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: Vol 4 Issue 20
Dated: 21 May 2000
Welcome to the Business Credit News UK.
In this weeks edition you will find the following topics.
UKBUSINESS AND CONSUMER GIVEN STRONGER VOICE IN REVAMPED OFFICE OF FAIR TRADING
Stephen Byers, Secretary of State for Trade and Industry on the 18 May announced the next step in the modernisation of UK competition policy under plans to give the Office of Fair Trading(OFT) corporate status.
The new board structure of the Authority will increase its transparency and accountability by broadening its influence and outlook.
Setting up the new Authority will require primary legislation and the membership of the Board would have a minimum of five members.
Stephen Byers said:
"Modernisation is a key aim of the Government. The Competition Act 1998 reshaped and up dated competition law, giving a wide range of new powers to the OFT, while the 'Modern Markets: Confident Consumers' White Paper committed the Government to make markets work better for the benefit of business and consumers.
"The OFT has a challenging new agenda to make sure the benefits competition can bring are available to both businesses and consumers. Competitive markets are good for business and consumers.
"A competitive market benefits both business and consumers because companies develop new and innovative products to attract more business. Consumers benefit because there is greater choice and competition in the market place.
"The new Authority will give greater transparency and accountability to the OFT. More board members will give a wider range of expertise to the organisation, rather than executive power resting with one person. This will give businesses and consumers a stronger voice at the heart of the OFT."
The Competition Act 1998 gave the OFT wide-ranging powers to investigate anti-competitive behaviour, and where found, to fine offending companies. The Consumer Affairs White Paper set out additional powers for the DGFT to tackle rogue traders and to approve codes of practice. The reform of the OFT will enable it to take on, combine and develop these two important roles.
The Government will work together with the Director General of Fair Trading(DGFT) on the make-up of the new board. The government is keen to get a broad range of experience and expertise on the board.
The new Authority would determine its own procedures and developing role in consultation with the Government. The Gas and Electricity Markets Authority is being set up on similar terms under the Utilities Bill.
CBI SAYS LATEST EARNINGS DATA JUSTIFY DECISION NOT TO RAISE INTEREST RATES
The Confederation of British Industry said last Wednesday that the latest earnings data justify the May decision not to raise interest rates.
Kate Barker, CBI Chief Economic Adviser, said: "The Bank's unanimous wait-and-see approach was clearly the right one. Average earnings growth is starting to decline as one-off millennium bonuses gradually work their way out of the numbers.
"With inflation firmly under control and sterling still uncomfortably strong, there is no case for a further rise in interest rates. The unrelenting problems in the manufacturing sector must remain the major source of concern."
A friend of Business Credit Management UK in the Netherlands has asked us to assist in finding appropriate staff for their operations and clients in the Netherlands.
They are a European credit management company supporting mainly International companies with securing and improving their cashflow.
They are looking for:
Young people with 2-6 years credit control/AR experience. As much languages as possible ( at least English and one other European language) and a willingness to move to Amsterdam area. Able to work in fast moving environment (often IT or ICT sector)
If this interests you then please go to http://www.creditman.co.uk/hallam/candidatereg.html and register.
ANNUAL REPORT FROM NCM CREDIT INSURANCE
International credit insurer NCM is intensifying its drive to improve its service to customers - wherever they do business and whether they conduct it off-line or on-line (e-commerce).
NCM has added a range of new products and new services to its core credit insurance offering, to enable customers to better manage their receivables (money owed) - which can total up to 35 per cent of the balance sheet. These include debt collections in the United Kingdom, customer training in the Netherlands (through the secondment of credit managers) and a bonding product. In addition, the launch of an e-commerce product is expected this year.
This strategy of offering the most modern credit management solutions available is underpinned by a doubled profit, announced last week on the publication of NCM's 1999 Annual Report and Accounts.
The result from normal business operations before tax and transfer to the equalisation provision (set up in accordance with legal requirements to cover possible future technical losses) was EURO 36.9 million, an improvement of 93 per cent compared to 1998 (EURO 19.1 million).
This very satisfactory outcome resulted from greatly improved risk management procedures leading to a decrease in claims, successful acquisitions and continued cost-effectiveness - all coinciding with a period of favourable economic circumstances.
After transfer to the equalisation provision and taxation, the profit for 1999 was EURO 14.3 million (1998: EURO 13.0 million).
