Tag: Korea

FedEx wins awards for work environment

Posted by | Feb 28, 2008 | |

FedEx has again been named one of the ‘Best companies to work for’ in 2008 according to rankings released by the Great Places to Work Institute. In 10 of the past 11 years FedEx has been recognized as one of the “best companies” to work for as well being consistently ranked in Fortune’s ‘Global Most Admired Companies’. The Fortune award extends the list of global accolades FedEx has received.

In Asia Pacific, FedEx was named among the top 10 “Best Employers” in China, Korea, Japan in 2007 by Hewitt Associates. Australia made the list but was just outside the top ten. The American Chamber of Commerce in Hong Kong and the South China Morning Post also recognized FedEx as a “Best Company for Women” at its Women of Influence Awards.

“This honour not only reflects the commitment of our employees in the U.S., but of all employees in the entire FedEx network,” said David L. Cunningham, Jr., president, FedEx Express Asia Pacific. “In Asia, we place our employees first and it is the investments in our employees that drives their dedication to make every FedEx experience outstanding for our customers and that is what differentiates us from the competition.

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Kumho Asiana all-clear to buy Korea Express

Posted by | Feb 27, 2008 | |

The Korean Fair Trade Commission (FTC) has approved Kumho Asiana Group’s acquisition of Korea Express Co., paving the way for the conglomerate to expand its logistics business in the parcel and express market.

The group’s two affiliates – Asiana Airlines Inc. and Daewoo Engineering & Construction Co. – were chosen as preferred bidders for the purchase of 24 million new shares of Korea Express. The 24 million shares are equivalent to a 60 pct stake in the company. The price is estimated at more than USD 4 billion.

Now that the takeover has been officially given the green light, Kumho Asiana Group will negotiate with the insolvency court on the final acquisition price by next month, the Korea Herald newspaper reported.

Korea Express has been under the control of the insolvency court since November 2001, after it failed to repay debts owed by its parent company Dong-Ah Construction Industrial Co., which collapsed under mounting debt in the wake of the 1997-98 Asian financial crisis.

But despite financial woes, the company has been aggressively expanding its business in recent years, thanks to the fast-growing online shopping industry.

Korea Express became the country’s top delivery firm last year with estimated 122 million deliveries, topping its competitors Hyundai Logistics with 120 million, CJ GLS Co. with 114 million, and Hanjin Corp with 100 million, the newspaper also reported. Korea Express hopes that delivery volume this year will rise to 200 million on synergies from the acquisition.

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China Postal Airlines launches flights between Yantai, Seoul

Posted by | Feb 21, 2008 | |

Mail and cargo flights between the Chinese coastal city of Yantai, Shandong Province, and Seoul, Republic of Korea, went into operation, shortening delivery times between the two cities by at least 12 hours.

A Boeing 737 aircraft of China Postal Airlines, specializing in express mail services (EMS) and cargo transport, took off from Yantai International Airport at 11 a.m. and landed in Seoul 70 minutes later, airline sources said.

It is the first cargo flight service between South Korea and Shandong, its largest investment destination in China. South Korea has invested about 20 billion U.S. dollars in the eastern province through 2007, accounting for 27 percent of its China investment.

The new route boosts economic exchange between Shandong and South Korea and gives China Postal a better footing in the international market, according to the China Postal Airlines source.

Currently, there are 18,000 companies that have been directly invested by South Korean businesses in Shandong, half of the total in China.

China Postal Airlines will fly from Yantai to Seoul five times weekly, according to company sources. Express mail from the province can arrive at Seoul, Gyeonggi and Incheon in South Korea the next day and in other cities a day after that.

Shanghai-based China Postal Airlines, a 51/49 percent joint venture between China’s State Post Bureau and China Southern Airlines, boasts a fleet of 13 aircraft and operates 30 flights to a dozen domestic cities. The company’s delivery network covers more than 300 Chinese cities.

In line with its commitments to the World Trade Organization, China has fully opened its express delivery market. International delivery companies such as DHL, TNT and UPS are now competing in China.

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FedEx spends USD 5.5M to lobby in 2007

Posted by | Feb 19, 2008 | |

FedEx Corp. spent roughly USD 5.5 million in 2007 to lobby the federal government; according to a disclosure form posted online Thursday by the Senate’s public records office.

The company spent about USD 3.9 in the second half of 2007 to lobby the House of Representatives, Senate and White House on issues related to the federal budget, transportation and energy, according to a disclosure form posted online Thursday by the Senate’s public records office.

FedEx also lobbied Congress on trade agreements with Peru, Colombia and Korea.

FedEx spent USD 1.6 million in the first six months of 2007 to lobby on legislation related to Federal Aviation Administration funding, air cargo security, air traffic control, biofuels, homeland security and visa wavers, among other issues.

Lobbyists are required to disclose activities that could influence members of the executive and legislative branches, under a federal law enacted in 1995.

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Korea's Postal Office to Spend 175.4 bln won

Posted by | Jan 30, 2008 | |

Korea’s state-run post office said Tuesday that it will invest 175.4 billion won (USD 185.5 million) in 2008 mostly to improve its mailing system.

Korea Post said the investment earmarked for this year includes 37.4 billion won for procuring necessary hardware and software, 6.5 billion won for better IT systems and 57.3 billion won for system maintenance.

It also plans to spend some of the money to purchase around 40,000 radio frequency identification (RFID) tags and 600 tag readers for improving the speed at which its mailing work is carried out, the company said in a statement.

1 USD = 944.223 KRW

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