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: 136
Dated: 21 November 1999
Welcome to the Business Credit News UK.
In this weeks edition you will find the following topics.
UKMOST UK REGIONS SET FOR MANUFACTURING RECOVERY, BUT SOME STILL STRUGGLING - CBI/BUSINESS STRATEGIES
Most UK regions look poised to recover from the manufacturing recession, according to a survey out last Wednesday from CBI and Business Strategies Ltd. However, this recovery is from a very low base.
The latest Regional Industrial Trends Survey shows that output and confidence have picked up in nearly all UK regions over the past four months. The survey highlights two regions in particular where prospects for manufacturers are notably more positive. The North Eastern region has emerged as a clear front runner in terms of improving confidence, orders and output, with a marked rise in export orders apparent over the past four months. The North West also experienced rising total orders and output.
For the majority of regions in the survey, business confidence has started to recover following falls over a lengthy period of time. Output also turned the corner for manufacturers in the East Midlands, Eastern, South East, Wales and Northern Ireland.
Sudhir Junankar, CBI Associate Director of Economic Analysis, said: "Manufacturers in the majority of UK regions are starting to see improvements in business confidence. However, the upswing in confidence is from a very low base and should not be seen as a green light for an interest rate rise, particularly as optimism about export prospects remains weak in most regions reflecting the strength of sterling. This month's rise in interest rates should be the last for some time to come so manufacturers' prospects are not dampened at this crucial turning point."
Some regions are clearly still struggling. Manufacturers in Yorkshire and the Humber, the South West and the West Midlands continue to experience marked falls in both total and export orders. Production was cut sharply in these regions, with heavier job losses than in other regions, particularly in the West Midlands and South West.
Andy Schofield, Managing Economist at Business Strategies, added: " While manufacturing confidence in the majority of regions has stabilised over recent months, it is likely to be some time before this translates into an improved outlook for jobs and investment. Further base rate rises at this stage could well threaten the fragile recovery in confidence and delay any revival in employment and investment even further."
Employment continued to fall over the past four months in the majority of regions and quite rapidly in the South West, West Midlands and the North West. The expected pick-up in output is not expected to translate into rising employment levels. Manufacturing employment is expected to fall fairly rapidly in the North East, East Midlands, Eastern, South West, North West, West Midlands and Scotland.
Continued pressure on margins, as a result of domestic prices falling faster than unit costs in most regions, has meant that in only three regions - North East, West Midlands and Scotland - manufacturers have recorded positive intentions for investment over the coming year. However, it is clear that firms in the majority of regions are now notably less pessimistic about investing in plant and machinery than they have been over the past year.
DIGBY JONES APPOINTED TO SUCCEED ADAIR TURNER AS DIRECTOR-GENERAL OF THE CBI
Digby Jones, Vice Chairman of Corporate Finance at KPMG, is to succeed Adair Turner as Director-General of the Confederation of British Industry.
Members of the CBI's National Council approved the appointment at their meeting in London last week. Mr Jones will take over as Director-General on 1 January 2000.
Digby Jones commented:
"As a committed CBI member since 1991, I am looking forward to leading this great organisation into the new millennium.
"It will be a challenging time for British business - for the creation of new exciting businesses as well as the continued development of existing businesses.
"I believe wealth creation is the agent for constructive change and improvement for all of our society.
"Personally, I believe the CBI can make a real difference at this time of great change and I am determined that it will. "I intend to use my five year term to build on the many successes of Adair Turner and, with the economy in good shape, will spend my early months examining key policy areas of growing concern to business, not only transport, regional development, planning and training but also European issues."
Digby Jones, 44, started his career with corporate law firm Edge & Ellison in 1978. After completing Articles, he worked in Property and Commercial Law and was made a Partner in 1984, developing a specialisation in corporate affairs in the mid-eighties. It was in corporate finance and client development that he made his name and he was involved in most of the management buy-outs and major merger and acquisition activity in the West Midlands in the late 1980s and early 1990s.