NCM Chairman, Gerard van der Stelt, said: " NCM is changing faster and more dynamically than at any time in its 75 year old life, which we so proudly celebrate this year. Our transformation from Dutch national champion to truly global player is now almost complete.
"But the pace of consolidation in the credit insurance industry is dramatically accelerating - in tandem with an information technology revolution powered by e-commerce.
"NCM, supported by its strategic partner Swiss Re and strengthened by successful integration worldwide, is now perfectly poised to take full advantage of these twin engines of modern world trade. Expansion has only just begun."
But at the same time he warned that the need to insure trade against the risk of non-payment remained as strong as ever during a period of economic expansion.
He said: "Recessions are traditionally thought to be the prime time for credit insurance. But, psychologically, an economic boom is the most perilous time of all since many companies are tempted to overtrade - and so neglect to protect their balance sheets.
"They may also be tempted to forget that beneath the surface of prosperity, the risk map of the world is being redrawn as we enter an increasingly uncertain and unpredictable trading climate.
"Taken in isolation risks, whether economic, political or environmental, are containable. But it is their cumulative effect, the way they impact upon each other - let alone unknown developments still to come - which has created such a dangerously volatile kaleidoscope of global risks which is now being shaken so hard and so often that the very nature of risk is changing."
Further Expansion
Acquisitions in Europe and North America, supported by NCM's strategic partner and majority shareholder AAA-rated Swiss Re of Switzerland, are smoothly and rapidly integrated into the NCM Group. At the end of 1999 NCM increased its shareholding in the Baltimore-based Maryland Netherlands Credit Insurance Company (MNCIC) to 100 per cent. Previously NCM owned 49 per cent of the shares and Fidelity & Deposit Company, a subsidiary of Zurich Financial Services, held the remaining 51 per cent.
The acquisition helps meet the growing demand for trade risk protection in the Northern and Central American markets where credit insurance is relatively unfamiliar. NCM is also developing a market presence in Japan, another trading area unfamiliar with the product, via an alliance with Tokio Marine and Fire Company.
In Europe, NCM has signed a partnership agreement with Italian bonding and credit insurance company Societá Italiana Cauzioni (SIC) of Rome. Swiss Re, a key shareholder in both companies, strongly supports this move whereby superior products will be offered to NCM and SIC customers in their domestic markets.
Following the opening of NCM offices in Germany, France and Italy in response to customer demand, other offices were opened in 1999 in Spain and Malaysia. Getting closer to the business of customers through a physical presence in different markets will be developed further. NCM is thus better placed not only to analyse regional risks but to service multinational companies locally through the NCM Global Policy. This offers a tailor-made service of multi-currency, multi-lingual and cross border solutions in a single package.
More than Credit Insurance
Widening the core credit insurance business into credit management activity worldwide has been driven by the offer of a broader range of products and diversified services. A European-wide debt collection strategy is being developed. Following the acquisition of the Dutch collections company, Smit Ommen, another Dutch company - Eurocollect - which offers both credit management services and collections services, was acquired in 1999. In the United Kingdom NCM Collections Ltd, which also operates in Ireland, was established.
To help meet the complex requirements of major international companies, a new and expanding innovative unit, called Financial Solutions, was set up in the City of London. It works closely with, among others, Swiss Re, to use sophisticated financial techniques for the benefit of large corporations whose needs are not met by standard credit insurance policies.
Its products range from captive insurance vehicles, where NCM assists in writing credit policies and arranging reinsurance to the securitisation of trade risk where Swiss Re's AAA credit rating is a significant advantage.
E-Commerce
As e-commerce continues to revolutionise trade at a breathtaking rate, NCM set up an e-commerce unit to exploit opportunities. Results will be announced during 2000.
Meanwhile, current electronic trading techniques include policies sold on the Internet, interactive websites, and upgraded online customer connections. Stage three of the NCM Data Network system - which gives customers online access to NCM databases for information and credit limit decisions - will be implemented this year. It will offer many additional features designed to facilitate the administration of the credit insurance policy and will be available through the Internet.
Other Financial Highlights
¨ Insured shipments of goods and services (total value of the risks borne by NCM Group) increased by four per cent in 1999 to EURO 126 billion (1998: EURO 122 billion).
