Author: Archive

Ex-top banker Nishikawa to head key firm for Japanese postal system privatization

Posted by | Nov 11, 2005 | |

The government said Friday it has picked former Sumitomo Mitsui Banking Corp. President Yoshifumi Nishikawa as president of a holding firm to be established in October 2007 for the privatization of Japan’s postal system. The government expects Nishikawa, 67, who is known for his leading role in tackling the disposal of bad loans at banks, to show his expertise and leadership. But his selection may be a shock for workers at Japan Post, the public corporation in charge of postal services, as the banking industry Nishikawa once represented is a strong critic of the state-run postal system, calling for a reduction in postal savings services. At a news conference held to announce the appointment, Heizo Takenaka, minister of internal affairs and communications, said Nishikawa accepted the post in a meeting with Prime Minister Junichiro Koizumi on Friday.

Nishikawa, who also attended the press conference, expressed his resolve to push forward with the privatization, Koizumi’s pet policy.

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FedEx is set to wholly run its joint venture in China

Posted by | Nov 11, 2005 | |

Federal Express Corporation has reach an agreement with its Chinese partner Tianjin DTW Group Co Ltd. to buy up Federal Express-DTW Co Ltd, a Beijing-based 50-50 express joint venture between both sides, a source disclosed on November 8. The acquisition will be announced at the end of November or the beginning of December, according to the source. After UPS paid up to USD 100 million to end a marriage with Sinotrans Ltd, FedEx is believed to also want a divorce from Tianjin DTW Group because it has long been eager to become a player that wholly owns its operations in China. For now FedEx has two acquisition solutions: to buy a 50% stake in the venture from Tianjin DTW Group or to buy both the stake and DTW Express Co Ltd, a service under its Chinese partner. FedEx inclines to the first one while Tianjin DTW Group to the second one. FedEx wants to buy the stake at a low price in order to gain the venture’s service network in China and not to additionally buy a repeated service network from Tianjin DTW Group, the source said.

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UK DX Services sees annual profit below expectations

Posted by | Nov 11, 2005 | |

UK mail delivery company DX Services PLC warned annual profit is likely to fall below prior expectations owing to weak revenues from clients in the financial services and property industries. ‘Based on the year to date, results for the full year to 30 June 2006 may be around 5 pct below our previous expectations, with some 40 pct of the operating profit for the year arising in the first half,’ chairman John Maxwell said in a statement released ahead of today’s annual general meeting. He added that the success of arrangements to deliver residential mail with the Royal Mail, the country’s leading postal company, would have an important bearing on the full-year outcome.

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FedEx Turkey offers services through Paketim.com

Posted by | Nov 11, 2005 | |

FedEx Turkey, the local unit of U.S. freight carrier FedEx Express, offers services through the website Paketim.com, it was reported on November 11, 2005.

FedEx Turkey customers can receive up to 45 pct discounts in shipping prices when using Paketim.com. Express orders within Turkey are delivered the same day and express shipments to the USA, Canada and Europe are forwarded on the next day.

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BPE to restructure NIPOST

Posted by | Nov 11, 2005 | |

The Bureau of Public Enterprises (BPE) has in Abuja announced that it will restructure Nigeria Postal Service (NIPOST) into new business units in its bid to reform and privatise the enterprise. The unbundled units which will then be privatised to conclude the reform of the enterprise, will however be preceded by a performance agreement between the enterprise and the ministry of communication as recommended by the NETHPOST Consultancy BU of Netherlands which conducted the feasibility analysis on the restructuring of the NIPOST.

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TNT advocates liberalisation of postal market – level playing field with UK and Germany prerequisite for further liberalisation

Posted by | Nov 11, 2005 | |

TNT has taken note of the Council of Ministers’ decision to request advice from the Council of State regarding the proposal for a new postal act. In light of the proposed full liberalisation of the postal market in the Netherlands, the present Dutch Postal Act will need to be amended. TNT is a proponent of postal liberalisation, provided a level playing field is created in Europe. According to the Postal Memorandum, liberalisation in the Netherlands will have to keep in step with the rate of liberalisation and actual competitive opportunities in Germany and the United Kingdom. TNT has established that a level playing field does not exist at present. Compared to Royal Mail and Deutsche Post, new entrants to the UK and German postal markets are still disadvantaged by the VAT system. Other issues include licensing conditions, anti-competitive regulation of network access and rates, and market obstruction by both national postal companies. These problems do not exist in the Dutch market, which means that competition is already developing rapidly.

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ANC loses franchise revenue

Posted by | Nov 10, 2005 | |

Parcels carrier ANC’s income from franchises fell 85.9% in the year ended 31 March 05 to just £75,000, down from £619,000 the year before. The company reported a 6.3% increase in turnover to 125.8m and pre-tax profit rose 13.3% to £2.6m. It has also made a loss on disposing its In-Boot business which it acquired in 1997.

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ICL shows steady progress

Posted by | Nov 10, 2005 | |

Initial City Link has reported an £11.22m increase in turnover to £119.45 for the year ended 26 Dec 04. Pre-tax profit was £17.01m in 2004, compared with £15.15m the previous year, an increase of 12.3%. Its directors view the future with confidence, the report to Companies House says.

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