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: 133
Dated: 31 October 1999
Welcome to the Business Credit News UK.
In this weeks edition you will find the following topics.
'JustClaim', a simple software package for making court claims, has now been updated. 'JustClaim' allows you to fill-in the court forms on your computer. It also includes extensive guidance notes on filling in the forms and on the current court procedures. Everything you need to make and pursue a claim against a debtor.
The latest version includes a number of additional court forms and an up-to-date list of english & welsh county courts. A demo CD can be requested from the web site.
For more information visit the web site at http://www.justclaim.co.uk
UKCABORN WELCOMES UK'S STRONG EXPORT FIGURES
Goods up by 6 per cent, services up by 3 per cent to all-time high
Trade Minister Richard Caborn has welcomed a significant upturn in the UK's trade figures.
Exports of goods in the three months to August 1999 rose by 6 per cent from the previous three months, from £39.4bn to £41.7bn, while services rose 3 per cent to an all-time high of £16.3bn.
Commenting on the figures, Mr Caborn said:
"Conditions have been tough for exporters in recent times, yet despite this the figures show how strong and successful British firms are becoming in world markets. There have been significant increases in exports in the three months to August.
"Exports to both EU and non-EU countries have risen, contributing to a narrowing trade deficit, which is now at its smallest since October 1998. Exports to North America have surged by 15 per cent, while exports to Germany have picked up by over 6 per cent. The recovery of the Far East economies is also gathering pace and British exports to there are up by over 7 per cent."
Mr Caborn concluded:
"These figures are very encouraging, but we must now look to see how we can build on the momentum. Through British Trade International, the Government will be able to provide a focused support service to UK business overseas, while at the same time encouraging first time exporters - including small and medium- sized firms - to break into lucrative world markets."
BYERS WELCOMES OFT FINDING ON HOME PCs
Stephen Byers, Secretary of State for Trade and Industry, on the 28 October welcomed the Office of Fair Trading's finding that competitive prices for home computers are available in the UK if consumers shop around.
"This was an important investigation by the OFT. Concerns had been raised that British consumers were paying more for home computers than those in other countries. This investigation has shown that if buyers shop around they can get deals that match the best prices in other countries - and they get better choice than computer buyers in France or Germany.
"I am determined to get a fair deal for consumers - if consumers are being ripped off we will take action, but where industries are delivering value for consumers it is only right that we should highlight that this is the case."
ANNOUNCEMENT OF SMALL BUSINESS BOUNDARIES
Patricia Hewitt, Minister for Small Business and E-commerce announced on the 28 October the new boundaries for the proposed Small Business Service.
Responding to a question from Gordon Prentice, MP for Pendle, Ms Hewitt said:
"In July the Secretary of State for Education and Employment and the Secretary of State for Trade and Industry asked for the advice of the Regional Development Agencies and the London Development Partnership on the boundaries for local delivery of services on behalf of the Small Business Service and the proposed Learning and Skills Council. After widespread consultation in each region, the RDAs and LDP have provided that advice to us and we have given it very careful consideration.
"I am now pleased to announce the boundaries for the 45 Small Business Service local areas and am grateful to the RDAs and LDP for their advice. The Minister for Lifelong Learning and I will be writing to MPs with full information about the new areas."