¨ Revenues of EURO 456.5 million were higher (1998: EURO 429.0 million). Premium income from private business increased very slightly from EURO 322.4 million in 1998 to EURO 322.5 million. There was also solid growth in collection services and other credit management activities.
SCOTTISH ENFORCEMENT UPDATE: 19th MAY 2000
Contributed by Stephen Cowan, Yuill & Kyle, Debt Recovery Lawyers, Scotland.
E-mail Stephen Cowan scowan@yuill-kyle.co.uk
Latest reports indicate a delay in the Scottish Parliament examining the detail of the Bill to abolish poindings and warrant sales (the equivalent of execution).
Basically, the Bill's sponsor, Tommy Sheridan, wanted the Bill to be scrutinized by the Parliament's Social Inclusion Committee. Whilst all the Committees supported the principles of the Bill, the Justice Committee could be expected to have the greatest influence in introducing the necessary reforms to find an effective replacement. This will ensure those who can pay their debts do, whilst, those who cannot will escape the enforcement regime by using more "humane" methods.
The Bill's main sponsors are dismayed about the Justice Committee's involvement-particularly because the very earliest they will be able to deal commence their examination will be September of this year. They say the Social Inclusion Committee should have been given the task because as their workload is less than that of the Justice Committee's they would have been able to deal with it faster.
However it is hoped the Justice Committee's intervention will focus on sensible reform by ensuring an effective alternative system of judgment enforcement is introduced rather than having wholesale abolition that will allow those who are well capable of satisfying a court's order to escape the net.
Mick McLoughlin and Phil Wallace, partners of KPMG Corporate Recovery, were on the 18 May 2000 appointed joint provisional liquidators of boo.com.
They were requested by the directors of boo.com to take on the role after boo.com failed to secure additional funding from its investors.
Mick McLoughlin said: "Although this is a court appointment we are treating the assignment in all practical terms as an administration. We are seeking to sell the business in whole or possibly in its two constituent parts as a going concern.
"Because of the type of business and the need to maintain the core group of very talented staff, it is essential that the sale procedure is completed in days not weeks. As we speak all the parties who have expressed an interest are being contacted and informed that to be allowed access to the sales process they must lodge a refundable deposit of £1m with us before close of business on the 19 May. This should ensure that our time and the staff's time is concentrated on serious buyers.
"We have superb co-operation from the directors management and staff of Boo, a number of whom form an integral and essential part of the business. Boo was responsible for putting together the first pan-Europeanfulfillmentt operation for e-retailing. People were able to order goods in 18 countries in any of 7 different languages and have them delivered to their door. The infrastructure has a huge capacity. This represents a real point of interest for potential buyers."
KIM HOWELLS LAUNCHES QUINQUENNIAL REVIEW OF THE INSOLVENCY SERVICE
A review of The Insolvency Service looking at the services it provides its status, and whether there is any scope for improved performance was announced on the 16 May by Kim Howells, Parliamentary Under Secretary of State for Consumer and Corporate Affairs.
The Review, which is part of the process of continuous improvement set out in Modernising Government White Paper, was announced in answer to a Parliamentary Question from Ms Ann Coffey MP, he said:
"I am today launching the Quinquennial Review of The Insolvency Service.
"Agencies and non-Departmental Public Bodies (NDPBs) are at the heart of our programme to modernise government. The Government is committed to achieving better public services that are of higher quality and are more responsive to the needs of the people who use them. Regular Agency and NDPB reviews are an important element in ensuring that we have in place the right structures to deliver the Government's agenda effectively and to provide a strong focus on improving future performance.
The terms of reference for the Review of The Insolvency Service are:
"To consider and to make recommendations regarding:
First, the organisational status which would be most appropriate for the operation and policy of The Insolvency Service in the future, taking into account its contribution to the objectives of the Department and of the Government as a whole, including the Modernising Government agenda, developments in the national and international legislative, regulatory and commercial environment; and
Second, whether any changes should be made to the way in which The Insolvency Service operates, including its aims and objectives, targets and financial controls; the scope of the activities undertaken; and whether its activities could be done more effectively.
In carrying out both stages of the review, the views of customers, staff and their trade unions, consumers and other interested parties will be fully taken into account.
The review is to be undertaken in accordance with the latest Cabinet Office guidance, published in January 2000."
