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: 123
Dated: 15 August 1999
Welcome to the Business Credit News UK.
In this weeks edition you will find the following topics.
UKCONFIDENCE RECOVERS FOR FIRST TIME IN 18 MONTHS IN UK'S KEY MANUFACTURING REGIONS - CBI/BUSINESS STRATEGIES
Manufacturers' business confidence has risen for the first time since the beginning of 1998 in a number of the UK's key manufacturing regions, despite almost all regions continuing to report falling output and orders over the past four months, according a CBI/Business Strategies report released last Tuesday.
The latest Regional Industrial Trends Survey shows that manufacturers in the North East, Yorkshire & the Humber, East Midlands and West Midlands all reported improving business confidence compared to the April survey, indicating that the recovery is likely to be more wide-spread across the regions. Confidence stabilised for firms in Wales and the North West and, for the second consecutive survey, in Scotland and the South East.
However, despite the more confident mood amongst manufacturers, total new orders continued to fall in all mainland regions of the UK. The rate of decline in orders slowed down significantly in the North East, East Midlands and Scotland. Production stabilised for manufacturers in the East Midlands and Scotland and actually rose in the North East, but fell in all other regions.
Sudhir Junankar, CBI Associate Director of Economic Analysis, warned: "While many regions seem poised to emerge from the manufacturing recession, the rises in confidence in some regions should be treated with caution. In Yorkshire & the Humber and the West Midlands manufacturers report an improving business mood but this has been accompanied by falling orders, output and employment. Manufacturers across the UK are facing a relentless squeeze on profit margins and are struggling to cope with a strong pound."
Mr Junankar continued: "The revival in business confidence has been aided by the string of interest rate cuts, but manufacturers' confidence is fragile and could be easily damaged if interest rates were to go up. With inflationary pressures weak further interest rate cuts could be back on the agenda in the Autumn particularly if sterling remains strong."
Export confidence about prospects over the coming year continued to fall in most regions, although at a less pronounced rate, and exporters in the North East and East Midlands recorded their first positive balances since the appreciation in the pound began to take its toll. Export demand over the past four months has remained weak in most regions, although the rate of decline has slowed in the North East, North West, Wales and Scotland. The East Midlands and Northern Ireland, on the other hand, reported positive balances for manufacturers' export orders.
Andy Schofield, Business Strategies' Senior Economist, added: "The latest results show that the recovery in confidence has now spread to traditional manufacturing areas. However, employment will continue to bear the brunt of the prolonged period of decline in demand and output. It will clearly be some time yet before we see an end to the job losses".
Manufacturers reported that domestic prices fell faster than unit costs in all regions. The squeeze on profit margins appears to continue unabated. Despite this, investment intentions stabilised in the North East, South East and the West Midlands. But poor profitability continues to threaten investment plans in a number of regions. Investment intentions for plant and machinery are still substantially negative in Yorkshire & the Humber, North West, Wales and Northern Ireland, pointing to lower investment over the year ahead.
BLUNKETT HAILS RECORD EMPLOYMENT LEVELS
Employment is at its highest level ever and unemployment is down significantly, last weeks labour market statistics reveal.
The figures show that:
Education and Employment Secretary David Blunkett said:
"Employment is at its highest level ever, up more than 600,000 since the Election. Once more, unemployment is down - to its lowest level for nearly 20 years. Long term youth unemployment has fallen by almost 75 per cent since spring 1997.
"Last year doom and gloom merchants predicted a rise of unemployment of half a million. In fact, since last year employment has grown by 347,000, now at record levels. The doom and gloom merchants got it wrong."
"We intend to build on our record further by pursuing our policies of macro-economic stability combined with a comprehensive strategy to help those on welfare to take up the jobs created by a growing economy, and to make work pay so people can prosper once in work.
"There are around two and a half million new vacancies coming up every year in jobcentres, and probably twice as many elsewhere. This month 227,200 new vacancies were notified to ES job centres alone, an increase of 3,200 on last month. And the Employment Service is making considerable headway in getting unemployed people into these jobs.