He was responsible for developing the firm's London presence and establishing representation in many European countries and several States in America. During his time at the helm the firm doubled its turnover and grew to some 75 partners and 700 staff. He was made Deputy Senior Partner in 1990 and Senior Partner in 1995.
Digby Jones joined KPMG in 1998 as Vice Chairman of Corporate Finance where he has acted as close adviser to many public companies across the United Kingdom. He has also worked on the development of KPMG's global markets (the firm has in excess of 100,000 people in 160 countries world-wide) to ensure consistency of service levels and quality of approach towards major global clients.
Digby Jones is married to Pat. He enjoys the theatre, skiing, cycling and rugby. After many years in the West Midlands, he now lives in London.
SINGAPORE SIGNING
UK and Singapore sign Memorandum of Understanding on E-commerce
The United Kingdom and Singapore on the 18 November signed a Memorandum of Understanding (MOU) on co-operation in information and communications technology and services (ICTS), and e-commerce.
The agreement was signed by the Minister for Communications and Information Technology of Singapore, Yeo Cheow Tong, and Mrs Patricia Hewitt MP, Minister of State for Small Business and E-commerce of the United Kingdom.
The UK and Singapore are at the leading edge of the digital economy and share strong interests in furthering the promotion and development of global ICTS, in particular e-commerce. This MOU will strategically position Singapore and the UK as gateways for e-commerce into Asia and Europe respectively.
The following areas of co-operation have been identified:
Singapore has established similar Government-to-Government co-operation with Canada in 1997 and with Thailand and Australia in 1999.
The Lord Chancellor's Department on the 19 November published a Discussion Paper on Alternative Dispute Resolution, or ADR. It can be read on the Department's website: www.open.gov.uk/lcd (see What's New?)
In line with the Government's commitment to modernisation, the Department aims to develop a strategy for the use of ADR, and to ensure that planned action will deliver the right results to meet the needs of users.
Although forms of ADR appear to meet many of the principles for effective civil justice, the proportion of people with legal problems who choose to use them has remained very low - even when there are convenient, free schemes available.
The Discussion Paper asks why this should be and seeks a range of views from all interested groups.
At his speech to the Chartered Institute of Arbitrators last week, the Lord Chancellor, Lord Irvine said, "Mediation conjures up images of an easier, friendlier route to the resolution of disputes than gladiatorial conflicts in the courts from which often only the lawyers are thought to emerge as the winners.
"Arbitration at its best can offer an expert in the field of the dispute, giving a quick, reasoned decision at the parties' convenience. But alternative dispute resolution does not prove itself, but must be proved to be effective.
"Arbitration always produces a result, but at what cost? What makes arbitration an attractive option in some cases, but not in others? How often does mediation succeed? In what areas? At what cost to the participants? How often does it fail? When mediation fails, is it to be counted as an extra costly failure on top of what lies ahead - litigation? Or rather, a benefit, even from failure, because of a narrowing of the issues so that the next more litigious stage becomes less costly?
"It is our common interest to go forward - but hasten slowly - we must proceed on the basis of sound analysis and evaluation."
Responses are sought by 25 February 2000.
ADR is a term covering a number of procedures that provide an alternative to the traditional route of going to court. These include:
The paper seeks to find out:
What methods of alternative dispute resolution are now being used, and by whom? Who provides them? What are their advantages for customers, their advisers and the court system? What are the possible problems for users? Which cases ADR methods work best for? How to quantify benefits and savings, and any additional costs. How we can help people with legal problems, and those who advise them, to find out what forms of ADR may be of use to them. How the use of ADR techniques can most effectively be encouraged by advisers, the courts, and the Government. How we can help people and their advisers to be sure that, if they use ADR services, they are of the right quality, and fairly priced. How the procedures and rules for litigation should take account of ADR What role the Government should play. What more we need to find out to answer these questions.
Comments on the issues raised in this paper are sought by Friday 25 February 2000 and should be sent to:
Steve Uttley
ADR Policy Branch
Lord Chancellor's Department
Selborne House
54-60 Victoria Street
London SW1E 6QW
The Secretary of State for Trade and Industry presented petitions in the High Court last week to wind up S & D de Geneva plc ("S & D") and ECU European Consulting Union Limited ("ECU"). The petitions follow enquiries into S & D and ECU under Section 447 of the Companies Act 1985.
