Author: Archive

Dutch govt to sell 16 pct stake in TPG

Posted by | Sep 29, 2004 | |

TPG NV said the Dutch government intends to reduce its stake in the company via the sale of 57 mln shares in a private placement starting today. In addition, TPG has agreed to repurchase 20.7 mln shares from the government. The company will buy 7.6 mln shares now and another 13.1 mln in January. TPG intends to cancel all of the shares so repurchased. The move cuts the government’s stake in the mail and logistics company to 19 pct from 34.8 pct. The State may in the share placement sell an additional 8 mln ordinary shares in TPG, which would bring the combined sale to 18 pct of TPG’s outstanding share capital and would reduce the holding of the state in TPG to approximately 17 pct.

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Deutsche Post sees US ops FY loss widening; delays US breakeven target

Posted by | Sep 29, 2004 | |

Deutsche Post World Net AG said it will incur additional spending this year for its US operations, which will result in the expected loss there widening to as much as 500 mln eur from the initially planned 300 mln. It said the additional spending will shift the breakeven target for its US operations to 2006 from 2005. It said the expected loss in 2005 will be as much as 300 mln eur. The group’s earnings targets for 2004 and 2005 however are not impacted by the altered US timetable, it said. For 2004, the company expects an increase in EBITA of 7.5-12.5 pct year-on-year and 2005 EBITA of at least 3.6 bln eur. It said some 200 mln eur in additional expenses in 2004 will be covered by ‘good operating results’ in other regions, especially Asia and segments such as logistics.

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Deutsche Post close to purchasing KarstadtQuelle logistics units

Posted by | Sep 29, 2004 | |

Deutsche Post World Net AG is close to purchasing two KarstadtQuelle AG logistics units with combined annual sales of 625 mln eur, industry expert Horst Manner-Romberg told the Financial Times Deutschland. KarstadtQuelle did not confirm the report to the newspaper, saying only, ‘there are interested parties that want to buy the whole logistics unit.’ The Financial Times Deutschland said Deutsche Post wants to buy KarstadtQuelle’s Optimus Logistics with annual sales of 550 mln eur and Servicelogiq with annual sales of 75 mln eur.

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FedEx cash flow from operations reaches seven year high

Posted by | Sep 29, 2004 | |

CashFlowNews.com reports that Cash Flow from Operations for FedEx Corporation for its twelve months ended August 31, 2004 was USD3,184,000,000, a 62percent increase over the year earlier same twelve months when FedEx generated USD1,963,000,000 in Cash Flow from Operations. Cash Flow from Operations for the most recent twelve months also reached a seven year high.

For FedEx’s quarter ended August 31, 2004 Cash Flow from Operations was USD737,000,000, compared with USD573,000,000, a 29percent increase over the comparable year earlier quarter. FedEx has generated six consecutive quarters of positive Cash Flow from Operations. Cash Flow from Operations for the most recent quarter also reached a eight year high.

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Government wants Japan Post on equal footing with private sector

Posted by | Sep 29, 2004 | |

The government will map out details for privatising state-backed Japan Post in a manner that would have the entity operate on an equal footing with the private sector, Chief Cabinet Secretary Hiroyuki Hosoda said Wednesday.

The top government spokesman also told reporters Japan Post should be given expanded discretion in conducting business after it is placed under private management.

Hosoda made the comments in connection with Tuesday’s moves by Yamato Transport Co. to halt Japan Post’s tie-up with convenience store chain operator Lawson Inc. in the parcel business.

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Japan Post unveils new fees to compete with parcel delivery firms

Posted by | Sep 29, 2004 | |

In a move to launch head-on competition with private-sector parcel delivery companies, the state-run Japan Post said Wednesday it will base charges for its Yu-Pack service on size, effective Friday, instead of weight as before.

While private transport companies have already adopted size-based fee systems, Japan Post’s new structure enables consumers to understand that charges for the Yu-Pack services are lower as a whole.

Under the announced structure, a delivery fee is determined by a total of length, width and thickness of a parcel, with measurements divided into seven groups from 60 to 170 centimeters. Charges are also grouped into eight categories based on destinations.

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Deutsche Post shares plummet over North American woes

Posted by | Sep 29, 2004 | |

Deutsche Post shares dropped sharply on the Frankfurt Stock Exchange Wednesday after the company said that its U.S. operations will remain in the red for a year longer than was originally estimated.

Just after noontime, Deutsche Post shares were about 3.3 per cent lower at 15.94 euros – a drop which was running counter to the overall rise of 1.1 per cent on the 30-share DAX.

The negative response by investors came despite an assurance by Deutsche Post that its earnings this year would not be affected because of an upturn in Asia and in other business operations.

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Belgian government seeks commitment from DHL to help reduce noise pollution

Posted by | Sep 29, 2004 | |

The government and international shipper DHL continued to struggle Wednesday to find a compromise that would keep the courier service’s European hub and thousands of jobs in Brussels while keeping noisy night flights within acceptable limits.

The government insisted Wednesday that DHL use quieter planes for intercontinental flights after newspaper reports suggested that the courier would keep using its older, noisier aircraft.

The issue has gained center stage over the past two weeks because it highlights the struggle within the government to meet its commitment to increase employment in Belgium, even if doing so may come at the cost of more environmental damage.

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