"Despite falling to a near 20 year low unemployment remains high by initial post-war standards, and there are many inactive people who can still be brought into the world of work. I will not be satisfied until we reach those post-war levels again. We have a range of policies in place to help reduce unemployment even further, including the New Deal. And we are piloting a radical new programme called ONE to spearhead the modernisation of the welfare state. With these programmes in place, I am confident that we can move ever closer towards our goal of full employment in the new economic environment."
BACKGROUND TO LABOUR MARKET STATISTICS: August 1999
LFS employment is up by 347 thousand on the year. Unemployment is falling.
Over the past year LFS employment grew by 347 thousand. This picture of strong job growth is complemented by a high level of vacancies. However, employment growth slowed in the latest quarter and workforce jobs do not show as much growth. Both ILO and claimant unemployment are falling although the size of this month's falls should be treated with caution. Earnings growth is at 4.4%.
Employment is growing and vacancies are high.
LFS employment in the quarter to April to June is up 347 thousand over the year. Most of the rise occurred in the first half of the year. Over the last quarter growth was 43 thousand.
workforce jobs fell slightly in the latest quarter and growth over the year to March is less than that of the LFS at 85 thousand. However, this series has been erratic and the annual change seems to have been depressed by a very high figure for March last year.
Companies House now aims to start production of the new shuttle in September. These will be sent to companies with return dates from 28 September 1999 onwards. New regulations relating to the annual return will be laid before Parliament in early August. These will have the effect of repealing the requirements on companies to list their directors' other directorships and to state whether certain elective resolutions are in force. These changed information requirements will also be mirrored in all the other versions of the annual return.
As well as requiring less information every year, Companies House will also be able to pre-print capital and shareholder information on the shuttle annual returns that are sent to companies which have up to twenty members and which have already made at least one previous annual return. At least 80% of companies will meet these criteria. This will have the benefit of making capital and shareholder information more transparent for most companies and will enable them, each year, to check and if necessary, update the details of their shareholders. These details will then go forward to the public record.
Completing the new form will be a lot easier for most companies and enable them to provide a "full" list of members to Companies House with each annual return instead of with just every third annual return as is currently the case.
For most companies with more than twenty members - less than 2% of the register - Companies House will pre-print aggregate issued capital information without details of the company's members. However, for the small number of big companies with very dynamic and changing share capital information (about 3000) Companies House will not attempt to pre-print any share capital information.
The new shuttle will be sent to companies with a covering letter detailing precisely when the annual return must be returned to Companies House and what information, if any, they have to provide to complete the form.
ECGD STARTS CONSULTATION ON MISSION REVIEW
Richard Caborn, the new Minster for Trade, on the 11 August launched the public consultation process for the recently announced review of ECGD's operations and status. The review was announced by Stephen Byers, Secretary of State for Trade and Industry in the Commons on 27 July.
Mr Caborn said today:
"I welcome this Public Consultation exercise for ECGD's Mission and Status Review. As the new Minister for Trade, I am very interested in the support that ECGD provides for UK exporters and I am aware of the importance businesses place on that support when pursuing orders abroad. I would encourage all those interested in the Review to obtain a copy of the Public Consultation Document from ECGD and complete the enclosed questionnaire. This will enable the Review Team to take into account as wide a range of views as possible."
The terms of reference for the Mission and Status Review are as follows:
"To review the aims and objectives, role and status of ECGD and to make recommendations to the Secretary of State for Trade and Industry.
The review should take account of the relationship of ECGD's activities to HMG's wider objectives and of the need to balance the benefits of ECGD's support for UK exporters and investors against the risks to the taxpayer. The Review should consider international practice in the provision of export credits and investment insurance both in the public and private sectors.
It should also take into account the results of other concurrent reviews which may have a bearing on ECGD's future activities, namely the Export Finance Review (announced 11 February 1998), the Reinsurance Scheme Review (announced 27 April 1999) and the Risk Management Review (announced 26 May 1999).
