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 43
Dated: 19 November 2000
Welcome to the Business Credit News UK.
In this weeks edition you will find the following topics.
UKREGIONAL MANUFACTURERS ARE SLIGHTLY HAPPIER, BUT JOBS AND PROFITS REMAIN UNDER PRESSURE
Manufacturers in all regions around the UK are less gloomy but some problems remain.
That's the message from the Regional Trends Survey published last Tuesday by the Confederation of British Industry and Business Strategies Ltd.
It paints a varied picture across the country, with the manufacturing heartlands in the West Midlands and northern England generally performing less well than other parts of the UK. In fact, the North West and the North East recorded the sharpest falls in overall business confidence, reflecting declining output and demand. Overall optimism also fell relatively rapidly in the South East, though export optimism was broadly stable. On the plus side, Northern Ireland and Wales saw increases in overall confidence.
Export optimism about the year ahead turned around for the East Midlands and South West after falling in the previous survey. They represented the first substantial increases for a year and four years respectively. Elsewhere, export optimism declined fastest in the North West and Yorkshire & the Humber, consistent with declines in export orders and deliveries.
Overall demand remained weak in nearly all regions with a particularly severe contraction in total new orders in the North East, and substantial falls in the North West and West Midlands. Only the East Midlands reported a rise in total orders in the past four months.
However, most regions expect the trend in demand to improve in the next four months. Only the West Midlands and Yorkshire & the Humber anticipate a substantial fall in total orders.
Export orders fell the fastest in Yorkshire & the Humber with rises only occurring in the South East and the South West.
The CBI's Associate Director of Economics Sudhir Junankar, said "Manufacturers across the UK's regions continue to face mixed fortunes with the North East seeing the sharpest fall in manufacturing output. Although nearly all regions expect to see output rising, there's a risk that firms may actually meet demand by running down stocks of finished goods. However the concern for the longer term health of the regional manufacturing base is that investment intentions remain significantly negative almost everywhere."
Yorkshire & the Humber, the North West and West Midlands also reported declines in production but the East Midlands experienced a significant rise with increases also recorded in Wales and Northern Ireland.
Expectations for total output in the next four months are more optimistic. The East of England and the East Midlands expect the fastest rises in the UK. Manufacturers in the North East, South East and North West expect output to bounce back. However, there is no let up in pessimism in the West Midlands, the only region where total output is anticipated to fall in the next four months. The survey results for manufacturing employment show further job cuts, with only Northern Ireland and Scotland forecast to have higher employment compared to this time last year.
Profit margins are being squeezed further because of rising unit costs and lower prices. Hann-Ju Ho, Senior Economist at Business Strategies Ltd, said, "Higher oil prices have fed through to unit costs for manufacturers in the Survey. Combined with intense competition and the high level of sterling, profit margins remain extremely tight for a lot of manufacturers. More will go to the wall, meaning further job losses."
EARNINGS STILL WITHIN BANK'S 'COMFORT ZONE' SAY CHAMBERS
Reacting to the latest data on employment and average earnings, published last Wednesday, Ian Fletcher, Chief Economist at the British Chambers of Commerce said:
"This data may mark a turning point in the labour market and adds strength to the case for the next move on rates to be down - with earnings remaining in the Bank's 'comfort zone', and house and share prices slowing there is clear evidence that demand is firmly under control."
The latest figures show:
Claimant count rate in October 2000 was 3.6 per cent, unchanged from September. Claimant count level in October 2000 was 1.05 million, up 3,500 on month but down 153,500 on a year earlier.
Whole economy headline (three month average) average earnings increased by 4.1 per cent in the year to September 2000, up 0.1 percentage point from the August rate, which was revised up 0.1 percentage point.
THE CBI CALLS FOR INTEREST RATES TO REMAIN UNCHANGED
The latest figures for earnings and employment, support the November decision not to raise interest rates. The increase in unemployment benefit claimants is a further indication that there's little inflationary pressure in the economy. That's the message from the Confederation of British Industry.
