The European Commission has given the French government two months in which to set up an independent regulatory body to ensure that fair trading reigns in the French postal services market.
Read MoreOsterreichische Post AG, the Austrian post office, is reported by well-informed circles to be seeking a possible successor to the company’s current head, Anton Wais, although sources in OIAG, the state enterprise holding which owns the company, and in Osterreichische Post itself, deny the rumour. Business consultancy Egon Zehnder, said to be involved in seeking new Post management, neither denies nor confirms the report.
Read MoreSabena, the Belgian state-controlled airline, was formally declared bankrupt on Wednesday, but not before the country’s government announced that it had raised E200m ($180m) to save up to half of Sabena’s jobs.
The government said 12 private sector groups would put E155m into a new company built around Sabena’s regional subsidiary DAT, along with E45m from state-controlled investment funds.
Read MoreSabena last night became the first European flag carrier to file for bankruptcy, threatening the loss of thousands of jobs and marking the biggest step to date in the long-awaited restructuring of the European airline industry.
British Airways reported a collapse in pre-tax profits from Pounds 200m to Pounds 5m in its second quarter to the end of September and warned of a “significant” operating loss for the full year
Deutsche Post’s parcel delivery service is expected to fall just short of its target for pretax returns (between 2.6 and three per cent) after receiving the same instructions from the EC. The Commission has forced it to create a separate marketing and sales company for business customers and the shortfall in earnings is being attributed to the cost of setting up the new division.
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