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 17
Dated: 30 April 2000
Welcome to the Business Credit News UK.
In this weeks edition you will find the following topics.
UKUK REGIONS INCREASE TRADE IN 1999
The figures for regional imports and exports of goods from H M Customs and Excise have overall shown a steady increase throughout 1999.
The latest figures show that all regions increased the value of their EU exports between the third quarter (Q3/99) and the fourth quarter (Q4/99).The value of exports to countries outside the EU fell very slightly in most regions, however, a strong performance from the West Midlands resulted in a small overall increase for Q4/99.
The pattern for most regions for 1999 is of a steady increase in the overall value of their exports.
By value, imports remained stable during Q4/99. The largest increases in the value of imports from outside the EU were in Northern Ireland (17%) and the South West of England (12%). Yorkshire & the Humber recorded an increase in the value of imports from the EU of 23%; their neighbour, the North East, was next highest with 15%.
During 1999, the number of companies reporting exports, to EU and non-EU destinations, showed a modest increase, each quarter, for most regions. There was a similar picture for imports from the EU, however, the year's figures show a gradual decrease in the number of companies importing goods from outside the EU.
For further information traders and their advisers should contact David Simpson or Laura Harkes-McKenzie at Customer Services, Tariff and Statistical Office, HM Customs and Excise, 5th Floor South Central, Alexander House, 21 Victoria Avenue, Southend-on-Sea, Essex, SS99 1AA.
MANUFACTURING RECOVERY STALLS AS BUSINESS CONFIDENCE FALLS FOR THE FIRST TIME IN A YEAR
The manufacturing recovery has stalled with business confidence falling for the first time in a year, according to the Confederation of British Industry.
The CBI's Quarterly Industrial Trends Survey, out last Wednesday, shows that twenty two per cent of firms are less optimistic than four months ago, while twenty per cent are more optimistic. This gives a balance of minus two, down from plus nine in January.
Total orders fell over the past four months, reversing the rise seen in the last survey. Twenty eight per cent of firms said orders were down while twenty four per cent said they were up. The balance of minus four is down from plus nine in January.
A look at the underlying trends reveals that domestic orders are flat and that export orders have fallen. Over the next four months, companies expect a rise in domestic orders to offset a further fall in export orders, enabling total orders to stay broadly stable.
The survey shows confidence about export prospects for the year ahead falling at the fastest rate for a year. Twenty nine per cent of firms were less optimistic while 19 per cent were more optimistic. The balance of minus 10 compares with plus two in January.
Output failed to rise as expected over the past four months and firms expect no growth over the next four months. The factor most limiting output is shortage of demand followed by a shortage of skilled labour, which is more of a constraint than at any time for two years.
Nick Reilly, Chairman and Managing Director of Vauxhall Motors, heads the CBI's Economic Affairs Committee. He said: "These results are generally depressing and send some ominous signals. They suggest that the hoped for recovery has stalled and that manufacturing is on the brink of slipping back into decline, pushed by the strength of sterling.
"There is now an opportunity for the Bank of England to leave interest rates on hold, indicating that they have peaked and encouraging a decline in the exchange rate. With few signs of inflation across the economy in general, the MPC has little justification for doing anything else."
Employment dropped over the past four months at the fastest rate since July, with 34 per cent of firms reporting a fall and 17 per cent a rise. The minus 17 balance compares with minus 14 in January. Companies expect further job losses over the next four months.
Domestic prices fell more sharply than expected over the past four months. Unit costs fell more slowly than prices, squeezing profit margins. Over the next four months, firms expect domestic prices and unit costs to fall at a similar rate, easing the squeeze on profit margins.
Firms expect a marked decline in plant and machinery investment over the year ahead. The most important constraint is an inadequate net return on investment, which remains at the highest level on record, followed by uncertainty about demand.
Mr Reilly said: "It is hard to justify long-term investment in an environment where manufacturers' efforts to improve productivity are easily outweighed by an increasing tax burden, higher interest rates and higher exchange rates. This reluctance to invest is worrying for the future of our manufacturing base, even if sterling falls from recent highs.
"Everyone who has an impact on manufacturing must take account of the strong messages in this survey and take appropriate action to help get through this difficult period. That includes manufacturers themselves, the MPC in its deliberations on interest rates, the government with its influence over red tape and tax burdens, and those negotiating pay settlements."
