. But investors were unimpressed, and dumped their shares in Lycos.
Source: The Economist
THE AWARDS CEREMONIES, ON LINE
BRITS AWARDS - 16th FEBRUARY 1999 CAPITAL RADIO
http://capitalfm.com/SiteGen3/Feature/771/0/
GRAMMY AWARDS - 24th FEBRUARY 1999
15 February Bristol and West branch meeting of the ICM Noon The Art of the CV Burges Salmon Narrow Quay Bristol + Buffet 15 February Wessex Branch meeting of the ICM 6.30 for 7.00pm Fill that Vacancy Fast Presentation by Rod Hutchins, Robert Half International The Botleigh Grange Hotel, Hedge End, Southampton + Buffet North West Branch of the ICM AGM followed by Creative Accounting - a role play by PricewaterhouseCoopers Village Hotel, Captain Clarke Road, Hyde 6.00 for 6.45pm + Buffet l7 February Thames Valley Branch meeting of the ICM 7.l5pm Forfaiting is Fun! Presentation by Stephen Jenkins of London Forfaiting Company John Crane (UK) Ltd Buckingham Avenue, Slough Northern Ireland Branch of the ICM 5.30 for 6.00pm A New Perspective on Credit Insurance Presentation by Lambert Fenchurch Wellington Park Hotel, Belfast. 23 February Swindon branch meeting of the ICM 6.30 for 7.00pm IVAs The Moore Stephens Booth White Strolling Players lead us through the intricacies of IVAs. March 9th to the 11th March 1999 Credit 1999 The Novotel, Hammersmith, London W6 Free Conferences and Workshops Free Exhibition Top Industry Speakers 17 - 19 November 1999 Wednesday to Friday International Credit Exhibition & Conference Raffles City Convention Centre The Westin Stamford, Singapore http://www.internationalcredit99.com Mailto:info@internationalcredit99.com # = pounds sterling
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