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: 78
Dated: 20th September 1998
Welcome to the Business Credit News UK.
In this weeks edition you will find the following topics.
UKBUSINESS PREPARATIONS FOR LAUNCH OF THE EURO
Announcement by Lord Simon of Highbury - Minister for Trade and Competitiveness in Europe
The single currency, the euro, will be introduced into 11 other EU Member States on 1 January 1999. It will have a major impact on the business environment both within the 11 countries and throughout Europe as a whole. It is not just another foreign currency.
Our research shows that many firms think that because the UK is not joining EMU in January there will be no impact on them. Nothing could be further from the truth. Companies who import and export, have associates, parent companies or subsidiaries or agents elsewhere in Europe will be affected. Companies in supply chains involving a multinational company, or who compete with companies in the 11 countries may also feel the effects of the change.
There will be many new business opportunities - for those prepared to take advantage of them. But only you can find out whether and how your company will be affected. That is why I am writing to urge you, if you have not done so already, to examine your company's position now. The launch of the euro is less than four months away.
Since last summer, the Treasury's Euro Preparations Unit has been working in partnership with Businesses and intermediary organisations, such as CBI, banks and Chambers of Commerce, Trade Associations and Local Authorities, to help companies prepare.
It is vital that you get ready for the euro now. I would encourage you to call 08456 01 01 99, for the free factsheets that have been specially prepared for small and medium sized businesses. They will help you assess the impact of the euro on your business. You can also visit our dedicated website at http://www.euro.gov.uk. We will continue to provide practical information and signposting over the coming months.
ACCOUNTANCY REFORM: REGULATION AND LIABILITY
A package of measures to provide for better, independent regulation of the accountancy profession and to address concerns about the professional liability of accountants was announced last week by the Secretary of State for Trade and Industry, Peter Mandelson and Minister of State, Ian McCartney.
The measures include a commitment to the early introduction of a framework of independent regulation for the accountancy profession.
Mr Mandelson said:
"Independent regulation will be good for the clients of accountants,
business generally and accountants themselves. The accountancy
profession plays a key role in providing business advice for a
competitive economy and it is crucial that its regulation should be,
and be seen to be, both effective and independent of self-interest.
"The proposals I am announcing today will ensure transparent and robustly independent regulation, to be delivered in partnership with the profession."
A consultation paper with detailed proposals will be published later this year. The proposed scheme, which would be implemented next year, would cover the entire accountancy profession.
The proposed scheme would ensure that the 'public interest' activities of the professional bodies would in future be carried out by independent bodies covering the investigation and prosecution of disciplinary cases in which there is a public interest, and the setting of auditing and ethical standards. At least 60% of the membership of those bodies would be independent members, representing consumers and the wider public interest.
There would also be a new review board with power to scrutinise both the 'public interest' regulatory activities and the monitoring and disciplinary work which would remain with the professional bodies. All these arrangements would be subject to an independent, fundamental review after five years.
Mr Mandelson also announced the publication of draft legislation to make limited liability partnerships (LLP) available to regulated firms in Great Britain.
Mr Mandelson said:
"This shows the Government remains ready to take early action
whenever business and its customers can make a strong case that the
balance of the public interest would be served by reform of the law.
"While this will not alter the legal liability of the firm itself, or of a negligent partner, it will ensure that the liability of innocent partners will be limited to their stake in the firm. It will enable a business which now operates on a professional partnership to continue to organise itself as a partnership while assuming external rights and responsibilities equivalent to those of a company - limited liability with financial disclosure and appropriate insolvency arrangements."
Consumers who deal with an LLP will have a level of protection equivalent to that available to them if they were dealing with a limited liability company, so as to provide both regulated firms and their clients with adequate protection.
On professional liability, Mr Mandelson said that the Government had reviewed very carefully the feasibility study on joint and several liability by the Common Law Team of the Law Commission and the results of the public consultation on it, as well as extensive subsequent representations from a wide variety of interests, including further arguments and proposals from the accounting profession.
