Author: Archive

Philippine Postal Corp to issue P5 Billion worth of bonds to raise funds for its modernization program

Posted by | Feb 4, 2003 | |

State-Owned Philippine Postal Corp. plans to issue P5 billion worth of bonds this year to raise funds to finance its modernization program and pare down debt. Postmaster General Diomedio Villanueva said in a telephone interview yesterday that the state agency was in the process of selecting a financial adviser and lead underwriter for the bond issue. Eight to nine financial institutions have submitted proposals to handle the bond issue, he said.

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Royal Mail angry over watchdog's bill

Posted by | Feb 4, 2003 | |

Royal Mail is believed to be furious at the explosion of costs at Postwatch, the consumer watchdog that it is forced to fund.

It paid GBP7m last year for the organisation, which in turn spent over GBP350,000 on furniture, GBP600,000 on computer equipment and a staggering GBP462,000 on entertaining, subsistence and travel. Its predecessor, the Post Office User’s National Council (POUNC), spent under GBP800,000 in a year.

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Optimail increases turnover by more than 44%

Posted by | Feb 4, 2003 | |

The Swedish Optimail increased its turnover by more than 44% to approx. 26.6m
euros during the financial year 2002. According to the daily ‘Dagens Industri’ (27.1) Optimail will be able to show a profit of around 2.9m euros for the entire financial year (2001: 119.000 euros).

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Sinotrans to raise US$457M in HK share offering

Posted by | Feb 4, 2003 | |

China’s largest freight forwarder, Sinotrans, is planning to raise as much as US$457 million in its initial public offering in Hong Kong.

It is the first major IPO in the SAR this year, and analysts say it may attract investors eager to get into the China’s logistics sector.

Four international logistics companies have committed to taking about a one-quarter strategic stake in Sinotrans.

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APE is latest victim of air courier crisis

Posted by | Feb 3, 2003 | |

Air courier wholesaler Asia Pacific Express has collapsed, the latest victim of the downturn in the air courier market and a rising tide of bad debt in the industry. Cashflow problems two months ago forced Asia Pacific to sell 75% of its shares to UAC, a large freight wholesaler based in the US and Australia. UAC has since declined to invest further.

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FedEx Express launches fastest ever service within Canada to the U.S. and to world markets

Posted by | Feb 3, 2003 | |

In response to increasing customer demands for a wider range of transportation solutions, FedEx Canada today launched its fastest service ever; FedEx Next Flight for domestic services and FedEx International Next Flight for U.S. and rest-of-world service.

FedEx Next Flight and FedEx International Next Flight offers priority handling and expedited door-to-door delivery for single or multiple piece shipments up to 2,200 lbs each (more with prior approval). FedEx International Next Flight includes customs clearance for shipments to U.S. and global locations.

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Deutsche Post to deliver US parcels on the ground

Posted by | Feb 3, 2003 | |

Deutsche Post World Net AG’s courier company DHL World Express could start as early as March to deliver parcels in the US on the ground, in addition to its current deliveries by plane, the Financial Times Deutschland reported, citing a company spokesman.

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