DHL has announced that its joint venture with Chinese logistics firm Sinotrans will invest a further USD200m in expanding business in China, as part of a five-year investment plan to take advantage of the country’s booming logistics sector.
“The wide-ranging expansion program will add significantly to DHL’s ongoing investments in China,” said Uwe Doerken, CEO of DHL Express, in a statement released prior to a news conference.
Read MoreExperienced LYNX Express Executive Bill Reid has been appointed director of the company’s new ‘LYNX@Home’ division.
‘LYNX@Home’ is a partnership with the established LYNX partner Redcats who provide a ‘last mile’ courier service through 2,000 strong Courier Link home delivery agents. Leveraging off the complementary business strengths of the LYNX network and the Redcats home delivery agents, ‘LYNX@Home’ is able to offer a wider range of distribution solutions its customers. The new service offers fulfillment houses and internet based companies the opportunity to expand into the home delivery market with the confidence that the distribution element of their business will be in good hands.
Read MorePeter Bakker, CEO said: Given the economic background, the results delivered by Mail and Express in the third quarter are outstanding achievements. Although the earnings in Logistics are still depressed, underlying performance has been stabilised. Highlights include solid improvement in free cash flow, excellent performances in Mail and Express, offset by lower earnings in Logistics, good progress in execution of Logistics transformation plan, goodwill impairment charge and asset write downs of EUR193 million in line with preliminary estimates leading to negative net income for quarter with the outlook for 2003 full year unchanged.
Read MoreDHL Express has committed to continue investing in the Philippines despite concerns raised by some foreign investors in the wake of the controversy surrounding the Ninoy Aquino International Airport Terminal 3 project.
German airport operator Fraport AG has filed an arbitration case with the World Bank’s International Center for Settlement of Investment Disputes against the Philippine government. Fraport is seeking compensation worth USD425 million for the investment it has made in the yet-to-be-opened Naia 3.DHL Asia Pacific chief executive John Mullen said in an interview that the raging controversy would not deter the firm from making additional investments in the country.
Read MoreAs part of its continued expansion in Asia, FedEx Express, a major express transportation company in the world, announced here Friday its plans to create a separate, specific division in Chinese mainland with its regional center in Shanghai.
The new regional structure will enable the company to be more focused on and responsive to the needs of its customers in Chinese mainland, said David L. Cunningham, Jr., vice-president of Asia Pacific Division for FedEx.
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