The Review should include a period of public consultation to seek the views of exporters, investors, lenders, private sector credit insurers and their representative bodies and other interested parties.
The Status element of the Review should be conducted in accordance with the established principles for "Next Steps" reviews, taking account of any proposed change to ECGD's Mission Statement, to consider how its services can best be delivered and whether any change in the Status of ECGD would be required."
The Public Consultation exercise is intended to open this process up to all interested parties, in order that the widest possible cross-section of views and ideas are available to the Review Team. This will not be constrained to businesses that traditionally use ECGD's facilities, but also NGO's, Trade Associations and individuals who have an interest in how the Department's future should evolve.
In his statement of 1 August Stephen Byers outlined a number of key government policy issues he would like ECGD to assess in the Review, such as sustainable development, debt forgiveness and help for SMEs. This consultation exercise will address these key points as well as looking at the business that ECGD currently takes on.
All interested parties are invited to write to ECGD to obtain a copy of the consultation document. The contact point at ECGD is :
Mrs Marion Maddox
Director, External Relations Division
ECGD
2 Exchange Tower
Harbour Exchange Square
London E14 9GS
This will be the third Status Review of ECGD since the Efficiency Unit of the Cabinet Office produced its Report "Improving Management of Government: The Next Steps" in February 1988. As part of the "Next Steps" initiative Government Departments like ECGD are required to conduct a review of their status at least once every five years. Previous Reviews concluded that ECGD should remain a Government Department.
TOUGH PENALTIES FOR ANTI-COMPETITIVE PRACTICES
Stephen Byers, Secretary of State for Trade and Industry, on the 9 August announced that companies engaging in anti-competitive practices will face a maximum penalty of ten per cent of their UK turnover for each year of the infringement, up to a maximum of three years. This could amount to tens of millions of pounds in some cases.
The new Competition Act, which comes into force in March 2000, provides for a maximum penalty of ten per cent of turnover. It is for the Secretary of State to define turnover by Order.
Stephen Byers said:
"The level of these penalties will send out a strong message on behalf of the Government. We believe that competition is the key to economic growth and prosperity and that it is necessary to ensure a fair deal for the consumer. For too long the British consumer has paid the price for uncompetitive behaviour through higher costs. With these new penalties it will be the companies who flout the law that will pay the price.
"This Government is committed to a strong competition policy - it is good for consumers and good for business encouraging innovation and efficiency. It is essential the Office of Fair Trading has the full range of powers to act against anti-competitive behaviour. That is why I am announcing my decision on penalties today. I will consult on the proposals before laying the order before Parliament.
"Too many consumers believe they are being ripped off. It is the Government's responsibility to make sure that the Office of Fair Trading and the Competition Commission can root out price fixing wherever it occurs."
The Competition Act also provides the Director General of Fair Trading with new investigative and enforcement powers. They are:
In addition the Government has increased the Office of Fair Trading's budget by £15.4 million over the next three years.
UK EXPORTERS SET TO WIN ORDERS FOR MAJOR MALAYSIAN POWER STATION WITH ECGD BACKING
Richard Caborn, the Minister for Trade, on the 9 August announced the conclusion of ECGD-backed financial arrangements that have been developed by a UK-based international bank and will enable UK companies to take part in a £642 million contract to construct a coal-fired power station in the district of Manjung, Malaysia.
The arrangements will finance an engineering, procurement and construction contract won by ABB ALSTOM Power's Cheshire-based unit as part of a project to build a 3 x 700 Megawatt plant on the west coast of the Malaysian peninsular 200 kilometres north of Kuala Lumpur.
ABB ALSTOM Power will be working in consortium with local company Peremba Construction Sdn Bhd and sub-contracting work to a large number of UK exporters, including many SMEs. This project forms part of the Malaysian Government's "Vision 2020" initiative to sustain economic growth and reduce the country's heavy dependence on gas for energy.