The CBI conducted the survey between 23 March and 11 April 2000. A total of 1011 manufacturers replied, of which 685 answered the export questions. During the survey period, sterling averaged DM3.23 and $1.59 compared with DM3.12 and $1.63 in the January survey. Against the euro, sterling averaged 1.65 during this survey and 1.59 during the January survey.
BYERS RECEIVES ROVER TASK FORCE REPORT
Stephen Byers, Secretary of State for Trade and Industry last week received the interim report from the Rover Task Force.
Responding to the interim report Stephen Byers said:
"The interim report identifies the supply chain as being in the most exposed position and where immediate action is necessary.
"I will therefore make up to £10 million available to help companies in the supply chain to modernise, retrain their workers, re-tool and diversify. This is in addition to the £2 million announced previously.
"The report stresses the underlying strengths of the economy in the West Midlands and the availability of a number of key strategic sites which are available for development.
"Through the Invest in Britain Bureau we will publicise these sites with the aim of attracting high quality jobs to the region.
"A total of £15.5 million is already being made available from the Employment Service to support a Rapid Response Unit and Fund to help those who lose their jobs. This will provide individually tailored advice and assistance, as well as fast tracking benefit claims and providing access to new training opportunities.
"These are immediate steps which we are taking. This is a developing situation and I have asked the Task Force to provide me with a final report by the end of June.
"In the meantime the government will continue to respond to issues as they arise and do all we can to help the workers at Longbridge and support the wider economy in the West Midlands"
THE EURO
The Euro fell to new lows against the dollar, dipping below 91 cents at one point, as institutional investors sold off the currency. The euro's weakness prompted the European Central Bank to raise its key interest rate by a quarter point, to 3.75%.
Contributed by Stephen Cowan, Yuill & Kyle, Debt Recovery Lawyers, Scotland. E-mail Stephen Cowan scowan@yuill-kyle.co.uk
Reports that the Scottish Executive will adopt the Scottish Law Commission's suggestions by supporting reform of enforcement rather than its complete abolition have left Tommy Sheridan, who has introduced a Private member's bill seeking its outright removal, furious.
The Executive's stance is that the current system of poinding and warrants sale (approximately equivalent the English execution) should be reformed by having additional goods exempt from poinding. Also poinding will be incompetent unless a court officer is able to claim the anticipated proceeds of sale will cover all the potential sale expenses in addition to a proportion of the actual amount of the debt.
The intention behind the Executive's reforms is to allow sales to take place only where debtors have sufficient assets. This will avoid situations where the sale expenses are not even being covered which could leave the debtor in a worse off position. So a debtor who can pay a debt will still face the ultimate sanction of having goods removed to satisfy a court order whilst those who cannot pay the debt will avoid this process.
It is also proposed domestic poundings-as opposed to commercial poundings- (this is where the court officer appraises a value on the goods) will not take place unless the court grants a special order allowing the sheriff officer to enter the debtor's dwelling for this purpose. So domestic poundings should be minimized whist the status quo against commercial debtors will remain.
Mr. Sheridan is of the opinion the Executive's stance will provoke a rebellion amongst Labour MSP's. This is because his bill has been promoted as an anti-poverty measure that has attracted much left wing and cross party support. Indeed the Parliament's three committees which took evidence all concluded warrant sales should be abolished as being an inhumane measure although the Justice Committee (which was the lead committee) did not want them abolished until an alternative could be found. Sheridan is reported to have said the Executive's stance "is breathtaking arrogance and an insult to the Scottish Parliament and to the poor people of Scotland.
The trouble was that when the Law Commission reported back to Justice Minister Jim Wallace they examined over forty other countries all of which retained the principle of the attachment of debtors' moveable property against a court's judgment. So what the Executive have tried to do is "square the circle" by protecting the legitimate interests of the "can't pays" whilst at the same time ensuring effective sanctions are in place for the "can pays" and, in particular, the commercial debtor.
The Bill will be debated on 27th April and only time will tell whether the Labour and Liberal Democrat MSP's will be whipped into supporting the Executive's suggested reforms or whether the anticipated rebellion will take place.