The boundaries for Small Business Service local areas are:
North West (7)
Cumbria
Merseyside/Halton
East Lancashire
West and North Lancashire
Cheshire/Warrington
Greater Manchester (2)
North East (4)
Tyne & Wear
County Durham
Tees Valley
Northumberland
West Midlands (6)
Birmingham & Solihull
Staffordshire
Shropshire
Herefordshire & Worcestershire
The Black Country
Coventry and Warwickshire
Yorkshire & The Humber (4)
North Yorkshire
South Yorkshire
West Yorkshire
Humberside
East Midlands (5)
Lincolnshire (including Rutland)
Northamptonshire
Leicestershire
Derbyshire
Nottinghamshire
East of England (6)
Bedfordshire
Essex
Cambridgeshire
Hertfordshire
Norfolk
Suffolk
London (1)
(with 5 local delivery operations)
South East (6)
Surrey
East Sussex/West Sussex/Brighton & Hove
Oxfordshire/Buckinghamshire/Milton Keynes
Kent/Medway
Hampshire/Isle of Wight/Portsmouth/Southampton
Bracknell
Forest/West/Berkshire/Reading/Slough/Windsor/Maidenhead/Wokingham
South West (6)
Devon and Cornwall/Somerset
Gloucestershire
Bournemouth/Dorset/Poole
Wiltshire/Swindon
The Former Avon
For further information about Lifelong Learning visit the Department for Education and Employment's web site at www.dfee.gov.uk/post16 or telephone 0171 925 5893
MORTGAGE POSSESSION STATISTICS - THIRD QUARTER 1999
The Lord Chancellor's Department on the 27 October published figures for mortgage possession actions taken in the county courts of England and Wales for the third quarter of 1999.
During the second quarter of 1999 19,457 mortgage possession actions were entered and a total of 13,989 orders were made - 8,143 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.
In the third quarter of 1999 the number of actions entered was 15.1% lower than the third quarter of 1998. For the same periods, figures show a decrease of 18.2% in orders made (58.2% of orders made were suspended - 62.7% suspended in the third quarter of 1998).
Lord Chancellor's Department
Selborne House,
54 Victoria Street,
London SW1E 6QW
Proposals to reform three areas of company law, including annual general meetings, were put forward on the 29 October by the independent Steering Group responsible for the Company Law Review.
The proposals are contained in three consultation documents and address the issues of company general meetings and shareholder communication; company formation and capital maintenance; and the law governing oversea companies. The proposals build on an earlier consultation, and take forward the Steering Group's work in key areas of company law.
Commenting on behalf of the Steering Group, Richard Sykes QC said:
"Our objective is to produce a modern, clear, accountable and accessible framework for company law. Last February we published our Strategic Framework Consultation Document, in which we set out our overall approach to this task, including our programme for future work and consultation. The Steering Group also invited views on a number of key company law issues. We are grateful to everyone who responded, and are encouraged by the very positive reception given to our proposals.
"The annual general meeting has traditionally played a central role in companies' communication with their shareholders and in enabling shareholders to question company management. As such, it is a key mechanism for promoting transparency and accountability. But there is wide agreement that, in practice, AGMs do not always fulfil this role very satisfactorily at present.
"The Steering Group are inviting views on the best way of achieving these key objectives of transparency and accountability. We think it is right to consider a wide range of options. These range from strengthening AGMs in various ways to more radical possibilities such as improving two way communication between companies and their shareholders (including electronic information exchanges) to provide a level of accountability through new channels such that shareholders might dispense with "set piece" AGMs.
"We have suggested a number of possible options, including greater use of electronic communication; introducing new voting arrangements; specifying more clearly the content of the AGM and the information to be provided to shareholders beforehand; and improving communication with all shareholders (for example by encouraging companies to post copies of presentations to analysts on their website, or to hold regional meetings with shareholders).
"We are putting forward a number of options for change. But before coming forward with firm proposals for reform of the present law we are very keen to hear the views and suggestions of all interested parties. We would welcome comments on our proposals and also alternative suggestions for improving present arrangements.
"In our February consultation document we set out our initial views on reform of the law on company formation and capital maintenance. The consultation revealed broad support for our recommendations. We have now developed these into much more detailed proposals which we believe will simplify and streamline procedures for companies.
"Our proposals on capital maintenance in particular represent a considerable simplification of the present requirements, especially for private companies, while preserving necessary protection for shareholders and creditors.
"We are also proposing some much needed simplification of the company law which applies to oversea companies which do business here, by unifying the two separate but overlapping regimes which exist at present into a single coherent regime for these companies.
"One of the guiding principles of the Company Law Review is that its conclusions should enjoy a broad range of support and meet the needs of all interested parties. We invite everyone with an interest in these topics to respond to the consultation by 7 January 2000.
