Author: Archive

Emirates Post may sell 40percent stake

Posted by | Jan 12, 2005 | |

The UAE will likely sell 40 per cent of its stake in Emirates Post Corporation by year-end, a company official said.

The organisation has already initiated discussions with the authorities regarding the partial sale of the government’s stake, said Director-General Abdullah Al Daboos. Emirates Post, which is capitalised at Dh100 million, has announced a record net profit of Dh123 million for 2004, an increase of 20 per cent over the previous year.

The company aims to improve its profit by another 12 per cent this year, said Sultan Bin Saeed Al Mansouri, UAE Minister of Communications and Chairman of Emirates Post.

“There is currently a line-up of postal services Egypt, Oman, Syria, etc for which Emirates Post is planning to help establish state-of-the-art IT systems,” said Al Daboos.

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KfW to issue Deutsche Post exchangeable bond of at least 500 mln eur in Japan

Posted by | Jan 12, 2005 | |

German state development bank Kreditanstalt fuer Wiederaufbau (KfW) said it is to issue in Japan a 5-year Uridashi bond exchangeable into shares of Deutsche Post AG, worth at least 500 mln eur. The exact size of the bond depends on demand, but is expected to raise at least 500 mln eur, equivalent to 2.3 pct of Deutsche Post’s share capital or 25.4 mln shares, the KfW said in a statement.
It is the first foreign currency exchangeable bond ever to be offered by a non-Japanese issuer in Japan.

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KarstadtQuelle sells stake in Europapier to Bertelsmann

Posted by | Jan 11, 2005 | |

KarstadtQuelle AG sold its stake in paper wholesaler Europapier AG to Bertelsmann AG unit Arvato at the end of last month, a spokesman for the German retailer told dpa-AFX news agency. He declined to comment on financial details.
The next project on the agenda is the sale of the MDAX-listed company’s logistics operations, he said, adding there are ongoing talks with Deutsche Post
World Net AG’s unit DHL.

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FedEx reaffirms earnings guidance for third quarter

Posted by | Jan 11, 2005 | |

FedEx Corporation today reaffirmed its previous guidance of USD 0.90 to USD 1.00 per diluted share for the third quarter ending February 28, 2005. “FedEx experienced a strong holiday season,” said Alan B. Graf Jr., executive vice president and chief financial officer. “We continue to see favorable US and global economic conditions and demand for all of our transportation services is strong.”

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Correos signs agreement with Telefonica

Posted by | Jan 11, 2005 | |

Spanish postal services operator, Correos, has signed an agreement with Telefonica, the Spanish telecommunications group. Under the terms of the agreement, Correos will accept payment Telefonica customers at all 1,857 of its computerised branches throughout Spain.

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French tobacconists protest against La Poste

Posted by | Jan 11, 2005 | |

Demonstrating French tobacconists in the southwestern region of Gironde seized a mail sorting centre on Friday to protest about unfair competition from French postal operator La Poste. The tobacconists said that local post offices are encroaching on their business by selling additional products such as mobile phone cards and greeting cards, while tobacconists obtain a profit margin of just 3 per cent from selling postage stamps, along with an allegedly meager compensation for offering basic postal services when a nearby post office closes.

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USPS Governors Elect Leaders

Posted by | Jan 11, 2005 | |

The Governors of the US Postal Service today elected James C. Miller III of Virginia to be chairman and Alan C. Kessler of Pennsylvania to be vice chairman for 2005. Governor Miller, a former Director of the U.S. Office of Management and Budget, was appointed a Governor in April 2003. He has broad government, private sector and academic experience and serves as Chairman of The CapAnalysis Group, an economic, financial and regulatory consulting firm associated with the international law firm Howrey Simon Arnold & White. Governor Kessler is a Philadelphia attorney and partner in the firm of Wolf, Block, Schorr and Solis-Cohen, LLP, with substantial experience in the defense of class-action litigation, including securities, antitrust, toxic tort and civil rights cases. He was appointed a Governor in November 2000 and serves as Chairman of the Strategic Planning Committee.

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