On the application of the Secretary of State the Court appointed the Official Receiver as provisional liquidator of the English companies pending the hearing of the petitions on the 12th January 2000.
S & D has received funds from members of the public in Germany contributing to an investment scheme and has lost a substantial amount of the funds in speculative ventures in the UK and Eastern Europe.
The registered office of the companies is at 5 Cornfield Terrace, Eastbourne, East Sussex BN21 4NN (the address of the auditors).
Whilst they both appear to have operated from serviced offices at Islington Business Centre, 14-22 Colemans Fields, London N1 7AE correspondence continues to be addressed to Princes House, 95 Gresham Street, London EC2V 7NA, a former trading address.
The petitions have been presented under Section 124A of the Insolvency Act 1986.
All public enquiries concerning the companies should be made to:
The Official Receiver
21 Bloomsbury Street
London WC1B 3SS
*** 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 22/11/99 to 30/11/99 Number of Creditor meetings : 195 Section Company Time Venue 138 Scotland - Interim Liquidator calling Creditors Meeting 26/11/99 MMI Group Ltd 10.00 am Aberdeen 29/11/99 Coronagrove Ltd 10.30 am Edinburgh Discovery Partnership Ltd 02.30 pm Edinburgh 23 Administrator Calling a meeting of Creditors 24/11/99 A T Bull Ltd 12.00 pm Newport 26/11/99 Oak Tree Health Care Ltd 10.00 am Sheffield 48 Receiver calling unsecured Creditors Meeting 22/11/99 Welland Holiday Hire & Sales Centre Lt 02.00 pm Nottingham 26/11/99 ID Bar & Restaurant Ltd 11.00 am London 29/11/99 Cartel International Ltd 11.00 am Guildford 84 N. Ireland - Creditors Voluntary Liquidation 26/11/99 S. Hazlett (Tractors) Ltd 11.00 am Belfast 95 Members converting to Creditors Voluntary Liquidation 24/11/99 Tradecrest Ltd 11.00 am Ashford 98 Creditors Voluntary Liquidations 22/11/99 Air Marketing International Ltd 10.30 am Watford Angel Gold Ltd 02.00 pm London Armani Contruction Ltd 10.30 am Cambridge Aston House (Birmingham) Ltd 11.00 am Rugby Corlyn Contractors Ltd 11.30 am Lutterworth Cotec Contracts Ltd 11.00 am Birmingham Cue Pro-Audio Services Ltd 02.30 pm London Dexa-Tex (Decorations) Ltd 11.00 am Norwich Drumlink Ltd 04.00 pm London E.J.S. Steam Cleaners Ltd 12.00 pm London ESL Shipping Ltd 12.00 pm London F S O Cars Ltd 11.00 am Birmingham Hallmark Narrow Boats Ltd 12.15 pm St Asaph Hemhome Ltd 12.00 pm Manchester Hi-Tech Body Repairs Ltd 03.00 pm Birmingham Imaging Dynamics Ltd 11.00 am Leeds J G Engineering (UK) Ltd 10.30 am Sheffield Kabirs Restaurant (Crowthorne) Ltd 11.30 am London L.W. (UK) Ltd 12.00 pm London Mayopark Ltd 03.00 pm Swansea NCEEM Ltd 11.30 am Leeds Nat Ctre of Excel for Environ Mange Lt 10.15 am Leeds Netbuster Ltd 11.30 am Cheadle Netconnections Ltd 11.30 am London Palatine Publishing Ltd 12.00 pm Manchester Refreshing Water Coolers Ltd 12.30 pm London Scene It All Ltd 11.30 am London St Andrews Publishing Ltd 12.00 pm Hale Warwick Plant & Transport Ltd 10.30 am Driffield 23/11/99 3 Way Tapes Ltd 11.30 am Birmingham A V C (Bristol) Ltd 11.00 am Bristol Battlekirk Ltd 11.30 am Nottingham CGP