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: 119
Dated: 18 July 1999
Welcome to the Business Credit News UK.
In this weeks edition you will find the following topics.
UKFinancial Services firms enjoy growth in business and profits - says survey
Companies offering financial services report business volumes and profits rising at the fastest rate since December 1996, according to the latest survey by the Confederation of British Industry and PricewaterhouseCoopers out on the 12 July 1999.
Firms reported that overall business volumes grew more quickly than in the first quarter although more modest growth is expected over the next three months. Sixty-eight per cent of firms said business volumes rose over the past three months, while 12 per cent said they fell. The balance of plus 56 per cent compares with plus 29 per cent in March. Business volumes with private individuals continued to grow robustly, in line with expectations. Business with Industrial and Commercial Companies, financial institutions and overseas customers picked up in the second quarter.
Forty-four per cent of firms expect business volumes to rise over the next three months, while 10 per cent believe they will fall. This gives a balance of plus 34 per cent. All sectors expect further growth in business volumes in the third quarter, with business with private customers remaining particularly buoyant.
Business optimism rose for the second consecutive survey with 51 per cent of respondents more optimistic than three months ago, while seven per cent were less optimistic. This gives a balance of plus 44 per cent, which compares with plus 24 per cent in March and minus 27 per cent last December.
The survey shows that the banking sector was by far the most optimistic, while the growth in building societies' optimism remained steady despite an increase in business. The improvement in optimism in the general insurance sector is much lower, but more realistic than in March's survey and life insurers report a slight rise in business confidence. Securities traders and fund managers saw increased optimism over the last quarter due to large increases in business.
Employment continued to rise following the first quarter's fastest rise since December 1997. Over the past three months 43 per cent of firms employed more people while 24 per cent employed fewer people. The balance of plus 19 per cent compares with plus 24 per cent in March. Some moderate job losses are expected over the next three months although similar expectations have not been realised in the last two surveys. Finance houses and banks expect the sharpest falls while insurance brokers and fund managers anticipate the strongest increase.
Sudhir Junankar, the CBI's Associate Director of Economic Analysis, said: "Business confidence among financial services firms has risen for the second consecutive survey with optimism, business volume growth and profitability all hitting a two-and-a-half year high. The improvement in fortunes is further signalled by the growth in jobs. This fairly robust growth is set to continue over the coming months although financial services companies will be seeking to rein back jobs to control cost pressures and maintain profitability."
John Hitchins, Senior Banking Partner at PricewaterhouseCoopers, said: "The survey reveals continued optimism in the banking sector due to increasing volumes and less pressure on margins. This is perhaps an indication that the price war is not as intense as it has been and that there have been no new entrants to challenge business in the last quarter. The survey also indicates that bad debts are not increasing as expected. It will certainly be interesting to see the banks' half year results out next month."
For further information please contact:
Justine Gonshaw
PricewaterhouseCoopers
Telephone +44 (0)171 213 3453
The survey was carried out between 27 May and 9 June. A total of 180 companies responded including: banks, building societies, finance houses, securities traders, fund managers, commodity brokers, venture capitalists, insurance companies and insurance brokers. Sheila Murray, CBI, 0171 395 8090 (website: http://www.cbi.org.uk)
SINKING EURO
The EURO narrowly missed reaching parity with the dollar as it fell to an all-time low since its launch at the beginning of the year. It later recovered slightly. On July 15th Wim Duisenberg, president of the European Central Bank, left euro interest rates unchanged, but hinted that the next move in rates might be upwards.
INWARD INVESTMENT HITS A NEW HIGH
'High-tech investment at the heart of UK leadership' say Ministers
The Foreign Secretary, Robin Cook, and Trade and Industry Secretary, Stephen Byers, last week welcomed the continuing record level of inward investment projects into the UK at a joint launch of the Invest in Britain Bureau's Annual Review of Operations 1999.
Mr Cook said "Britain remains the number one investment destination in Europe and is poised to be a powerhouse into the next century."