THE OUTCOME OF THE DEBATE
I witnessed the Scottish Parliamentary debate on the afternoon of the 27th April when it was decided to abolish poindings and warrant sales (equivalent to English enforcement). The concept of attaching a court's judgment to moveable property was branded by the Private Member's Bill's sponsor, Tommy Sheridan, as "an establishment tool of terror in the hands of unaccountable sheriff officers used to humiliate the poor…and as modern day barbarism"
Justice Minister Jim Wallace urged the Parliament to reject the Bill and adopt an Executive amendment which itself would offer complete abolition but only until an alternative had been found. However this suggestion found little favour with the majority of the Parliament, including many backbench labour members. Faced with the embarrassment of defeat the amendment was withdrawn.
What does all this practically mean from a legislative point of view? The Bill has now passed stage 1 which means the Parliament agreed with the sentiment poindings and warrant sales should go. It has to be said there was almost universal support for this. Worst-case examples of enforcement were illustrated where societies most disadvantaged suffered warrant sales for council tax. Indeed one labour Member said she only joined the party to see them ultimately banned!
The bill now moves onto its committee stages. It is hoped some of the reforms the Executive wished adopted can be incorporated into the bill at these junctures. The Executive said they would establish a Parliamentary working party to put in place an alternative system of enforcement by 2002(devoid of warrant sales) whilst, at the same time, ensuring a workable system existed to ensure those who could pay their debts did. This would include the commercial debtor.
Quite what the Executive has in mind has not been discussed. The abolition part is easy. But what will be put in place to deal with the "won't pays" will be a more difficult nut to crack. This is particularly so since The Scottish Law Commission who reported on the issue at the behest of the Justice Minister provided over forty examples of other countries where goods can be removed following a court's order. The Executive gave no indication how they would approach this issue.
It seems a great opportunity has been missed by failing to adopt The Law Commission's many reforms, which, if implemented, would mean all the examples given of excessive enforcement would no longer arise. It is also a source of deep regret the Justice Minister, who sat on the Commission's Report for over a month, made no reference to their swathe of suggested reforms during his speech. The Law Commission may be forgiven for feeling they completely wasted their time and also aggrieved their gigantean efforts were given no recognition at all during the debate.
In view of the total abhorrence of the current system it may be the Executive will, in the near future, extend the range of items, which can be exempt from poinding. By so doing it will mean domestic poindings may well be a thing of the past. The Parliament did accept, almost en passant, measures should exist for commercial poindings but how these will be dealt with will be anyone's guess.
What was also apparent from the mood of the Chamber was the universal characterization of poindings and warrant sales for consumer debt as a cruel and inefficient way to recover money. Also those enforcing the court's judgments were castigated as heartless who could be compared to Rottweilers.The effect of this may be those instructing domestic sales could be tarred with the same brush. There could be demonstrations against warrant sales organised by the abolitionists. Sheriff Officers will no doubt be a little more wary when carrying out a sale after 27th April.
In short, my advice to those involved in the recovery of consumer debt is that they should think carefully before instructing either a poinding or warrant sale. These should only be considered as a last resort. Alternatives such as bank arrestment or, where appropriate, insolvency processes should be considered.
This may not appear to be a logical conclusion but it has to be said the Executive have not provided any sort of guidance as to what the alternatives should be. Nor, would it appear, have they dealt with the issue competently at all. They have offered absolutely no guidance or indication whatsoever as to what reforms should be put in place, making no reference to the Law Commission's proposals which they themselves commissioned.
Indeed one distinguished commentator has observed the way the Executive have dealt with the entire debate the words "organization" and "brewery" come to mind!
With regards commercial debtors the Parliament grudgingly accepted poindings might be justifiable although what reforms will be forthcoming will be anyone's guess. Whilst I will carefully follow the workings of the Parliamentary Committee which will attempt to introduce an alternative system of enforcement for a "modern Scotland" the opportunity for outside bodies such as The Law Society of Scotland or The Institute of Credit Management to assist the workings of the Committee must be seen to be extremely limited.This will be particularly so, not least because Tommy Sheridan will be more likely than invited onto the Committee-and let's face it protecting commercial creditors' interests is not particularly high on his agenda!
MORTGAGE POSSESSION STATISTICS FIRST QUARTER 2000
The Lord Chancellor's Department on the 26 April published figures for mortgage possession actions entered in the county courts of England and Wales for the first quarter of 2000.
In the first quarter of 2000 the number of actions entered was over 14% less than the first quarter of 1999. For the same period, figures show a decrease of 35% in orders made (62% of orders made were suspended - the same as the first quarter of 1999).