The Review will be led by Pamela Denham a former official in the Department of Trade and Industry, with support from officials and specialist advice as appropriate. The Review Team will report to a Steering Group which will include two independent members (Gill Hankey and Geoffrey Drage) and be chaired by Dr Catherine Bell, the Director General of Competition and Markets. The aim will be to complete each stage of the review within three months, as recommended in the Cabinet Office guidance.
As indicated in the terms of reference, the Review Team is seeking the views of interested parties. A consultation paper is available from:
The Insolvency Service Review Team
Room 876
Esso House
96 Victoria Street
LONDON SW1E 5JL
email: cca.comments@lond02.dti.gov.uk
http://www.dti.gov.uk/affairs.htm
Further information about the Insolvency Service can be found at: http://www.insolvency.gov.uk
Comments should be sent to the same address by 6 June 2000.
The Insolvency Service became an Executive Agency of the Department of Trade and Industry (DTI) in March 1990 and operates mainly under the Insolvency Act 1986, the Company Directors Disqualification Act 1986 and the Companies Act 1985. It provides the essential mechanisms and efficient means for dealing with individual and corporate financial failure and the investigation of fraud and misconduct in insolvencies. The Service is accountable to the DTI and to Ministers for the performance of its statutory and other functions.
The Service:
The Service operates principally in England and Wales and carries out its responsibilities through its 33 Official Receiver (OR) offices and Headquarters Units in London, Birmingham, Manchester and Edinburgh. Official Receiver offices are divided into seven management regions, each headed by a Regional Manager.
As a Next Steps Agency, The Insolvency Service is subject to review by its parent Department, the DTI, every five years (the "quinquennial review"). These reviews apply to all Government Agencies and the Non-Departmental Public Bodies. They are intended to allow Government to take a regular look at the functions that these bodies perform, and to assess whether they are being delivered in the most effective and efficient way.
*** 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
For a full listing of creditors meetings please go to http://www.insolvency.co.uk/database.htm
From 22/05/2000 to 30/05/2000 Number of Creditor meetings : 135 Section Company Time Venue 23 Administrator Calling a meeting of Creditors 22/05/2000 MNB Precision Ltd 10.00 am Coventry 30/05/2000 First Aid Service Ltd - The 10.00 am Rochdale 48 Receiver calling unsecured Creditors Meeting 23/05/2000 CD Realisations Ltd 10.00 am Cardiff DMD (Holdings) Ltd 10.00 am Cardiff Davies Middleton & Davies Ltd 10.00 am Cardiff Zye Technology Ltd 11.00 am Crawley 24/05/2000 EOM Construction Ltd 10.00 am Manchester Edrank Ltd 11.00 am London S & J (Chatteris) Cladding Ltd 11.00 am Cambridge S & J (Chatteris) Construction Ltd 11.00 am Cambridge S & J (Chatteris) Holdings Ltd 11.00 am Cambridge S & J (Chatteris) Special Products Ltd 11.00 am Cambridge S & J (Chatteris) Steelwork Ltd 11.00 am Cambridge S & J (Essex) Ltd 11.00 am Cambridge Specialist Glazing Systems Ltd 11.00 am Cambridge 25/05/2000 Innovative Manufacturing Systems Ltd 10.00 am Manchester 26/05/2000 Bulgarian Vinters Co Ltd 11.45 am London 67 Scotland - Receiver calling Meeting of unsecured Creditors 23/05/2000 J.A.P Ltd 02.30 pm Glasgow M.B.B.S. Export (Skye) Ltd 02.30 pm Glasgow 84 N. Ireland - Creditors Voluntary Liquidation 23/05/2000 Ballymoney Engineering Co. Ltd 12.00 pm Dungannon 98 Creditors Voluntary Liquidations 22/05/2000 A P R Publicity Services Ltd 03.00 pm Sevenoaks Canderwell Ltd 10.30 am Droitwich Spa