Realisations 1999 Ltd 12.30 pm Bristol Character Mouldings (UK) Ltd 11.00 am Harpenden Circle General Builders Ltd 02.30 pm Paddington Dentoral Ltd 02.15 pm Leeds Empire Holdings Ltd 11.00 am Birmingham Fortune 255 Ltd 02.30 pm Bradford Gainsbridge (Poundbury) Ltd 11.30 am London Gordon Marks Ltd 12.00 pm London Greenheys (Home Appliances) Ltd 02.30 pm Manchester John Newsome Ltd 10.15 am Leeds Jones Bros Preston Ltd 11.30 am Preston Mens Apparel International Ltd 11.00 am London Mister Donut United Kingdon Ltd 02.00 pm London Notealpha Ltd 11.00 am London Nrthrn Cntr for Leisure Accreditation 10.30 am Sheffield Octar Ltd 03.00 pm Carlisle Paul Alder Landscaped Gardens Ltd 11.00 am London Piano Club Ltd 12.00 pm London Pixiemade Ltd 11.00 am Preston Ruf Automobile Great Britain Ltd 11.00 am Egham SAG Clothing Ltd 12.00 pm London Salford Metal Finishers Ltd 10.15 am Manchester Saturn Automotive Services Ltd 03.00 pm Swansea Solid Style Fabrications Ltd 02.30 pm Driffield Trinity Motors Ltd 10.30 am Huddersfield Vale Packaging Ltd 11.30am London Vehicle Test Centres Ltd-The 03.00 pm London Woodbury Lodges Ltd 12.00 pm Sheffield 24/11/99 A & D Transport (UK) Ltd 12.00 pm Manchester Alan Gordon SP Engineers Ltd 11.00 am Rochdale B & M Services (Wholesalers) Ltd 03.00 pm Swansea Big Brother Security Ltd 11.30 am Manchester Border Micro Services (Sunderland) Ltd 02.30 pm Newcastle-u-Tyn Border Micro Services Ltd 11.00 am Newcastle-u-Tyn Business Travel World Ltd 10.30 am Hatfield Capio Ltd 12.30 pm London Carpets on the Floor Ltd 11.00 am Sunderland Castle Inter-Build Ltd 11.30 am Blackburn Concept Home Improvements Ltd 10.30 am Billericay Continental Resources Development Ltd 11.00 am London Fireline Insulation Services Ltd 10.30 am Droitwich Spa Goldspring Developments Ltd 12.00 pm London I W Management Ltd 11.30 am London Idwal Fisher Ltd 10.45 am Leeds JH (UK) Ltd 10.30 am London Lineplus Ltd 10.30 am London Longton Technical Services Ltd 11.30 am Bury Metro Motors (Tayside) Ltd 11.00 am Dundee On Target Supplies Ltd 11.30 am Leicester Produce Marketing Farms Ltd 03.00 pm Peterborough Produce Marketing International Ltd 03.00 pm Peterborough Sashy & Sashy (United Kingdom) Ltd 12.00 pm London Soft Systems 2000 Ltd 10.00 am London Software Solutions & Services Ltd 11.00 am Croydon Switch Information Technology Ltd 11.30 am Alton Upbeat Ltd 11.00 am London Visual Marketing Solutions Ltd 12.00 pm Chesterton Whittakers Imports Ltd 02.00 pm London 25/11/99 A R Williams Ltd 11.00 am Kettering Acme Furniture Co Ltd 11.00 am Birmingham Advanced Research Intelligenc Corp Ltd 03.00 pm Manchester Allwood Venners & Decking Ltd 11.00 am Bristol Chillinc Ltd 02.00 pm Manchester Cinrace Ltd 01.30 pm Newark DPL Electrical Ltd 12.00 pm Chester Dancedale Ltd 11.00 am London Denise McAdam Hairdressing Ltd 02.00 pm London Donnelly Plant Hire Ltd 12.00 pm London Durlston Leisure Ltd 10.30 am Bournemouth E J Hall Engineering Ltd 11.00 am Harpenden Eastwood Door (Holdings) Ltd 12.00 pm London Euro-Connections Ltd 04.00 pm London F R C S Precision Engineers Ltd 10.30 am Nottingham Garhigh Ltd 02.30 pm London Gatley Engineering (Yorkshire) Ltd 11.00 