Tag: Asia

Polar Air Cargo awarded additional frequencies to Japan

Posted by | Sep 24, 2007 | |

Atlas Air Worldwide (AAWW) subsidiary Polar Air Cargo Worldwide will expand operations in Japan following the conclusion of recent US-Japan bilateral civil aviation negotiations.

In addition to an existing six weekly frequencies to Tokyo with related service to one destination beyond Japan, Polar has been granted another six frequencies to Japan, excluding Tokyo, with the right to fly to two foreign destinations beyond this new point.

Including the new rights, Polar can now serve a combined total of twelve frequencies in Japan and eighteen frequencies beyond.

Polar will also have the latitude to choose the new destination in Japan, as well as the points outside of the country.

North Asia – particularly Korea, China and Japan – has been a significant area of development for Polar, and these additional frequencies and beyond rights to Japan will enable the carrier to expand its services in the Japanese market and continue building and strengthening its network throughout Asia.

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Post Office may join payment clearance system

Posted by | Sep 24, 2007 | |

The Post Office may well get to provide seamless fund transfer, with an RBI panel recommending that the Post Office be linked to the clearing system and the National Electronic Fund Transfer (NEFT). The panel has also sought to keep smaller banks with a net worth of less than Rs 50 crore out of the NEFT.

In order to facilitate better customer service, such notified institutions should also have access to the clearing system,” said the report on ‘Working Group on Preparing Guidelines for Access to Payment Systems’. At present, banks have an advantage over the Post Office Savings Bank since they can provide fund-transfer facilities to customers. Those with core-banking solutions can extend online fund-transfer facility to their customers through internet banking.

At present, the Post Office is in the process of computerizing and networking head post offices. By the end of the year, the Postal Department expects to network 650 of head post offices. Once the various locations are networked and the Post Office itself is plugged into the NEFT system, the POSB (Post Office Savings Bank) would be in a position to offer fund-transfer services similar to banks.

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Western Union Secures Top Agents for Philippines Market

Posted by | Sep 24, 2007 | |

The Western Union Company has signed new, multi-year agreements with three of its top agents in the Philippines to offer Western Union(R) money transfer services. The three companies – Universal Storefront Services Corporation, e-Business Services Inc and PETNET Inc – together represent nearly 4,800 Western Union Agent locations in the country(1).

In addition, the company has increased its existing footprint with the addition of three new agents in the Philippines: Direct Agent 5 Inc., a consortium of consumer service enterprises; JP Tambunting pawnshops and Davao-based retail chain EMCOR Incorporated.

“The Philippines is a very important market for Western Union,” said Mr. Ian Marsh, Executive Vice President, Asia Pacific, The Western Union Company. “Outside of the United States, it is second only to Mexico for inbound remittances and has tremendous growth potential as both a key receive and intra-country market.”

The Philippines is the fourth largest receiver of remittances in the world, according to the World Bank(2). The Bangko Sentral ng Pilipinas (Philippines Central Bank) estimates that remittances from overseas will exceed USD 14 billion this year. There are currently over eight million Filipino workers overseas(3).

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TNT Express Thailand appoints new Country General Manager

Posted by | Sep 21, 2007 | |

Alan Miu has been appointed country general manager (CGM) for TNT Express, Thailand. Prior to his new role Miu was based in the TNT regional office in Singapore where he was in charge of regional Customs operations.

As CGM, Miu will focus on boosting growth. His responsibilities include managing TNT’s overall country strategies, operations, sales, marketing and customer service activities in Thailand.

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Sinotrans Group plans USD 1.3 bln bulk shipping IPO

Posted by | Sep 20, 2007 | |

Chinese logistics giant Sinotrans (Group) Co’s resources shipping unit plans to raise more than USD 1.3 billion in a November IPO in Hong Kong, taking advantage of a global shipping boom, sources said on Thursday.

The parent of Hong Kong-listed Sinotrans Ltd partners with global players such as Deutsche Post’s, DHL and Korean Air, is applying to the Hong Kong exchange for its estimated HK USD 10 billion-plus (USD 1.3 billion) initial public offering, five sources close to the deal told Reuters.

The Sinotrans group operates 35 bulk cargo vessels and several oil tankers with a total capacity of more than 2 million deadweight tones, sources said.

China’s unabated demand for energy and raw materials to fuel galloping economic growth has fuelled strong demand for bulk cargo ships and sent the Baltic Exchange’s dry freight Index to record levels.

Strong demand and capacity constraints in the world’s major shipyards have elevated vessel prices, especially for bulk cargo vessels. Capesize prices rose 29 percent from the end of last year to end-July and Panamax prices gained 15 percent in the same period, according to Clarkson Research Services Ltd. Although a potential slowdown in U.S. economic growth may affect world demand for manufactured goods, those were mostly carried by container ships, analysts said.

Since Sinotrans’ ships are mostly registered in Hong Kong, the company would be listed in the territory as a red chip — a Beijing-backed or funded company incorporated outside of mainland China, a banking source said.

UBS and BOC International are co-sponsors of the deal.

Sinotrans Ltd has said its parent would soon wrap up a plan to inject infrastructure assets, including terminals and storage facilities, into the listed arm.

(USD 1=HKUSD 7.784)

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