ECGD will be underwriting a £442 million multi- currency loan arranged by HSBC Investment Bank plc for TNB Janamanjung Sdn Bhd (a wholly owned subsidiary of Malaysia's national electricity utility Tenaga Nasional Berhad) to help finance the work. Mr Caborn said:
"This is excellent news for both the UK and Malaysia. ABB ALSTOM Power have worked exceptionally hard to clinch this major order. This will have a tremendous benefit for jobs. I am delighted that ECGD played such an important part in making sure that competitive financing was available."
This is the first time that three Export Credit Agencies have worked together on a single case under ECGD's "One Stop Shop" initiative. As part of this arrangement ECGD will guarantee a loan to finance UK, French and Norwegian exports and in turn obtain reinsurance from their French (COFACE) and Norwegian (GIEK) counterparts.
The power station at Manjung will utilise mainly sub-bitumous coal and other brands of low sulphur grade. This will help meet demand for electricity in Peninsular Malaysia which is rising at a rate of 8% - 9% a year largely due to demand from the industrial, commercial and domestic sectors. The plant is expected to be fully operational by the end of August 2003.
This is the first time that Tenanga Nasional Berhad (TNB) has formed its own project company to develop a power plant on an independent basis. TNB accounts for nearly 80% of the electricity used in Peninsular Malaysia.
The Lord Chancellor's Department has published statistics for company winding up, and creditors' and debtors' bankruptcy petitions issued in the High Court and county courts of England and Wales during the second quarter of 1999.
In the second quarter of 1999 the following number of petitions were issued:
Prepared by the Government Statistics Service
Table 1 shows the number of company windings up, and creditors' and debtors' bankruptcy petitions issued for each year by quarter, since 1995.
Figures on insolvency petitions are published on a quarterly basis. The publication date for the figures covering the third quarter of 1999 will be Friday 5 November 1999.
The 1999 figures are provisional and liable to revision to take account of any late amendments.
No assumption can be made from these statistics about the number of companies that go into liquidation, or the number of individuals made bankrupt. This information is published quarterly by the Department of Trade and Industry in a DTI Press Notice.
INSOLVENCY
A company or individual with debts that they are unable to pay is said to be 'insolvent'.
COMPANY WINDING UP
When it becomes necessary to terminate a company's existence, whether owing to insolvency or for some other reason, the process is called 'winding up'.
There is a restriction on proceeding that may be commenced in county courts which is based on the paid-up capital of the company. Well over half of winding up proceedings are commenced and handled in the Chancery Division of the High Court at the Royal Courts of Justice in London and at the eight provincial High Court centres.
Company winding up proceedings will normally be commenced at the court centre local to the registered office of the company, which will not necessarily be situated in the same geographical area as the company's base or operational area. The relative regional levels of winding-up activity do not therefore necessarily reflect the geographical distribution of the companies involved.
INDIVIDUAL BANKRUPTCY
For individuals the term bankrupt is used to indicate insolvency.
Proceedings for bankruptcy can be commenced at county courts with the appropriate jurisdiction, or in the Chancery Division of the High Court, either by a creditor (the person to whom the debt is owed) or by a debtor (the person who owes the debt).
Table 1
INSOLVENCY AND BANKRUPTCY PETITIONS FILED
Year Quarter Companies Creditor Debtors
Winding-up Bankruptcy Bankruptcy
Petitions Petitions Petitions
1995 1 3 684 6 797 2 774
2 3 074 6 095 2 434
3 3 020 5 658 2 504
4 2 979 5 215 2 427
______ ______ ______
12 757 23 765 10 139
1996 1 3 094 5 603 3 030
2 2 865 5 314 2 617
3 3 025 5 269 2 614
4 2 996 5 082 2 428
______ ______ ______
11 980 21 268 10 689
1997 1 2 998 5 209 2 613
2 2 724 5 231 2 431
3 2 695 4 812 2 380
4 2 741 4 291 2 212
______ ______ ______
11 158 19 543 9 636
1998 1 3 122 4 157 2 665
2 2 849 4 616(1) 2 500(1)
3 2 818 4 396 2 319
4 2 960 4 420 2 693
______ ______ ______
11 749 17 589(1) 10177(1)
1999 1 3 294 4 748 3 230
2 2 748 4 433 3 221
(1) - Figures for Quarter 2 1998 have been revised since the previous
publication of this bulletin.
