Author: Archive

Health workers strike over privatisation

Posted by | Sep 27, 2006 | |

Hundreds of health workers are today holding a 24 hour strike in a bitter row over privatisation – just as the controversy is set to be debated at Labour’s annual conference.

Workers at NHS Logistics, based at five distribution centres in England, walked out at 11pm last night for the second strike in a week in protest at a contract being awarded to German firm DHL.

Unison said the strike will lead to a shortage of some supplies being delivered to hospitals and GP surgeries across England.

The union has called on the Government to suspend the 10 year contract, due to come into force on October 1, and warned there were “growing concerns” about pay and conditions.

A separate dispute at DHL has blown up involving thousands of driver and other workers in a row over pay and jobs.

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Japan Post, ANA cargo airline expands into North America

Posted by | Sep 27, 2006 | |

The joint cargo venture between Japan Post and All Nippon Airways (AJV) is expanding into North America with six weekly flights from Nagoya to Chicago starting on Monday 2 October. Japan Post is to privatise in October 2007, allowing its investment in the international parcels, express and logistics markets.
The cargo airline, operated by ANA, began its pan-Asian express operation on 1 April this year with regular flights to China, Taiwan, South Korea and Thailand.

AJV, in which Japan Post owns one third, is dedicating its fourth freighter, a Boeing 767-300F, to serving Chicago via Anchorage. The flights will depart from Nagoya Centrair airport and two will return to Osaka’s Kansai airport.

“The new route marks the entrance of ANA Group into the North America-Japan-Asia logistics market and the further underpinning of cargo as its third core business in addition to its domestic and international passenger service,” ANA said in a statement.

ANA is coordinating flight schedules and giving priority space to Japan Post mail, while the joint company is also selling cargo space.

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Government approves An Post-Fortis Banking Joint Venture

Posted by | Sep 27, 2006 | |

The Irish banking sector received a major boost today following the approval by the Government of a joint venture agreement between An Post and the Belgian/Dutch international financial services company, Fortis. This fully functioning retail bank will offer a broad range of financial services and products to the Irish market, including insurance, mortgages, credit cards, indeed all the services to be expected from a first class retail bank.
The joint venture will employ approximately 250 people initially, rising to 500 within five years, and its products will be rolled out between March and July of 2007. This decision, which will change the face of banking in Ireland, is seen as a positive, exciting and strategically important initiative for customers, the shareholder, staff, management and Postmaster contractors.
The parties are investing heavily in the joint venture which will be a 50/50 partnership between An Post and Fortis . An Post will provide access to its network of branches together with two successful trading entities, PostPoint and One Direct. Fortis will contribute its international experience and expertise as well as cash. One Direct will form an integral part of the new company and its headquarters in Athlone will play a pivotal role.
The new financial services joint venture will utilise the network of post offices throughout Ireland to deliver a wide range of simple, straightforward, value for money retail banking products and services which will appeal to the banked and un-banked alike.

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DHL chosen as exclusive express delivery provider for International Cruise & Excursions, Inc.

Posted by | Sep 27, 2006 | |

DHL, the world’s leading express delivery and logistics company, today announced a new agreement with International Cruise & Excursions, Inc. (ICE), a global leader in the travel and leisure industry. ICE is one of the world’s leading cruise providers, and through the new agreement will be using DHL for all domestic and international express shipping needs.

ICE will use DHL’s next day, second day, and international express services for the transportation of time sensitive contracts, business documents, and cruise tickets to customers, as well as bulk marketing materials for its affiliated resorts. With up to 1,000 cruise tickets processed daily at its headquarters in Phoenix, AZ, ICE sought an express delivery and logistics partner that could reduce duplication and simplify shipping processes.

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U.S. Postal Service proposes new mailing standards to increase efficiency

Posted by | Sep 26, 2006 | |

The U.S. Postal Service proposes to revise its mailing standards to encourage mail preparation that is compatible with the Postal Service’s improved processing capabilities. When implemented, the standards would accompany the proposed price changes planned to take effect next spring.

The new standards give customers more choices in terms of shape, sorting, packaging and containers that encourage more efficient mail preparation. The proposal also increases worksharing opportunities for mailers, allows them to qualify for lower prices by permitting multiple classes of mail to be combined, and reduces the number of bundles, sacks, or trays in a mailing through scheme sorting for letters, flats, and parcels, when appropriate.

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FedEx annual shareholders' meeting

Posted by | Sep 26, 2006 | |

Fleet upgrade. FDX announced a $2.6B plan to replace its narrow-body Boeing 727 fleet over time with wide-body 757’s. This project will run from C08 to C16, and FDX reiterated its unchanged guidance for $3.0B capex in F07. Because the project is spread out over 8 years, it should not materially impact capex in years beyond F07, and management is still guiding to capex of 6-8% of revenue going forward. This plane upgrade has been expected for some time.

Supermajority voting eliminated. Previously, an affirmative vote by a supermajority of 80% of FDX shares was required to approve certain business combinations, including transactions with large FDX shareholders. Yesterday, shareholders voted to eliminate this requirement, so now such transactions will be approved by simple majority. FDX’s Board proposed this idea last April, so this does not come as a surprise to us. We see the change as a positive because it makes it marginally easier for the company to engage in M&A.

New Board member. Yesterday FDX’s shareholders elected Steven R. Loranger to a one year term on the Board of Directors. Mr. Loranger is currently the CEO of ITT Corporation, an engineering company. Shareholders also reelected all 13 Board members who served last year.

Plurality voting retained. Shareholders rejected a proposal that would have required FDX’s Directors to be elected by a majority of shares, rather than the plurality system now used. We see it as modestly negative that FDX retained plurality voting, which we believe decreases the Board’s accountability.

Lawsuit news immaterial. Several news reports came out last night pertaining to two FDX lawsuits. We found nothing surprising about the litigation update and nothing that would change our estimates.

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TPG loses monopoly. Court case

Posted by | Sep 26, 2006 | |

Competitors are permitted to break TPG’s monopoly for postal deliveries of up to 50 grams by making ordinary letters heavier. The district court in The Hague yesterday rejected a case brought by TPG against postal company Sandd.

The case hinged on bills delivered by Sandd for mail-order company Otto. Sandd delivered these in an envelope along with a catalogue, pushing the total weight above 50 grams. Sandd was thereby evading the law, TPG argued. But the judge rejected this.

TPG Post, a subsidiary of bourse-listed TNT, has a monopoly in the Netherlands on the delivery of letters weighing less than 50 grams. Sandd added a catalogue with the sole aim of evading this monopoly, according to the company.

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