Mr Byers said "The UK is developing an exciting high value, high tech character which is attracting leading edge investors and sustaining our position as the preferred choice for foreign direct investment.
"Inward investment makes a massive contribution to the UK economy - creating jobs, raising skill levels, transferring new technology and management best practice - foreign-owned companies purchase significant amounts of their inputs from indigenous companies and make a major contribution to our export performance."
The Annual Review of Operations announced the following:
652 inward investment projects reported won in 1998/99 by the IBB and its 12 development agency partners throughout the UK. 44,413 new jobs created during 1998/99. 74,340 jobs safeguarded. Britain's global investment stock estimated to have reached £194.6 billion (Office of National Statistics December 1998).
Mr Cook continued:
"Investment from overseas creates British jobs, revitalises Britain's regional economies and fuels British prosperity. Persuading foreign investors to come to Britain ensures we stay competitive in the global economy."
The Invest in Britain Bureau is the only Government agency promoting the whole of the UK as an inward investment location. It's principal aim is to attract, retain and add value to investment by communicating the benefits of the UK as the first choice in Europe for potential investors, and their influencers world-wide. It identifies and approaches potential investors and assists them with all aspects of locating and expanding in the UK. Jointly managed by the FCO and DTI, the IBB operates through its network of overseas offices in FCO posts, and with its partners in development agencies throughout the UK.
CBI PRESIDENT WARNS GOVERNMENT THAT IT NEEDS TO IMPROVE CONSULTATION
CBI President Sir Clive Thompson last Wednesday warned the government that it needs to improve the quality of consultation if it is to avoid embarrassing U-turns on legislation.
Speaking to business leaders at the CBI West Midlands Summer Banquet, Sir Clive will said that government consultations got off to a good start but there are now "worrying signs that standards are slipping".
Sharing a platform with Baroness Jay, Leader of the House of Lords, he said: "We did not want a minimum wage or statutory trade union recognition, but the final measures are not as bad as they might have been. This was because the government took time to listen to the views of businesses on the ground.
"More recently we have had announcements sprung upon us and consultation processes that lack detail and have impossibly short deadlines. Governments don't like U-turns and the best way to prevent that potential embarrassment is to consult. I want to see a speedy return to high standards of consultation across the whole of government."
In particular, Sir Clive highlighted:
The Working Time Directive - "The much-maligned Working Time Directive's unnecessary bureaucracy increased the burdens on business. Stephen Byers has now done the right thing in trying to simplify the rules, but it remains a battle that we wish we had not had to fight."
The Working Families Tax Credit - "This will creep up on many firms without them knowing because the government did not consult a broad range of business people. Small companies will now have to deliver the Credit, even though many of them lack the resources to do so."
The abolition of Training and Enterprise Councils (TECs) - "The abolition of TECs was sprung upon us without warning. The consultation about what should replace them was truncated and the outcome, though better than it might have been, still leaves business unsure about the future."
The Climate Change Levy - "The Treasury's proposals for a Climate Change Levy show why the quality of consultation is just as important as giving people time to respond. Business concerns are about the Levy's impact on competitiveness, but the consultation document avoids the issue."
Sir Clive also turned his attention to reform of the House of Lords, saying that the business community is more worried about the quality of legislation coming out of the new chamber than the personalities who go in it.
"Business needs a second chamber that can bring real expertise to bear in revising and improving the detail of legislation. And we need a second chamber that is capable of holding the executive to account, whichever party is in government and however big a majority they have in the Commons."