Table 1 shows the number of mortgage possession actions entered for each year, by quarter, since 1994. During the first quarter of 2000 19,302 mortgage possession actions were entered and a total of 11,649 orders were made - 7,221 of which were suspended orders.
The figures do not indicate how many houses have been repossessed through the courts; not all the orders will have resulted in the issue and execution of warrants of possession.
The data provided in each of the tables relate to mortgage possession actions entered and orders made in county courts in England and Wales. Figures for suspended orders are also provided.
The data cover both local authority and private (e.g. banks and building societies) mortgages.
The 1999 and 2000 figures are provisional and therefore liable to revision to take account of any late amendments.
The figures do not indicate how many houses have been repossessed through the courts; not all the orders will have resulted in the issue and execution of warrants of possession.
Figures on mortgage possession actions are published on a quarterly basis. Publication date of the figures for the second quarter of 2000 will be 26 July 2000.
Table 1 MORTGAGE POSSESSION ACTIONS
(Local Authority and Private)
Year Quarter Actions Entered Orders Made1
1994 1 21 968 17 776
2 22 178 19 362
3 22 803 20 772
4 21 009 19 771
87 958 77 681
1995 1 21 345 18 830
2 19 560 18 801
3 22 084 19 028
4 21 181 18 599
84 170 75 258
1996 1 23 987 20 297
2 19 253 18 825
3 19 092 16 953
4 17 526 15 128
79 858 71 203
1997 1 16 298 14 649
2 16 566 14 550
3 16 778 13 999
4 17 431 13 958
67 073 57 156
1998 1 18 536 16 497
2 19 449 16 247
3 22 919 17 101
4 23 932 16 210
84 836 66 055
1999 1 22 525 18 057
2 20 826 15 946
3 19 478 13 997
4 19 794 12 657
_______ _______
82 623 60 657
2000 1 19 302 11 649
1 Including suspended orders
Note: new practices and fees were introduced when the Civil Justice Reforms were implemented on the 26 April 1999.
ECGD BACKS MAJOR TURKISH STEEL ORDER FOR CORUS
Richard Caborn, the Minister for Trade, announced last week that ECGD backing had helped Corus (formerly British Steel) win a major contract to supply Turkish Electricity, Generation and Transmission Corporation (TEAS) with 70,000 metric tonnes of steel.
The steel is to be used in boiler structures forming part of the Afsin Elbistan B Thermal Power Station under construction in southern Anatolia, south west Turkey. The 4 x 360 megawatt conventional type lignite-fired Power Plant, will help Turkey redress the country's severe shortage of electrical power.
Corus has been sub-contracted by an international consortium of German, Japanese and Turkish companies responsible for completinthe overallll project.
ECGD is underwriting a US$35 million loan to TEAS, arranged by the consortium's fundraisers, Citibank N.A., to help finance the purchase of the steel. Finance will be made available through a 'Paperless Loan Agreement' (a one-off 'bank to borrower' loan which cuts out the need for bills or notes of exchange).
Mr Caborn said:
"I am delighted that ECGD has been able to help Corus take part in this important contract. The order will provide valuable work for a number of the company's steel mills around Britain. I also understand that two other companies, in Middlesborough and Sheffield, have already benefited from orders placed with them for floor grating and structural fasteners.
"Once again ECGD's flexible approach to supporting UK exporters has enabled necessary financing to be put in place, simply and quickly."
Kieron Wilkinson, Managing Director of Corus International Market Unit, added:
"ECGD has been an essential partner, enabling us to win this contract against fierce international competition. The contract will provide a good base load for a number of our steel mills around Britain, namely Redcar, Scunthorpe, Motherwell and Corby, with deliveries over a two year period commencing July 2000".
ECGD backing for this contract has been put together by means of a Supplier Credit Finance facility which allows the supplier to pass payment risk to its bank which, in turn, is able to call upon an ECGD guarantee. Under a 'Paperless Contract' the bank in the UK sets up a one-off Loan Contract with a borrower overseas to finance the sale of UK goods and services, leaving it to the borrower to sort out its own credit arrangements with the buyer.
The Consortium for this contract comprises Mitsubishi Heavy Industries Ltd, Japan; Babcock Kraftwerkstechnik GMBH, Germany; Gama-Tekfen-Tokar J.V., Turkey; Enka Insaat ve Sanayi A.S., Turkey and Mitsubishi Corp., Japan.