am Sheffield Gemini GB Ltd 11.30 am Bournemouth Home Ice Products Ltd 01.00 pm Newark Innerbase Ltd 12.00 pm London Maronmile Ltd 11.00 am Birmingham Merseyside Pneumatics Ltd 10.00 am Neston Relate Merseyside Marriage Guidance Lt 11.30 am Liverpool Rentdome Ltd 04.00 pm London Russell Close Motors (Lanchester) Ltd 11.00 am Newcastle-u-Tyn Shakers Leisure Ltd 11.00 am London Sloane Furniture Systems Ltd 10.15 am Leicester Style Upholstery Ltd 11.00am Preston Suzi Ltd 12.00 pm London Thrapston Tandoori Restaurant Ltd 11.00 am Collingtree UK Personnel Ltd 11.00 am Southend-on-Sea Wine Arts Ltd 02.45 pm London Wolfsohn & James Ltd 02.00 pm London X-Met (Toolmakers) Ltd 12.00 pm Swindon 26/11/99 A & A Vacuums & Washing Machines Ltd 11.30 am Leicester Avenir (UK) Ltd 10.30 am Reading Charles Bartram Ltd 11.00 am Newcastle-u-Tyn Classical Leather Ltd 11.00 am Harpenden Crumpet Ltd 03.00 pm London Designs by Janet Reger Ltd 11.00 am London Gapdene Ltd 10.15 am Manchester Haigh & Ringrose Ltd 10.15 am Guildford Helste Holdings Ltd 10.45 am Derby Heritage Gifts Ltd 12.00 pm London Hi-Volt Batteries Ltd 10.15 am Bately Kingsdale Morris Business Equip Ltd 10.30 am Cheltenham Kiss Property Services Ltd 03.30 pm London Lincolnshire Business Machines Ltd 10.30 am Warwick Mostec Ltd 04.00 pm London Palm's Bacon Ltd 11.00 am Hereford Phipstone Ltd 10.30 am Warrington R & R Promotion Ltd 12.00 pm London Redesign Plastics Ltd 11.00 am Aldridge Southern Textiles Ltd 03.00 pm London Stephen Palmer Ltd 11.30 am Derby T G H Electrical Systems Ltd 11.00 am London Thermal & Corrosion Alloys Ltd 10.30 am Droitwich Spa Utopa Joinery Ltd 03.15 pm Gatwick Viking 2000 Ltd 10.30 am Chesterton Wall Bonne Ltd 11.30 am London 29/11/99 AJG Investments Ltd 11.00 am London Attendmotor Ltd 11.30 am Conventry Country Graphix Colour Ltd 12.00 pm Cheltenham D & G Contracts Ltd 04.00 pm Southend-on-Sea Erith Engineering Co (Leicester) Ltd 12.00 pm Leicester Fringe Promotions (Swansea) Ltd 11.15 am Swansea John Ham Sound Studio Ltd 11.00 am Swansea Kingsbury Cars Ltd 11.30 am Southampton Leavelite Engineering Services Ltd 10.30 am Warwick Marco Nursery Products Ltd 11.00 am Market Drayton Network Screen Printing Ltd 11.00 am Tring New Horizon Interior Services Ltd 11.15 am Nottingham Open Server Technologies Ltd 11.30 am London PMA Screen Printing Ltd 12.30 pm Tring Palmier Plc 11.30 am London Price Edwards Associates Ltd 10.15 am Kingston-u-Tham Promotional & Marketing Associated Ltd 03.30 pm Tring T-Shirt Co Ltd-The 02.00 pm Tring Wyvern Machine Tools Ltd 11.30 am Lutterworth 30/11/99 A R Haulage Ltd 11.00 am Bristol Awning World Ltd 11.30 am Manchester Brattonway Ltd 12.00 pm London Crestmoore Ltd 12.30 pm Leicester Culverstone Developments Ltd 03.00 pm Welling Direct Windows (Northwest) Ltd 11.30 am Liverpool Fleet Royal British Legion Club Ltd 02.30 pm Fleet Heron Manufacturing Ltd 02.00 pm Halesowen Labtech Installations Ltd 02.30 pm Liverpool MN & MS Precis Plastic Inject Mould Lt 11.00 am Lytham St Annes Nova Travel Ltd 12.00 pm London P J Brennan Plant Hire Ltd 11.15 am Manchester Pero Ltd 11.00 am Haslemere Petro-Tek UK Ltd 12.15 pm Old Harlow Pharmacos Ltd 11.00 am Chelmsford Total Price Ltd 12.00 pm London
TW LW TW LW