*** 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 16/08/99 to 24/08/99 Number of Creditor meetings : 173 Section Company Time Venue 138 Scotland - Interim Liquidator calling Creditors Meeting 16/08/99 Duncan Advanced Plc 10.00 am Glasgow Westclan Ltd 11.00 am Glasgow 19/08/99 Liquid Assets Investments Ltd 11.00 am Glasgow 20/08/99 Film-Scan Ltd 12.00 pm Edinburgh 23/08/99 Facility Development Ltd 10.00 am Glasgow Strathclyde Inns & Taverns Ltd 11.00 am Glasgow 23 Administrator Calling a meeting of Creditors 19/08/99 Select Software Tools Plc 12.00 pm Cheltenham 48 Receiver calling unsecured Creditors Meeting 18/08/99 Nigel Couch Productions Ltd 12.00 pm Plymouth Stone Co-Ordinated Ceramics Ltd 10.00 am Manchester 20/08/99 Biceri Ltd 11.00 am Theale Holmwood Communications Ltd 03.00 pm Leeds Varley Walker Consulting Ltd 11.30 am Newcastle-u-Tyn 24/08/99 Alliance Medical Equipment Ltd 12.00 pm Cardiff Amelioraid Ltd 12.00 pm Cardiff 67 Scotland - Receiver calling Meeting of unsecure Creditors 18/08/99 Dewramet Holdings Ltd 03.10 pm Glasgow Dewramet JME Ltd 03.00 pm Glasgow Dewramet Ltd 03.05 pm Glasgow 19/08/99 Scotcare Heating Serv (Domestic) Ltd 10.00 am Edinburgh Scotcare Heating Services Ltd 10.00 am Edinburgh 98 Creditors Voluntary Liquidations 16/08/99 AMT Multimedia Ltd 03.30 pm Bristol Blue Eyed Sky Ltd 10.00 am Leeds C G S Staff Services Ltd 10.30 am Liverpool Clere Associates Ltd 11.00 am Basingstoke DB Training & Development Ltd 03.00 pm London Designs and Signs (UK) Ltd 02.00 pm Halesowen EEC Elektromobil Ltd 01.00 pm London Express Transport (SW) Ltd 11.30 am Bristol Henry Forsyth Ltd 11.30 am Liverpool Hutchins and Leigh Ltd 11.30 am Stockport Loch-Isla Ltd 12.00 pm London Major Shoe Co Ltd - The 11.00 am Nottingham Manor Plant Supplies Ltd 11.00 am London Newdean Homes Ltd 01.30 pm Bristol Pearldelta Ltd 11.30 am Cardiff Pizza World Ltd 10.00 am Lincoln Sheffield Arches Club Ltd 10.30 am Sheffield Stagslax Menswear Ltd 10.30 am Leeds Wood Bros (Warsop) Ltd 11.45 am Mansfield 17/08/99 Andrews Roofing & Building (Oxford) Lt 02.30 pm Reading Anello & Davide Ltd 02.15 pm South Ruislip Broadway Property Management Ltd 11.00 am Birmingham County Products Ltd 11.30 am Penkridge Delta Profiles (Timber) Ltd 11.00 am Preston Digital Online Graphics Services Ltd 12.30 pm London Fjoh Realisations Ltd 12.00 pm London Ghringhelli Grinding Ltd 10.30 am Birmingham Herbies Ltd 10.15 am London Herbies Sales Ltd 10.15 am London Miton Print & Stationery Ltd 11.00 am Southend-on-Sea Nexus Flooring Ltd 12.00 pm Royston Open Promotions Ltd 12.00 pm London Panaqua Holdings Ltd 11.00 am London QHL Ltd 11.30 am Manchester South Eastern Spares Agents Ltd 10.30 am London