Year: 2003

Fedex reports lower earnings in second quarter

Posted by | Dec 17, 2003 | |

FedEx Corp.’s second-quarter profits fell 63 percent from last year because of the costs of a previously announced early retirement and voluntary severance program. Its results missed Wall Street expectations and its shares fell more than 4 percent. The package delivery company reported Wednesday profits of $91 million, or 30 cents per share, for the quarter that ended Nov. 30, down from $245 million, or 81 cents a share, for the same period last year. Excluding the business realignment costs, most of which were taken during the quarter, the earnings totaled $266 million, or 87 cents per share. That fell short of the 90 cents forecast by analysts surveyed by Thomson First Call.

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Commission takes the Netherlands to Court of Justice on special powers in KPN and TNT

Posted by | Dec 17, 2003 | |

The European Commission has decided to take the Netherlands to the European Court of Justice in two separate cases with respect to certain provisions of the Articles of Association of KPN and TPG that grant the Dutch State special rights as holder of the special share (“golden share”) in the respective capital of the companies. Given the major influence these special rights confer on KPN’s and TNT’s financial decision-making as well as the management of the two companies, this “golden share” could deter investors from other Member States from investing in the capital of the two firms. The Commission therefore takes the view that these special rights are contrary to the free movement of capital laid down in Article 56 of the EC Treaty and the right of establishment in Article 43.

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France before the Court over the non-implementation of two postal Directives

Posted by | Dec 17, 2003 | |

The European Commission has decided to refer France to the European Court of Justice to ensure it fully implements the two EU postal services Directives. The first Directive dates from 1997 and among other things requires Member States to appoint a national postal regulator legally and operationally separate from the postal operators. The second Directive, adopted in 2002, commits Member States to gradually open certain sectors of their postal markets to competition. The Commission has at the same time decided to close infringement cases against Belgium, which has now adopted a law establishing an independent regulator as required by the first Directive and against Greece and Austria, which have notified the Commission that they have put in place the market opening measures stipulated by the second Directive.

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African post offices to have internet and e-mail

Posted by | Dec 17, 2003 | |

All 389 African post offices countrywide are to have Internet by June.

Besides, the government expects all primary schools to be on the Internet by 2006. 69 post offices already have the facilities.

The public will have access to advanced communication through e-mail at a reasonable fee in line with the government’s spirit of promoting information technology, Transport and Communications minister John Michuki said.

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EU Sues France To Speed Up Postal Deregulation

Posted by | Dec 17, 2003 | |

The European Union sued France Wednesday for failing to deregulate its postal market. The Commission said France must open up the market for letters weighing more than 100 grams and establish an independent postal regulator. “Only a regulator separate from the big incumbent former monopolies can ensure that postal services give users the benefits of competition,” said Frits Bolkestein, the European Union Internal Markets Commissioner. France was supposed to set up an independent regulator in 1997. Instead, the Commission says the French regulator is appointed by the Ministry of Finance, which is also responsible for supervising the state ownership of La Poste. The French government did appoint a postal ombudsman in 2001. But the Commission said the ombudsman doesn’t replace the minister as the regulatory authority.

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Postwatch comment on UK Mail and Royal Mail agreement

Posted by | Dec 17, 2003 | |

Peter Carr, chairman of postal watchdog Postwatch, said: “It is good news that UK Mail and Royal Mail have reached an outline agreement – we hope that this will result in a full agreement by the end of January. “However, the regulator was due to announce a decision in just two days’ time and this would set a standard for other companies wishing to compete in the UK postal market.
It is important that Postcomm publishes this information as planned so that other operators can proceed now to make decisions on market entry. More than one competitor is needed to provide choice to customers.”

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EWS turns to High Court for clarity on Royal Mail contract

Posted by | Dec 17, 2003 | |

UK freight train company EWS has launched High Court proceedings against Royal Mail, which is to axe all overnight mail train services. EWS has confirmed that papers filed with the London High Court at the end of September have asked a judge to ‘clarify’ some disputed clauses relating to ‘service performance’ in the 10-year contract with Royal Mail. A spokesperson for EWS said: ‘We are seeking clarification by the court of an issue relating to Royal Mail’s interpretation and of performance criteria.’ In June, the state-owned post office revealed that it was terminating a 10-year contract, signed in 1996, that is worth GBP50m ($87.44m) a year in revenues to EWS.

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Search for new DMA leader to begin in January

Posted by | Dec 17, 2003 | |

A search committee has been formed to find a replacement for H. Robert Wientzen, who announced plans to retire yesterday (16th December) as president/CEO of the Direct Marketing Association.

The committee consists of seven current and former members of the DMA’s board of directors and is led by past chairman Michael P. Sherman, vice chairman of Crosstown Traders Inc. They are working on what criteria to seek in a replacement and will have that done by early January, at which point a search firm will be named.

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