"Consultation is a key element of the Review. We plan to publish a further consultation document in Spring 2000 inviting views on proposals across a broad range of the Review's work. This will include proposals on many of the issues which we first raised in our Strategic Framework Consultation Document. We will be consulting extensively on all the main topics addressed in the Review before we finalise any of our recommendations."
The Company Law Review was announced by the then Secretary of State, Margaret Beckett, on 4 March 1998 in the document "Modern Company Law" (DTI press notice P/98/167). The Review is directed by a Steering Group of independent experts. The Steering Group's first consultation document, "Modern Company Law for a Competitive Economy: The Strategic Framework", was published on 25 February 1999 (DTI press notice P/99/166). Both documents can be found at http://www.dti.gov.uk/cld/review.htm
The consultation documents which the Steering Group has published today are: "Company General Meetings and Shareholder Communication"; "Company Formation and Capital Maintenance"; and "Reforming the Law Concerning Oversea Companies". They can be found at http://www.dti.gov.uk/cld/review.htm
The members of the Company Law Review Steering Group are:
Richard Rogers, Director, Company Law and Investigations,
Department of Trade and Industry (Chairman)
The Hon Mrs Justice Mary Arden DBE
Robert Bertram, formerly partner Shepherd and Wedderburn WS
Paul Davies, Professor of Law, London School of Economics and Political Science
Sir Stuart Hampson, Chairman, John Lewis Partnership plc
John Kay, London Economics
John Parkinson, Professor of Law, University of Bristol
Colin Perry, Chairman, LTE Scientific Ltd, and Chairman, CBI SME Council
John Plender, broadcaster and journalist
Rosemary Radcliffe , Chief Economist, PricewaterhouseCoopers
Jonathan Rickford, Company Law Review Project Director
Bryan Sanderson, Managing Director (Chemicals), BP Amoco plc
Martin Scicluna, Deloitte and Touche
Richard Sykes QC.
STEPHEN BYERS WELCOMES INDEPENDENT COMPANY LAW REVIEW CONSULTATION
Stephen Byers, Secretary of State for Trade and Industry, has welcomed the consultation exercise issued on the 29 October by the independent Company Law Review Steering Group.
Mr Byers said:
"It is vital for our competitiveness that we have a modern, forward-looking company law framework. This is why a fundamental review of our company law is being carried out by an independent Steering Group.
"However, to be successful, the results of the review must be based on open debate and consultation. They should also enjoy the broadest possible support. I therefore welcome the Steering Group's continuing commitment to consult widely on all the key issues, before they draw up their final recommendations. The consultation documents published on the 29 October are an important step in that process." These documents do not reflect the views of the Government but represent the thinking of the independent Steering Group.
Figures released 25 October by KPMG Corporate Recovery show that there was a significant increase in the number of companies going into receivership during the third quarter of the year as compared to the previous quarter.
Between July and September 1999, KPMG recorded 273 receiverships, 32 more than in the previous three months, an increase of 13%. However, the year on year figure reveals only a very slight increase. In the first nine months of 1999 there were 813 appointments as compared to 810 in the same period of 1998.
The largest increase in the number of appointments occurred in the Midlands where the number of receiverships rose by 57% from 35 in the second quarter to 55 in the third quarter. In the South East the number of appointments rose by 39% (90 to 125). In only two areas, the North West and South West, was there a marked reduction in the number of receiverships. In the North West there was a drop of 31% (52 to 36) between the second and third quarters. In the South West (including South Wales) there was a 41% fall (17 to 10) over the same period.
Tony Thompson at KPMG commented, "Although the number of receivership appointments increased during the third quarter of this year there are clear signs that confidence is returning to the economy. Inflation continues to remains under control, and unemployment close to its lowest level for twenty years. There are even reports that the manufacturing sector is beginning to record higher levels of orders and output. Provided that confidence continues to rise, the number of companies going into receivership can be expected to fall."