He said: "From the wider public interest perspective the Government has concluded that no sufficient basis had been identified, of either principle, commercial or economic interest, for a fundamental reform of the law affecting professional liability. There is a difficult balance to be struck between the interests of providers and consumers, and in particular between those who cause damage by their negligence and those who suffer by it. A convincing case has not been made for fundamental change.
"We will keep the situation under review in case new evidence emerges. In the meantime I would encourage the accountancy profession to contribute to the fundamental review of company law that is now underway including on the question of the relative responsibilities of auditors, investors and directors."
Two regulated activities which are the province of non-accountants as well as of accountants are already being handled separately. The provision of financial advice is the subject of proposals for a Financial Services Authority which were published in the form of a draft Bill on 30 July. The regulation of insolvency practitioners is being reviewed by a working party which is due to report to DTI Ministers shortly.
The Government's detailed proposals will be published later this year. Separately and independently, the accountancy profession is expected to publish its own proposals for a framework of regulation shortly.
Copies of the consultation document (URN 98/874) can be obtained from Company Law and Investigations Directorate, 4.D.35, 1 Victoria Street, London SW1H 0ET, telephone 0171-215 0232, fax 0171-215 0235. The consultation period ends on 16 November 1998, and views are sought from all interested parties.
PRODUCER PRICES AUGUST 1998
The increase over twelve months in the output price index for home sales of manufactured products was 0.5 per cent in August, compared with 0.8 cent in the year to July. This was the lowest year on year increase since June 1967.
The output price index excluding excise duties (PPIY) fell by 0.3 per cent in the year to August and, seasonally adjusted, was unchanged between July and August.
The output price index excluding food, beverages, tobacco and petroleum rose by 0.2 per cent in the year to August. The rise in the latest three months over the previous three months in the seasonally adjusted index was equivalent to an annual rate of increase of 0.6 per cent.
Input prices (materials and fuel) manufacturing industry
The input price index for materials and fuel purchased by manufacturing industry fell by 1.1 per cent between July and August. This largely reflected a fall in home produced food and imported iron and steel products, which was partly offset by crude oil prices which rose by 3.4 per cent between July and August.
Input prices (materials and fuel) manufacturing excluding the food, beverages, tobacco and petroleum industries
The input price index for manufacturing excluding the food, beverages, tobacco and petroleum industries fell by 5.9 per cent in the year to August.
RETAIL PRICES INDEX AUGUST 1998
The all items retail prices index (RPI) increased by 0.4 per cent over the month to stand at 163.7 for August.
In the twelve months to August, the all items RPI rose by 3.3 per cent, down from 3.5 per cent for July. The 12-month rate of change for the all items excluding mortgage interest payments index stood at 2.5 per cent for August, down from 2.6 per cent for July.
The largest downward effects on the all items 12-month rate came from motoring costs followed closely by housing costs. The second part of last year's Budget increase in petrol prices dropped out of the 12-month comparison. The downward effect from housing costs was as a result of last year's increases in mortgage interest payments also dropping out of the 12-month comparison. Smaller downward effects came from prices for cigarettes and tobacco, household goods and leisure services which rose by less than over the same period last year. There was an offsetting upward effect from price changes for seasonal food particularly fresh vegetables.
The all items excluding housing index is currently recommended for making international comparisons with and between non-EU countries. For EU countries, a new measure of consumer price inflation, the harmonised index of consumer prices (HICP), has been developed to provide a better basis for comparisons. This is in the context of one of the convergence criteria for monetary union as required by the Maastricht treaty.
All items excluding mortgage interest payments and indirect taxes (RPIY)
This series excludes council tax, VAT, excise duties, vehicle excise duty, and insurance premium tax as well as mortgage interest payments and is useful as an additional tool for analysing inflation trends. This series was previously published by the Bank of England quarterly under the name RPIY. The ONS produces these figures monthly, improving the calculation by applying adjustments at a lower level of aggregation.
Main contributions to change in 12-month rate
Food
This month's index : 144.6
% change over 12 months : 1.6
Tobacco
This month's index : 224.2
% change over 12 months : 7.9
Housing
This month's index : 199.1
% change over 12 months : 9.0
- Housing costs rose by 0.5 per cent between July and August compared to a rise of 0.9 per cent last year.
