Year: 2003

UPS posts strong earnings gain on growth across all segments

Posted by | Oct 21, 2003 | |

UPS has reported a 28% jump in net income for the third quarter thanks to a strengthening U.S. package business, record performances by both the international and non-package segments and two other modest gains.

Earnings per diluted share increased 27% to US$0.65 from US$0.51 last year, including gains due to the sale of a business unit and a favorable tax ruling. Without these items, earnings per diluted share were US$0.62, up 22% compared to the prior year.

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La Poste wins entry to mortgage market

Posted by | Oct 21, 2003 | |

La Poste, the French post office, last night received government approval for a limited expansion into financial services despite vigorous lobbying by French banks opposed to the move, French business paper Les Echos reports.

Nicole Fontaine, the industry minister, said La Poste would be authorised to begin offering mortgages to individuals buying homes, without the need to set up a savings plan, from 2005. However, requests by La Poste to begin offering disaster insurance and consumer credit were rejected by the government. Its application to enter the consumer credit market will be reviewed again in 2006.

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UK Royal Mail to end heavy parcels service

Posted by | Oct 21, 2003 | |

The Royal Mail was given permission today to withdraw a service delivering heavy parcels which loses the company £1 million a year.

Parcels weighing between 20kg (46lbs) and 30kg (66lbs) were delivered for £10.76, but the Royal Mail said the actual cost was between £22 and £36, depending on the destination. Around 45,000 of the parcels were delivered every year, less than 1% of the 4.5 million handled by the Royal Mail.

The service will be withdrawn next April.

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Postcomm allows changes to two of UK Royal Mails services

Posted by | Oct 21, 2003 | |

Following consultation, Postcomm on 21 October issued an approval under Royal Mail’s licence to enable the company to make changes to two of its services – Special Delivery and Standard Parcels. The changes will enable Royal Mail to integrate Special Delivery into its proposed single daily delivery, and allow it to withdraw from the service of carrying heavier parcels.

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Royal Mail eyes return to rail for bulk traffic

Posted by | Oct 20, 2003 | |

The UK’s Royal Mail wants to use rail for long-distance bulk mail, but believes the sector cannot provide the consistency needed for time-sensitive shipments.
The decision in June to move time-sensitive mail to road under a new hub-and-spoke system by the spring, saving GPB90m (EUR127.8m), was a “complete no-brainer”, Royal Mail chairman Allan Leighton told a government transport committee inquiry. Quality of service, cost and, most importantly, consistency were all behind the decision, he said. Paul Bateson, Royal Mail’s director of logistics, accepted the fact that infrastructure provider Network Rail gave high priority to mail trains, but he said when there was a problem, rail could not recover quickly enough.

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