*** 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 01/11/99 to 09/11/99 Number of Creditor meetings : 171 Section Company Time Venue 138 Scotland - Interim Liquidator calling Creditors Meeting 01/11/99 Comware (Holdings) Ltd 10.00 am Glasgow Comware Installations Ltd 10.00 am Glasgow Comware Ltd 10.00 am Glasgow 03/11/99 Deeside/Donside Ltd 10.00 am Aberdeen PMC (Inverness) Ltd 10.30 am Aberdeen William McKee Jnr (Enterprises) Ltd 11.00 am Hamilton 04/11/99 B Lewis (Upholstery) Ltd 12.00 pm Hamilton Lofthus (Edinburgh) Ltd 12.00 pm Glasgow PFM (Scottish & Northern Sales) Ltd 12.00 pm Glasgow 08/11/99 Anne Penman Laser Therapy Ltd 12.00 pm Hamilton D A Horne Metal Fabrications Ltd 11.00 am Glasgow 23 Administrator Calling a meeting of Creditors 01/11/99 Chadd Casting Co Ltd 10.00 am Birmingham 03/11/99 Apple Security Services Ltd 10.00 am Sheffield Celebrated Group Plc - The 12.15 pm London Restaurant House Ltd 11.30 am London 05/11/99 Interlux Ltd 10.30 am Birmingham 09/11/99 Axis Genetics Plc 10.30 am London 48 Receiver calling unsecured Creditors Meeting 01/11/99 Alberon Designs Ltd 10.00 am London Trust Town House Hotels Ltd 11.00 am Scarborough 02/11/99 Euroscot Express Ltd 10.30 am London H R Smith (Contractors) Ltd 10.30 am Sheffield 03/11/99 GWB Machines Ltd 10.00 am Chelmsford 84 N. Ireland - Creditors Voluntary Liquidation 03/11/99 Iron Revolution Co Ltd 11.00 am Belfast 98 Creditors Voluntary Liquidations 01/11/99 24 Auction (Europe) Ltd 02.30 pm Fleet Accolade Productions Ltd 11.00 am Chandlers Ford Berkeley Limousines Ltd 12.00 pm London Blue Bar Ltd 02.30 pm London Cafe Coq Ltd 11.00 am London Cameron & Moore (Gridplex) Ltd 11.30 am Leicester Cucine Italiane Ltd 11.25 am London Eden Design Consultants Ltd 12.00 pm London Fargo (GB) Ltd 11.30 am Leicester Food Franzy Ltd 12.00 pm Manchester Johnson Motors (London) Ltd 11.00 am London Lady Rodina Ltd 02.30 pm London Mainspark Ltd 10.30 am London Millennium Construction Ltd 11.00 am Northampton R N Woodcare Ltd 11.30 am Liverpool Spellbound Publications (Franch) Ltd 11.30 am Peterborough Sweet Basil Ltd 03.00 pm London United Property Services Ltd 11.00 am Barnet Webster Weave Ltd 11.00 am Barnsley 02/11/99 Academy Chauffeur Services Ltd 11.30 am London Allwood Designs Ltd 10.30 am Reading Brattle and Bray Ltd 11.00 am London Caliber Tackle Ltd 11.00 am Ashford Callcite Ltd 03.00 pm Slough Coney Hall Interiors Ltd 03.00 pm Brighton East Anglian Staffing Ltd 11.00 am Peterborough Floors & Walls Ltd 10.15 am Doncaster Forbes Construction Ltd 11.00 am Dundee Hanson Publishers Ltd 02.30 pm Manchester Healey Sprite Motor Co Ltd 11.30 am Southampton Imagination One Line Ltd 10.30 am Preston Interlock Partitions Ltd 11.00 am Sheffield Ital Holidays Ltd 11.00 am Birmingham Kenneth Morgan (Construction) Ltd 10.30 am Sheffield Laminates International Ltd 12.00 pm Rotherham Major Paper Supplies Ltd 02.00 pm Halesowen Newsline Publishing (UK) Ltd 12.00 pm Cardiff Oakpost Ltd 03.00 pm London Plastic Development Systems Ltd 02.15 pm Manchester Print Techniques