This downward effect was mainly due to last year's rise of 3.2 per cent in the mortgage interest payments component dropping out of the 12-month comparison. Mortgage interest rates rose only marginally this month while last year they rose by around 0.22 percentage points as banks and building societies reacted to the third increase in the basic lending rate.
Household goods
This month's index : 140.2
% change over 12 months : 0.9
Household Services
This month's index : 147.2
% change over 12 months : 2.2
Motoring expenditure
This month's index : 171.7
% change over 12 months : 2.8
prices for second hand cars.
Leisure services
This month's index : 191.2
% changes over 12 months : 3.9
SINGAPORE NEWS
Contributed by Bernice Kuo, kuopb@singnet.com.sg
Singapore "Silicon Valley"Singapore has unveiled a plan to develop its own "Silicon Valley", named Science hub, a long term project costing $5 billion, and which could take 15 years or more to develop. The core area size of the hub would be three times the size of the present two science parks. The new phase is to build an environment in Singapore where high-technology enterprises can flourish and grow, and where technopreneurial activities will thrive. The hub would position Singapore in high technology industrial activities, which creates a focal point for research and development, as well as developing an innovation millieu. Entrepreneurial high-technology businesses would be a vital part of Singapore's economic strategy in the 21st century in view of the surrounding regional & economic crisis that have not provided same economical growth as in the past. An entrepreneurial high technology business environment will give new dimensions to develop new economic activities and new markets which can supplement Singapore's present role as a manufacturing base for MNCs, and a service hub for the region, plus a transition to a knowledge economy.
ECGD last week announced it had signed co-operation agreements with three South African institutions designed to encourage British and South African capital goods exports and investments into Africa.
The agreements were concluded in Johannesburg as part of the British and South African Partnership Week, during the visit of Peter Mandelson, the Secretary of State for Trade and Industry.
ECGD's arrangements with Credit Guarantee Insurance Corporation (CGIC), Development Bank of Southern Africa (DBSA) and Industrial Development Corporation (IDC) provide a framework for a stronger partnership in providing investment and export finance for African projects.
Ian Mackay, ECGD's Underwriting Manager for Africa, signed the agreements for ECGD, and Chris Leisewitz, Managing Director and Chief Executive of CGIC, Dr Ian Goldin, Managing Director and Chief Executive of DBSA, and Jan De Bruyn, Deputy Managing Director at IDC, signed on behalf of the South African institutions.
Mr Mandelson said:
"I am delighted that these co-operation arrangements have now
been concluded. They underline the commitment that Britain has made
to strengthening our trading partnership with South Africa and
helping in what way we can with the region's regeneration."
Under the terms of these agreements ECGD and the three South African institutions have agreed to work together to help finance projects and insure investments in Africa where there is a mutual interest. For its part, ECGD will provide export credit support for South African goods and services up to 15% of a contract value and, where interest support is not required, will consider increasing this level to 30% on a case by case basis. CGIC has agreed similar treatment for British goods and services.
ECGD is currently investigating with potential borrowers in South Africa the possibility of financing British capital goods exports to the Republic in Rand. This might be of significant benefit to South African importers concerned to manage their foreign currency exposures.
ECGD has recently written to customers outlying criteria for supporting "good projects" in countries where cover would not normally be available. This means that ECGD - and, where appropriate, the South African institutions - could consider viable, hard currency earning projects in many of those other parts of Africa where no ECGD cover has been available.
In December 1997 Maragaret Beckett, as President of the Board of Trade, announced that ECGD's Overseas Investment Insurance scheme had been extended and a further #100 million made available to encourage British companies to invest in a range of Heavily Indebted Poor Countries.
ECGD, the Export Credits Guarantee Department, Britain's official export credit agency, is a separate Government Department responsible to the Secretary of State for Trade.
TRADE MINISTER HEADS UK-NORTH AMERICAN BUSINESS DRIVE
The opening of a ground-breaking computer software exhibition will be at the centre of Brian Wilson's first visit as Trade Minister to Canada.
For the first time, a Scottish local authority - Aberdeen City Council - has teamed up with a North American partner to co-host such an event. Forty UK companies are involved in Softworld '98, which is being held in St John's, Newfoundland.