USA 1.6277 1.6288 Canada 2.3845 2.3759
Austria 21.5948 21.4738 Portugal 314.620 312.862
France 10.2942 10.2366 Belgium 62.7870 62.9530
Finland 9.3310 9.2790 Italy 3038.69 3021.65
Germany 3.0706 3.0532 Sweden 13.5791 13.5099
Holland 3.4584 3.4390 Switzerland 2.5177 2.5120
Spain 261.110 259.660 Ireland 1.2360 1.2290
Australia 2.5371 2.5361 Denmark 11.6728 11.6018
Hong Kong 12.6505 12.6577 Euro 1.5694 1.5606
Africa Com 10.0149 9.9911 Saudi Arabia 6.1044 6.1087
India 70.6290 70.6450 Malaysia 6.1849 6.1891
Singapore 2.7199 2.7289 Norway 12.8615 12.8114
Japan 172.010 171.330
TW This week LW Last week.
Brockhampton announced pre-tax profits of 4.29 million pounds, on turnover of 14.3 million, for the six months ending 30th September 1999. Earnings per share stand at 6.6p.
Cranswick announced pre-tax profits of 2.91 million pounds, on turnover of 71.2 million, for the six months ending 30th September 1999. Earnings per share stand at 13.6p.
National Power announced a 722 million pound loss, after exceptional charge, on turnover of 1,460 million, for the six months ending 30th September 1999.
Scottish and Southern Energy announced pre-tax profits of 197.1 million pounds, on turnover of 1,325 million, for the six months ending 30th September 1999. Earnings per share stand at 17.5p.
National Power, Britain's biggest electricity generator, is to split its business into separate domestic and international firms. The move has not quelled speculation about a takeover bid; National Power's shares have underperformed badly against the market.
Source - The Economist
Ford, already developing a system with Microsoft to allow consumers to order cars to customised specifications over the Internet, announced that it will test an online bidding system by providing a link on its website with Priceline.com, an online auctioneer. One click will let shoppers compare prices and negotiate with dealers online. Source - The Economist
Priceline.com added to the five major American airlines that it already serves by announcing it will sell tickets for United Airlines, American Airlines and US Airways. The eight airlines together have a 90% share of the market in America. Source - The Economist
British Airways and American Airlines attempted to revive an arrangement to sell tickets for each other's flights, after a previous revenue-sharing and price-setting alliance fell foul of the regulators. Code-sharing will still require approval from American regulators, whose stated price is the further opening of Heathrow airport to 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 merger to the Monopolies and Mergers Commission under the provisions of the Fair Trading Act 1973:Proposed merger between The Royal Institute of Chartered Surveyors and The Incorporated Society of Valuers and Auctioneers
Proposed acquisition by the Royal Bank of Scotland Group plc through Direct Line Group Ltd of certain assets of Cendant Corporation, namely its Green Flag business.
Proposed agreement between Imperial Chemical Industries plc and the Associated Octel Company Limited in respect of AOC's Chlor-Alkali facility.
