Author: Archive

German Postbank set to unveil IPO details

Posted by | Apr 26, 2004 | |

Postbank, Germany’s biggest retail bank, are set to announce details next week of an initial public offering on June 21, expected to value the group at close to EUR6bn (USD7.1bn).

The bank has briefed analysts on the first details of the IPO although no indication has been given yet on pricing. One analyst told the FT the estimate by Deutsche Post, Postbank’s owner, that a listing could value the post office bank at up to Eur6bn was “quite reasonable” at a multiple of 1.25 times book value. “I think this will be quite an easy sell,” he added.

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US Pitney Bowes profit rises on growing demand

Posted by | Apr 26, 2004 | |

Pitney Bowes Inc, has said its first-quarter profit and revenue rose, fueled by improved demand for its mail and postage services, particularly from small businesses.

Pitney Bowes, whose meters are a mainstay in corporate offices, said net income rose to USD126.6 million, or 54 cents a share, from USD113.6 million, or 48 cents a share, a year earlier.

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Pos Malaysia not discounting investing in Transmile Group

Posted by | Apr 26, 2004 | |

Pos Malaysia & Services Holdings Bhd has said as part of a group revamp it may sell its noncore businesses, such as its 30percent stake in a unit, in exchange for shares in Transmile Group Bhd.

Transmile is an air cargo operator and its biggest client is Pos Malaysia, the national postal company.

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Thailand Post delivers less losses in 2003 with revamp

Posted by | Apr 26, 2004 | |

Information and Communications Technology Minister Surapong Suebwonglee, has said that Thailand Post were able to reduce its net operating loss by about 49 percent in 2003 as a result of the ministry’s effort to revamp the company’s performance.

It is estimated that the state-owned firm loses up to one billion baht each year due to subsidised prices for mail services.

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EU acts against Deutsche Post Germany

Posted by | Apr 26, 2004 | |

Brussels has warned Deutsche Post to make changes or face investigation over its monopoly in sorting letters under 100 grammes.

EU competition chief Mario Monti has sent the German postal giant a warning letter requesting Deustche Post come into line with EU law and open up its market. Currently, the collection, sorting and franking of all letters under 100 grammes is the reserve of Deutsche Post.

Berlin has confirmed receipt of the letter and has given signs it is prepared to make the necessary changes.

It has two months to respond to the EU’s queries.

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Mailshots from seven Western Europe countries to Austria through DPGM

Posted by | Apr 26, 2004 | |

Österreichische Post AG and Deutsche Post Global Mail GmbH have concluded a cooperation agreement for distributing Infomail and Infopost items (addressed and unaddressed mailshots) to Austria from France, the Netherlands, Belgium, the United Kingdom, Spain, Denmark and Switzerland. The agreement calls for Deutsche Post Global Mail, a subsidiary of Deutsche Post World Net, to distribute mailshot dispatches to Austria from these countries for the Austrian Post.

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TPG first quarter profits surge on strong Mail and Express performances Logistics turns the corner

Posted by | Apr 26, 2004 | |

Highlights include: earnings from operations up by almost 12%, improved operating margins in Mail and Express, Logistics ahead of previous year, net income up 16%, lower financing cost and effective tax rate and strong free cash flow. CEO Peter Bakker reported: “This was a good quarter for TPG. The Mail and Express businesses both delivered very good results, which are all the more pleasing given the difficult economic conditions which continue in the Netherlands and other key markets in Europe . Probably the most satisfying development however is that there is first evidence of a turnaround in the Logistics business. Building on this encouraging start to the year, we are confident that good improvements in earnings will be achieved in 2004.”

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Millions of UK letters missing as Royal Mail cuts service

Posted by | Apr 25, 2004 | |

The UK postal service has descended into chaos with millions of letters lying undelivered for weeks.

Hospital operations have been missed, business orders cancelled and birthdays unmarked as sorting offices struggle to switch from a morning and afternoon service to a single delivery. Postmen complain that the move – designed to save the Royal Mail GBP 350 million a year – has been implemented badly, with some staff having to carry heavy sackloads of mail on trolleys.

Delivery rounds that used to take two to four hours now last up to eight hours, and some postmen have given up on the new arrangements. There are reports of mail being thrown away and postbags being dumped. Times of deliveries are also unpredictable and backlogs of unsorted mail are growing.

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