Ltd 11.00 am Sunderland Rainbow Furnishing Ltd 12.00 pm Northwich Redland Business Supplies Ltd 11.00 am Bristol Restaurant Seekers Ltd 12.00 pm London Rhino Management Development (UK) Ltd 10.30 am Halifax Scotts Publicity Ltd 10.15 am Billericay Southern & Western Financial Serv Ltd 11.45 am London Sumiko Enterprises Ltd 02.30 pm Paddington Timbal Ltd 12.00 pm Cardiff West Products (Jewellery) Ltd 11.00 am London 03/11/99 Bar Pacific Ltd 10.30 am London Compton Fabrication Ltd 11.00 am Wolverhampton Darman & Vonieljof Ltd 10.00 am London Genesis Artwork & Production Ltd 12.00 pm Royston Golftee Graphics Ltd 11.30 am London Green Design Corp Communication Ltd 11.45 am London Halfpint Ltd 11.30 am Leicester MJN (Brighton) Ltd 11.00 am Lewes Marcforge Ltd 11.00 am Aldridge Olympic Wimbledon Ltd 12.00 pm London Premier Ground Care Ltd 10.00 am Reading Red Brick Marketing & Communicat Ltd 10.15 am Watford Rochdale Indoor Leisure Ltd 11.30 am Manchester Roding River Foundry Ltd 11.00 am Hornchurch S C Tucker and Sons Construction Ltd 11.15 am Tiverton SI-Logic Ltd 10.30 am Reading Taylan UK Ltd 04.00 pm London Turn Car (UK) Ltd 02.00 pm Halesowen 04/11/99 Appliance Service Care Ltd 11.00 am Sheffield Baker Vehicle Contracts Ltd 11.30 am Gerrards Cross Central Repair Services Ltd 12.00 pm Stourbridge Cockade Ltd 02.30 pm Henley-on-Thame Creative Edge Design & Marketing Ltd 10.30 am Eastgate Davies Bros (Pencader) Ltd 11.00 am Swansea Design & Construction Consultants Ltd 02.30 pm London E C Crisp Builders Ltd 12.00 pm Southampton Fastrack Contractors Ltd 11.00 am Birmingham Fineline Printing Ltd 02.00 pm Newbury Good Times Leisure Ltd 10.30 am Leicester I G B Architectural Ironmongery Ltd 11.00 am Wolverhampton Inplas Plastic Pipe Systems Ltd 10.30 am Halifax Jade Commercial Carpentry & Joinery Lt 12.00 pm Cardiff Kiln Engineering Ltd 10.15 am Newcastle Laywell Ltd 10.30 am Birmingham Metal Finishing (Wrexham) Ltd 11.30 am Liverpool Night Star Concert Ltd 12.00 pm Wembley North East Developments Ltd 11.00 am Sunderland Old Town Travel Ltd 10.30 am Swindon Perryston Investments Ltd 11.30 am Edinburgh Pompey Reclamation Ltd 10.00 am Portsmouth Pride Vehicle Contracts (UK) Ltd 11.15 am Gerrards Cross Refectory Restaurants Ltd 12.00 pm London Rexfix Ltd 12.00 pm London T D I (London) Ltd 12.00 pm Bristol Terminal Velocity Ltd 02.15 pm Newcastle Todays Fashions Ltd 11.25 am London UK Clothing Ltd 02.00 pm London UK Tarmacadam Surfacing Ltd 02.30 pm Nottingham 05/11/99 Advanced Plant Technologies Ltd 11.30 am Manchester Blundells of Manchester Ltd 11.30 am Manchester Bort Ltd 02.00 pm London Business & Prof Research Org Ltd 12.00 pm Reading CTC Computers Ltd 10.15 am Cardiff Caerphilly Decorating Services Ltd 11.00 am Cardiff D & SMB Machinery Ltd 12.00 pm London Direct Suites Ltd 11.00 am London Eastglen Property Services Ltd 11.00 am London Edendale Engineering Ltd 01.00 pm London Finmade Ltd 11.30 am Guildford Foss Technology Ltd 10.45 am Sutton Goldentex Ltd 10.30 am London Harvard Business Environments Ltd 10.30 