Kate Barker, Chief Economist, said : " The number of people in work continues to rise but earnings growth remains stable. That confirms our view that the Bank's policy of leaving interest rates unchanged must continue.
"Further job losses in manufacturing highlight the severe competitive pressures being faced in that sector. And yesterday's inflation figures add to a growing body of evidence suggesting that inflation really is under control."
In an industry first, a debate on consumer credit collection between the National Association of Citizens Advice Bureaux (NACAB) and the credit industry will be the highlight of the Summit at Credit 2001, which takes place from 7-8 March 2001 at Olympia, London.
Issues surrounding consumer credit and debt accounted for 1.4 million enquiries at NACAB branches in 1998/1999*, forming the second highest category of problem. Teresa Perchard, the NACAB's Head of Social Policy, regularly lobbies government on consumer credit issues. She will be representing the many concerns expressed by those who turn to the NACAB for advice on credit collection and debt management when she takes on James Burton, CEO & Group Managing Director UK of Intrum Justitia, who will be representing the credit industry in the debate.
The Credit 2001 Summit features a packed two-day programme that runs alongside a full exhibition featuring 80 companies. Other highlights on the Summit's opening day include Christer Hammarlund, Principal Administrator, Enterprise DG at the European Commission who will give an EU perspective on 'overcoming the UK's late payment culture'. Professor Nick Wilson of the Credit Management Research Centre, the University of Leeds, will give UK insight into this issue.
E-business is the biggest development in business today, and Day Two of the Summit will examine the issues it raises for the credit industry. Frederick Parr, Fraud Prevention & Intelligence Manager at Dunn & Bradstreet, DC Duncan Brown of the Cheque and Credit Card Unit at Kent Constabulary Fraud Squad and David Usmar, Head of Fraud Prevention at Barclaycard will take an in-depth look at combating online credit card fraud.
Philip Hooley, Partner at Clyde & Co will decode the complexities of E-commerce legislation. Whilst those looking for an independent overview of the available technologies will be able to draw on the enormous experience of Kevin Still, Managing Director of PayMentor Ltd. As a former director of Intrum Justitia, Equifax, UAPT-Infolink, the Credit Industry Fraud Avoidance Scheme and the Registry Trust he knows what technologies merit the credit industry's attention, how to assess their relevance and how to avoid problems when adopting them.
Fran McIntyre, of the event organisers, Advanstar Communications, commented:
"There couldn't be more reasons to attend Credit 2001. Everyone will want to get involved in the debate with NACAB, as a lot of really contentious issues are bound to be raised. The Summit will also offer a mix of invaluable information and advice on all aspects of commercial and consumer credit management. There will be a major exhibition showcasing some of the industry's key developments. Add to this the fact that the event is the centrepiece of National Credit Week - when all eyes will be focused on the credit industry - and you can see why we believe everyone in the industry needs to attend."
* Figures obtained from NACAB 1998/1999 Annual Report
For further information on exhibiting at Credit 2001, contact:
Fran McIntyre at Advanstar Communications
Tel: 020 8987 0917
Email: fmcintyre@advanstar.com
For further media information, contact:
Sarah Corbey/Louise Findlay-Wilson at Findlay-Wilson PR
Tel: 01993 823011
Email: sarah@findlay-wilson.co.uk
EXPORT CREDITS GUARANTEE DEPARTMENT
A MESSAGE FROM JOHN WEISS, GROUP DIRECTOR UNDERWRITING
No sale - whether at home or overseas - is worth making if you do not get paid. Whilst you may be willing to extend credit to your existing customers, it becomes more hazardous as you venture into more difficult markets. If you are an exporter of light capital goods and associated services, then we can work with you to reduce the risks of non-payment and help secure your bottom line.
