Tag: Asia

Global express operator United Parcel Service (UPS) is set to splash out USD100 million to make Hong Kong its hub for trade with Europe, pending regulatory approval of its second tranche of aviation rights under last year’s Air Services Agreement with the United States, according to industry sources. The sources said the Louisville-based firm would spend the money buying a dedicated aircraft, expanding its capacity allocation at Hongkong Air Cargo Terminals (Hactl) and purchasing additional ground-handling equipment should it gain additional fifth-freedom rights through Hong Kong in October. The news comes after the carrier’s announcement last month that it had moved responsibility for its burgeoning Greater China business to Shanghai, prompting speculation that the importance of Hong Kong in its Asia network was waning.

United Parcel Service (UPS), one of the world’s top 500 companies, is to move its Asian regional headquarters from Hong Kong to Shanghai, state press said Friday. The move is primarily due to an increasing number of clients on the Chinese mainland, the Shanghai Daily reported, quoting Perry Chao, UPS’ China senior vice-president. “With many of our customers, especially electronics companies, setting up plants in the Yangtze River delta, we found this region contributed a significant share to the growth of our China revenue,” Chao said.