Author: Archive

Minister rules out aid to UK Royal Mail to clear Pounds 4bn pensions deficit

Posted by | Nov 16, 2005 | |

Any “bail-out” of Royal Mail’s Pounds 4bn pension fund deficit by taxpayers was yesterday ruled out by the government in the first clear statement of its plans for the state-owned postal operator in the run-up to full market competition next year. But the minister responsible for Royal Mail held out the prospect there could be extra government money to help pay for new equipment. MPs were told by Barry Gardiner, competitiveness minister, the government might breach European state aid laws if it agreed to the company’s request to put billions of pounds into the pension fund. “We should not be seen as the bailer-out, the funder of last resort,” he said. Asked if the government should be prepared to make at least some contribution to reducing the deficit, which has rendered Royal Mail technically insolvent, the minister said: “No. This should be done (dealing with the deficit) as it would be commercially.”

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Federal Supreme Court could break Brazil’s post office company’s monopoly

Posted by | Nov 16, 2005 | |

The Federal Supreme Court (STF) could put an end to the judicial attempts of Brazil´s post office company, the Empresa Brasileira de Correios e Telégrafos (ECT), to maintain its monopoly on postal services during the plenary session tomorrow, when it resumes consideration of an appeal by the Brazilian Association of Distribution Companies (Abraed), which represents almost 50 associates. The services rendered by Correios and in some cases also by private companies move R$5 billion a year.

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Deutsche Bahn to buy US logistics firm Bax Global for 1.1 bln dlrs

Posted by | Nov 16, 2005 | |

Deutsche Bahn, the German state-owned rail operator, said Wednesday it planned to acquire buy US logistics firm Bax Global, a wholly-owned unit of Brink’s, for 1.1 billion dollars (940 million euros). A corresponding agreement was signed by both parties in New York on Tuesday and the deal was expected to be finalised “in the next few wkees”, Deutsche Bahn said in a statement. The German giant itself did not reveal the purchase price. But in a separate released on its own website, Brink’s put it at “approximately 1.1 billion dollars in cash”. Deutsche Bahn chairman Hartmut Mehdorn said: “Bax fits perfectly with our strategy and is an ideal addition to our logistics subsidiary Schenker.” The German company said the deal would make Deutsche Bahn the world’s number one transport and logistics group.

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Deutsche Post takeover of Exel approved by court meeting, shareholders

Posted by | Nov 16, 2005 | |

Exel PLC, the UK logistics group, said a scheme of arrangement that will see it taken over by Deutsche Post AG in an agreed 5.5 bln eur (3.7 bln stg) takeover has been approved at a court meeting and by its shareholders at an extraordinary general meeting. In addition, Exel said the US Federal Trade Commission has granted early termination of the pre-merger waiting period applicable under the Hart-Scott-Rodino Antitrust Improvements Act of 1976.

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Marie-Christine Lombard, Group Managing Director of TNT Express, receives the insignia of Chevalier from the National Order of the Legion of Honour

Posted by | Nov 16, 2005 | |

TNT N.V.today announced that Marie-Christine Lombard, Group Managing Director TNT Express, will receive a distinguished award from the National Order of the Legion of Honour in a ceremony that will take place tonight. Alain Bréau, Co-President of the French Transport and Logistics Federation (TLF) and a Chevalier of the National Order of the Legion of Honour will present Marie-Christine with the insignia of Chevalier award, at the offices of the French Business Confederation (MEDEF) in Paris.

The award recognises Marie Christine’s achievement as one of the few women to lead a global group of this scale, something that was highlighted with her inclusion in the Financial Times’ list of Europe’s 25 top business women.

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GLS to open 150 Parcel Shops in Belgium

Posted by | Nov 15, 2005 | |

General Logistics Systems (GLS) plans to open 150 ‘parcel shops’ in Belgium, the company said on November 15, 2005. The first parcel dispatch outlets will be open in Brussels, Ghent and Antwerp by the end of 2005. The company aims at having 100 parcel shops in Belgium by 2007. The outlets will be opened at the newspaper stores of local shopping centres. The company opened its first parcel shops in Germany in 1997. Currently it operates 2,500 outlets designed under the parcel shop concept.

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US first-class stamp prices to rise by 2 cents on Jan. 8

Posted by | Nov 15, 2005 | |

The cost of mailing a letter will increase to 39 cents on Jan. 8. The Postal Service’s board of governors approved the two-cent increase in first-class postal rates late Monday. It is the first increase since June 2002. The cost of mailing a postcard will increase a penny, to 24 cents, as part of the roughly 5.4 percent, across-the-board hike in most rates and fees. The increase fulfills a requirement, passed by Congress in 2003, that the Postal Service establish a USD3.1 billion escrow account. Congress is to determine later how to spend that money. The Postal Service said without the mandate it would not have had to raise rates next year.

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Deutsche Post unaware of reported US regulatory clearance for Exel deal

Posted by | Nov 15, 2005 | |

Deutsche Post AG said it is unaware of a reported decision by the US antitrust authorities to clear its proposed acquisition of UK logistics group Exel PLC.
The US Federal Trade Commission said in a notice posted on its website yesterday that US antitrust authorities had closed their review of the transaction without taking any action to block the deal, according to a news agency report. A spokesman for Deutsche Post said it expects to hear of the US antitrust decision in due course, but that it has not yet received any formal notification.

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