As the UK Government's Export Credit Agency, the Export Credits Guarantee Department (ECGD) can help allay concerns about getting paid in riskier markets by tailoring one or more of our portfolio of insurance and financial support products to meet your exporting needs.
ECGD continuously reviews its portfolio to meet the changing needs of exporters and to complement the private sector. You may have read in the press that we have recently launched a package of improvements targeted directly at the smaller and medium sized company trying to develop their export business. Key features include streamlined insurance documentation, fast track application approval and an increase in the amount of non-UK goods and services eligible for smaller deals. To get a flavour of what ECGD can offer you, please take a look at the summary of our services on the next page.
ECGD is at the heart of the UK Government's support for exporters, working in partnership with Trade Partners UK to win business for the UK. It has over 80 years' experience of helping large and small companies, including UK subsidiaries of multinationals, manage the risks of exporting. It currently supports exports in 120 countries worldwide and takes on around #4bn worth of new business each year. You know that ECGD is a name you can trust.
To find out more, call our customer service team, Paul Wills on 020 7512 7402 or Fiona McCallum on 020 7512 7355 (quoting reference: CS/01) or e-mail pwills@ecgd.gov.uk or fmccallum@ecgd.gov.uk for advice on how ECGD can help you.
I would like to think that next year your exports could also be benefiting from our support.
Yours sincerely
John Weiss, Group Director Underwriting
Growing your business
For the smaller company, it is a big step to start exporting to more difficult markets overseas directly, rather than being a sub-contractor to a large UK owned company, or even exporting to known buyers in good "Western" markets. In this new situation, you need to consider commercial and/ or political risk insurance against non-payment by the buyer through choice, or for reasons beyond their control, including events in the political or macro-economic arena.
Credit insurance
The services of ECGD are aimed at complementing the services of the private sector export credit insurers. But in certain markets or where credit required stretches beyond that which the private sector is willing to support, or for cash business where there is an extended delivery period, ECGD steps in with its Export Insurance Policy (EXIP), providing protection on a case-by-case basis.
Finance
The provision of medium and long-term credit, generally between 2 and 10 years, is an important feature to the overseas buyer, but maintaining YOUR cashflow is essential to survive and grow. ECGD can provide a guarantee to UK based banks, who extend a loan to your buyer, to facilitate the purchase of your goods and services. ECGD has a range of such finance products ranging from the recently streamlined Supplier Credit Financing (SCF), facility to a multi-million dollar Project Finance guarantee that looks to the success of the project for repayment.
One of the quickest ways of securing finance is to use one of the 30 or more Lines of Credit already established in many markets overseas, details of which are published quarterly in the ECGD News and mailed to all customers.
Traditionally financing has been made available in Sterling, US$ or other 'hard' currencies, which of course now include the Euro. However there is increasing attention being given to loans made in the currency local to the buyer. This is not always possible, but ECGD has already agreed to support deals using HK$, Malaysian Ringitts and Indian Rupees. And several other currencies are under consideration.
We also offer Fixed Rate Export Finance (FREF) which allows you to offer the buyer a fixed rate of interest. This is available in hard currencies and may be possible in other currencies on request.
UK plus non-UK goods
Whilst the promotion of UK goods and services is ECGD's priority, we recognise that many contracts can only be fulfilled using some non-UK elements. A proportion of such elements can be included in a basic ECGD policy, and we have recently increased the amount of non-UK goods and services accepted for smaller deals. For larger deals, support for non-UK elements is being extended through a network of International Co-operation agreements. These provide the exporter/buyer with a single guarantee to cover multi-sourced contracts, with the appropriate reinsuring handled between our equivalent Export Credit Agencies overseas.
Investing Overseas?
Our Overseas Investment Insurance scheme can protect your investments against important political risks such as war, expropriation and restrictions on remittances thus leaving you free to concentrate on the commercial aspects of your investment. The scheme covers both new equity and loan investments.