am Liverpool Lamps and Shades UK Ltd 12.00 pm Manchester Lomax Sayers Ltd 11.30 am Plymouth Manor House Hospital Ltd 11.00 am London Mightaero Ltd 12.00 pm London P H Wall & Co Ltd 12.00 pm Worcester Paperlok Developments Ltd 11.30 am Leeds R O Construction Ltd 11.00 am Grimsby Redrose Contracts Ltd 02.15 pm Billericay Ridwell (Locks Heath) Ltd 10.30 am Southampton Southern Crafts Ltd 02.30 pm Southampton Spiritleague Process Pipework Ltd 03.00 pm Billericay Sunrex Ltd 03.00 pm London Universal Hire Ltd 10.30 am Sheffield Victoria Thermal Ltd 11.00 am London 08/11/99 Arrow Garages Ltd 11.00 am Basingstoke Bleckbury Ltd 10.30 am London Chertsey Reinforcements Ltd 10.30 am Weybridge Cross Atlantic Software Ltd 11.00 am London Crystalblade Ltd 11.30 am Ilford Direct Security Services Ltd 12.00 pm Paisley Finlayson Communications Ltd 03.15 pm London Finlayson Designs Ltd 03.15 pm London Happy Parsnip Ltd 12.00 pm Royston Jefferson Hydraulics Ltd 10.30 am Halifax Lylegate Ltd 11.45 am London Manchester Black Community Trust Ltd 03.00 pm Manchester Simply Better Pubs Ltd 10.30m am Watford 09/11/99 Achieved Building Maintenance Ltd 11.30 am London Airtek North West Ltd 02.00 pm Liverpool Cresstale Ltd 10.30 am Middlesborough Delta Mechanical & Electrical Serv Ltd 11.30 am Cardiff J & B Shapero Ltd 11.30 am London Lowbeck Electrical Ltd 12.00 pm Reading Photon Contracts Ltd 02.00 pm Halesowen Smoothways Ltd 10.30 am Wakefield Wakefield Demo Co (Yorkshire Stone) Lt 11.00 am Wakefield Wakefield Demolition Ltd 11.45 am Wakefield
TW LW TW LW
USA 1.6426 1.6793 Canada 2.4185 2.4892
Austria 21.5559 21.4440 Portugal 314.065 312.428
France 10.2757 10.2225 Belgium 63.1930 62.8660
Finland 9.3140 9.2660 Italy 3033.21 3017.48
Germany 3.0646 3.0486 Sweden 13.6050 13.6701
Holland 3.4522 3.4342 Switzerland 2.5104 2.4877
Spain 260.650 259.300 Ireland 1.2338 1.2274
Australia 2.5770 2.5835 Denmark 11.6485 11.5846
Hong Kong 12.7619 13.0478 Euro 1.5671 1.5587
Africa Com 10.0983 10.3075 Saudi Arabia 6.1595 6.2979
India 71.2880 71.9140 Malaysia 6.2411 6.3805
Singapore 2.7397 2.8009 Norway 12.9558 12.9633
Japan 172.630 178.030
TW This week LW Last week.
Hawtal Whiting announced pre-tax profits of 2.93 million pounds, on turnover of 26.4 million, for the six months ending 30th June 1999. Earnings per share stand at 24.4p.
John Mansfield announced pre-tax losses of 0.443 million pounds, on turnover of 6.5 million, for the six months ending 30th June 1999.
Tarmac, the building materials group has rejected a takeover bid of 1.1 billion pounds, which a spokesman said undervalued its business and prospects. The undisclosed bidder is rumoured to be Anglo-American of South Africa, which already owns Tilcon, the concrete and aggregate company, itself once owned by BTR.
A New York judge threw out the last of Virgin Atlantic's complaints against British Airways for "anti-competitive" behaviour, a case brought nearly six years ago. Richard Branson, the boss of Virgin, had sought damages of up to $1 billion, and now says he will appeal against the ruling.