SINGAPORE NEWS
Contributed by Bernice Kuo, mailto:bernicek@internationalcredit99.com
New Bankruptcy Laws - Minimum Debt S$10,000Effective this month, some changes were made to bankruptcy laws by the the Ministry Of Law. For a person to be made bankrupt, the minimum debt was raised from S$2,000 to S$10,000. The changes were to provide alternatives to those who are in debt, to restructure their debts, and that outstanding amounts can be settled without resorting to bankruptcy petitions, as well as helping the bankrupts to be discharged earlier. Its alternative is also to help debtors who, in the normal course of business, were affected financially by risks factor. The new move is to create a conducive environment for business starters; assist bankrupts to re-start new business economically; and to assist bankrupts to gain employment. The change is also to make society more tolerance on such failures. There will be a feasibility study by the Ministry to institutionalising pre-bankruptcy mediation to help avert bankruptcy petitions. People should be given the opportunity to restart new business, and declaring bankruptcy should be the last resort. Without resorting to bankruptcy, it helps to reduce cost for creditors.
Source: The Straits Times
The year 2000 computer problem will not be accepted as an excuse for failing to deliver documents on time to Companies House as it is a problem which businesses can predict and take action to avoid. Normal enforcement action and penalties will apply to the late or non-delivery of documents (CHN 15, CHN 22). If the deadline for delivering accounts falls during the first few months of 2000, you will avoid problems if you deliver them during 1999. Remember - you don't have to wait until the last minute.
Companies House - June 1999
BUSINESS INFORMATION SERVICE FOR LONDON
Microfiche Deliveries to Central London
Companies House is introducing a revised delivery service for customers ordering company information on microfiche, from its Information Centre in Bloomsbury Street, London. The service will be introduced from 31 August.
The service will be supported from the microfiche library at Cardiff and will provide early morning delivery of information ordered overnight and three afternoon deliveries for information ordered during the morning. Customers using the Information Centre may order microfiche as late as 12.30 for priority service delivery by 16.30 on the same day. Orders for overnight delivery must be made by 20.00 and information will be ready for collection by 08.00 the next day.
Companies House already provides an on-line service from its London Information Centre, giving customers access to 90 million images of documents filed with the Registrar of Companies since March 1995. These new services replace the microfiche service provided by Companies House's City Road office, which has closed.
Introducing the revised arrangements, John Holden, Chief Executive at Companies House, said:
"This new microfiche service will complement and reinforce the on-line service we already offer from Bloomsbury Street. Together, they should ensure that our London customers continue to receive a comprehensive and efficient service.
"Microfiche remains, for now, the comprehensive backbone to our information on companies, but we encourage customers working from their own offices, to subscribe to Companies House Direct, our remote access on-line service available over the internet or by direct dial. This provides access to the 90 million images of documents filed since March 1995."