For further information, or to add your company to our mailing list, call the ECGD Helpline on 020 7512 7887, E-mail help@ecgd.gov.uk, fax 020 7512 7268, or write to ECGD, PO Box 2200, 2 Exchange Tower, Harbour Exchange Square, London E14 9GS. Visit our updated website at www.ecgd.gov.uk.
*** 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 20/11/2000 to 28/11/2000 Number of Creditor meetings : 220 Section Company Time Venue 138 Scotland - Interim Liquidator calling Creditors Meeting 20/11/2000 E M Bowman (Haulage) Ltd 12.00 pm Glasgow Hunter Engineering Ltd 11.00 am Glasgow JER Acquisitions Ltd 10.00 am Glasgow Nice House Ltd 11.00 am Glasgow 21/11/2000 Lifestar Ltd 11.00 am Glasgow Missing Records Ltd 11.00 am Glasgow 27/11/2000 Agua Azul Investment Ltd 11.00 am Glasgow 23 Administrator Calling a meeting of Creditors 20/11/2000 KSC Trading Ltd 10.30 am London Kingsway Scotland Ltd 11.00 am London 21/11/2000 Swift Refinishing Ltd 11.00 am Birmingham 48 Receiver calling unsecured Creditors Meeting 20/11/2000 Beechdale Engineering Ltd 10.30 am Birmingham Lancashire Steel Fabrication Co Ltd 10.30 am Birmingham MW Building Plastics Ltd 11.00 am Nottingham Queenswood 100 Ltd 10.30 am Birmingham SP Engineering Ltd 10.30 am Birmingham 22/11/2000 Window Industries Ltd 02.30 pm London 23/11/2000 Touchstone Ltd 02.30 pm Glasgow 24/11/2000 AAA (Stockport) Ltd 11.00 am Manchester DSD Ltd 11.00 am Guildford 67 Scotland - Receiver calling Meeting of unsecured Creditors 21/11/2000 Bain 2000 Ltd 03.00 pm Aberdeen 23/11/2000 Edward Macbean & Co Ltd 02.30 pm Glasgow Enviro International Ltd 02.30 pm Glasgow 98 Creditors Voluntary Liquidations 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 Bristol Classic Cars (UK) Ltd 12.00 pm Bristol Capelcrest Contracts Ltd 11.00 am Sutton Cleaning Force Ltd 11.30 am Preston Clubforce Ltd 12.00 pm Manchester Delta Developments Ltd 11.30 am London Discovery Tapes Ltd 10.45 am Ipswich E & S Welding Engineers Ltd 11.00 am Birmingham E Stubbs & Son Ltd 02.30 pm Stoke-on-Trent EL Flamenco Ltd 12.00 pm Lewes Enigma Fleet Ltd 11.30 am Preston Fastline Brickwork Ltd 02.30 pm London Five & Four Ltd 11.00 am Gerrards Cross Fleetwood Amusements Ltd 11.30 am St Annes G P G Laminates Ltd 11.15 am Halsall 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 Premier Welding Services (W Yorks) Ltd 10.15 am Leeds Rapid Repairs Ltd 10.00 am Wembley Reunion Leisure Ltd 11.00 am London Safecare Homes Ltd 12.45 pm London Security Technology Systems Ltd 02.30n pm Nottingham William Cross (Leicester) Ltd 11.30 am Sileby Wolf Electrical (London) Ltd 11.00 am London 21/11/2000 Ace Catering Equipment (Canterbury) Lt 10.30 am Sittingbourne Automaxi Ltd 11.00 am Milton Keynes Barker & Davis Ltd 11.00 am Brighton Basic Indulgence Ltd 10.30 am Hornchurch Baytree Garage (Cheltenham Spa) Ltd 11.00 am Staverton Bilston Ltd 02.30 pm London Braytech Computing Ltd 10.30 am Cambridge Cellars Clough Spinning Ltd 10.30 am Wakefield Cruddas Ironcraft Ltd 11.30 am Aldridge Decortech Midlands