Source - The Economist
BMW, undeterred by continuing losses at its existing British investment in Rover, is increasing its stake in Rolls-Royce, an aero-engine maker, from 2% to around 10%. As part of the deal, Rolls-Royce is taking full control of a joint venture with BMW, based in Germany, which makes engines for small jets.
Source - The Economist
Bernie Ecclestone, the promoter of Formula One motor racing, has agreed to sell up to half his family trust's stake in Formula One Administration, the company that has exclusive broadcasting rights to the grand prix races. The venture-capital arm of Deutsche Bank is buying the shares for as much as $1.3 billion. The deal is not conditional on the final findings of an investigation by the European Commission into Formula One's television contracts.
Source - The Economist
NatWest Bank published its defence document against a hostile takeover bid from the much-smaller Bank of Scotland. The plan like the bidder's involves cutting nearly 12,000 jobs, mainly in retail banking, and reducing the number of business units from 13 to five. It will also sell four subsidiaries and return the money to shareholders.
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 acquisition by SVB Holdings plc of CLM Insurance Fund plc
Acquisition by GWR Group plc of Plymouth Sound Ltd
Acquisition by VFG plc of Mobart Enterprises Ltd
Proposed acquisition by Trefick Limited of Newport Holdings Plc
Proposed acquisition by Avesta Sheffield AB through its subsidiary Avesta Sheffield Holdings Ltd of Lee Strip Ltd
KIM HOWELLS ACCEPTS UNDERTAKINGS FROM HILTON GROUP
Kim Howells, Competition and Consumer Affairs Minister, on the 27 October announced that he had accepted undertakings from Hilton Group plc (formerly Ladbroke Group plc) which prevent them from re-acquiring control of the assets of Coral's betting business, except in certain limited circumstances. His decision is in accordance with the advice of the Director General of Fair Trading (DGFT).
On 23 September 1998 the then Secretary of State, Peter Mandelson published the Monopolies and Mergers Commission's (MMC) adverse report into Ladbroke's acquisition of the Coral betting business. Mr Mandelson announced that he had decided to prohibit the merger and Hilton Group subsequently disposed of the Coral business to Deutsche Bank. Under the terms of the undertakings, Hilton Group have agreed not to hold any interest in the Coral betting business.
The undertakings also prevent Hilton Group from re-acquiring assets of the Coral betting business where this would result in a qualifying merger under the Fair Trading Act 1973 unless the DGFT gives his prior consent.
The MMC report "Ladbroke Group PLC and the Coral betting business: a report on the merger situation" (Cm 4030) was published on 23 September 1998. Mr Mandelson's decision to prohibit the merger was announced in DTI press notice P/98/713 of the same date.
Section 45 of the Competition Act 1998, which came into force on 1 April 1999, dissolved the MMC and transferred its functions to the Competition Commission.
Under section 93A of the Fair Trading Act 1973, undertakings given following an MMC report are enforceable through the courts. Under section 88 of the Act they must be published.
KIM HOWELLS ACCEPTS UNDERTAKINGS FROM IMS
Kim Howells, Competition and Consumer Affairs Minister, on the 29 October announced that he had accepted undertakings from IMS Health Inc (IMS) in relation to their acquisition of Pharmaceutical Marketing Services Inc (PMSI). His decision is in accordance with the advice of the Director General of Fair Trading.
Dr Howells referred the case to the then MMC in September 1998. Following an adverse MMC report in February 1999 IMS was required to give undertakings designed to encourage competition in the market for specialised data services which had been lost because of the merger. Under the terms of the undertakings IMS will sell its Source Dispenser business, which it acquired under the merger, and it will licence and supply pharmaceutical data to third parties.
E-commerce Minister Patricia Hewitt on the 28 October a new on-line network of Ministers responsible for e-commerce across Government. She also unveiled plans to make radio frequencies available which would provide fast wireless internet access.
Both announcements come at the start of the Government's knowledge economy week.
Speaking at the UK Internet Summit in London, Ms Hewitt said:
"Today I can reveal our plans for a virtual network of Ministers, responsible for e-commerce and e-government related matters in 15 departments. All are involved in key initiatives, crucial to the success of e-commerce in the UK.