A help line to provide customer support will be available on 029 20380668.
*** 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 19/07/99 to 27/07/99 Number of Creditor meetings : 200 Section Company Time Venue 138 Scotland - Interim Liquidator calling Creditors Meeting 20/07/99 John Craig (Builders & Civil Engin) Lt 02.00 pm Glasgow Paint and Ancillary Supplies Ltd 11.00 am Glasgow Prep Foods Distrib (Inverurie) Ltd 02.30 pm Aberdeen TPS Distribution Ltd 11.30 am Aberdeen 26/07/99 Clark Stone Ltd 12.00 pm Edinburgh 23 Administrator Calling a meeting of Creditors 23/07/99 W C Book Manufacturers Ltd 12.00 pm Cardiff 27/07/99 DK Dyers Ltd 10.00 am Leicester 266 Ireland - Creditors Meeting to appoint liquidator 23/07/99 Celtic Star Ltd 04.00 pm Dublin 48 Receiver calling unsecured Creditors Meeting 19/07/99 CY Ltd 10.00 am London Euro Trade Distribution Ltd 11.00 am London Quay Ltd 11.00 am Southernhay 20/07/99 Swingtone International Ltd 12.00 pm London 21/07/99 Bestoy M Y Ltd 11.00 am Manchester Cheshire Folding Cartons Ltd 02.30 pm Liverpool 23/07/99 Cranbrook Electronic Holding Ltd 11.00 am London Pronto E-Mech Ltd 12.00 pm London Pronto Electronics Ltd 11.30 am London Pronto Microsystems Ltd 12.30 pm London 26/07/99 Aspects Design & Build Ltd 10.00 am Leeds OEC Designs Ltd 10.15 am Leeds Outline Engraving Co Ltd 11.00 am Manchester 84 N. Ireland - Creditors Voluntary Liquidation 23/07/99 Scenic Maps (Ireland) Ltd 12.15 pm Belfast 95 Members converting to Creditors Voluntary Liquidation 20/07/99 Atticduty Ltd 11.45 am Oxford Foldall Ltd 10.30 am Oxford Goulditar No. 394 Ltd 11.30 am Oxford Marchment Group Ltd - The 10.15 am Oxford Millman Business Info Europe Ltd 10.45 am Oxford Professional Info Investments Ltd 11.00 am Oxford Savefree Ltd 10.00 am Oxford Tagtap Ltd 11.15 am Oxford Verulam Assets Ltd 12.00 pm Oxford Verulam UK Ltd 12.15 pm Oxford 98 Creditors Voluntary Liquidations 19/07/99 Acommunikay Building Services Ltd 11.00 am Royston Aegis Security Enclosures Ltd 11.00 am Harpenden Alltrust Ltd 02.30 pm Southampton Angeloption Ltd 10.00 am Birmingham Arch Import Export International Ltd 03.00 pm London Art Guild Ltd - The 02.30 pm Driffield Bluetopic Ltd 11.00 am London Camelot GB Publishing Ltd 11.30 am Preston E J C Du-Cann (Services) Ltd 10.30 am Lincoln Flenners Car Sales Ltd 11.00 am Newport Flotek Ltd 12.30 pm Rotherham G A Radcovers (Southern) Ltd 10.15 am Royston Gladrags Ltd 03.30 pm Iswich Jo Jo Distribution UK Ltd 11.00 am Leeds Kat Fabrications Ltd 11.00 am Leeds Kingkan Ltd 10.00 am Lincoln Kutech Ltd 12.00 pm Manchester Lilyfield Ltd 04.00 pm London Media Connection UK Ltd 10.15 am London Nordic Display Systems Ltd 03.00 pm Harpenden Product Data Management Solutions Ltd 11.00 am Newcastle-u-Tyn Restaurant Millennium Ltd 10.30 am Cheltenham Retail Technical Services Ltd 10.30 am Cannock Shadow 2000 Ltd 11.00 am Basingstoke Sunnysky Builders Ltd 10.00 am Kingston-u-Tham Swallows Ltd 10.30 am Lichfield Transport International Ltd 12.00 pm Hale Wellow Stone Ltd 11.30 am Southampton 20/07/99 Ablecroft Investments Ltd 11.00 am London Alexander C Chantrain Ltd 11.30 am LOndon Anchorage Deals Ltd 12.00 pm London Avonway Building Services