Mr Wilson said:
"This is an excellent initiative by Aberdeen which reflects the
rapidly growing importance of software companies to the city itself.
It offers a unique opportunity to publicise UK innovation and
technology, as well as the support which government offers the
companies in this area."
More than 750 senior information technology executives from more than 35 countries around the world will be attending Softworld.
Some of the UK companies exhibiting include: Simul8, a 3D image generation and manipulation company operating mainly in the engineering sector; 2nd Order Thinking which deliver creative thinking solutions through software based training packages; and Fifth Business - a consultancy, IT training and Multimedia development for offshore oil production.
Following his visit to Newfoundland Mr Wilson will travel on Tuesday to Toronto for meetings with members of the federal and provincial governments. He will also have discussions with British companies and the president of the Greater Toronto Airports Authority.
The following day Mr Wilson will leave for Minneapolis where he will launch a new British-American Chamber of Commerce.
He said:
"I am looking forward to this excellent opportunity to meet business
and government in North America, as it is the largest overseas market
for UK exporters worth around #40 billion annually.
"Considering the size of our commercial relationship with both Canada and the US, we encounter remarkably few problems and it would be too easy to be complacent in these highly competitive markets.
"Businesses on both sides of the Atlantic must realise that Britain, the USA and Canada all offer gateways to major regional markets, building on strong bilateral trading relationships."
He added:
"For the past couple of years, UK and Canadian economies have been
the fastest growing in the G7. Although growth expectations are now
being scaled down world- wide the conditions remain in which to push
for more trade, more joint ventures and more investment."
Britain is Canada's third largest trading partner and second largest foreign investor after the US.
The two way trade in goods is over #5bn and for both of us, the income from services and investment is becoming increasingly important.
UK/US two way trade in goods is in excess of #45billion . The UK is the largest foreign investor in the US, with $129 bn worth of direct investment.
Joint UK/Canadian initiatives include the New Accents initiative, take Canada/UK relations an exciting step forward. Trade and Investment activity between UK and Canada is at an impressive level, but determined to do more, New Accents encourages greater UK and Canadian public and private sector co-operation.
*** 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 21/09/98 to 29/09/98 Number of Creditor meetings : 190 Section Company Time Venue 138 Scotland - Interim Liquidator calling Creditors Meeting 21/09/98 Galloway Refrigerated Transport Ltd 10.30 am Glasgow 24/09/98 Met (Property) Ltd 03.00 pm Glasgow New Dawn Fitness (Glasgow) Ltd 10.00 am Glasgow Secret Leisure Ltd 03.00 pm Glasgow 23 Administrator Calling a meeting of Creditors 25/09/98 DRF Group Ltd 11.30 am Cheltenham Dolphins Coins Ltd 11.00 am Watford Placefine Ltd 10.30 am Staines 48 Receiver calling unsecured Creditors Meeting 22/09/98 Bestplate (Metal Finishing) Ltd 10.00 am Sheffield 23/09/98 Border Civil Engineering Ltd 10.30 am Southampton Fire Clad Systems Ltd 11.00 am Barnsley M & B Poultry Ltd 12.00 pm Lincoln 25/09/98 Boyle Construction (Newark) Ltd 11.00 