"I will chair the group in my capacity as Minister for e-commerce, working closely with the Minister for e-government, Ian McCartney. Businesses and the public will soon have a focal point in each department. Our network will allow us to co-ordinate e-commerce-related activities across Government, to ensure that we share best practice, have joined up government initiatives and get best value for money." Minister for e-government Ian McCartney said:
"E-commerce is a vital component of our strategy to bring the Government into the Information Age. The Government must innovate in the way that we do business, both within Government and in our delivery of services to the public. E-commerce equals excellent services."
Ms Hewitt also said:
"We will have regular 'virtual'contact rather than waiting for meetings to be fitted into each Minister's diary. We will use a networked IT system to exchange information and help us to make decisions. Our first meeting in December will be face to face to familiarise everyone with the virtual system that will be fully introduced by the end of January 2000, making great progress towards a future of virtual red-boxes."
Ms Hewitt also announced plans to provide faster, more convenient access to information services, including the internet without having to plug-in to a wired network. She said:
"Radio is an important medium for delivering our vision for the Information Age and making the UK the best country in the world for e-commerce. Today I am launching a consultation to establish the best way of making frequencies available for Radio Local Area Networks (RLANs).
"These radio networks open up exciting new possibilities. Users will have faster, more convenient access to information services wherever they happen to be in their premises, without having to plug-in to a wired network. Radio networks will offer inexpensive home and educational networking. They can be used for interactive guides in museums and galleries. And they will provide a new fast route to the Internet.
"RLANs will boost innovation, competition and choice. They will offer new services and lower prices, greater efficiency and competitiveness and opportunities for equipment manufacturers. This type of innovative development is key to building a successful knowledge economy."
The Radiocommunications Agency will consult widely on the most advantageous way of using the available spectrum. The consultation will end on 28 January 2000.
Ms Hewitt added:
"The Prime Minister recently invited me to be the UK's first Minister for e-commerce. We want to make the UK the best place in the world for trading on-line by 2002. And I aim to ensure that the e-commerce opportunities this Government offers to businesses and individuals is second to none.
"Why? Because I believe - and this is shared by the Prime Minister - that our successful exploitation of the Internet lies at the heart of our desire to build the knowledge economy. We are uniquely placed to grasp the opportunities of the Information Age. We have a world-class IT and communication infrastructure, ranked ahead of all the major economies except the US in an EU study last year.
"We lead the world in the deployment of cutting-edge technologies such as interactive digital TV and 3rd generation mobile communications. And we have a regulatory system which facilitates one of the most intensely competitive market places in the world."
The virtual group of Ministers includes:
E-Government Minister, Ian McCartney; Chris Smith - Department of Culture, Media and Sport; Stephen Timms - Treasury; Tessa Jowell - Department for Education and Employment; Charles Clarke - Home Office; John Battle - FCO; Peter Kilfoyle - Ministry of Defence; Adam Ingram - Northern Ireland Office; David Lock - Lord Chancellors Department; Angela Eagle - Department of Social Security.
Copies of the Consultation Document 'Radio Local Area Networks at 5ghz' are available from the Radiocommunications Agency website: www.radio.gov.uk or from the Radiocommunications Agency on Tel: 0207 211 0211.
15 November Wessex Branch meeting of the ICM Presentation by Ann Stutz from the ICM's Recruitment Service The Royal Southampton Yacht Club, Channel Way, Ocean Village, Southampton Buffet and Refreshments available on arrival 7.00 for 7.30pm Members and non-members are equally welcome 16 - 17 November 6th Annual ICM Conference on Credit Scoring Oulton Hall Rothwell Lane Leeds Telephone Rachel Roberts at the ICM on 01780-722907 for a full brochure 17 - 19 November 1999 Wednesday to Friday International Credit Exhibition & Conference Raffles City Convention Centre The Westin Stamford, Singapore http://www.internationalcredit99.com Mailto:info@internationalcredit99.com 17 to the 19 November ICM Examinations Intermediate and Final Stages 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
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