Ltd 11.00 am Bristol BNM Technical Ltd 11.30 am Walsall Barnet Marketing Ltd 12.00 pm London Blairforce Ltd 02.00 pm London Cavanagh Print Ltd 11.00 am Manchester City Savings & Loans Ltd 10.00 am London Compu House (UK) Ltd 12.00 pm Birmingham Contract Services (NE) Ltd 11.00 am Sunderland D J Yates & Daughter Ltd 11.30 am Birmingham Definitive Ltd 10.30 am London Dellbury Ltd 11.00 am London Dinton Nursing Home Ltd 12.00 pm Shepton Mallet European Elite Cleaning Ltd 11.00 am London Galileo Research Ltd 12.00 pm Reading Harworth Travel Centre Ltd 10.30 am Sheffield Henley Taverns Ltd 11.00 am Birmingham Hortiframes Ltd 11.00 am Edgware Lubricare Ltd 03.30 pm Sileby M8 Office Supplies Ltd 11.00 am Glasgow Mersey Electro Plating Co Ltd 11.30 am Liverpool Metrix Ltd 12.00 pm London Multiart Ltd 11.00 am Todwick Original Design Collections Ltd 02.00 pm London Panaqua Process Ltd 11.00 am London Perfick Ltd 04.00 pm London Reading Technologies Plc 11.00 am Reading Reauto International Ltd 10.30 am West Byfleet Silverward Ltd 10.30 am London Technology Solutions 2000 Ltd 10.30 am Driffield Tectruck Ltd 02.30 pm Sunderland WM Moon and Sons Ltd 11.30 am London 21/07/99 Aethos Ltd 12.30 pm London Braesouth Ltd 10.15 am Sunderland Capricorn Fashions Ltd 10.15 am Bromley Chamberlain Engineering (Racing) Ltd 11.00 am London Coles Logistics Ltd 10.30 am Reading Crandle Site Services Ltd 10.30 am Hornchurch Crowland Ltd 02.30 pm Peterborough Elizabeth Charles Fashions Ltd 11.30 am Grantham Ensign Hydraulics Ltd 11.00 am Nottingham Garstang Cleaning Services Ltd 11.00 am Blackpool Greenlane Preservation Ltd 12.00 pm Glasgow Jones Christopher Ltd 10.30 am London Lamberti Retail Ltd 11.30 am Harpenden Neighbourhood Day Care Ltd 11.30 am Liverpool Olympic Wear Ltd 11.30 am Stoke-on-Trent Pinewood Display Ltd 11.30 am Stanmore Priceless Pine and Beds Ltd 11.30 am Dudley Reeds (I T S) Ltd 12.00 pm Manchester Safeair International Plc 11.00 am Warwick TAK Ltd 02.30 pm Leicester Whistle Packaging (UK) Ltd 12.00 pm Perth Wildene Ltd 11.00 am Barnet Zevo (Europe) Ltd 03.30 pm Slough 22/07/99 1st Aid Computer Maintenance Ltd 04.00 pm London A P L Scanning Ltd 12.00 pm London Alexander Projects Ltd 10.30 am London Assres Ltd 11.00 am London Bruinns of Hampshire Ltd 11.30 am Southampton C L Collier (Haulage) Ltd 10.30 am Cardiff Cable Concepts UK Ltd 11.30 am Altrincham Cellphone Specialists Ltd 03.00 pm London Clandata Ltd 11.30 am Cambridge Combined Building Services Ltd 11.30 am Bradford Crisp Electrical Ltd 02.30 pm Birmingham Dart & Francis (Build Conserv & Man) L 11.00 am Exeter Dennis Leisure Ltd 11.30 am London Ferndale (Dudley) Ltd 11.30 am Walsall First Team Publishing Ltd 12.30 pm London George A Cox (Blackburn) Ltd 11.30 am Blackburn Highgate Projects Ltd 02.30 pm Etruria Hoodco 523 Ltd 12.00 pm Sunderland In Marketing Ltd 11.00 am London Jazzcode Ltd 11.30 am Stoke-on-Trent Lewis (Landrover) Specialists Ltd 11.00 am London Lewis (Management) Services Ltd 12.00 pm London Namaso Catering Ltd 03.30 pm London Network Steels Ltd 10.30 am Sheffield Prisma Card Systems Ltd 02.30 pm London Prolex Ltd 10.00 am London S C Coachcraft Ltd 11.30 am Thurcroft Safety Concern Ltd 11.30 am Sileby Senator Computer Systems Ltd 02.30 pm Winscombe Sherdown Ltd 11.00 am Aldridge Synergy Works Ltd 11.00 am Bristol Varley Walker Ltd 03.00 pm Sunderland Vibro