Year: 2003

German Deutsche Post staying with operating profit forecast of €2.9bn

German postal and logistics group Deutsche Post is staying with its operating profit forecast of €2.9 billion ($3.6 billion) for this year, its chief executive was quoted as saying. “Our guidance is and remains that we will have an operating profit of at least 2.9 billion euros,” CEO Klaus Zumwinkel said in an interview with German financial daily Boersen-Zeitung. “Now, with the year coming to its end, I can say: We have no reason whatsoever to divert from this forecast,” he said, referring to earnings before interest, tax and amortization.

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German Deutsche Post to retain majority in postbank

Deutsche Post plans to retain a long-term majority stake in its financial services unit Postbank after it floats the business on the stock exchange in the fall of next year, Chairman Klaus Zumwinkel tells Boersenzeitung in an interview. Its postal services branches depend on Postbank, which generates 30% of all business at Deutsche Post’s outlets. But he also says the Postbank has not yet reached the company’s 15% return on equity goal. Deutsche Bank AG (DB) and Morgan Stanley (MWD) are advising Deutsche Post on the IPO, and discussions are underway about how the shares will be split between retail and institutional investors, Zumwinkel says.

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Regulator wants An Post to ensure better next-day delivery

Communications regulator, Comreg, yesterday declared that it wants An Post to ensure next-day delivery for more than nine out of 10 of all items posted in this country in 2004. Comreg announced that it has set a target for the State-owned postal service of 94 per cent next-day delivery for “single piece priority mail”, which is the ordinary day-to-day correspondence posted by individuals and business. It has set the same target for local post, and the regulator said that it wants 99.5 per cent of all mail posted in this country delivered within three days next year.

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Dutch TPG acquires majority share in Prime Vision

Mail, express and logistics company TPG N.V., through its subsidiary TPG Post B.V. has acquired a 60% majority share in Prime Vision B.V. from TNO Beheer B.V. Prime Vision is a globally operating company based in Delft, the Netherlands, which specialises in the development, production, marketing and sales of pattern and character recognition products.

TPG Post uses pattern recognition software and technical applications in its letter processing operations, and in particular during sorting. Further development of pattern and character recognition software and technology is important to TPG Post for further improvements of the efficiency of the sorting process.

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Spanish Post Office, Correos automates processes

In 2001 Correos, the Spanish post office, launched a plan to automate its processes. The plan, which concludes at the end of next year, involves an investment of €310m, the construction of eleven totally automated sorting offices and the upgrading of another six. Jose Antonio Canadas, head of the postal division of the group, says that in 2006 90% of post processed in Spain will be managed in a completely automated fashion. This compares with 16 per cent only three years ago.

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FedEx sets up branch in Xiamen, China with partner DTW

Federal Express has said it has set up a branch in Xiamen with its long-term China partner DTW Co Ltd.

‘I am very glad to see that the joint venture between FedEx Express and DTW steps onto a new stage and looking forward to the tremendous business growth of our Xiamen branch,’ Eddy Chan, Vice President of FedEx’s China Division said in a statement.

FedEx formed its first venture with DTW in Beijing in 1999 and has expanded rapidly in the country.

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UPS and Fedex urge DOT to overturn Astar ruling

United Parcel Service and FedEx Corp. urged the U.S. Department of Transportation to overrule a recommendation by its own administrative law judge that Astar Air Cargo be allowed to operate as a U.S.-licensed airline. The two big express carriers contended that Astar is controlled by DHL International and its corporate parent, Deutsche Post World Net, and does not meet requirements that domestic airlines by majority-owned by U.S. citizens. It’s unlikely, however, that DOT will overrule Kolko’s recommendation. The department had ruled on previous occasions that DHL Airways complied with U.S. citizenship requirements. It only complied with the demand by FedEx and UPS for an open hearing after legislation passed last spring mandated the appointment of an administrative law judge to investigate DHL Airways’ ownership.

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French La Poste approves 2004 budget

The management board of French post office La Poste have approved the 2004 budget, which aims for a break-even of the consolidated result excluding tax and exceptional items, even if the parent company registers a deficit. La Poste says that this is in a difficult environment. The group has recently signed its contract plan with the state for the 2003-2007 period. This suggests that the reduction in post volumes will put the group’s margins under pressure in 2004 and 2005, but the full effects of the modernisation programme will not be felt until 2006. La Poste is predicting 2.4 per cent growth in consolidated turnover in 2004, compared with 1.8% growth in 2002, to €17.3bn.

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