Author: Archive

UK savers are base rate losers

Posted by | May 10, 2007 | |

As interest rates hit 5.5 per cent, the Post Office® reveals that savers are missing out on millions of pounds in interest by sticking with accounts that fail to pass on rate increases.

The savers failing to benefit from the full 1.00 per cent increase in rates in the last year are customers of some of the biggest banks and building societies on the high street.

The Post Office® announces that its Instant Saver rate will rise to 5.75 per cent1 from 4 June 2007. Instant Saver customers will also benefit for even longer by a promise to pass on base rate rises in full until January 2010. This makes Post Office® Instant Saver the UK’s best instant access savings account.2

Savings rates paid by banks and building societies can quickly become uncompetitive when base rates increase. For example, a balance of GBP 5,000 held in a typical instant access high street savings account3 would lose out on GBP 145.00 in interest payments in the first year compared to an identical balance in a Post Office® Instant Saver account. For balances of GBP 10,000 or GBP 25,000 losses rise to GBP 276.00 and GBP 660.00 respectively.

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Royal Mail’s apprenticeship scheme shortlisted for prestigious awards

Posted by | May 10, 2007 | |

Royal Mail’s commitment to the workforce of the future has won its apprenticeship scheme a coveted position in the shortlist for the 2007 World Mail Awards prize.

Seen as the “Oscars” for mail companies around the world the Royal Mail scheme is vying for top honours in the People Management section of the awards.

Since its launch in 2005 the Apprenticeship Scheme has established its own qualification framework by working with outside bodies, including the Sector Skills Council, and has already seen a huge jump in the retention rates of young people and a drastic reduction in the levels of sickness.

Royal Mail’s Skills Deployment Manager Cheryl Simons said: “Prior to the introduction of the Apprenticeship Scheme Royal Mail identified specific problems with the young people who joined the organisation. The scheme aimed at attracting, developing and retaining high-calibre postmen and women, developing talent and managers of the future and developing business culture at the front line of the business.”

The scheme is open to new and existing employees aged 16-24. Recruits follow a flexible 18-month programme and as well as undertaking a full range of tasks across the business they complete a Level 2 NVQ in Mail Services. The scheme also allows the identification of some recruits to be a coach to other apprentices or manager in the future.

The World Mail Awards aims at encouraging best practice within the mail industry worldwide. The People Management award recognises that postal authorities are among the world’s largest employers and internal relationships and good people management significantly reflect on the competitive advantage and success of the company.

Final judging will take place hours before the gala dinner on May 21st at the Novotel London West Hotel, London.

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EU declines comment on report to rule against French savings account exclusivity

Posted by | May 10, 2007 | |

The European Commission declined to comment on a report that it will rule today against the exclusive distribution of French tax-free savings products.

‘I cannot make any comment,’ said a spokesman for EU competition commissioner Neelie Kroes.

Agence France-Presse, citing unnamed sources, reported the commission will rule that the exclusive distribution of ‘livret A’ and ‘livret bleu’ savings accounts by La Poste, the Caisses d’Epargne and Credit Mutuel infringes competition laws.

AFP also reported that the French finance ministry envisages appealing the commission’s ruling.

In early June last year, the commission initiated infringement proceedings on the accounts, which are intended to finance social housing as well as private savings.

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Austrian Post Acquires Direct Marketing Service Provider meiller direct GmbH of Germany

Posted by | May 10, 2007 | |

Österreichische Post AG (Austrian Post) announces the acquisition of meiller direct GmbH (to be termed “meiller” hereafter), a 100% subsidiary of the listed schlott Group. The Management Board and the Supervisory Board of Austrian Post have already approved the transaction, which is subject to approval by the responsible anti-trust authorities.

meiller is one of the largest direct marketing service providers in Europe. The services provided range from the production of documents and mailings, dialogue services (e.g. CRM, address management and response management), as well as the further processing and finishing of dialogue media (e.g. binding and polywrapping of catalogues). meiller operates production facilities in Schwandorf (Germany) and Nyrany (Czech Republic), and is also represented with sales offices in several Western and Central European markets. Last year, meiller produced a total of 685m documents, of which 175m were designed for international delivery. Starting with its initial business focus on the mail-order business, meiller has succeeded in attracting top customers from other branches in recent years (e.g. Daimler Chrysler, E-on/IS).

In the year 2006, meiller achieved revenues of EUR 112m, employing a total of 1,180 people (business year Oct 2005 – Sep 2006). The enterprise value of the company as at March 31st, 2007, was determined to be EUR 60.5m. It was agreed by the parties to the agreement that the purchase price (enterprise value less net financial liabilities) would not be disclosed.

”With meiller, we are consistently pursuing our acquisition strategy along the value added chain. In addition to the recently acquired company Scanpoint, specialist for the scanning and digitalisation of documents, meiller complements the service portfolio of Austrian Post in the field of printing and direct marketing”, says Anton Wais, Chairman of the Management Board of Austrian Post.

“Based on the acquisition of meiller, Austrian Post has emerged as a full service provider for our customers. National and international customers of Austrian Post now have access to comprehensive services, ranging from the production of their mail items (e.g. invoices, account statements, official letters of notification, policies, mailings) and delivery to the internal processing of documents (e.g. digitalisation and response management)”, says Walter Hitziger, Member of the Management Board with responsibility for the Mail Division and the Parcel & Logistics Division.

In particular, meiller will be able to provide considerable support to the subsidiaries recently acquired by Austrian Post in the core countries of Slovakia, Czech Republic, Hungary and Croatia, to assist them in more effectively penetrating these markets. At the same time, the transaction opens up significant new sales potential for meiller in the Central and Eastern European region.

Austrian Post customers with subsidiaries in neighbouring countries can now take advantage of cross-border services in the fields of direct marketing and document production by one single provider.

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Indian Airlines partners with GATI for courier service

Posted by | May 10, 2007 | |

Indian Airlines partnered with logistics cargo industry major GATI Ltd to launch a joint courier company, IC-Zipp. The two were working together for 11 years and the idea of this joint venture was to have synergy between the large air and surface networks. IC-Zipp will be launched in 119 cities in the first phase. The product will be priced in the range of Rs 50 to Rs 150 for 500 gm. The other features of the product include door pick-up, real-time tracking and 24-hour service, said a statement issued by the company. IA’s director (commercial) Anita Khurana said: “Amid a robust trade and business growth environment, companies can now seamlessly access the networks of two market leaders. So, whether it’s a business proposal, signed contracts, mass mails, print proofs, small packages or architectural drawings, customers can rely on our extensive network to get courier delivered on time.”

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Atlas Air gets approval for DHL deal

Posted by | May 10, 2007 | |

Atlas Air Worldwide Holdings Inc., which provides air cargo services, on Thursday said it received U.S. Department of Transportation approval of a strategic partnership with delivery company DHL Express.
Under the deal, DHL Express will pay USD 150 million in cash for a minority interest in Atlas Air unit Polar Air Cargo Worldwide Inc. Polar will get a long-term, major customer out of the deal, while DHL will have access to Polar’s aircraft capacity.
Polar said it could see more than USD 3.5 billion in revenue from the 20-year commercial agreement with DHL. The deal is set to close in the late second quarter.
Shares of Atlas Air slipped 29 cents to USD 58.61 in morning trading.

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