Weigh-Count Ltd 11.00 am Birmingham West One Display Ltd 11.00 am London 23/07/99 ASI International Ltd 11.15 am London Able Securities (GB) Ltd 12.00 pm Stourbridge Automatic Control Systems Ltd 11.15 am Bately Clack Bros (Ashford) Ltd 03.00 pm London Craft Kingdon Ltd 11.00 am Hereford Express Taxis Ltd 11.00 am Swansea First Creative Group Ltd 01.00 pm Walton Summit GPV Ltd 10.30 am Manchester K & K Cleaning Co Ltd 10.15 am Southend-on-Sea L & K Construction Ltd 11.30 am Warrington Lockenvair Ltd 11.30 am Bury Property Connections Plc 11.30 am London Roofing Warehouse Ltd - The 11.00 am Brentwood Shropshire (DCP) Ltd 10.30 am Bromsgrove Sunmead Ltd 04.00 pm London Swift Environmental Products Ltd 11.00 am Birmingham Teachtext Ltd 10.15 am Worthing Tollgate Industrial Services Ltd 03.00 pm Swansea Tomley Ltd 02.30 pm London 26/07/99 Armstrong Lee Ltd 11.00 am Manchester Capital Foods Group Ltd 10.00 am London Dalecroft Projects Ltd 03.00 pm London Diveflow Ltd 01.00 pm London Donika Safety & Hygiene Ltd 11.45 am Leigh East Midland Butchery Train Ctre Ltd 03.00 pm Sileby I T G Circuit Services Ltd 03.30 pm Lutterworth John Wilson (Autos) Ltd 11.45 am Croydon Kesterwood Extrustions Ltd 11.00 am Manchester Newshoot Ltd 02.30 pm Bradford Nexus Chain Ltd 11.00 am London Scorpio Sound & Lighting Systems Ltd 11.00 am Manchester Steambox (UK) Ltd 04.00 pm London Supralife International Ltd 11.00 am London 27/07/99 Aldford Ltd 04.00 pm London Amberley Properrties (Wavedon) Ltd 03.30 pm Lutterworth Bondquart Ltd 12.00 pm London Capital Links Ltd 11.00 am Hornchurch Dexter Wong Retail Ltd 02.30 pm Marlow Doravelle Fashions Ltd 12.00 pm Manchester F I S S (Birmingham) Ltd 11.30 am Birmingham Gallbros Civil Engineering Ltd 12.00 pm London Investigators Ltd - The 12.00 pm London Mical-Data Ltd 11.15 am Southamptin Modefree Ltd 03.30 pm Lutterworth Perkins Electrical Services (UK) Ltd 11.30 am Sileby Phasework (UK) Ltd 11.30 am Richmond QED Computer Training Ltd 10.30 am Sheffield TCB Systems Ltd 11.30 am Birmingham Willis (Bournemouth) Ltd 12.00 pm Southampton
TW LW TW LW
USA 1.5698 1.5577 Canada 2.3252 2.2898
Austria 21.1571 21.0565 Portugal 308.244 306.784
France 10.0856 10.0377 Belgium 62.0250 61.7925
Finland 9.1420 9.0984 Italy 2977.09 2962.94
Germany 3.0077 2.9929 Sweden 13.4558 13.3402
Holland 3.3882 3.3722 Switzerland 2.4681 2.4461
Spain 255.830 254.609 Ireland 1.2109 1.2052
Australia 2.3772 2.3444 Denmark 11.4336 11.3826
Hong Kong 12.1799 12.0866 Euro 1.5380 1.5303
Africa Com 9.6425 9.4576 Saudi Arabia 5.8875 5.8442
India 67.8860 67.6120 Malaysia 5.9645 5.9193
Singapore 2.6744 2.6450 Norway 12.5183 12.3857
Japan 189.850 191.200
TW This week LW Last week.
Banner Chemicals announced pre-tax profits of 13.7 million pounds for the year ending March 1999. Earnings per share stand at 10.9p.
Ellis & Everard announced pre-tax profits of 32 million pounds for the year ending April 1999. Earnings per share stand at 23p.
Stanley Leisure announced pre-tax profits of 23.5 million pounds for the year ending May 1999. Earnings per share stand at 14.6p.
Tomkins announced pre-tax profits of 461.6 million pounds for the year ending May 1999. Earnings per share stand at 23.42.
FRANCE TELECOM may take a minority stake in NTL, a British media group. NTL would then bid about 8 billion pounds ($12 billion) for the TV cable business of Cable & Wireless.