am Nottingham Concorde Heritage Ltd - The 10.00 am London Surelux Lighting Ltd 10.00 am Huddersfield 28/09/98 R R Stiffell & Son Ltd 10.30 am London Shreddit Plc 11.00 am Manchester 67 Scotland - Receiver calling Meeting of unsecured Creditors 24/09/98 Technical Air Services Ltd 11.00 am Manchester 25/09/98 Michael Black Plc 10.00 am Newcastle-u-Tyne 98 Creditors Voluntary Liquidations 21/09/98 A-Z Construction Ltd 02.00 pm Birkby Agency (Marketing & Advertising) Ltd 11.00 am Preston Almatex Ltd 03.00 pm London Azimex Ltd 03.30 pm London Bespoke Interior Systems Ltd 01.30 pm Watford Direct Distributors (Northern) Ltd 11.00 am Tynemouth Factory Home Store Ltd - The 03.00 pm Billericay Gallery (TW) Ltd - The 10.30 am Tunbridge Wells Hermes Mobile Installations Ltd 11.15 am Watford Kellfab Ltd 11.30 am Salmesbury N.A. Poultry Products Ltd 11.30 am Birkby Pentreclywydan Mining Co Ltd - The 03.00 pm Swansea Piping and Construction Ltd 11.00 am Southampton Refelections Jewellery Ltd 11.30 am Derby S.A. Fitzgerald Ltd 11.00 am Watford SDM Construction Services Ltd 02.30 pm Brighton SDM Constructions Services Ltd 02.30 pm Brighton Stuart C. Payne Ltd 10.45 am Wells TSAC Technology Guiding Ltd 10.30 am Droitwich TSAC Technology Ltd 01.00 pm Droitwich W.H.P. Ltd 10.00 am Glasgow 22/09/98 A.J. Holloway Ltd 10.15 am Southampton Adoor Ltd 02.00 pm London Advanced Network Solutions Ltd 12.00 pm Liverpool All-Rap Packaging Ltd 10.30 am Huddersfield Bestshot Sales Ltd 03.30 pm London Beverly Hills Collection Ltd 02.30 pm London Chase Aviation Systems Plc 12.00 pm Twickenham Co-Activ Ltd 11.00 am Leeds Creative Interiors (Kent) Ltd 11.00 am London David Wilson Construction Ltd 10.30 am Perth Emstar Ltd 03.00 pm London Euro Beverages Ltd 11.00 am Southend-on-Seas Groundbase Civil Engineering Ltd 03.00 pm Southampton Hawley Mills (Sales) Ltd 11.00 am Walsall Heromatch Ltd 11.00 am London J.C.H. Engineering Ltd 10.15 am Yarm K. Glass (Midlands) Ltd 02.00 pm Halesowen Memphis Trading Company Ltd 10.30 am Calder Grove New Prelude Ltd 11.00 am Southend-on-Seas Nexus Image Design Ltd 11.00 am Liverpool Perrys of Sidcup Ltd 11.30 am London Premier Car Care Ltd 11.30 am Chatham Print in Partnership Ltd 11.30 am London Saltley Transport Ltd 10.30 am Birmingham Silver Sands Design Co Ltd 11.00 am London Stevejay Fabrications Ltd 11.00 am Birmingham Tillbrook Ltd 12.00 pm Reading 23/09/98 Ablemart Plc 11.30 am London Bucklow & Stroud Ltd 11.30 am Derby Burworth Products Ltd 12.00 pm Manchester Copyzone Ltd 02.30 pm London DAE Plc 03.00 pm Aveley Denair Ltd 12.00 pm London Europe Hampstead Ltd 11.00 am London Gardina K.B.A. 2000 Ltd 11.00 am Leeds Garth Civil Engineering Ltd 12.00 pm Cardiff Gaskells Transport (Midlands) Ltd 11.00 am Birmingham Impact Property Services Holdings Ltd 11.00 am London Invicta Publications (UK) Ltd 02.30 pm Romney Marsh Jaguar Technologies Ltd 02.00 pm Newport Joseph Burnett & Sons Ltd 11.00 am Newcastle-u-Tyne Jules Verne Cafe Bars Ltd 11.15 am Manchester Kerr Cargo Group Ltd 12.00 pm Glasgow Konsroh Ltd 04.00 pm London Mayfayre Associates Ltd 12.00 pm London Nationwide Coring Services Ltd 11.00 am Nottingham New York Deli Ltd - The 11.00 am Pinner Nordia Ltd 11.30 am Leeds Opaline Pipework Services Ltd 11.00 am Gosforth Project Computer Training Ltd 11.00 am Bristol Richard Cohen Books Ltd 11.00 am London Roy Robbins Ltd 12.00 pm London Sightline Conservatories Ltd 11.00 am Droitwich Storcrop Ltd 11.00 am Grimsby Sunbury Motor Salvage Ltd 10.30 am Lower Sudbury Teamwork Engineering Ltd 