Tag: Europe

TNT's long-term rating lowered to 'BBB+' after continued share buybacks

Posted by | Aug 29, 2007 | |

Standard & Poor’s Ratings Services said it has lowered its long-term corporate credit rating on The Netherlands-based mail group TNT NV to ‘BBB+’ from ‘A-‘, owing to the group’s more aggressive financial policy through continued share buybacks.

S&P said it affirmed the ‘A-2’ short-term rating, adding that the outlook is stable.

‘Although credit protection measures are in the upper range of the new rating category, with adjusted funds from operations to debt, including operating leases and unfunded pensions, of about 35 pct for the 12 months ended June 2007, they are expected to deteriorate slightly over the next few quarters due to the additional share buybacks of 500 mln eur and the company’s willingness to further invest in its network,’ S&P’s credit analyst Eve Greb said.

The ratings agency said the stable outlook reflects its expectation that TNT will complete its existing share-buyback programs, as well as the newly announced additional buyback program for 500 mln eur by mid-year 2008.

Read More

UK Home Delivery and Fulfilment 2007

Posted by | Aug 29, 2007 | |

UK Home Delivery and Fulfilment 2007 is a new report published by Verdict that offers a unique insight into the home delivery retail market. It includes comprehensive consumer research analysing the demographic profile of home delivery shoppers, delivery frequency, motivations for using home delivery, ordering methods and satisfaction. The report also provides market value, growth and penetration data for the four leading home delivery channels – mail order, e-retail, TV shopping and store-based deliveries.

Read More

Deutsche Post cut to 'sell' at Goldman Sachs

Posted by | Aug 28, 2007 | |

Goldman Sachs has cut its rating on Deutsche Post to ‘sell’ from ‘buy’ and its target price to 18 eur from 24 eur, according to dealers, saying any delay in German mail liberalization seems unlikely, implying volume loss and margin erosion for the company.

In a note this morning, Goldman said a delay to German mail liberalization – scheduled for 2008 – now seems unlikely.

The broker said a cost-cutting program at Deutsche Post is unlikely to compensate for revenue declines. Liberalization threatens the company’s free cash flow generation and, as such, activist/private equity investors may shy away, reducing pressure for internal change, said Goldman.

Goldman has added Deutsche Post to its ‘conviction sell’ List.

Since it was upgraded to ‘buy’ on January 24, 2006, noted Goldman, the stock has declined 1.1 pct vs. a 19.1 pct increase in the FTSE World Europe.

The German coalition government has agreed to continue with plans to liberalize the market for mail weighing less than 50 grams for January 2008, assuming agreement can be reached on minimum wage legislation, noted Goldman.

It expects this to drive poor share price performance for Deutsche Post.

The broker has reduced its EBIT estimates by 9.5 pct for 2008 and 13.7 pct for 2009.

Read More

FedEx adds new flights between Memphis (US) and Manchester (UK)

Posted by | Aug 28, 2007 | |

FedEx Express, the cargo airline of FedEx Corp., is launching new direct flights between its headquarters in Memphis and Manchester, England.

An MD-11 flight originating at the shipping giant’s hub in Paris will stop in Manchester each day Monday to Thursday before flying to Tennessee.

The flights will increase the company’s daily capacity between the U.S. and U.K. by up to 50 percent and between Europe and the U.S. by 20 percent, FedEx announced Tuesday.

“Manchester is the fastest-growing region in the U.K., which has led to increased market demand for reliable, time-definite express transportation services,” said Robert W. Elliott, president, FedEx Express, Europe, Middle East, Indian subcontinent and Africa.

The airline already operates two express freighters from Stansted in southeastern England to Newark, New Jersey, and Memphis. The new flight is expected to increase next-day service and allow later pickup times for northern Britain.

Read More

Post Office marks 145th anniversary of savings

Posted by | Aug 28, 2007 | |

As the Post Office marks its 145th year as a home for the nation’s savings; research into today’s savings behavior compared to yesteryear reveals that we’re saving less than our counterparts did last century.

Overall, one in four (24 per cent) people today don’t save at all and a third (32 per cent) save infrequently. In contrast, 70 per cent of adults play the National Lottery on a regular basis, meaning we’re more likely to play the lottery than save regularly.

The majority of savers (56 per cent) say they are not saving for any particular goal, just “the future”. The single biggest reason for saving is for a holiday (29 per cent).

A third (35 per cent) of 18-24 yr olds are saving for a deposit on a home, while almost half (48 per cent) of those aged 55 – 64 are frantically topping up their retirement savings.

Lack of spare money is the main reason for not saving today (71 per cent). For 27 per cent of people there are just too many debts to pay off, while 17 per cent say they just spend all their money before they can save it.

The Post Office has produced a historic savings time line to chart the UK’s savings habits.

It reveals the savings ratio – the proportion of post-tax income that households save rather than spend – has varied significantly over the years. The highest peak at 12.4 per cent was in 1980 (along with high inflation). One of the lowest periods occurred between 1946 and 1955 during the post war slump when the savings ratio only entered positive territory once (0.3 pct) during Queen Elizabeth II’s coronation.

With the savings ratio now at 2.1pct – its lowest point since 1959 – the Post Office is using this anniversary as a timely reminder for people to remember the importance of saving.

Read More

Advertisement

Advertisement

Advertisement

P&P Poll

Loading

What's the future of the postal USO?

Thank you for voting
You have already voted on this poll!
Please select an option!



View ResultsHide Results

Post & Parcel Magazine


Post & Parcel Magazine is our print publication, released 3 times a year. Packed with original content and thought-provoking features, Post & Parcel Magazine is a must-read for those who want the inside track on the industry.

Subscribe to the Magazine

 

Pin It on Pinterest