Ltd 11.00 am Worcester Direct Text Ltd 11.00 am London Futura Interiors Ltd 12.00 pm Ashford Generation Construction Ltd 10.30 am Warrington Globe Aerials Ltd 02.00 pm Halesowen Gloucestershire Glass Processors Ltd 11.00 am Bristol Hanro Shoecare Ltd 11.30 am Lutterworth In2Film Ltd 10.30 am London Intelligency Ltd 11.00 am Bicester Intelligent Computer Solutions Ltd 10.30 am London Jaylynne Crystal Glass Ltd 11.30 am Dudley KC Skeet Ltd 03.30 pm Wakefield Lancaster Management (UK) Ltd 10.45 am London Leaseway Driving Force Ltd 03.30 pm Birmingham Max UK Engineering Ltd 10.00 am Castle Microdex UK Ltd 11.15 am London Micron Metrology Services Ltd 10.30 am Birmingham Orwell UK Ltd 11.45 am London Pemberton Distribution Ltd 12.00 pm West Sussex Phoenix Carraige Co Ltd 10.30 am Sheffield Production Performance Ltd 10.30 am Norwich Profile Group Ltd 11.30 am Guildford Raretrend Ltd 11.00 am London Sertech UK Ltd 10.15 am London Starway Associates Ltd 12.15 pm London Triblast (UK) Ltd 11.00 am Manchester Wassoc Ltd 11.00 am London Watermark Design & Market (Inter) Ltd 02.00 pm Manchester 22/11/2000 A J Williams (Birmingham) Ltd 02.30 pm Wolverhampton Advanced Energy Products Ltd 10.00 am Nottingham Arrowings Ltd 03.30 pm Lutterworth Artemis Business Solutions Ltd 11.30 am London Arthur Peach Builders Ltd 03.30 pm Swindon Ashbury Property Services Ltd 02.00 pm London Aura Fabric Engineering Ltd 12.00 pm Southampton Bay View Nursing Home Ltd 12.00 pm Manchester Chevell Textiles Ltd 11.00 am London Courtyard Coatings Ltd 11.30 am Leicester Dornier Print Engineering Ltd 04.00 pm London Frost & Co Ltd 11.15 am London Giraffe.net Ltd 11.00 am London Hardrate Ltd 12.00 pm Manchester Hyde Marketing Ltd 12.00 pm Enfield Ian Terry Engineering Ltd 03.00 pm Southampton Jazz Construction Ltd 10.45 am Worthing Landmark Leisure Promotion Co Ltd 02.00 pm London Latham Machinery Ltd 10.15 am Bately Lipa Holdings Ltd 11.30 am Liverpool Mayanna Ltd 11.30 am London Mercom UK Ltd 10.30 am Chandlers Ford Nomad Aed Ltd 02.00 pm Newport P A Polymers Ltd 02.30 pm Liverpool Primetek Trading Ltd 11.00 am Birmingham Rycare Cleaning Machinery Ltd 11.00 am Barnwood SR Operations Ltd 11.30 am Haverfordwest T J E Scaffolding Services Ltd 10.30 am London Tamworth Night Patrol Ltd 11.00 am Birmingham Timb-A-Tech Ltd 11.00 am Andover Tobin Construction Services Ltd 11.00 am Harpenden Trafford Refractory Services Ltd 11.00 am Oldham Vision Joinery Ltd 02.00 pm Halesowen Water Matters Ltd 11.30 am London Winter & Co (Management) Ltd 10.45 am London 23/11/2000 B & T Factors Ltd 10.30 am Reading B G Frozen Foods Ltd 03.00 pm Bristol Becmar Clothing Ltd 11.00 am London Brandham Corporation Ltd 10.45 am London Burnbridge Associates Ltd 10.15 am London David J Archer Co Ltd 12.00 pm London Delta Mechanical Services Ltd 11.30 am Worcester Freeda Ltd 12.00 pm London Gainfield Ltd 11.15 am London Great Western Rentals Ltd 12.00 pm Cardiff Griffin UK Ltd 11.00 am London Harlequin Construction Ltd 11.30 am Aldridge Icon Advances