Poste Italiane’s auditor, PricewaterhouseCoopers (PwC), is looking into a swap set up three years ago by the Italian postal group. The auditor has asked to show losses worth €104 million in the group’s accounts. The use of speculative derivatives is now fairly common practice for companies, which are not required by current accounting standards to add them to the balance sheets. The auditors, however, are against this.
Read MoreTNT Logistics Italy has signed a major new contract to manage non-food items for SMA, a supermarket division of Gruppo Rinascente in Italy. In terms of the three-year contract, TNT Logistics will manage the logistics activities for non-seasonal items such as electronics and textile products to SMA and Cityper supermarkets.
Read MorePoints on the Poste Italiane presentation by Mostafa Elshorbagi at the IEA conference in Amsterdam.
summary by Paul Jackson
45% of revenue is now financial products, 47% postal products
direct mail market in Italy is 23% of UK and interested in developing it
their philosophy is to differentiate products by category of customer, develop tailor-made products for each sector and stimulate retail demand
they have 18% of the express courier market, growing at 3%. Very keen to develop new products and new markets.
keen to develop hybrid mail and also an electronic platform extending into direct mail marketing
would like to develop postecom abroad.
Almost immediately after leaving Alitalia, Francesco Mengozzi has joined the Italian Post Office as co-director general, working in the areas of Finance and Post Office banking services. He is arriving at a difficult time for the Post Office, as there is a presumed EUR104m black hole in its accounts, discovered by auditing company PriceWaterhouse.
Read MoreItalian state-owned postal operator Poste Italiane will invest some 2.7 bln euro (USD 3.298 bln) for the period 2004 to 2006, it was reported on March 4, 2004. The funds will be invested for development of the company’s banking services. Poste Italiane will allocate funds for further expansion of its products and services including credit cards, cheques, loans, mortgages and insurances.
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