11.00 am Chatham Trendheights Painting Contractors Ltd 11.15 am Southend-on-Sea Vale Textiles (Nottingham) Ltd 11.30 am Nottingham Vanessa's Secrets (UK) Ltd 12.00 pm London 24/09/98 A. R. M. (UK) Ltd 10.00 am Birmingham Arani Ltd 04.00 pm London B.M. Potter (Contracts) Ltd 02.30 pm Southend-on-Sea Betarose Ltd 11.00 am London Branchgold Ltd 04.00 pm London Busyacres Ltd 10.00 am Birmingham Capital Fire & Flood Damage Rest Ltd 10.30 am London Castle Security Systems Ltd 11.00 am Gloucester Commercial Flair Ltd 12.00 pm Chatham Constructive Solutions (Contract.) Ltd 11.30 am Lutterworth Delux Building Services Ltd 11.00 am London Eric Bamford & Sons Ltd 11.00 am Castleton IPC Corporation (UK) Ltd 11.30 am Liverpool John Moore Design Consultant Ltd 03.45 pm Gerrards Cross Kent Kart Racing Ltd 10.30 am Guildford M F Induction Ltd 11.00 am Sheffield Main Installation & Cabling (UK) Ltd 02.15 am Leeds R G Construction Ltd 12.00 pm London S.M.J. Ceilings & Floors Ltd 12.00 pm Manchester Sightline Products Ltd 11.00 am Droitwich Spotlight Computer Services Ltd 11.30 am Southampton Strongrow Ltd 12.00 pm London Tamiyo Data Systems International Ltd 11.00 am Croydon Tamworth Metal Finishing Ltd 10.30 am Birmingham Training Enterprises Cumberland Ltd 12.00 pm Glasgow Trilock International Suplies Ltd 02.30 pm London U.K. Home Improvements Ltd 02.00 pm Halesowen Yardhawk Construction Ltd 02.30 pm London 25/09/98 Acolorproof Ltd 03.00 pm London Andart Ltd 12.00 pm London C A C Financial Services Ltd 11.00 am Liverpool Classtour Ltd 11.30 am Preston Cormorant Communications Systems Ltd 02.00 pm Halesowen Cormorant Logistics Systems Ltd 11.00 am Halesowen D I Y Mirrors Ltd 10.30 am Stafford D. W. Jerman and Sons Ltd 11.00 am Welshpool DPA Digital Ltd 10.15 am Llanrumney Ellsworth & Holloway Publications Ltd 11.00 am Birmingham Forcebeck Ltd 02.30 pm London G.F.K. Design Print & Repro. Ltd 11.30 am Manchester Gradewell Ltd 10.15 am Pinner Guy Evans Ltd 02.30 pm London Hemaford Ltd 03.30 pm London Intech Promotions Ltd 04.00 pm London Long Beach Interiors Ltd 12.00 pm London Maxhill Aviation Ltd 11.00 am London Maxhill Ltd 11.30 am London Miles and Sons Ltd 11.30 am Moorhouse N.P.C.S. Ltd 12.00 pm Rotherham Paolo's Restaurant Ltd 10.00 am London Paul and Jack Ltd 10.30 am London Planned Music Ltd 11.00 am London Repos Ltd 02.00 pm London Saunders Construction Ltd 02.00 pm Welling Sellin' Print (DFU) Ltd 10.30 am Worthing Surfwheel Ltd 11.00 am Sunderland Teroja (MIdlands) Ltd 11.00 am Birmingham Total Visual Concepts Ltd 11.30 am Manchester Unibuy Ltd 12.00 pm London 28/09/98 Alin Designs Ltd 04.00 pm London Brayplace Ltd 11.30 am Manchester C.J. Cooper Ltd 02.00 pm Newport Connell Douglas Mentzis Ltd 10.30 am London Eclat Ltd 10.30 am London Elfinpower Ltd 11.00 am London Flower Fresh Ltd 02.30 pm London H. Horn and Sons Ltd 03.00 pm North Shields HPG Ltd 11.00 am London Homecare Window Systems Ltd 11.30 am Wrotham MGU Technical Services Ltd 11.30 am Manchester R S Motors (Tipton) Ltd 02.30 pm Birmingham Supportphase Ltd 10.00 am London Yes (Cables) Ltd 11.00 am Sheffield Zonecurve Ltd 10.30 am Bromsgrove 29/09/98 Arena Scaffolding Ltd 10.30 am London Breezy Fashions Ltd 11.00 am Edgware Cadas Software Plc 12.00 pm Twickenham Car Preparation Specialists Ltd 12.00 pm London Cocktail Design Ltd 11.00 am Gerrards Cross County Property Services Midlands Ltd 02.00 pm Halesowen Craft Company Ltd - The 11.45 am Abingdon Elite Machinery Removals Ltd 10.30 am Southend-on-Sea Glass Relief Ltd 12.00 pm London Meridian Graphic Machinery Ltd 10.30 am Southend-on-Sea Mid-Print Marketing Ltd 03.30 pm Lutterworth Natural Health Supplements Ltd 11.30 am London Print Workshop Ltd - The 11.00 am Hornchurch Printstream Ltd 11.30 am Lutterworth Stirling Windows & Conservatories Ltd 11.30 am Southampton Systems Computers & Equipment Ltd 10.30 am Worthing Woodside Staircases Ltd 02.00 pm Newport Wrap & Roll Ltd 11.00 am Manchester
TW LW TW LW
