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Outgoing UPS Chief got 7.8% raise in 2007 to USD 4.5 Million

Posted by | Mar 17, 2008 | |

The former Chairman and Chief Executive of UPS Inc., Mike Eskew, received total compensation valued at USD 4.5 million in 2007, a 7.8 percent increase from the year before, according to a regulatory filing Monday by the world’s largest shipping carrier.

According to an analysis of the filing with the Securities and Exchange Commission, Eskew was granted a salary of USD 1,026,000, a bonus of USD 43,000 and a performance-based bonus of USD 197,800.

He received all other compensation of USD 43,019, including USD 2,000 for a charitable contribution match, USD 6,750 for 401(k) matching contributions, USD 5,036 for life insurance premiums, USD 17,583 for pension benefits restoration plan rollover and USD 11,650 for financial planning services.

Eskew also received stock and option awards the company valued at USD 3,142,645 on the days they were granted.

He did not receive above-market or preferential earnings on deferred compensation.

The total compensation of USD 4,452,464 compares with the USD 4,130,657 he was granted in 2006.

The Associated Press’s total pay calculations include executives’ salary, bonus, incentives, perks, above-market returns on deferred compensation and the estimated value of stock options and awards granted during the year.

The calculations don’t include changes in the present value of pension benefits, and they sometimes differ from the totals companies list in the summary compensation table of proxy statements filed with the SEC.

Atlanta-based UPS’s annual meeting will be held May 8 in Wilmington, Del. The company, also known as United Parcel Service, announced in October that Eskew would retire at the end of 2007 after six years as CEO and more than three decades with the company. He has been replaced by Scott Davis, who was the company’s chief financial officer before taking the top post.

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Blue Dart to replace Boeing 737 with 757

Posted by | Mar 17, 2008 | |

Move will help the company increase its carrying capacity without increasing fleet size.

The Chennai-based air cargo company, Blue Dart Aviation, has decided to replace all its four ageing Boeing 737 cargo aircrafts with the Boeing 757. The move is primarily aimed at augmenting carrying capacity without increasing the current fleet size of seven.

Last year, the company inducted a 757 freight carrier, which was its seventh from DHL Expresses’ European Air Transport. DHL Express holds 81 per cent stake in Blue Dart.

Tushar Jani, chairman, Blue Dart Aviation, said, “We cannot increase our fleet size because of lack of parking space at airports and hence will replace the Boeing 737 with Boeing 757.”

The company intends to have a mix of leased and owned 757-200 SF (special freighters). At present, the cost of a Boeing 757-200 SF (special freighters) is about USD 80-85 million.
The replacement of aircrafts will help the company increase its carrying capacity by 32 per cent from 148 tonnes to 196 tonnes by the end of 2011.
The replacement initiative comes at a time when the company is optimistic about starting scheduled overseas operations, perhaps this year.

Company executives said the move would help improving aircraft utilisation due to increased flying hours. The company currently is evaluating commercial viability of flying to overseas destinations.

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Air France to buy Alitalia for euro 138m

Posted by | Mar 17, 2008 | |

Yesterday, Alitalia’s board unanimously accepted Air France-KLM’s bid to acquire the airline in a deal valued at euro 138 million.

Air France-KLM submitted a proposal to Alitalia on March 14th, aimed at combining Alitalia and the Air France-KLM Group and acquiring control of the Italian airline.

The proposal covers a share exchange offer on Alitalia shares and a cash offer on Alitalia bonds.

Air France-KLM also stated it would underwrite fully a capital increase for a total of euro 1 billion, the proceeds of which would be largely directed towards funding the commercial re-launch of Alitalia.

Air France-KLM’s plan calls for a network organised around the international and intercontinental hub of Rome-Fiumicino, the centre for domestic Italian routes, and around European and selected inter-continental destinations operating from Milan.

This would give Alitalia a combination of hubs from north to southern Europe, organised around a network linking Europe to the rest of the world. The airline would also benefit from the support of global sales forces and investment in products and services aimed at reinforcing and developing the Alitalia brand.

Alitalia has reportedly been losing more than USD 1 million a day. The Air France-KLM deal should enable the airline to return to profitability as early as 2009.