Systems Ltd 02.00 pm Newport Interiorscapes Ltd 11.00 am Bristol Just Penny Ltd 12.30 pm London K C H Designs Ltd 11.00 am Wolverhampton Kaliba Systems Ltd 11.30 am Bristol Kennson Transport Ltd 11.00 am Birmingham Kingsmoor Associates Ltd 11.45 am London Metroglaze Ltd 10.30 am London Metropolitan Supplies Ltd 10.00 am London Nationwide Facias Ltd 11.00 am Reading Nigel Atkinson Textiles Ltd 02.15 pm Pinner Sarah Jones Design & Innovations Ltd 10.30 am Sutton Shoreham Services Ltd 02.30 pm London Warmcelite Ltd 11.00 am Amersham Waterford Corporation Ltd 12.15 pm London Wilderness Services Ltd 11.00 am Rotherham X M Z Ltd 03.00 pm London 24/11/2000 A M Waste Disposal (Cardiff) Ltd 01.00 pm Swansea Agricultural Produce Co Ltd - The 12.15 pm Manchester All New Facias & Windows Ltd 11.00 am Gosforth C & S Plant Ltd 11.00 am Newton-le-Willo C K Management Ltd 11.00 am Cardiff Cambridge Corporation Ltd 02.00 pm London Carpe Diem Innovations Ltd 11.15 am Gerrards Cross Citysnake.Com Ltd 11.15 am London Classic Decorators (South West) Ltd 11.30 am Bristol Contract Training Venues Ltd 12.00 pm London Counter Ltd 04.00 pm London Crownglaze (UK) Ltd 11.00 am London Deery Demolition & Graoundworks Ltd 11.00 am London Divemania Diving Centre Ltd 10.30 am London Finesse Engineers Ltd 03.30 pm Lutterworth Global Cancer Concern (Ltd by Guarant) 03.00 pm London Goldina UK Ltd 02.30 pm London Harlows All Floors Ltd 10.00 am Lewes Input Recruitment Ltd 11.00 am Fleet Jaywood Construction Ltd 10.15 am Kingston upon K-Tel Marketing Ltd 10.30 am London Malrick Construction Ltd 04.00 pm Southend-on-Sea Melrex Ltd 11.00 am London Modern Construction UK Ltd 10.00 am London Open Road Ltd 02.30 pm York Perimeter Farms (Cheshire) Ltd 11.15 am Manchester Perimeter Farms Ltd 10.30 am Manchester Perpetual Markets Ltd 11.30 am Preston Rawlings Cim Ltd 03.30 pm Cardiff Raymond Pride Ltd 11.00 am London Sheraton Contracts Ltd 11.00 am Lewes Sleepers Choice Ltd 11.15 am Bately Stamford Construction Services Ltd 11.00 am London Tape Recorder & Hi-Fi Centres Ltd 11.00 am Bristol Tarbs Design & Manufacturing Ltd 11.30 am London Tarrant Specialist Contract Serv Ltd 12.00 pm London Thames Taverns Ltd 10.30 am Reading Value Point I T Ltd 10.30 am Egham Venndale Ltd 11.30 am Southampton 27/11/2000 Alexander Stone & Associates Ltd 02.30 pm Manchester Casco-Preston International Ltd 01.45 pm Shedfield Comtronics Computer Solutions Ltd 11.30 am Manchester Foris Graphics Ltd 10.45 am Shedfield Jayde Building Contractors Ltd 11.30 am Canterbury John Gentle Services Ltd 12.00 pm Manchester Kuga Contracts Ltd 11.00 am London Syon Park Farm Shop Ltd 03.30 pm Brighton Worldclass Management Ltd 02.30 pm London 28/11/2000 Anne Penman Laser Therapy Ltd 10.30 am Hamilton Beachvale Ltd 04.00 pm London Burwell Associates Ltd 11.15 am London Cue International Ltd 10.30 am Birmingham Dariana Ltd 02.30 pm London Decking Corporation Ltd - The 12.00 pm London Ebop Ltd 02.45 pm London Ebop Media Plc 02.15 pm London Enterprise Info Technology