Tag: Japan

Fund transfers for Mongolians get faster

Posted by | Jan 8, 2008 | |

Mongolians workers in Korea can now send money to their home country much faster than before.

The Korea Post launched Monday (Jan.7) the so-called Eurogiro service with Mongolia, which enables people in Korea to wire money to Mongolia within three to five days using an electronic money transfer system.

Eurogiro is a fast and cost-effective electronic transaction system that easily allows cross-border transfers of funds.

Users can directly send money to the recipient’s home address through the system or deposit money into an account issued by a postal office to transfer funds.

Previously wiring money to Mongolia from Korea had taken much longer, because users first had to get a certificate of money exchange from Mongolia and then send money by mail.

With the launch of the service, Mongolia is the third country to use Eurogiro with Korea, following Japan and Switzerland. The Korea Post plans to further expand the number of countries to use the service with.

60 countries are members of the Eurogiro network.

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Privatized post offices start delivering New Year's cards

Posted by | Jan 1, 2008 | |

Post offices across Japan started delivering New Year’s greeting cards the morning of New Year’s Day on Tuesday for the first time since the privatization of the country’s postal system in October.

According to Japan Post Service Co., a total of 2,033 million cards nationwide are to be delivered on New Year’s Day. The figure is up 6.5 percent from a year earlier.

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Japan Post Reports 442 B. Yen in Net Loss in April-September

Posted by | Dec 23, 2007 | |

Japan Post Holdings Co. said Wednesday its predecessor Japan Post incurred a net loss of 442 billion yen in April-September, compared with a net profit of 237.7 billion yen a year before.

A special loss of 1,419.5 billion yen, stemming from a change in accounting methods to report pension costs, weighed down on the bottom line.

But the net loss was far smaller than the company’s estimate of 852.7 billion yen thanks to robust earnings at “Yucho” postal savings and “Kampo” postal insurance operations.

Thanks to increases in investment returns, net profit at the Yucho division grew 20.5 pct to 372.6 billion yen, and that at the Kampo division increased 35.6 pct to 661.8 billion yen.

The mail service division suffered a net loss of 814.6 billion yen, against a year-before loss of 71.4 billion yen.

Recurring profit tripled to 1,207.8 billion yen.

Japan Post Holdings, which is wholly owned by the government, started operating on Oct. 1, the launch of the 10-year privatization process of Japan’s 136-year-old state-controlled postal service system.

The holding company controls four units–Japan Post Bank, Japan Post Insurance Co., Japan Post Service Co., which took over postal services, and Japan Post Network Co., which is in charge of operating Japan Post’s office network

1 USD = 112.059 JPY

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AIG Life Unit to market products through Japan Post

Posted by | Dec 21, 2007 | |

American International Group Inc. said its Japan life insurance subsidiary has been selected by Japan Post Insurance Co. Ltd. as a provider of life insurance products for corporate customers.

According to AIG, the Japan Post Holdings subsidiary selected ALICO Japan, the Japanese branch of AIG’s American Life Insurance Co., to market its products to small- an medium-sized businesses through Japan Post Insurance’s 1,000-member sales team. The sales force is part of a nationwide 81-branch network for Japan Post Insurance.

ALICO will be able to start selling its life products through the network beginning in June 2008, subject to regulatory approval.

Japan Post Insurance was privatized by the Japanese government in October this year. It is the largest life insurer in Japan, with assets of 113 trillion yen ($997 billion). The government-run postal system was broken into four units, wholly owned by a government holding company, with the Kampo and Yucho segments becoming the world’s largest life insurer and savings bank, respectively.

A month ago, Japan Post Network Co. chose Aflac Japan, a unit of U.S.-based supplemental insurer Aflac Inc., as the exclusive provider of cancer insurance for distribution through its roughly 24,000 post offices nationwide.

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ANA in challenge to DHL and FedEx

Posted by | Dec 18, 2007 | |

All Nippon Airways plans to challenge DHL and Federal Express in Asia by joining forces with two Japanese transport groups to launch a door-to-door express parcel service.
The airline will take a 34 per cent stake in the venture, targeting business-to-business customers, according to a memorandum of understanding signed yesterday.
Nippon Express, the general transport company, and Kintetsu World Express will each take a 28 per cent share while other forwarding groups will take the remaining 10 per cent.
The venture is to begin operating next April. The name and total investment have not been decided.
The business will use a freight hub developed by ANA on Okinawa, close to mainland China. ANA will provide aircraft, while Nippon Express and Kintetsu will contribute ground-based logistics.
European and US delivery groups dominate the Asian express parcel market and are adding infrastructure. Germany’s DHL, which leads with about a one-third share, said last month it would build a USD 175m north-east Asian hub in Shanghai.
Second-ranked Federal Express opened a Chinese domestic hub this year and plans to shift its Asia-Pacific centre from Subic Bay in the Philippines to a larger facility in Guangzhou in 2009.
Satoru Aoyama, analyst at Fitch Ratings, said a challenge for the ANA venture would be to draw custom from outside the three partners’ roster of Japanese clients.
“To challenge the big companies they will need to invest heavily,” he said

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