Tickety-Boo Designs Ltd 02.30 pm Holbeach UK Laminators Plc 11.00 am Manchester Vexcolt Ltd 12.00 pm London William Potter Ltd 11.30 am Liverpool Windowmaster Ltd 10.30 am Sheffield Worth Windows Ltd 11.30 am Impington 18/08/99 A T E Security Ltd 11.00 am Bristol Alderway Ltd 11.00 am Paisley Chute Services Ltd 11.30 am London Concord Proffing Services Ltd 11.15 am London E J Wood Engineering Ltd 03.30 pm Newmarket Electrical Wound Components Ltd 03.00 pm Sunderland Erin Marketing Ltd 11.00 am Manchester Hollydean Ltd 10.30 am London K & C L Hayes Ltd 02.45 pm Peterborough Lamco (UK) Ltd 11.00 am Birmingham Lettravane Ltd 02.00 pm Halesowen Martex Enterprises Ltd 11.30 am London Metrodome Productions Plc 11.00 am Barnet Midland Fluid Pumps Ltd 11.00 am Birmingham Midland Tyrecraft Ltd 12.30 pm Birmingham Muskaan Ltd 11.00 am Sunderland Pacron Investments Ltd 01.00 pm London Perle Ltd 11.00 am London Pioneer Retail Ltd 11.00 am Gloucester Portfolio Advertising and Print Ltd 11.00 am Leeds Probex Systems Ltd 11.00 am London R & A Ward Bros (Metalwrk Const) Ltd 11.30 am Southampton R T S Electrical Design Ltd 11.00 am Manchester Roberto Carlo Retail Ltd 10.00 am London SDA (DHD) Ltd 02.00 pm London Sullivans Mouldings Ltd 12.00 pm London Tamstar Ltd 04.00 pm London Track Line Design Ltd 11.00 am Manchester V G Recruitment Ltd 11.45 am London 19/08/99 AWS (Hull) Ltd 03.00 pm Driffield Almaring Ltd 03.00 pm London Arthur Bacon (Grimsby) Ltd 11.30 am Grimsby Belgravia Support Services Ltd 12.00 pm London Castle Creative Ltd 12.00 pm London Clarian Controls Ltd 02.30 pm Sileby Country Lady Fashions Ltd 11.15 am Nottingham Demotech Ltd 03.00 pm Sawbridgeworth Eatad Flanges Ltd 11.00 am Sheffield Eurobull Ltd 02.00 pm Dudley Faststar (Civil Engineering) Ltd 11.30 am Sileby Investhelp Ltd 11.15 am Guildford Kaypride Ltd 11.00 am London Kitemore Contracts Ltd 02.00 pm Barnet Larsen Ltd 11.00 am Carlisle Maximum Enterprises UK Ltd 12.00 pm Aldridge Murmur Ltd 03.00 pm Bristol Network Medical Services Ltd 11.00 am London New Era Operations Ltd 11.00 am London P & M Truck Transport Ltd 11.00 am Bardon Hill Rapid Enterprises Ltd 10.30 am Newcastle-u-Tyn Security G B Ltd 11.45 am Holmfirth Shipway Contracts Ltd 02.00 pm Halesowen Splash Scuba Ltd 02.00 pm London Staircraft Ltd 11.30 am Preston Turner & Sons (Burslem) Ltd 10.30 am Basford Ward & Co Ironworkers Ltd 10.30 am Warrington 20/08/99 Bel Furniture (Manufacturing) Ltd 12.00 pm Liverpool Brightnoble Engineering Ltd 10.15 am Newcastle-u-Tyn Burridge Auto Refinishers Ltd 11.30 am Fareham Central International Ltd 10.30 am Sheffield Equipe (UK) Ltd 11.30 am Birmingham GBE Maintenance Solutions Ltd 11.30 am Cardiff Grant