Year: 2002

Royal Mail faces £330M pension shortfall

The Royal Mail faces a pensions black hole of pounds 330m following the collapse in the stock market. To make good the substantial deficit, it has asked the regulator, Postcomm, for the flexibility to make further increases in the price of a stamp on top of a planned 1p rise from next April. The loss-making postal group is warning that it also faces an extra pounds 120m bill to cover National Insurance Contributions following NIC increases announced in the budget. Royal Mail may require a further pounds 280m to cover potential increases in interest payments on Government loans. Royal Mail last valued its pounds 15bn pension fund three years ago, before the bear market in equities set in with a vengeance. It is planning a new actuarial valuation in the spring, but has already estimated this will show a deficit of pounds 330m.

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Fears for post service as Royal Mail opened to rivals

The postal market will be opened up to increased competition on January 1 amid warnings that the move could damage the universal mail service.

Bulk mail above 4,000 items – which accounts for around half of the typical daily postbag of 82 million letters – will be open to Royal Mail’s competitors.

The Royal Mail said that coupled with a new directive from the European Union, almost 80% of the UK market will be open to competition in the New Year.

The entire postal market will be open to competition from April 2007 when restrictions on entering the market will be totally abolished.

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Fedex chairman sold 100,000 shares

Frederick Smith, FedEx Corp. chairman, sold 100,000 shares of stock in the world’s biggest air-express firm, according to a Securities and Exchange Commission filing yesterday. Mr. Smith had previously indicated in a filing with the SEC that he may sell up to 200,000 shares for a total of about US$10.6-million. Mr. Smith sold the shares on Dec. 19 at prices ranging from US$53.59 to SUS$54 a share, the SEC filing showed. He directly held about 15.7 million shares and indirectly held another 4.1 million shares.

The company had more than 298 million common shares outstanding as of the end of September.

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With new Indian law, courier market won't deliver

At a time when postal departments around the world are tying up with private players in the courier industry, the Indian government plans to bring the courier market and its players under regulation, and that too through the Department of Posts, which, strictly speaking, is an “operator” too.

Representatives of the Express Industry Council of India (EICI) representing 2,300 companies – in which the size of the organised sector (20-odd players) market alone is estimated at Rs 1,700 crore – are meeting the policy-makers and MPs to effect changes in the Indian Post Office (Amendment) Bill, 2002, making room for an independent regulator and an appellate body for judicial recourse. The bill is under the consideration of the standing committee on IT, which is to table its report in the budget session.

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Italian Post to st up new parcel company

The Italian post intends to set up a new parcel service over the next three years. The new service will involve the post’s CEP subsidiary SDA, which already offers express and parcel services, providing the actual transport, while collection and delivery will be handled by a network of franchisees

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TNT's 3 strategies to stay ahead in Malaysian market

TNT Malaysia Sdn Bhd has formulated three strategies to stay competitive in the express, logistics and mail market segments, its managing director L.C. Lee said.

He told Mail Money the strategies are continuous innovation, continuous improvement and customised solutions for its customers.

“We try to understand our customer’s businesses better and to enhance business logistics solutions as outsourcing logistics is becoming a key business driver in post-crisis Asia,” said Lee, adding that TNT is looking at strong commitment on quality, world class customer service standards and business excellence as means to enhance its market presence.

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Taiwan's Post Offices to be incorporated from Jan 1

The Directorate General of Posts at the Ministry of Transportation and Communications said it will be incorporated as Chunghwa Post Corp from Jan 1.

The Directorate General of Posts runs the island’s post offices and also owns Directorate General of Postal Remittances and Savings Banks (DGPRSB) that conducts operations such as deposits, loans and life insurance.

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