Author: Archive

US FedEx sells USD 1.6 billion of notes

Posted by | Mar 22, 2004 | |

FedEx Corp has sold USD 1.6 billion of debt in three parts, market sources said, in a transaction that will help the global delivery company pay for its first-quarter acquisition of copy-center operator Kinko’s. The air express delivery group, based in Memphis, Tennessee, used short-term borrowings to help fund the USD 2.4 billion acquisition in February, and will pay down those borrowings with the proceeds from these notes, according to a statement from Moody’s Investors Service on Monday.

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Courier companies to invest Pesos 800mil this year in Mexico

Posted by | Mar 22, 2004 | |

The package and mail courier companies who operate in Mexico, such as Aeromexpress Cargo, Airborne, DHL, Fedex, UPS, Servicio Continental de Mensajeria and Pegaso are planning to invest Pesos 800mil this year in equipment updating , says the industry organization, ANMEC (Asociacion Nacional Mexicana de Empresas Courier).

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USPS playing postal politics

Posted by | Mar 22, 2004 | |

How do you reform the U.S. Postal Service to insure it thrives and survives without stepping on too many toes? Congress knows it ain’t easy. There are many who support needed changes – for example, the two biggest U.S. express delivery companies support reform – but only as long as it doesn’t infringe on their business territories.

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Gloves are off in bitter wrangle at Irish An Post

Posted by | Mar 22, 2004 | |

The essence of the management view of the rapidly escalating industrial dispute at An Post is “the postmen failed to deliver so we are going to collect”.

Over the weekend management has suspended nearly 300 postal sorters at the Dublin mail centre without pay. This came after the main union, the Communications Workers’Union (CWU) decided on to pull back for a week on implementation of themembership ballot which, earlier this month, approved action by an 86pc majority. Ostensibly, the threatened strike is a response to a management decision in Novembernot to pay the first 3pc phase under the Sustaining Progress pay deal at the heavilyloss-making state company.

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Dutch TPG posts surprise tax liability

Posted by | Mar 22, 2004 | |

Dutch mail and logistics group TPG has announced a EUR 59m (USD 71m) tax liability 50percent higher than estimated last month relating back to an unnamed UK subsidiary in the late 1990s. TPG’s audit committee has directed the company’s board of management to make ‘organisational and personnel changes with respect to certain UK subsidiaries’ although a TPG spokesman declined to give further details. A TPG statement said: ‘The investigations conducted by the audit committee, with the assistance of independent legal counsel, concluded that not all relevant details of certain tax matters were adequately disclosed to the UK Inland Revenue and PricewaterhouseCoopers.’ The increased tax charge is EUR 19m higher than TPG’s previous management estimate, contained in the publication of 2003’s unaudited results, on February 19.

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Danish postal service to close 250 out of 339 post offices in 2006

Posted by | Mar 22, 2004 | |

Denmark’s postal service, Post Danmark, plans to close around 250 out of a total of 339 post offices in 2006, transport minister Flemming Hansen told parliament.

‘Post Danmark expects to manage around 100 post offices at the end of 2006’, while around 650 postal units will be run by supermarkets, Hansen said.

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300 An Post staff suspended as Irish mail dispute grows

Posted by | Mar 22, 2004 | |

An escalating mail dispute in Dublin looks set to bring the Irish Republic’s entire postal service to its knees as the number of staff suspended topped 300.

A further 32 workers and nine van drivers were sent home as the row over changes in work practices at Dublin’s mail centre worsened.
They join more than 260 suspended for failing to carry out certain duties.

An Post took out advertisements in national newspapers warning customers in Co Dublin not to send any mail until further notice.

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