TEAS (Turkiye Elektric Uretim-Iletin A.S.) the Turkish Electric Generation and Transmission Corporation, is the government agency in charge of the Turkish power sector. The Afsin Elbistan B Thermal Power Plant is set for final commissioning in 2004.
*** 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
*** Forthcoming Creditors Meetings *** Contributed by http://www.insolvency.co.uk For more detailed information and ALL the British Isles insolvencies (liquidations, receiverships, administrations, dividends, creditors) please visit http://www.insolvency.co.uk From 01/05/2000 to 09/05/2000 Number of Creditor meetings : 166 Section Company Time Venue 138 Scotland - Interim Liquidator calling Creditors Meeting 02/05/2000 Vespen Ltd 11.00 am Aberdeen 03/05/2000 Damac Display Ltd 03.00 pm Glasgow 04/05/2000 PGD Contractors Ltd 02.00 pm Glasgow 05/05/2000 King Premier Foods Ltd 11.00 am Glasgow 08/05/2000 Hermes Training Ltd 12.00 pm Glasgow ITD Transport Ltd 03.00 pm Glasgow 23 Administrator Calling a meeting of Creditors 02/05/2000 Booth Equipment Ltd 03.00 pm Sheffield Booth Plant & Equipment Ltd 03.30 pm Sheffield 03/05/2000 Swindon Town Football Club Co Ltd 11.00 am Swindon 48 Receiver calling unsecured Creditors Meeting 02/05/2000 Cover Shots International Ltd 11.30 am London Curbishley Foundations Ltd 10.30 am Manchester Curbishley Holdings Ltd 10.30 am Manchester Curbishley Joinery Ltd 10.30 am Manchester Curbishley Ready Mixed Concrete Ltd 10.30 am Manchester Curbishley Transport Ltd 10.30 am Manchester Kouchini Ltd 11.00 am Sheffield Pickmere Labour Services Ltd 10.30 am Manchester 03/05/2000 Cockney Rebel Plc 11.00 am London Menai Medical Care Ltd 10.30 am Anglesey Westwood Care Ltd 10.30 am Manchester William Lusty Holdings Ltd 10.30 am Manchester 04/05/2000 Bluestorm Enterprises Ltd 11.00 am London 05/05/2000 Kids International Ltd 10.30 am Southampton 08/05/2000 Gull Trailers Ltd 10.30 am Nottingham Kenwootton Ltd 10.30 am Nottingham Wootton Trailers Ltd 10.30 am Nottingham 67 Scotland - Receiver calling Meeting of unsecured Creditors 02/05/2000 Peter Thompson (Wheelchairs) Ltd 11.00 am Glasgow 04/05/2000 Caledonian (1998) Ltd 10.00 am Glasgow 84 N. Ireland - Creditors Voluntary Liquidation 05/05/2000 Key Advertising Ltd 11.00 am Belfast 95 Members converting to Creditors Voluntary Liquidation 05/05/2000 Keash Systems International Ltd 02.30 pm London 98 Creditors Voluntary Liquidations 02/05/2000 Asset Protection Management Ltd 11.45 am London Crimwell Ltd 03.00 pm Stanmore Curbishley Construction Ltd 11.15 am Bury Demon Sport Ltd 02.45 pm Kings Lynn Design Partners (Cornwall) Ltd 11.45 am Plymouth Dessous Ltd 11.00 am Nottingham Dollwood Ltd 02.30 pm Newcastle E E Brown Ltd 02.15 pm London Eurotech Cambridge Ltd 11.30 am London Farmpac Foods Ltd 10.30 am Billericay Foursquare Publishing Co Ltd 10.30 am Impington Future Leisure Ltd 12.00 pm Manchester Goldstock Associates Ltd 11.00 am Sheffield Heat & Control Ltd 11.30 am Glasgow Incamode Ltd 11.00 am Birmingham Jayclass Systems Ltd 10.30 am London Matpost Ltd 10.10 am Leicester Monty Mason Blocks Ltd 10.15 am Bury N F Motorbikes Ltd 10.30 am Sutton Oxgate Joinery Ltd 10.00 am London Premier Functions Ltd 11.30 am Lower Sunbury Prompots Ltd 11.00 am Plymouth Streetbetter