Tag: Europe

German govt mulls extending Deutsche Post VAT exemption to competitors

Posted by | Jun 15, 2007 | |

The German government is considering extending Deutsche Post World Net AG’s exemption from VAT to all letter carriers in the country, as part of its plans to end the company’s monopoly on the market, Frankfurter Allgemeine Zeitung reported, citing government sources.

The move will increase the amount of tax revenue the government is losing from its current level, which is an estimated 300-500 mln eur a year, it said.

Deutsche Post is scheduled to lose its mail delivery monopoly for letters weighing up to 50 grams at the end of this year, with the EU seeking a continent-wide liberalization of the market in 2009.

The exemption from VAT will include all mailings up to 1,000 grams, the newspaper said today.

The government also hopes the exemption will help keep prices low after Deutsche Post’s monopoly expires, it said.

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Poste Italiane's long-term issuer credit rating upgraded to 'A'

Posted by | Jun 14, 2007 | |

Standard & Poor’s Ratings Services said it has raised its long-term issuer credit rating on Italian Poste Italiane Group (Poste) to ‘A’ from ‘A-‘, reflecting Poste’s increasing orientation toward commercial activities.

The ratings agency also affirmed its ‘A-1′ short-term issuer credit rating on Poste, and added the outlook is stable.

The ratings reflect Poste’s strong state backing due to the group’s social importance and its economic role in the domestic market, the state’s grandfathering of almost all Poste’s financial debt, and Poste’s gradually improving stand-alone creditworthiness,’ S&P credit analyst Myriam Fernandez de Heredia said.

S&P said the ratings remain burdened, however, by Poste’s financial profile, and by uncertainties around the envisaged market liberalisation, which may result in a more competitive environment.

It added a weakening of the state’s support, along with a deterioration of the group’s financial profile, could put the ratings under pressure, but this is unlikely in the next 2-3 years.

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Maltapost and workers association sign collective agreement

Posted by | Jun 14, 2007 | |

A dispute between Malta Postal Workers Association and Maltapost management, which led to postal operators striking at end of May, came to an end on Wednesday with the signing of their collective agreement.

The collective agreement package was approved by the Maltapost workers both in Malta and Gozo. Proposals the management had set forward in May were deemed unacceptable by the union, leading to industrial action.

The new collective agreement includes family friendly conditions and has increased the number of allowances such extra beat allowance. Maltapost workers¡¯ salaries were also upped.

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Royal Mail trials electric vehicles

Posted by | Jun 14, 2007 | |

Smith Electric Vehicles has won its first order from the Royal Mail – one of each of the Edison and Newton delivery vehicles. The vehicles will be trialled in London, in parcel and post distribution operations.

Edison is a sub-3.5t electric van, built using the Ford Transit shell. Newton is sold in 7.5t and 9t configurations. Both vehicles have restricted top speeds of up to 50mph and are capable of covering 150 miles on one battery charge.

Royal Mail has a fleet of more than 33,000 delivery vehicles operating across the UK, including approximately 10,700 3.5t vans and 2,500 7.5 tonners.

The manufacturer is installing extra electric vehicle production capacity at Vigo Centre, its 250,000sq ft assembly facility in Tyne & Wear, UK.

Darren Kell, chief executive of Smith’s parent company Tanfield, said: “The adoption of the Low Emission Zone in London and expected road pricing in 10 other urban conurbations across the UK will significantly increase the addressable market for electric vehicles.”

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