Author: Archive

Bank of Scotland provide funding for TNT Express parcel delivery vehicles

Posted by | Aug 21, 2003 | |

Bank of Scotland Business Banking’s Asset Finance Transport & Distribution team is delivering the goods to TNT UK Ltd. The Bank’s team has provided funding worth GBP3.6 million to enable TNT to finance 144, 7.5 tonne, parcel delivery vehicles.

The five-year operating lease deal was concluded after comprehensive discussions with TNT, aimed at providing a bespoke funding package to meet their specific needs. One of the key considerations was ensuring that documentation was kept to a minimum and that the vehicle manufacturer and body builders were paid as and when the vehicles were delivered.

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UK Royal Mail row over parcels shake-up

Posted by | Aug 21, 2003 | |

Royal Mail came under fire yesterday from Postwatch, the consumer watchdog body, over planned changes to its parcels business as the Communication Workers’ Union (CWU) stepped up the tempo of its pay battle with the state-owned business. Peter Carr, Postwatch chairman, urged Postcomm, the postal regulatory body, to block the changes until Royal Mail provided more justification and reduced rather than increased some of its charges.

Royal Mail is seeking regulatory approval to halt the delivery of parcels weighing between 20 and 30 kilos (44lb-66lb) because the business is small and unprofitable and the items frequently need two men to carry them. It also plans to delay the next day special delivery guaranteed delivery time by three hours to 3pm without any reduction in the tariff and at the same time introduce a more expensive next day service guaranteeing delivery by 9am. In addition, it wants to charge GBP2.20 for customers requiring a copy of the signature obtained on delivery, a service it says costs the business GBP11 a time.

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One-price-goes-anywhere UK mail service set to unravel as regulator gives competitors access

Posted by | Aug 21, 2003 | |

Postcomm’s access proposals will put Royal Mail’s recovery at risk by forcing the company to deliver millions of letters for competitors at a loss even after all the efficiency gains set out in the company’s turnaround plan, a submission to the regulator today makes clear. The funding and pricing of the one-price-goes-anywhere mail service in the UK will unravel if the regulator’s proposals remain unchanged. In addition, those customers who aren’t targeted by new access competitors seeking profitable business mail will find themselves picking up the additional costs in the form of higher stamp prices, Royal Mail has warned.“Our position is very, very simple,” said Chairman Allan Leighton. “If we have access services they must be profitable for both Royal Mail and new competitors.”

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Cost warning from Royal Mail over access rates

Posted by | Aug 21, 2003 | |

The Royal Mail issued a fresh warning today about its recovery plans if it was “forced” to deliver millions of letters for competitors at a loss.

Chairman Allan Leighton said stamp prices may rise by 4p for first class and 7p for second class and the universal service could start to “unravel.”

The warning was made in a submission to the industry’s regulator Postcomm which is proposing that the Royal Mail should charge 11.5p for delivering letters on behalf of other firms – so-called access rates.

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UK Postal workers seek 8% increase in pay

Posted by | Aug 21, 2003 | |

Postal workers stepped up their conflict with the Royal Mail yesterday, asking for an immediate pay rise of 8%.

The Royal Mail has offered postmen and women a 14.5% increase over 18 months, which it says would bring the weekly wage up to £300.

But the extra money is linked to changes in working practices, including altered shifts and productivity targets, and the Communication Workers’ Union claims the real rise only equates to 3% a year.

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United States Postal Service looks to get lean

Posted by | Aug 20, 2003 | |

To anyone stringing together the words “post offices” and “closings,” postal officials have special instructions: Handle With Care.

Congress will begin examining the U.S. Postal Service’s USD92 billion hole next month, led by Maine U.S. Sen. Susan Collins.

No one knows what the impact on the rest of the nation will be. But if a presidential commission’s suggestions to make the service “smaller and stronger” are followed, clearly some facilities, somewhere, will close.

Although such a move may be years away, postal officials are already skittish about the public panicking over the potential of their local post office closing before all the facts are out.

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French Banks Close Ranks on La Poste

Posted by | Aug 20, 2003 | |

The imminent expansion of financial services offered by French post office La Poste continues to ruffle the feathers of the country’s more established banking players. Earlier this month, Societe Generale chairman Daniel Bouton said that he could see “no economic sense” in permitting La Poste to broaden its range of banking products. His remarks follow similar comments made earlier this year by Michel Pebereau, chairman of BNP Paribas. Speaking on French radio, Pebereau said that he had urged the French authorities not to “turn the French banking sector upside down” by adding another competitor to an already crowded marketplace. La Poste is about to sign a new five-year operating agreement with the French Finance Ministry, which – if ratified – will allow it to offer customers consumer credit and non-life insurance products – areas that have previously been off-limits. A decision is expected later this year.

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Deutsche Post chief sees company fully privatised in next four years

Posted by | Aug 20, 2003 | |

Deutsche Post chairman Klaus Zumwinkel said in a magazine interview released Wednesday that he expects the semi-public German postal authority to be fully privatised within the next four years.

“I could well imagine the state cutting its stake to zero by 2007,” the expected date for the full liberalisation of letter-delivery services throughout the whole of Europe, Zumwinkel told the latest edition of the fortnightly magazine Capital.

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