Spacey Ltd 11.15 am Scarborough Halcyon Cmputer Systems Ltd 02.30 pm Washington Hyperspace Studios Ltd 10.45 am Hereford J Tek (UK) Ltd 11.00 am London Lexi Ltd 04.00 pm London Matchtech Computers Ltd 11.30 am Brimingham Midland Direct Marketing Services Ltd 10.00 am Derby Motabitz (Franchising) Ltd 11.30 am Sileby Newrose Maintenance Ltd 12.00 pm Royston Newsham Foods Ltd 11.00 am Albert Dock Odessa Construction Ltd 12.00 pm Cranford Pebble Mill Electrical Services Ltd 11.00 am Birmingham Pro Drivers Management Ltd 10.30 am London R S Cardboard Boxes Ltd 02.00 pm Allesley Revelation Video Productions Ltd 03.00 pm London Round The Clock Heating Services Ltd 02.00 pm London Simco Design Ltd 10.45 am Crawley Sunderland Machine Tools Ltd 11.00 am Sunderland 23/08/99 Catchpole Construction Ltd 10.30 am Southend-on-Sea Eperon UK Ltd 12.00 pm Glasgow Eurofresh Marketing Ltd 12.00 pm London Greetland Concrete Ltd 11.00 am Leeds Manchester Aluminium Systems Ltd 11.30 am Manchester Mirenhill Ltd 11.00 am Sheffield Nationwide Computer Clinics Ltd 11.30 am Wellington Osprey (Wirral) Ltd 10.00 am New Brighton Park Crescent Ltd 11.00 am Guildford 24/08/99 1st Quality Marble & Granite Ltd 11.00 am Southampton Aqua Forum Ltd 11.00 am Sunderland Blakesley Marketing Ltd 11.30 am Sileby Blue Haze Investments Ltd 01.30 pm Brighton Bon Bouche Ltd 10.30 am Droitwich Spa Compass Homes Ltd 11.30 am London Creative Stone & Marble Ltd 11.00 am Southampton Davison Catering Ltd 03.30 pm Salisbury Enger Air Conditioning Ltd 12.00 pm Brighton Figure-Right Ltd 11.00 am Manchester Games Den Ltd 11.00 am Bristol I P Chemical & Petroleum Services Ltd 11.00 am Guildford Kersley Motors Ltd 10.30 am Sheffield Mildfern Ltd 02.00 pm London Multiform Tubes Ltd 11.00 am Birmingham New Wave Fashions Ltd 04.00 pm London Newpar Press Ltd 11.00 am Milton Keynes Pexand Ltd 03.30 pm Birmingham Redemption Films Ltd 03.00 pm London Smiths Business Machines Ltd 11.30 am Liverpool Stantons Ltd 11.00 am Leeds Thompson Forestry Ltd 12.00 pm London Tideturner Ltd 11.30 am Liverpool Witte (UK) Ltd 11.00 am London
TW LW TW LW
USA 1.6127 1.6178 Canada 2.3992 2.4357
Austria 20.8333 20.9173 Portugal 303.541 304.759
France 9.9314 9.9714 Belgium 61.0750 61.3220
Finland 9.0020 9.0380 Italy 2931.56 2943.37
Germany 2.9619 2.9738 Sweden 13.3189 13.2885
Holland 3.3365 3.3499 Switzerland 2.4254 2.4267
Spain 251.900 252.930 Ireland 1.1924 1.1972
Australia 2.4870 2.4872 Denmark 11.2602 11.3098
Hong Kong 12.5183 12.5572 Euro 1.5140 1.5203
Africa Com 9.8818 10.0484 Saudi Arabia 6.0471 6.0672
India 70.1180 70.1430 Malaysia 6.1283 6.1468
Singapore 2.7034 2.7232 Norway 12.4985 12.5578
Japan 186.590 186.980
TW This week LW Last week.