Cherry International Ltd 11.30 am Weybridge Concrete Preservation Services Ltd 11.30 am Guildford Corporate Designs & Interiors Ltd 11.00 am Milton Keynes Craven (Exporting) Co Ltd 11.30 am Huddersfield Crest Computer Brokerage Ltd 12.00 pm London Crowmart Ltd 11.00 am Gosforth Cut Length Services (Wire) Ltd 10.30 am Huddersfield Lewis Meats Ltd 03.00 pm Swansea M C I T Consultancy Ltd 11.00 am Leeds Oakwood Manufacturing Ltd 11.00 am Birmingham Packer Sports Ltd 11.00 am Nottingham Reality Services Ltd 12.00 pm Grantham Redsails Entertainments Ltd 11.00 am London Regency Products Ltd 02.30 pm Henley-on-Thame Ribble Valley Tools Ltd 11.30 am Glazebrook Sentinel Packaging Ltd 02.00 pm Newport Vending Solutions Ltd 04.00 pm London Wimfast Ltd 02.00 pm London Wolsey Theatre Co Ltd 03.00 pm Ipswich Yorkshire Boiler & Radiator Supp Ltd 11.15 am Bately 23/05/2000 Acorn Timber Products Ltd 10.30 am Lichfield BMS Developments Ltd 02.30 pm Barnby Manor Bally (2000) Ltd 11.30 am London Bumbles Pies & Pastries Ltd 11.30 am Liverpool C J Construction (UK) Ltd 12.00 pm London Caribonum Ltd 12.00 pm London Classical Landscapes Ltd 10.30 am Driffield Double J Ltd 11.30 am London E I (1999) Ltd 02.30 pm London Emec Ltd 10.30 am Droitwich Spa Ferncraft Components Ltd 11.30 am Preston Fire Protection (Europe) Ltd 10.30 am Manchester G T E Motorhouse Ltd 10.00 am Swansea Glass Living (Windows) Ltd 11.00 am London Global Publishing Corporation Ltd 03.00 pm Portsmouth H Jones & Son (Ilkeston) Ltd 10.30 am Blackbrook Hardings Ltd 11.00 am London Inter-Counties Employment Services Ltd 11.30 am Ashford M N I Properties Ltd 12.00 pm Leeds Managed Learning Ltd 11.00 am Birmingham Mason Electrical Ltd 11.00 am Preston Ocean Spray Promotions Ltd 12.00 pm London Phonedrive Ltd 02.00 pm London R P D (Farnham) Ltd 12.00 pm London Redrose Shotblast Engineers Ltd 10.30 am Bolton Refrigerator Hygiene Systems Ltd 12.30 pm Ashford Slinn Clothing Ltd 11.00 am Sheffield Stardust Marketing Ltd 10.30 am London Viewmel Ltd 11.00 am Bristol Winstream Ltd 02.30 pm London Yorkshire Exhaust Specialists (York) L 10.30 am Leeds 24/05/2000 AD Answers Ltd 11.00 am London Avrabrook Ltd 11.00 am Chelmsford B A C Transport (Herts) Ltd 10.30 am London Bounty Plumbing & Heating Ltd 11.30 am Aldermaston CCTV Systems Ltd 10.30 am Bury Clinical Evaluation Ltd 10.30 am Kingston-u-Tham Cornwallis Care Homes Ltd 11.00 am Bristol Face for Watches Ltd 12.15 pm London Fish Container Services Ltd 02.00 pm Hull Glenworth Ltd 12.00 pm London Guardsman Security & Maint Serv Ltd 02.30 pm Guildford Imperial Fabrications Ltd 11.30 am Bolton Jetspec (Midlands) Ltd 12.00 pm Collingtree Maclachlan (Electrical & TV) Ltd 10.30 am Droitwich Spa Norsales Ltd 10.30 am Sheffield Payroll Marketing Co Ltd - The 11.00 am Egham Pcs & Cables Ltd 12.00 pm London Powercross Design & Build Ltd 12.00 pm London Q M R Ltd 10.30 am Sheffield Rider Products (UK) Ltd 02.00 pm South Ruislip Stephen Mannion Plumb & Heat Ltd 11.30 am Altrincham Tune Consultancy Ltd 11.00 am London Vehicle Logistics Ltd 10.30 am Northampton 25/05/2000 Air Systems Engineering Ltd 11.15 am Rochdale Argento Ltd 11.00 am Barnet Brierley Son & Gray Ltd 10.30 am South Ruislip Britannia Security (Northern) Ltd 12.00 pm London Darbyshire & Tasker Ltd 11.30 am Manchester Durro Sports Ltd 12.00 pm London Educational Supplies Direct Ltd 12.00 pm Manchester Industrial Woodworking Services Ltd 11.00 am Sunderland Keltic Parcel Services Ltd 02.00 pm Newport Kemco Ltd 11.30 am London Matchmere Ltd 11.00 am Manchester Moreton Insulations Ltd 10.30 am Oldham Niger Exports Ltd 11.00 am London Normaltrace Ltd 10.15 am Bately Sechi Ltd 10.30 am Oxford Tolspring Ltd 11.00 am Bolton Visualclear Ltd 10.30 am London 26/05/2000 Alpha Engineering (Birmingham) Ltd 11.00 am Birmingham Burgess & Leigh Ltd 02.30 pm Newcastle Design & Print (Sussex) Ltd 11.30 am Crawley Eaves Sure Ltd 10.15 am Kingston-u-Tham Events Bureau Ltd - The 11.00 am London Farben Textiles Ltd 11.30 am Lutterworth J A Garages Ltd 11.00 am Sheffield Jenisys Ltd 02.00 pm London Matthews Build & Commercial Serv Ltd 12.00 pm Swansea Microlec Systems Ltd 12.00 pm London S Grays Ltd 10.30 am Warwick Spinneyridge Ltd 11.00 am London Staff-Call Personnel Ltd 12.00 pm London Warwick Interiors Ltd 10.30 am Reading Worldcraft Graphic Design & Print Ltd 11.00 am London 30/05/2000 Apex Fabrications Ltd 11.30 am Liverpool Brighton & Hove Racial Equality Serv L 11.30 am Brighton Cardphone International Ltd 12.00 pm London Designspace Ltd 12.00 pm London MIC Fabrications Ltd 11.00 am Holywell Shampaan Balti House Ltd 11.00 am London Wheatcroft Bakeries Ltd 11.00 am Southend-on-Sea
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A survey by PricewaterhouseCoopers of listed British dot.coms suggested that most may run out of cash in less than 15 months because of the high running costs of an Internet start-up. As competition from bricks-and-mortar firms intensifies, making break-even points ever more distant, the future looks gloomy for Britain's new breed of entrepreneurs.
The UK government committed itself more fully to European Defence industries by announcing orders worth 5 billion pounds ($7.5 billion). Britain will purchase Meteor air-to-air missiles from a European consortium rather than an off-the-shelf product from America's Raytheon. It also conditionally ordered 25 A400M transport aircraft from Europe's Airbus consortium.
Germany's Preussag, already Europe's largest package-holiday company, hopes to get even bigger with its bid of 1.8 billion pounds ($2.7 billion) for Thomson Travel, the UK's second-biggest. The bid topped an earlier offer of 1.3 billion pounds from C&N Touristic, a German rival. The combined company would be twice as large as its nearest rival, Britain's Airtours. But the deal is still subject to approval by European Union regulators.
Shares in Compass, a UK catering group, slumped by 15%, shedding around 1 billion pounds ($1.5 billion), on news of an impending no-premium takeover by Granada, a leisure and media conglomerate. The shares fell by another 4.5% when the deal was confirmed. Compass's shareholders appear sceptical of Granada's plan to split off its media operations and create a separate catering group that would include its Meridien Hotel and Little Chef chains.
In opening skirmishes in a biscuit war, rumour suggests that Philip Morris has offered $15 billion for Nabisco Holdings, a move designed to outflank Carl Icahn, a financier who has long coveted the firm. He had offered $6.5 billion for the 90% of Nabisco Group Holdings, owners of 81% of Nabisco Holdings, that he does not already own. Several other companies, including UK's Cadbury, are interested in parts of Nabisco.
Marylebone Warwick Balfour, a UK property company, bought Liberty, a loss-making London department store that had been in family ownership for 125 years, for 72m pounds ($107m). The company will spend 9m pounds refurbishing Liberty's flagship, a mock Tudor pile in central London, and concentrate on developing the Liberty brand.
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:Proposed merger of Petrobank Energy and Resources Ltd and Ranger Oil Ltd
Completed merger between Cinven Limited and Odeon Cinemas Limited
Proposed acquisition by AGIP Ventures Plc of British Borneo Oil & Gas Plc
Chambers of Commerce and Royal Mail ViaCode on Tuesday 16 May launched a new joint venture, called ChamberSign, that will enable business to trade securely on-line and reduce the burden of government red tape.