USA 1.6930 1.6675 Canada 2.5765 2.5377
Austria 20.0170 20.2645 Portugal 291.537 294.804
France 9.5376 9.6467 Belgium 58.6620 59.3990
Finland 8.6620 8.7490 Italy 2811.64 2844.90
Germany 2.8470 2.8822 Sweden 13.2015 13.2987
Holland 3.2075 3.2505 Switzerland 2.3402 2.3546
Spain 241.730 244.480 Ireland 1.1388 1.1471
Australia 2.8778 2.8361 Denmark 10.8619 10.9561
Hong Kong 13.1140 12.9215 ECU 1.4503 1.4631
Africa Com 10.4065 10.4166 Saudi Arabia 6.3499 6.2502
India 71.9390 71.8850 Malaysia 6.4326 6.3348
Singapore 2.9119 2.8891 Norway 12.6545 12.8957
Japan 226.650 220.550
TW This week LW Last week.
Kwik-Fit announced pre-tax profits of 33 million pounds, on turnover of 251.7 million, for the six months ending 31st August 1998. Earnings per share stand at 13.4p.
William Morrison, the supermarket group, announced pre-tax profits of 68.3 million pounds, on turnover of 1,214 million, for the six months ending 2nd August 1998. Earnings per share stand at 5.45p, on increased capital.
Next announced pre-tax profits of 50.2 million pounds, on turnover of 536.2 million, for the six months ending 31st July 1998. Earnings per share stand at 9.8p.
RMC, the building materials group, announced pre-tax profits of 112.2 million pounds, on turnover of 2,113 million, for the six months ending 30th June 1998. Earnings per share stand at 26.3p.
SIG, the building insulation company, announced pre-tax profits of 16.1 million pounds, on turnover of 375.4 million, for the six months ending 30th June 1998. Earnings per share stand at 9.1p, in increased capital.
Vickers announced pre-tax profits of 140.6 million pounds, after exceptional credit, on turnover of 528.5 million, for the six months ending 30th June 1998. Earnings per share stand at 33p.
ALVIS/GKN Europe's leisurely consolidation within the defence industry continues. Two of Britain's three armoured-vehicle makers, ALVIS and GKN, are to combine their tank business. The third, VICKERS, may step in with a bid, perhaps for the combined group.
Source: The Economist
TOYS R US
The world's biggest chain of toyshops, TOYS R US, is to close 90 shops and take a $495m charge in an effort to improve profitability. More than half of the shops it will be shutting are foreign. The firm has been suffering from cut-price competition.
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 mergers to the Monopolies and Mergers Commission under the provisions of the Fair Trading Act 1973:Acquisition by Gala Clubs Limited of Ritz Clubs Limited
Acquisition by RoadChef Limited, a wholly owned subsidiary of MSA Acquisitions Co Limited, of Blue Boar Group Limited and Take A Break Motorway Services Limited
Proposed merger between Exco Plc and certain parts of Intercapital Group Limited
Acquisition by Unigate plc of Case & Sons Limited
PROPOSED ACQUISITION OF MANCHESTER UNITED
The Director General of Fair Trading, John Bridgeman, is considering the proposed acquisition by BSkyB of Manchester United plc, so that he can advise the Secretary of State for Trade and Industry whether it should be referred to the Monopolies and Mergers Commission for fuller investigation.