Northern Leisure announced pre-tax losses of 9.12 million pounds, after exceptional charge, on turnover of 62.4 million, for the ten months to the 4th July 1999.
Torex, the computer software company, announced pre-tax profits of 1.78 million pounds, on turnover of 18.5 million, for the six months ending 30th June 1999. Earnings per share stand at 3.9p.
Whitecroft announced pre-tax losses of 11.5 million pounds, after exceptional charge, on turnover of 131.6 million, for the year ending 31st March 1999.
BP AMOCO reported a 19% rise in second-quarter profits, reflecting higher crude-oil prices and successful cost-cutting. But it said the outlook in refining and chemicals remains tough.
Source - The Economist
BRITISH AIRWAYS announced that operating profits for the quarter ending June 30th fell by 46% compared with the same period last year. It blamed overcapacity on North Atlantic routes, price competition from low-cost airlines and higher fuel prices. It announced plans to cut some capacity, including its London-Pittsburgh route.
Source - The Economist
DEUTSCHE TELEKOM announced that it would buy the smallest of Britain's four mobile-phone operators, ONE2ONE, for 8.4 billion pounds ($13.6 billion). Deutsche said that the acquisition was part of a wider strategy of global expansion. Separately, One2One will also launch a joint venture with Richard Branson to sell mobile phones through his VIRGINstores.
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:Proposed acquisition by Orbis Plc of Sitex Group Holdings Limited
Source - The Economist
The International Air Transport Association and IBM said they would together develop a universal platform to boost the use of ELECTRONIC AIRLINE TICKETS.
Source - The Economist
7 September Thames Valley branch of the ICM Newbury College ICM Open Evening 5.30 - 8.00pm For those wishing to study for the exams 13 September Wessex Branch meeting of the ICM Clair Sandbrook - A day in the Life of a Sheriff & Woolf Update 13 September Norfolk branch of the ICM 6.30 for 7.00pm The Euro Today Presentation by Larking Gowen, Chartered Accountants and visit from the Chairman of Council Larkin Gowan, King Street, Upper King Street, Norwich Further details can be obtained from Ian Austin on 01603-443692 14 September Thames Valley Branch of the ICM 'Weekenders Classic' Presentation 6.45 for 7.15pm Presentation by Joan Heather - a virtual weekend away, showing how to dress up or down to suit different occasions with the minimum of baggage Honeywell Control Systems Ltd Honeywell House Arlington Business Park Bracknell Buffet 15 September Essex branch of the ICM Guided tour of Stansted Airport 7.00pm sharp Further details can be obtained from David Galliers on 01268-722700 15 September Merseyside & North Wales Branch of the ICM Annual Conference Business Fraud 10.00am - 5.00pm Series of speakers and an exhibition area For further information telephone David Browne on 0151-242-7742 or Lynne Mills on 0151-632-2938 21 September 1999 London Branch of the ICM Sir Kenneth Cork Memorial Lecture 6.00 pm for 6.30 pm The Royal Overseas League, Park Place, St. James Street, London SW1 Speaker is Ian Duncan-Smith MP For further information phone Ron Johnston: 0181 2613242 or E-Mail ron.johnston@singeruk.com 20 to 22 September Creating the Edge in Competitive Markets Annual Experian Conference Gleneagles, Scotland Call Teresa Taylor on 0115-934-4546 Email teresa.taylor@experian.com 8 October ICM Annual Dinner Drapers' Hall, London EC2 Guest speakers: Walter Merricks, Insurance Ombudsman Professor Geoffrey Woodroffe, Solicitor and Funeral Ombudsman Ticket price: #68.00 plus vat To book telephone the Institute on 01780-722907 or fax 01780-721271 12th to the 14th October 1999 Tuesday to Thursday Credit North 1999 at the Royal Armouries, Leeds1 25 October Wessex Branch meeting of the ICM Experian - Non-Ltd database 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
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