GRANADA, a British broadcasting and leisure company, has acquired a 9.9% stake in LIVERPOOL FOOTBALL CLUB for 22m pounds ($34m). Fans hope the money will be spent on strengthening a team that has under performed for many seasons. BSkyB holds 11.2% of shares in Manchester United, now Britain's most successful team, but was blocked from a full takeover by competition watchdogs.
Another bad day for beleaguered Bob Ayling, boss of BRITISH AIRWAYS. The EU's outgoing competition commissioner, Karel Van Miert, levied a fine of 6.8m ($6.9m) on BA for its system of loyalty bonuses for travel agents (since scrapped). BA said it would appeal; Virgin, which laid the original complaint and has launched a similar case in America, said the verdict vindicated it.
BOC, a British industrial-gases company, accepted a joint bid, of 7.17 billion pounds ($11.4 billion) from AIR PRODUCTS of America and France's AIR LIQUIDE, which will create the world's largest such company.
European insurers continue to expand into America. ROYAL & SUN ALLIANCE, a British insurance company, will buy ORION CAPITAL, an American non-life insurance company, for around $1.4 billion to double its American business.
Conglomerate is becoming a dirty word in business and TOMKINS, a British company valued at around 2.6 billion pounds ($4 billion), has finally heeded investors, and announced a demerger of its food division, Rank Hovis McDougall, early next year. It will also sell other divisions, including its bicycle business. Tomkins says that in future it will concentrate on car parts and construction equipment.
The collapse of takeover talks for WILLIAMS, a security-equipment company, for the second time in a year by America's TYCO caused Williams's shares to nosedive.
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 Scott (Toomebridge) Limited of Ballymena Construction Company Limited
STEPHEN BYERS REFERS WHITBREAD PLC'S PROPOSED ACQUISITION OF ALLIED DOMECQ RETAILING TO THE COMPETITION COMMISSION
Stephen Byers, Secretary of State for Trade and Industry has decided, in accordance with the advice of the Director General of Fair Trading, to refer the proposed acquisition of Allied Domecq Retailing by Whitbread plc to the Competition Commission under the provisions of the Fair Trading Act 1973.
Mr Byers considered that the proposed acquisition raises competition concerns in respect of the market for brewing and on-licence retailing in the UK. The decision to make the reference does not in any way prejudge the question of whether or not the proposed merger would be against the public interest. It is for the Commission to report on this after investigation. The Commission are to make their report by 27 October 1999.
KIM HOWELLS REFERS ALANOD ALUMINIUM-VEREDELUNG'S ACQUISITION OF METALLOXYD ANO-COIL LTD TO THE COMPETITION COMMISSION
Kim Howells, Competition and Consumer Affairs Minister has decided, in accordance with the advice of the Director General of Fair Trading, to refer the acquisition of Metalloxyd Ano-Coil Ltd by Alanod Aluminium-Veredelung GmbH to the Competition Commission under the provisions of the Fair Trading Act 1973.
Dr Howells considered that the acquisition raises competition concerns in respect of the market for the supply of specular and highly specular anodised aluminium in the EU. The decision to make the reference does not in any way prejudge the question of whether or not the merger would be against the public interest. It is for the Commission to report on this after investigation. The Commission are to make their report by 28 October 1999.
Dr Howells has also asked the DGFT to seek interim undertakings from Alanod that it will not do anything which might impede any action which may be warranted in the light of the Competition Commission's report.
The Fair Trading Act 1973 empowers the Secretary of State for Trade and Industry to refer to the Competition Commission for investigation and report actual or proposed mergers which create or intensify a market share of 25 per cent of the supply in the UK, or a substantial part of the UK, of particular goods and services or involve the takeover of assets exceeding £70 million.
Source - The Economist
BBC Proms season is back
The BBC Proms season is here again, with concerts at the Royal Albert Hall and other venues. Visit the website at www.bbc.co.uk/proms/
13 September Wessex Branch meeting of the ICM Clair Sandbrook - A day in the Life of a Sheriff & Woolf Update 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 21st 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 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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