SCOTTISH & NEWCASTLE/GREENALLS: KIM HOWELLS PUBLISHES DRAFT UNDERTAKINGS
Kim Howells, Competition and Consumer Affairs Minister, has last week published draft undertakings in relation to the proposed acquisition of by Scottish & Newcastle plc ("S&N") of the pubs, restaurants and lodges business of Greenalls Group plc. He wishes to give interested parties the opportunity to comment on the draft text of the undertakings before a final decision on whether or not to refer the merger to the Competition Commission is made.
Dr Howells said:
"On 4 November I announced that I intended to refer this merger to the Competition Commission unless suitable undertakings were received from S&N to remove the competition concerns arising from their acquisition of the pub estate of the Greenalls Group plc. The Director General of Fair Trading (DGFT) had recommended that undertakings should require S&N to dispose of or free from tie within 6 months of the date of completion such number of pubs in those Petty Sessional Divisions as will reduce its share of pubs to 25% or less.
"Having carefully considered the comments which were received, the Office of Fair Trading has recommended that the text of the undertakings to be sought from S&N should be in the form set out in the Annex to this press notice.
"This text corresponds to the outline previously given. Before I reach a final decision on whether or not to refer the merger to the Competition Commission, interested parties should make any representations on this text to the DGFT. Comments should be sent the Office of Fair Trading by 5pm on Friday 26 November 1999."
Section 75G of the Fair Trading Act (inserted by section 147 of the Companies Act 19898 and amended by the Deregulation and Contracting Out Act 1994) enables the Secretary of State for Trade and Industry to accept undertakings as am alternative to making a merger reference to the Competition Commission. The Secretary of State must consider whether such undertakings remedy specific adverse effects of the merger specified by the DGFT which would otherwise lead him to make a reference to the Commission.
Interested parties wishing to make representations on the text of the undertakings should do so in writing by 5 pm on 26 November to Mr R Gaddes, Office of Fair Trading, Field House, 15-25 Bream's Buildings, London EC4A 1PR .
The Government on the 19 November published The Electronic Communications Bill to promote electronic commerce in the UK in the 21st century.
The Bill forms an important part of the Government's policy to develop the UK as the best environment world-wide in which to trade electronically. Microsoft have called the Bill 'the model for Europe'.
Ms Hewitt said:
"This historic Bill will help make the UK the best place in the world to do electronic business. Britain led the world in the first industrial revolution. Now we are determined to be winners in the new knowledge economy revolution. This Government is creating the conditions in which UK businesses can thrive and where the UK becomes first choice for investors.
"Many of our laws are hundreds of years old. They were written for the days of pen and paper. Today's businesses operate with e-mail and digital signatures. We must modernise our laws if we are to compete in the electronic market-place.
"We are determined to get e-commerce law right and get it in fast. That is why we are introducing this Bill in the same week as the Queen's Speech. We are on course to meet our original target for Royal Assent by April 2000 making this one of the UK's first 21st century laws."
Under the legislation:
Following two extensive consultations on the draft Bill with business and the IT industry the Government also announced that:
Home Office Minister Charles Clarke said:
"Encryption is a double-edged sword - both vital to the e-commerce revolution and at the same time a deadly weapon in the hands of criminals. Paedophiles, drug traffickers and terrorists are already using encryption to try and evade justice. This cannot be allowed to continue. As encryption becomes more readily available and easier to use, the need to modernise police powers to enable them to read the material they can already lawfully get access to becomes ever more urgent.
"That is why the Government will provide law enforcement agencies with new powers to access decryption keys and the plain text of lawfully obtained material under properly authorised procedures containing strong safeguards. We have listened and reflected on how best to update the statute book and have decided to take the measure forward this session in the Investigatory Powers Bill instead of the Electronic Communications Bill."
People who welcomed the Electronic Communications Bill include:
Karen Thomson, Managing Director AOL UK who said:
"AOL continually strives to make it simpler and more secure for our members to shop online. By giving legal recognition to electronic signatures, the e-commerce bill provides us with additional scope to enhance member confidence in the medium."
John Browning, co-founder of First Tuesday, Europe's leading meeting place for people, money and ideas in new media and e-commerce who said:
"Trust is the ultimate basis of business success. So creating a regulatory environment that makes the electronic realm at least as consistent, predictable and trustworthy as the physical one is the most important thing Government can do to promote the new generation of internet entrepreneurs transforming Britain's economy - and the world's."