Written comments on the implications of the merger should be made to the Office of Fair Trading by 28 September 1998.
Comments should be faxed to Ray Watson on 0171 211 8916 or posted to the BSkyB/Manchester United Inquiry, Room 312, Field House, Breams Buildings, London EC4A 1PR.
Mike Young (British Bankers Association) and Peter Ibbetson (Head of NatWest Small Business Division) will be live on the Internet at www.enterprisezone.org.uk to answer all your questions on how to raise finance for business.
Where: On the Enterprise Zone Web Site
http://www.enterprisezone.org.uk
When : 11.00am - 12.00 noon Friday 2 October 1998
On Friday 2 October, visitors to the Enterprise Zone will be able to put questions to two of the most prominent members of the banking community on the key business issue of raising finance. Mike Young from the British Bankers Association and Peter Ibbetson, Head of NatWest Small Business Division will be available to answer questions around financial issues amongst small firms from 11.00am. Questions can also be submitted beforehand by visiting the site at: http://www.enterprisezone.org.uk prior to the 'chat'. Full commentary of the 'chat' will be posted up on the site after the event.
This chat is the fourth in a series to be hosted on the Enterprise Zone, the business resource Internet web site for SMEs set up by Microsoft for the DTI. These regular chats will feature respected figures from the business world discussing relevant and pertinent business issues. Already confirmed for future chats are:
Eddie George, Bank of England, on European Monetary Policy, 03.11.98
George Bain, Low Pay Commission, on Minimum Wage, 24.11.98
Stan Mendham, Forum of Private Business, on Statutory Right to Interest on Late Payment, 16.12.98.
The Enterprise Zone, launched by the DTI and supported by Business Link, is already proving a popular resource with the SME community and has had over 70,000 users to date. It acts as a 'gateway' to over 170 sites selected by an independent accreditation group to ensure linked sites are an effective business resource. The Enterprise Zone aims to become the gateway to business information for small business and a benchmark for the provision of business information on the Internet.
We are pleased to inform you that Business Credit Management UK is a DTI 'accredited' web site.
William Comery, EZ and Business Link Press Desk, DTI, 0171-215 5303 william.comery@lond03.dti.gov.uk
Rachel Murray, Text 100, 0181-242 4107, rachelm@text100.co.uk
23rd September 6.30pm East Midlands Branch of the ICM Effective use of litigation as a debt recovery tool Chris Radford, Head of Corporate Recovery at Eversheds Eversheds, 1 Royal Standard Place Nottingham Sussex and Surrey Branch meeting of the ICM 7.30pm Mock Summary Judgment Hearing With a local Judge Bridgehouse Hotel, Reigate 23rd-27th September Live 98 The home electronics and entertainment show of the year. Earls Court, London www.live98.com Tel 0181-296-1915 Adults #9.00 Children #6.00 2nd October ICM Annual Dinner Drapers Hall - City of London Tickets 67.00 - details from the ICM on 01780-721888 or Fax 01780-721271 8th October West of Scotland branch meeting of the ICM 6.15 for 6.30pm Tom Shields Diary Presentation by the popular Herald columnist The offices of Ernst Young, George House, 50 George Square, Glasgow 13th October Kent branch of the ICM meeting 7.30pm Say Goodbye to 'Gone-Aways' Presentation by Experian Ashford International Hotel 20th to 21st October Credit North 1998 The Northern Conference and Exhibition for the Commercial and Consumer Credit Industry Free Conferences, Free Specialised Workshops, Free Exhibition. Over 40 top Industry Speakers. The Royal Armouries, Leeds Registration Hotline +44 (0) 181-201-9888 Fax +44 (0) 181-201-8339 8th-10th December Online Information 98 The world's largest information industry event. Visit www.online-information.co.uk for full details. # = pounds sterling
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