Ltd 10.00 am Worcester Faernside Ltd 11.45 am London Falconwood Ltd 11.00 am Hereford Grantchester Corporation Ltd 10.45 am London Imargo Ltd 10.30 am Boldmere North West Marine Services Ltd 11.30 am Liverpool Paradean Ltd 03.00 pm London Quiberry Ltd 11.00 am London Swift Surveillance Ltd 10.30 am Stockton-on-Tee Thorndale Management Ltd 12.15 pm London Von Der Heyde Ltd 11.00 am Chatham W H Perry Ltd 11.00 am Birmingham Wardleworths Bookshops Ltd 02.30 pm Manchester
TW LW TW LW
USA 1.44 1.43 Canada 2.22 2.19
Austria 23.10 22.91 Portugal 336.59 333.93
France 11.01 10.92 Belgium 67.72 67.19
Finland 9.98 9.90 Italy 3250.83 3225.08
Germany 3.28 3.25 Sweden 14.50 14.31
Holland 3.69 3.67 Switzerland 2.55 2.53
Spain 279.35 277.13 Ireland 1.32 1.31
Australia 2.77 2.72 Denmark 12.51 12.41
Hong Kong 11.24 11.18 Euro 1.67 1.66
Africa Com 11.02 10.90 Saudi Arabia 5.41 5.37
India 67.46 66.86 Malaysia 5.48 5.44
Singapore 2.51 2.49 Norway 13.43 13.30
Japan 155.44 153.91
TW This week LW Last week.
Azlan, the computer products maker, announced pre-tax profits of 5.37 million pounds, on turnover of 261.7 million, for the six months ending 30th September 2000. Earnings per share stand at 3.5p.
Energis, the telecoms operator, announced pre-tax losses of 18.3 million pounds, on turnover of 202.8 million, for the six months ending 30th September 2000.
Northern Foods announced pre-tax profits of 52.2 million pounds, after exceptional credit, on turnover of 663.1 million, for the six months ending 30th September 2000. Earnings per share stand at 7.5p, on reduced capital.
Vodaphone announced pre-tax losses of 3,902 million pounds, after exceptional charge, on turnover of 7,019 million, for the six months ending 30th September 2000.
Vosper Thornycroft Group, the shipbuilders, announced pre-tax profits of 17.6 million pounds, on turnover of 173.1 million, for the six months ending 30th September 2000. Earnings per share stand at 32.8p. The company has issued a statement that around half of its workforce, based in Southampton, will face redundancy if an order for fast patrol vessels is not placed by the MOD in January 2001.
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 Amvescap plc of Perpetual plc
Proposed merger of the Chase Manhattan Corporation and JP Morgan & Co Incorporated
Proposed acquisition by Wyevale Garden Centres plc of Country Garden plc
Measures to promote new unmetered Internet access services for consumers have been published by Oftel on the 13 November 2000.
Oftel intends to require BT to provide other operators with a new wholesale flat rate Internet access product from 1 February 2001.
The new product is a major enhancement of the current wholesale product, known as FRIACO, that takes unmetered Internet traffic from the customer as far as BT's local exchange. With FRIACO, operators have faced additional costs to convey the calls onto their own network.
The new product will carry Internet traffic on an unmetered basis from the consumer's home to the network of a competing operator.