The first UK initiative to provide the benefit of physical checks on applicants' details, ChamberSign will offer electronic certificates that authenticate the identity of e-commerce traders and guarantee complete privacy for any transactions over the Internet.
Businesses with a ChamberSign certificate will have a software ''key'' that enables contracts and invoices to be scrambled so that they cannot be altered in transit and so that only intended recipients can read them. ChamberSign certificates will also include a software ''key'' that enables users to digitally sign - in a direct replacement of pen-on-paper signatures - any computer-born information.
Chris Humphries, Director General of the BCC, said:
''By ending once and for all the perception that e-commerce is too difficult and risky, ChamberSign will put lower costs, faster delivery and access to new markets within reach of all businesses. ChamberSign will also save companies time and money in their dealings with the taxman and government bodies.''
The BCC is also developing a number of secure business applications to operate with ChamberSign. Exporters will benefit from the new electronic Certificates of Origin, called E-Cert, that will reduce a 3-day process to a matter of hours. An e-procurement platform is also being developed to enable ChamberSign certificate holders to buy and sell in an online environment.
ChamberSign is being developed in collaboration with the Chambers of Commerce of ten European countries, so that within a year it will be possible to use the certificates to trade securely on-line across international borders.
Patricia Hewitt, E-Commerce Minister, who will launch ChamberSign said:
''I am determined that the UK will be the best place in the world for e-commerce. That is why it is important to protect the confidentiality and integrity of electronic business communications, especially given recent concerns about the security of the Internet.
''ChamberSign offers low cost digital signature technology to help British firms feel secure about doing business electronically, which is exactly what our Electronic Communications Bill seeks to promote.''
John Roberts, Chief Executive, The Post Office, said:
''This partnership is uniquely placed to deliver a comprehensive infrastructure for secure business to business transactions in the UK. The trust Royal Mail Viacode has built up with our customers will prove invaluable in tackling business anxieties about on-line fraud and commercial disputes. With Royal Mail Viacode inside, ChamberSign will offer businesses a flying-start into the world of secure e-commerce. ''
Chambers across the UK will be equipped to issue the digital certificates to businesses, with the technical support provided by Royal Mail's digital security service, ViaCode.
ChamberSign certificates will be available for a fee of £50 per annum. That is less than £1 a week and by enabling companies to receive the new £50 discount for electronic VAT returns, the certificates are effectively free.
A series of regional ChamberSign roadshows, hosted by local Chambers of Commerce, will take place across the UK to provide live demonstrations of the service. For more details visit www.ChamberSign.co.uk
ViaCode, the digital security service for Royal Mail, combines the world's strongest and most proven public key infrastructure (PKI) with rigorous identification and control procedures, letting organisations use the Internet and other networks confidently for even the most sensitive information. The ViaCode portfolio includes security for e-mail and file attachments, for virtual private Web server user groups, and for securing computer files in storage.
A concise overview of the technology, security policies and procedures underpinning ViaCode is available at www.viacode.com
23 May 2000 The ICM National Conference and Exhibition Cumberland Hotel, Marble Arch, London W1 Credit Management in the Electronic Age For more details of the Conference or to exhibit phone the ICM Training department on 01780-722907 23 to 25 May 2000 Internet World 2000 Earls Court 2, London www.internetworld.co.uk 16 June 2000 The ICM Fellows Luncheon Royal Air Force Club Piccadilly, London W1.Tickets are #39.50 plus vat each. To reserve tickets contact the ICM Training Department on 01780-722907 fax 01780 721271 e-mail training@icm.org.uk 20 June 2000 The ICM AGM at 3.30pm The Water Mill, Station Road, South Luffenham, Oakham, Leics, LE15 8NB 5 July 2000 E-Commerce for the Credit Manager New ICM Conference Kenilworth, Warwickshire Contact the ICM Training Department on 01780-722907 e-mail training@icm.org.uk Tuesday 3 October 2000 ICM Credit Scotland 2000 (Conference and Exhibition) Hampden Park Football Stadium, Glasgow Anyone interested in attending (or exhibiting) should contact David Ancliffe on (0131 200 8686). Friday 20 October 2000 Millennium Annual Dinner of the ICM Drapers Hall, City of London.
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