Tag: FedEx

Express couriers sign up to lobby group

Posted by | Sep 29, 2006 | |

New Zealand’s leading global express courier companies have united to form a new group to work with government regulatory agencies on issues facing the industry.

The Conference of Asia Pacific Express Carriers NZ will be affiliated with similar organisations Capec Asia based in Singapore and Capec Australia. The founding members are TNT, DHL, FedEx and UPS.

Chairman and TNT managing director Ruud Smeets said group members had in the past consulted together and individually with bodies such as Customs and MAF but establishment of Capec would give them a single industry voice.

“International trade is one of the pillars of New Zealand’s economy and our key objective is to ensure the flow of goods is not hindered by government regulations and bureaucracy,” Mr Smeets said.

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New China postal legislation to strike at express sector

Posted by | Sep 28, 2006 | |

The Chinese express industry is facing the same sort of crisis which could strike that of India’s – new regulations designed to protect the national Post Office. The latest legislation being proposed by the Chinese authorities could extend the monopoly of the state owned mail operator China Post to include all domestic deliveries of private letters.

According to the European Express Association (which represents the major express carriers) these moves are a violation of the horizontal rollback provision in China’s WTO commitments.

The industry has suggested a system similar to that in the EU with an initial weight and price definition, along with subsequent reductions in those numbers. Although Chinese officials have said that international express would not be subject to the monopoly because of a special provision, the foreign industry opposes any differentiation in the rules for international and national express operators.

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FedEx annual shareholders' meeting

Posted by | Sep 26, 2006 | |

Fleet upgrade. FDX announced a $2.6B plan to replace its narrow-body Boeing 727 fleet over time with wide-body 757’s. This project will run from C08 to C16, and FDX reiterated its unchanged guidance for $3.0B capex in F07. Because the project is spread out over 8 years, it should not materially impact capex in years beyond F07, and management is still guiding to capex of 6-8% of revenue going forward. This plane upgrade has been expected for some time.

Supermajority voting eliminated. Previously, an affirmative vote by a supermajority of 80% of FDX shares was required to approve certain business combinations, including transactions with large FDX shareholders. Yesterday, shareholders voted to eliminate this requirement, so now such transactions will be approved by simple majority. FDX’s Board proposed this idea last April, so this does not come as a surprise to us. We see the change as a positive because it makes it marginally easier for the company to engage in M&A.

New Board member. Yesterday FDX’s shareholders elected Steven R. Loranger to a one year term on the Board of Directors. Mr. Loranger is currently the CEO of ITT Corporation, an engineering company. Shareholders also reelected all 13 Board members who served last year.

Plurality voting retained. Shareholders rejected a proposal that would have required FDX’s Directors to be elected by a majority of shares, rather than the plurality system now used. We see it as modestly negative that FDX retained plurality voting, which we believe decreases the Board’s accountability.

Lawsuit news immaterial. Several news reports came out last night pertaining to two FDX lawsuits. We found nothing surprising about the litigation update and nothing that would change our estimates.

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FedEx upgrades aging Boeing fleet

Posted by | Sep 26, 2006 | |

FedEx Corp. will spend USD2.6 billion to buy and upgrade nearly 90 Boeing 757-200s to replace its aging fleet of Boeing 727s.
The aircraft will begin flying between 2008 and 2016, the Memphis-based shipping company said Monday. The 757s have 20 per cent greater cargo capacity and use less fuel, the company said.
The larger, more fuel-efficient aircraft will decrease spending on fuel and reduce pollution and airport noise, the company said.
The company said it hadn’t yet reached agreements to acquire the planes.

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FedEx Corp. elects Steve Loranger, ITT chairman, as new director

Posted by | Sep 25, 2006 | |

Shareowners of FedEx Corp. today elected Steven R. Loranger, chairman, president and chief executive officer of ITT Corporation, to the corporation’s Board of Directors for a one-year term. The Board of Directors has appointed Loranger as a member of its Audit committee.

Before being named to his current position at ITT Corporation, a global, multi-industry engineering and manufacturing company, Loranger was executive vice president and chief operating officer of Textron, Inc., a global aircraft, industrial and finance company. Before joining Textron, Loranger held various executive positions at Honeywell International Inc. and its predecessor AlliedSignal, Inc., a technology and manufacturing company, including president and chief executive officer of Honeywell’s Engines, Systems and Services division. Loranger served as an officer and pilot in the United States Navy from 1975 to 1981. Loranger is a Phi Beta Kappa graduate of the University of Colorado, where he earned bachelor’s and master’s degrees in natural science.

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