Oftel has also proposed a number of measures to enable BT's network to cope with the anticipated large amounts of Internet traffic generated by increasing availability and use of unmetered Internet tariffs.
These include taking other operators' Internet calls off BT's network earlier by greater use of interconnection points between BT and other operators' networks at BT's local exchanges that are adjacent to BT's trunk exchanges. BT must also provide additional capacity on their trunk network specifically for Internet traffic. Oftel's proposals take into account the recommendations of the panel of technical experts appointed by Oftel to look at the implications for BT's network of the huge growth in Internet traffic.
The experts estimated that BT's trunk network, which also carries voice calls, could reach capacity in 2001 due to extra traffic generated by unmetered Internet access.
BT already diverts much of its own customers' Internet traffic onto its own dedicated Internet Protocol (IP) network through connections at its digital local exchanges. However, traffic generated by customers of other Internet Service Providers is still carried across BT's trunk network before it is taken onto other operators' networks.
Oftel proposes that:
Commenting on the proposals, David Edmonds Director General of Telecommunications said:
"Oftel's proposals will give a major boost to the availability of unmetered Internet access for consumers. These measures should allow millions of people to have unlimited access to the Internet without running up high call charges.
"Although the new product will initially be restricted while steps are taken to increase capacity on BT's trunk network, there will be no restrictions on traffic carried by BT on other routes that do not go across their trunk network.
"The restrictions should be removed by the end of January 2002 by which time I expect BT to have provided sufficient capacity on their trunk network.
"In addition, under Oftel's original FRIACO Direction BT must still provide wholesale unmetered Internet access from the customer to its local exchange. BT must also convey metered Internet traffic across its trunk network."
David Edmonds said measures were needed to cope with the expected huge growth in Internet traffic that the new flat rate service is likely to generate.
"Our experts found that the volume of Internet traffic on BT's network is doubling every ten months and unmetered Internet access is likely to increase this growth rate even faster. The experts said that action had to be taken or else BT's trunk network could be in danger of being over-stretched by mid-2001.
"Oftel has put forward measures to enable growth in Internet traffic to continue by taking Internet traffic off BT's network and encouraging BT to take steps to increase capacity on its network.
"Operators will need to discuss with BT how Internet traffic should be conveyed from BT's local exchanges to their own networks, so that BT's trunk network is used only when it is cost effective to do so.
"For the longer term, Oftel will take the lead with the industry to develop interconnection between Internet Protocol networks. It is essential that all sides of the industry now work together to devise the most effective methods of implementation."
Consultation on future interconnection arrangements for dial-up Internet in the United Kingdom' which includes the report of the technical experts has been published today by Oftel. It is available on Oftel's website at http://www.oftel.gov.uk/competition/tech1100.htm Today's proposals relate to the provision of dial-up Internet access over the telephone, and is separate from Oftel's other work to promote the provision of high speed 'always on' DSL Internet access through local loop unbundling. Oftel estimates that Internet traffic now accounts for around 25 per cent of all traffic on the PSTN or around 5,000 million call minutes a month. The vast majority of this traffic originates on BTs network.
On 26 May 2000 Oftel issued a Direction requiring BT to provide the necessary services to enable other operators to supply unmetered Internet access over its local loop. Oftel made the Direction to resolve an interconnection dispute between BT and MCI Worldcom. Known as FRIACO (Flat Rate Internet Access Call Origination), BT offered other operators a flat rate tariff to its local exchange, with an additional metered tariff from the local exchange over its trunk network to the operators network. Operators usually interconnect with BT at trunk network switches - known as tandem switches. BT argued that it could not supply a completely unmetered wholesale service because it was concerned that the additional Internet traffic it generated would overload its trunk network. In March 2000 Oftel commissioned a panel of technical experts to consider the impact of the growth in Internet traffic on BT's network and what action could be taken to cope with this growth. The experts report has been published today together with Oftel's proposals on what action needs to be taken.
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 # = pounds sterling 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.
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