Enterprises Ltd 11.00 am Sheffield T G C Ltd 12.00 pm London Tomkinson Construction Ltd 12.00 pm Liverpool 03/05/2000 Advanced Auto Assistance Ltd 02.30 pm Norwich Arrow Services (Doncaster) Ltd 11.15 am Bately Avanti Group Ltd 12.00 pm Southampton B W Installation & Design Ltd 11.30 am Preston Chapman Bros Ltd 02.00 pm Chatham Comms 2000 Ltd 10.30 am Lichfield Cyberkap Ltd Gillingham Digital Film Mastering Ltd 12.00 pm Camberley Emelbe Construction Ltd 10.30 am Reading European Storage Systems Ltd 11.30 am Lutterworth Evenword Ltd 10.30 am Bingham First County Garages Ltd 11.30 am London Gordana London Ltd 03.30 pm London Groove Corporation Ltd - The 11.30 am Birmingham Hanson Advertising Ltd 11.30 am Blackburn Harris Brothers (Contracts) Ltd 12.00 pm Bristol Harris Brothers (Manufacturing) Ltd 12.00 pm Bristol Interport Haulage Ltd 11.00 am Chelmsford JRB Concept Designs Ltd 04.00 pm London John Crawford & Sons (Decorators) Ltd 11.30 am Altrincham Keyhawk Ltd 10.30 am Driffield L S Recycling Ltd 02.30 pm Paisley Larnell (Insurances) Ltd 10.30 am Southend-on-Sea Lion Marketing Strategies Ltd 11.15 am Portsmouth Marsh Homes Ltd 02.30 pm Southampton Nichrome Pipe Fittings Co Ltd 11.00 am Redditch Psonnet Ltd 11.30 am Manchester Redline Distribution Ltd 03.00 pm Swansea Robertshaw Transport Services Ltd 11.15 am Grantham Shire Oak Ltd 04.00 pm Birmingham Smiths Press Production Works Ltd 03.45 pm Birmingham Spectra Dyers Ltd 10.30 am Leicester System Designer UK Ltd 04.00 pm London Tubular Access Ltd 04.00 pm London UK Essentials Ltd 10.30 am London White Owl Press Ltd 10.00 am Bingham 04/05/2000 Archarena Ltd 11.30 am Sharnbrook Associated Computer Services Ltd 12.00 pm Manchester Basta Pasta Ltd 11.00 am London Brennand Enterprises Ltd 11.00 am Burnley Dinglis Property Services Ltd 03.00 pm London Eastbourne Glass & Glazing Ltd 11.00 am Eastbourne Easymead Ltd 11.00 am London Finetex Ltd 03.30 pm London Freshbright Cemeteries Ltd 12.00 pm London Heritage Demolition Ltd 11.30 am Liverpool JTM Electrical Co Ltd 10.30 am Manchester Just Gates Ltd 11.00 am Carmarthen Kennedy Inns Ltd 11.00 am Clwyd Launchearly Ltd 11.30 am London Musicwriter Ltd 11.00 am Edinburgh Network Clothing Ltd 11.00 am Wolverhampton Newlins Computing Consultants Ltd 10.30 am Salisbury North Wales Three Piece Suite Co Ltd 10.30 am Liverpool Overload Copying Ltd 11.00 am London Pelican Foundry Ltd 11.30 am Chatham Pet-Reks (Anglia) Ltd 12.00 pm Royston Quad Computer Solutions Ltd 03.45 pm Bristol Queally Construction Co Ltd 11.45 am London Robert Sturdy Travel Ltd 10.30 am Leeds S D R Ltd 12.00 pm Hale Swan Garages (Wickford) Ltd 11.30 am Southend-on-Sea Turnkey Technical Publishers Ltd 11.45 am Croydon 05/05/2000 Adtech Ltd 10.30 am Droitwich Spa Arbex Ltd 10.30 am Barnwood Birmingham Fan Ltd 11.00 am Birmingham Brunel Commercial Products Ltd 11.00 am St Albans Bushfarm Ltd 11.30 am Leeds Claverdon Films Ltd 11.30 am London Computer Experts (International) Ltd 11.30 am Brighton Computer Experts (UK) Ltd 11.00 am Brighton Display & Lampshade Wire Product Ltd 10.15 am Epsom Electrical Spares (Wholesale) Ltd 11.30 am Liverpool Folkestone Freight International Ltd 11.00 am Dartford HCS (Nottingham) Ltd 10.30 am Nottingham Limelight Academy Perform Arts Ltd 02.30 pm