Carl Symon, Chief Executive Officer of IBM United Kingdom Limited, who said:
"IBM welcomes the introduction of this important measure and we hope that it will become law very early in the new Millennium. It is clear from the Bill's text that the Government has listened very closely to what industry has had to say.
"We are delighted in particular that ministers support an industry-led approach to developing trust in emerging technologies and services. It's now down to UK industry to take forward this initiative not only to meet e-commerce requirements in the UK but also to serve as a model for other countries in Europe and world-wide."
David Svendsen, Chairman of Microsoft Ltd, who said:
"With the publication of the Bill, which provides a model for the rest of Europe to follow, we are sending a signal to UK and European businesses that Britain can become one of the best places in the world to do electronic business in the next millennium."
Keith Todd, Chief Executive of ICL, who said:
"This is good news. The separation of the legitimate commerce issues from the law enforcement one is particularly welcome because it shows that Government is listening to what Industry wants.
"We in ICL are contributing to the Alliance for Electronic Business in the development of the self regulatory scheme which we understand will satisfy all the needs of Part 1 of the Bill. This new sense of partnership between Industry and Government will make the UK a great place for electronic commerce."
Keith Chapple, Managing Director Intel UK, who said:
"We are delighted that government has confirmed in the Bill that key-escrow is off the agenda and is focusing on the real issue of legal recognition of electronic signatures which will give a vital boost to business and consumer confidence and promote the growth of electronic business in the UK."
The Bill also includes powers to modernise procedures to modify telecommunications licences. Existing procedures were originally designed for a small number of licence-holders and have become cumbersome and unwieldy now that there are hundreds of licence-holders. The procedures will be streamlined following further consultation with the industry making it easier to adapt licences to changing market conditions.
The Government is working with the Alliance for Electronic Business on a non-statutory, self-regulatory scheme known as the 'T-Scheme'. Good progress is being made and Government will make further announcements during the passage of the Bill.
Mandatory key escrow would have required people wanting to keep their e-mails confidential to deposit copies of their 'electronic keys' with third parties to help law enforcement in case criminal activity was suspected. The Government rejected this policy earlier this year because it would have imposed unfair burdens on law abiding citizens but it would have been able for criminals to evade. Now mandatory key escrow has been ruled out explicitly in the Bill.
The Bill is available on the Houses of Parliament website at:
http://www.parliament.the-stationery office.co.uk/pa/pabills.htm
The DTI has published a summary of responses to the consultation on the draft Bill launched on 23 July. The summary is available on the DTI website: http://www.dti.gov.uk/cii/elec/billsumm.html
LONDON'S NEW MAYOR?
Which one would you choose - visit their websites.
Greater London Forum - Jeffrey Archer
http://www.london-forum.co.uk/
Frank Dobson for Mayor
http://www.frank-dobson.org.uk/
Livingstone for London
http://www.livingstoneforlondon.org.uk/
Glenda Jackson - Campaign for Mayor 1999
http://www.glendajackson.co.uk/
Susan Kramer
http://www.susankramer.org/
7 - 9 December 1999 Online Information 1999 Olympia London 8 December ICM Preliminary Certificate in Credit Management Examination 17 February 2000 The ICM Construction Industry Conference "The Changing Face" Kingsway Hall, London WC2 A must for all those involved in the UK Building and Construction Industry 8 March 2000 ICM Conference on Commercial Credit Fraud CBI Conference Centre, London WC1 Exhibitors should telephone Sheila Simmons at the ICM on 01780-722907
To unsubscribe to this list please send e-mail addressed to listserver@insolvency.co.uk as follows:
unsubscribe credit-news your e-mail name and address
Name: Business Credit News UK
Address: credit-news@insolvency.co.uk
Commands: listserver@insolvency.co.uk
Business Credit Management UK: John Arnold jarnold@creditman.co.uk
Business Credit News UK: Pat Williams pwilliams@creditman.co.uk