Author: Archive

German Postbank IPO may be scrapped if price fails to meet expectations

Posted by | Jun 1, 2004 | |

Deutsche Post World Net AG’s upcoming initial public offering (IPO) of 49.9 pct of its Postbank unit may be scrapped if the price per share it gets fails to meet CEO Klaus Zumwinkel’s expectations, Handelsblatt reported, citing Deutsche Post supervisory board sources.

The paper cites investment bankers involved in the deal as saying that the ‘pain threshold’ for Zumwinkel is around 29.70 eur per share, equating roughly to the value of Postbank on Deutsche Post’s books.

‘(Deutsche Post) shareholders would not accept a lower price,’ the paper cites one banker as saying.

It is questionable whether investors will be prepared to pay that much, however, the paper said.

It cites fund managers as saying that this level is the absolute maximum that they are prepared to pay.

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Additional U.S. Proposals for 2004 Universal Postal Union Congress Supported by Other Member Countries

Posted by | Jun 1, 2004 | |

The United States, with the support of other UPU member countries, submitted the following four proposals on May 11, 2004, for consideration by the UPU members at the upcoming quadrennial Congress. The UPU Congress will be held September 15-October 5 in Bucharest, Romania. The deadline for submission of proposals to the UPU Congress by one member country was March 14, 2004, while the deadline for submission of proposals to Congress supported by at least three UPU member countries was May 14, 2004. The public may comment on these proposals by contacting Dennis Delehanty of the Office of Technical Specialized Agencies at the Department of State at the following email address: [email protected].

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Falling market share of private Spanish postal service operators

Posted by | Jun 1, 2004 | |

Spain’s around 200 privately owned postal service operators have seen their overall market share plummet from 15 per cent to 8 per cent during the last six years, according to Asempre, the federation of private Spanish postal service operators. At the same time, Correos, Spain’s state-controlled postal service operator, has increased its market share to 92 per cent.

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CWU sends out warning over UK Royal Mail ‘privatisation’ plan

Posted by | Jun 1, 2004 | |

The Communication Workers’ Union (CWU) deputy general secretary, Dave Ward, has written to Royal Mail chairman Allan Leighton calling for ‘straight talking’ about his role in a rumoured ‘privatisation’ plan for Royal Mail.

Royal Mail is considering a plan to sell part of its postal business to its own employees amid fears of a government push to privatise the industry.

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Development Plan of Angolan Postal Services Estimated At Usd 25 Million

Posted by | Jun 1, 2004 | |

The Plan for the Development of the Angolan Postal Services, estimated at USD 25 million was approved Friday, in Luanda, by the Cabinet Council.

According to press note issued after the meeting, chaired by the Angolan Head Of State, Jose Eduardo Dos Santos, the implementation of this plan, starting this year, foresees that, in the field of the postal services, should be created networks of multifunctional stationss of new and modern services with economic profitability.

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German postal wage talks head for crucial round amid strike threat

Posted by | Jun 1, 2004 | |

Germany Postal workers represented by the ver.di union and Deutsche Post headed into a final round of wage negotiations Tuesday with the union threatening strike action if no accord is reached.

The talks in the northwestern German city of Muenster were set to take place Tuesday and Wednesday, with ver.di demanding a four per cent pay hike for 240,000 postal employees in a 12-month contract.

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UK Royal Mail profit but Parcelforce still in red

Posted by | Jun 1, 2004 | |

The UK’s Royal Mail has released its annual results for 2004 showing a significant turnaround in its fortunes. Whereas the postal operator made a loss of GBP197m (EUR288m) in 2003 it achieved operating profits of GBP220m (EUR321m) in 2004. Its revenues rose by 4percent to GBP6.3bn (EUR9.2bn) compared with the year before. Management of the company put the improved performance down to a number of factors. Most importantly it implemented a 1p rise in the costs of stamps which resulted in additional revenues of GBP200m.

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Pos Malaysia Q1 net profit rises 91.5percent

Posted by | Jun 1, 2004 | |

Pos Malaysia & Services Holdings Bhd surprised with a surge in pre-tax profit to RM38.1mil for the first quarter ended March 31 from RM18.9mil in the equivalent period of 2003. Net profit rose 91.5percent to RM25.8mil in the first quarter, compared with RM13.5mil in the corresponding quarter last year, while revenue increased 6.6percent to RM175.3mil.

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