Southampton Mawplas Associates Ltd 02.30 pm Leicester Natplas Ltd 10.30 am Cardiff Pendacast Ltd 11.00 am Birmingham Rendlequay Ltd 11.30 am Bristol Southport Office Supplies Ltd 03.00 pm London Sovereign Catering Ltd 12.00 pm Ashford Topmere Ltd 12.00 pm Swansea Tradebuild (Luton) Ltd 12.00 pm Luton UK Woodturning Ltd 10.30 am Warrington W 2 W Ltd 11.00 am London Winelink International Ltd 11.30 am London 08/05/2000 Chariots Automotive Innovations Ltd 11.00 am London Culinary Crafts Ltd 11.00 am Sheffield Dalmani Knitwear Ltd 11.30 am Nottingham Discount Fuels (Northern) Ltd 10.30 am Gainsborouh IQ Marketing Partnership Ltd 03.30 pm Slough Lexiconi Construct & Development Co Lt 10.15 am Kingston-u-Tham One Only Ltd 02.30 pm Richmond Red Tag Imports Ltd 03.00 pm Manchester TFM Facilities Services Ltd 11.30 am Manchester Toy Planet Ltd 10.15 am London Wallace Clark Services Ltd 11.30 am Darlington Yamina Ltd 12.30 pm London 09/05/2000 Coastal Foods International Ltd 12.00 pm Manchester Confidential Document Destruction Ltd 11.00 am Evesham Embassy Exhibitions Ltd 12.00 pm Birmingham Hussain Central T V Ltd 11.00 am Birmingham John Thompson Builders & Contract Ltd 10.30 am Derby Kato Communications Ltd 11.15 am London Lyrescourt Ltd 11.00 am Wolverhampton Retreat (West Sussex) Ltd - The 11.30 am London Right Handed Frog Ltd 11.00 am Brighton S N S Posters & Publications Ltd 11.05 am Brighton Shaw Design Associates Ltd 11.30 am Lutterworth U S Apparel Ltd 02.30 pm Manchester
TW LW TW LW
USA 1.57 1.58 Canada 2.32 2.35
Austria 23.83 22.98 Portugal 347.24 334.84
France 11.36 10.95 Belgium 69.87 67.37
Finland 10.29 9.93 Italy 3353.76 3233.95
Germany 3.38 3.26 Sweden 14.09 13.84
Holland 3.81 3.68 Switzerland 2.72 2.61
Spain 288.20 277.90 Ireland 1.36 1.31
Australia 2.68 2.67 Denmark 12.91 12.41
Hong Kong 12.25 12.34 Euro 1.73 1.67
Africa Com 10.76 10.47 Saudi Arabia 5.90 5.94
India 68.65 69.15 Malaysia 5.97 6.02
Singapore 2.68 2.69 Norway 14.12 13.65
Japan 169.39 165.39
TW This week LW Last week.
ICI announced pre-tax profits of 73 million pounds, after exceptional charge on turnover of 1,855 million, for the three months ending 31st March 2000. Earnings per share stand at 6.8p.
Ockham announced pre-tax profits of 2.79 million pounds, after exceptional charge, on turnover of 206.3 million, for the year ending 31st December 1999. Earnings per share stand at 3.3p.
Sherwood Group announced pre-tax losses of 23.7 million pounds, after exceptional charge, on turnover of144.5 million, for the year ending 31st December 1999.
British Airways appointed Rod Eddington, currently executive chairman of Ansett, an Australian airline, as chief executive to replace Bob Ayling, sacked last month. One of Mr Eddington's earliest tasks will be to announce BA's first pre-tax loss since privatisation 13 years ago. He declared that "people are the lifeblood of any airline". However, blood will flow: he must oversee cost-cutting involving the loss of over 6,500 jobs.
Source - The Economist
Interbrew, the world's fifth-largest brewer, announced plans for an initial public offering later this year which could value the company at over 7 billion ($6.5 billion). The Belgian company will use the funds to make acquisitions that may include the brewing interests of Bass.