The Air France-KLM offer is conditional on a number of factors, including authorisation from the relevant competition authorities (expected by end-June 2008), and the endorsement of Alitalia’s shareholder, the Italian Ministry of Economy & Finance and its undertaking to tender its shares and bonds, and the formal agreement of Alitalia’s unions.

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DHL to step up India investment

Posted by | Mar 17, 2008 | |

DHL Express plans a major expansion in India to take advantage of the growth and penetration of retail business in the country, by increasing its exclusive outlets and strengthening road network.

The company is set to open 1,000 retail points across the country by 2010, up from the 150 centres that currently offer its products. DHL, which owns an 81.03% stake in Mumbai-based air express and transportation company Blue Dart Express Ltd, will also start at least 100 transportation hubs to help link the company to smaller towns and non-metro cities and towns.

The Indian logistics market is expected to reach USD 122 billion by 2015 from USD 45 billion today, according to market estimates. Most firms would like to capitalize on this growth potential by offering complete solutions, but such an effort would be difficult as they would need sizeable fleet and investment, said a Mumbai-based transport analyst, who didn’t wish to be identified.

The strengthening of road network would include creating small and large cargo collection centres and adding more vehicles. DHL serves 17,500-plus cities and towns through Blue Dart. In February 2007, it had announced a restructuring of business in India and South Asia.

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Deutsche Postbank CEO calls for speedy sale of bank

Posted by | Mar 17, 2008 | |

Deutsche Postbank AG’s Chief Executive Wolfgang Klein said he wants the German retail bank to be sold by the end of this year, or even sooner, according to an interview in Frankfurter Allgemeine Zeitung.

The newspaper also cited sources close to parent company Deutsche Post World Net AG as saying an investment bank, likely to be Morgan Stanley, will soon be commissioned to find a buyer for the company.

Klein said the bank should be sold to a company that can create the most value in the long term through lifting synergies and boosting market share to 20 pct, according to the newspaper.

‘I know who my favourite partner is,’ Klein said, adding: ‘But first of all I’m not the one selling, and second, I would weaken my position if I said who it is.’ Deutsche Post holds a 50 pct plus one share stake in Postbank.

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Indian Department of Posts Enters Foreign Exchange Market

Posted by | Mar 17, 2008 | |

An agreement was signed between Department of Posts and Centurion Bank of Punjab here today to provide foreign exchange services to the public. Although the Department has full fledged money changing licence this is the first time that the Department is entering the foreign exchange market.

To start with the foreign exchange services is to be run as a pilot project covering the 31 Post Offices spread across 23 large cities, towns and villages in 11 states. The project will facilitate both the encashment of foreign exchange and transfer of money in foreign currency. While the main foreign exchange business will be operated by the Centurion Bank of Punjab, the Department of Posts officials will operationalise the scheme after training imparted by the Bank.

An agreement was signed today by Shri J. Panda of the Department of Posts and Shri Sudarshan Motwani of Centurian Bank of Punjab in the presence of Shri Anil Jaggia, Chief Operating Officer of the Bank and Shri I.M.G. Khan, Secretary, Department of Posts launching the services.

Speaking after the launch of the project Shri Anil Jaggia described this project as “one more step towards financial inclusion of our rural population”. Depending on the success of the pilot project the bank hopes to reach out this scheme to thousands of cities and towns across the country. The select Post Offices will be hubs around which the bank hopes to sensitize rural population about the liberalized foreign exchange norms.

Shri I.M.G. Khan, Secretary, Posts emphasized the initiatives taken by the Department of Posts to leverage the great strengths which lies in the network of Post Offices and the knowledge of people by postal departmental staff. He said with the induction of the new technology plan and the strengths available with the Postal Services they would be able to open up partnerships with all types of organizations which will be of great benefit to the people.

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Mobile working solutions sought by Royal Mail

Posted by | Mar 17, 2008 | |

Its intention is to establish contracts with providers in the areas of service management, mobile application, systems integration and in-life management support. The deal will provide up to 130,000 hand held devices and is thought to be the largest of its kind in the UK and possibly the world.

Having put out a tender, Royal Mail is aiming to enter negotiations with up to five service providers. The hand held device management will be the subject of a separate contract to oversee hardware operation and updates.

Included within the tender is a service management requirement. This is intended to handle various aspects such as incident, problem, release, security and change management.

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