Tag: Europe

Document Actions Dutch parliament calls for return of 'golden shares'

Posted by | Jul 25, 2007 | |

A majority in Dutch parliament backs a return of so-called golden shares held by the government to protect strategic industries against foreign takeovers.

Although the Dutch parliament is in recess, a roundup by the ANP news agency of the most important parties showed a majority supports the idea of giving the Dutch government special golden shares.

The measure would give the holder veto rights in certain circumstances and can be used to protect a company from possible takeover.

Ruling coalition partners Christian Democrat CDA and Labour are calling for a return of the golden share together with the far-left Socialist Party, the biggest opposition party.

The Dutch state in November shed its last golden shares in the former Dutch postal services company, since renamed TNT, to comply with rulings of the European courts, which oppose such arrangements.

On Monday EU Trade Commissioner Peter Mandelson, in an interview with a German newspaper, suggested that golden shares could be used to protect strategically important European companies against foreign takeovers.

There is growing unease in Europe about the growing clout of state-financed investment funds from Russia, China and the Gulf states in European industry.

On Monday in the European takeover battle over Dutch ABN Amro bank, British bidder Barclays announced it had teamed up with a state-linked financial institutions in China and Singapore to boost its new bid.

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TNT services in Vietnam to benefit Malaysian firms

Posted by | Jul 25, 2007 | |

Malasyan businesses that have significant trade with Vietnam will benefit from TNT’s new domestic express services and solutions.

In a statement today, TNT Malaysia and Brunei managing director Gerry Power said the company would invest more than RM 33 million ( USD 9.53 million) over the next four years for this initiative.

“The domestic expansion of TNT’s services and offerings presents Malaysian businesses with additional opportunities for growth in Vietnam.

“With TNT’s enhanced network, Malaysian businesses can enjoy greater reach within Vietnam while availing themselves to an efficient, reliable means of shipping their products seamlessly, from door to door,” he said.

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DHL to adjust air operations in Riverside, California

Posted by | Jul 25, 2007 | |

DHL announced plans to lessen noise impacts on the local community by changing out certain aircraft used during its nighttime operations at March Air Reserve Base in Riverside, Calif. Working with its contract airlift provider and leaders from the March ARB Joint Powers Commission, DHL will replace one DC-9 aircraft currently in operation with a quieter aircraft in September of this year. The company also continues to work with its airlift providers to potentially remove a second DC-9 from its operation in Riverside, as soon as September.

“We are aware of concerns in the surrounding area about nighttime noise from aircraft, and have been working closely with the Joint Powers Commission for the last several months to find potential solutions to these concerns,” said Red Alexander, Vice President for Aviation & Commercial Transportation, DHL Express. “While switching aircraft presents considerable operational and financial challenges for DHL, we want to demonstrate to the community that we are good neighbors.”

Alexander noted that the nature of a global cargo operation requires aircraft to move packages over night to ensure the movement of goods to trucks that make deliveries on the ground during the day.

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ASTAR withdraws indication of interest for ABX Air

Posted by | Jul 25, 2007 | |

John Dasburg, the Chairman, President and Chief Executive Officer of ASTAR Air Cargo Holdings, LLC sent the following letter to the board of directors of ABX Air, Inc. in response to a letter received on July 24, 2007 from Joseph C. Hete, President and Chief Executive Officer of ABX Air:

July 25, 2007

ABX Air, Inc. Board of Directors
c/o W. Joseph Payne, Secretary
145 Hunter Drive
Wilmington, Ohio 45177

Gentlemen:

On July 24, 2007, Joseph Hete informed me that ABX Air’s board of directors and management, having consulted with its advisors regarding ASTAR’s USD 7.75 per share indication of interest, have determined not to proceed.

ASTAR believes that the USD 7.75 per share amount reflects a full and fair price and is generous to the shareholders of ABX Air in the absence of a transaction with ASTAR. In light of your response, as reported in Mr. Hete’s letter, our board of directors has unanimously determined to pursue other alternatives and we are, therefore, withdrawing our indication of interest.

Very truly yours,

John H. Dasburg

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Work 5 years longer or your pension is cut

Posted by | Jul 24, 2007 | |

Royal Mail workers will have their pensions slashed unless they work five years longer under secret plans revealed by the Mirror today.

The move would cost staff members thousands of pounds a year. Some could see their retirement pay halved.

In addition the posties’ final salary scheme would be closed to new members from next year.

Last night, on the eve of two weeks of pay strikes, union leaders vowed to fight the “hammer blow” proposals.

Dave Ward, deputy general secretary of the Communication Workers Union, said: “This is a savage attack on pay and conditions.

“Our members aren’t going to roll over and accept this. It will only galvanise support for strike action.”

The radical plans – which would hit workers at Royal Mail, Post Office and Parcelforce Worldwide – are in a 24 page document leaked to the Mirror.

They are designed to tackle a GBP 6billion shortfall in the pension fund by saving GBP 1.5billion over five years.

The age staff could retire with full pensions would be raised from 60 to 62 next year and 65 from 2010.

Future rises in pensionable pay would be capped at the inflation rate.

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