Source - The Economist
Hollinger International, a newspaper group claiming 4m daily sales, said it would sell its local papers in North America and may consider mergers or joint ventures for some of its larger dailies which include Britain's Daily Telegraph, Canada's National Post and the Chicago Sun-Times. Hollinger, led by Conrad Black, will use the cash to prop up its sagging share price.
Source - The Economist
The London Stock Exchange and Deutsche Borse seemed on the verge of agreeing a merger of equals. A successful merger might lead the exchanges to enter a joint venture with America's Nasdaq exchange in an effort to offer a more global service. One obstacle to the merger was how to treat the German exchange's 50% stake in Clearstream, a clearing and settlement company.
Source - The Economist
Standard Life, was forced to allow a vote demutualisation at a special general meeting within three months. Standard Life's market value is estimated at 15 billion pounds ($23.7 billion) and demutualisation would provide a handy windfall for policyholders. The company promised to resist the move vigorously.
MERGER CLEARANCE
Sorry - There is no merger news this week
The UK's transport, leisure and tourism industries will struggle to meet Internet sales targets says a KPMG survey.
Only 3% of total sales are currently made on-line, although almost half of the companies surveyed have the facilities to sell on-line or via e-mail.
And in just three years time the sector is expecting approximately a quarter of all sales to be made via the web. The sector estimated up to 27% of their sales were likely to be conducted via the Internet within three years compared to an UK industry average of 17%.
This is especially worrying when embarking on an e-business strategy as their lack of preparation could see the rise of costly mistakes in areas such as risk management, cross border trading and the tax implications of e-commerce.
The survey, conducted by KPMG's Information, Communications & Entertainment (ICE) unit, revealed the UK transport, leisure and tourism sector is predicting an average of 23% of sales coming via the Internet in three years time. The largest growth is expected by the travel and tourism industries, which are expecting 27% of sales to be conducted via the Internet, whilst hotels and commercial leisure expect it to generate 22%, with a more cautious forecast from the transport organisations at 18%.
Marketing and sales directors of transport, leisure and tourism companies involved in e-commerce strategy were targeted for the survey. They showed a clear desire to embrace new technology, however, surprisingly many appear not to have considered key issues such as risk management, cross border trading and the tax implications of an e-commerce solution.
'It is encouraging to see change has been recognised and valued, however the lack of apparent preparedness and ability to move quickly is worrying. This failing is common across most transport, leisure and tourism industries. Above all else this survey demonstrates that companies that do not have a firm e-business strategy involving customer-focused, transactional solutions available this year will be placing themselves at a severe disadvantage. The future will be decided today,' said Oliver Tant, head of the Transport, Leisure and Tourism practice within KPMG's ICE unit.
'The UK travel market has been slow to move on-line. It is sobering to note that the top five on-line travel agents world-wide are new entrants. The challenges for the UK travel organisations are not only to establish aggressively a credible transactional e-presence but also provide a consistent and high quality customer service across all the diverse on-line and off-line customer touch points. Those that don't should plan for failure,' said John Fox, principal consultant within KPMG's ICE unit.
Graeme Ross, KPMG lead partner e-Tax solutions, said 'Businesses seeking to go on-line will be faced with new opportunities and risks as a result of access to a wider, global customer base. Trading on-line requires real-time tax decisions to be made by businesses trading in new and unfamiliar markets. It is important that VAT functionality is embedded within the systems to ensure compliance.
'Whilst it is imperative that businesses are aware of the tax compliance issues, it is also commercially essential that opportunities for tax-beneficial structuring of the businesses are realised. Businesses within the TLT sector setting up on-line should consider tax as one of the prime issues which will affect how the business is to be structured. This calls for the integration of tax planning into a business's strategy.'
Phil Keown, ICE partner, Information Risk Management warned 'One of the features we have often seen in companies now moving to embrace these opportunities, is that they often fail to understand the crucial importance of security.
'When they start trading in this way, they must make sure they gain and retain the trust of their new or existing customers and business partners. And this is not only trust in the quality and delivery of their product or service, but trust in how they use and manage customers' personal information and payments.
'To do this, they need to take a hard look at the new risks they face, and consider the enormous impact on their company and their brand if that trust is compromised. Security has to be considered right up front, or they may fail.'
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 16 June 2000 The ICM Fellows Luncheon Royal Air Force ClubPiccadillyly, London W1Ticketses 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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