Russian Post fined for late deliveries
The Russian postal regulator has fined Russian Post for poor delivery service rates.
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Russian post bank could cost $10bn
Vneshekonombank expects that the creation of a postal bank based on Svyaz-Bank and Russian Post will cost $5bn to $10bn, according to Vedomosti, reports The Moscow Times.
Read MoreRussian Post gets people talking
The Russian Post, already the vendor of mobile phone contracts, plans to start selling budget mobile phones at its branches.
Read MoreGeneral debate sets tone for UPU Congress
Decision-makers from the international community today participated in a high-level general debate during the 24th Universal Postal Congress. Themed “The postal sector, an essential component of the global economy”, the debate gathered stakeholders from the larger postal sector.
The World Trade Organization stressed the crucial role infrastructures such as postal services play in international trade. For the International Monetary Fund, the postal sector has a considerable impact on the reduction of trade costs. For its part, the World Bank noted the importance of money transfer services for migrants, adding that postal operators were in a unique position to offer such services so essential to development. The Russian Post said postal networks could work with banks to offer additional services and increase their revenues.
eBay International noted the role of postal services in the distribution of millions of items bought online annually. However, many online shoppers still hesitate to order goods from abroad. Only 20 pct of goods purchased on eBay sites cross borders. Citing high shipment costs and a need for improved quality of service, eBay urged postal operators to find solutions to these issues.
The Tunisian Post showed how the Government has made postal services part of a national policy to promote the information society by using the Post as a trusted intermediary in the electronic world and as a facilitator of e-commerce. On a regional level, the African Union expressed its desire to integrate postal services in its regional infrastructure development plan, as it does with water, electricity, telecommunications and transportation.
The United Nations Environment Programme (UNEP) finally invited the postal sector to take part in a worldwide awareness campaign on environment challenges. Thanks to an agreement signed in April between the UPU and UNEP, postal operators will work together on greening the postal sector.
Read MoreRussian Post Opens Money Transfer Line to China
State-owned Russian Post said last Thursday it is launching a money transfer service to China in its first ever foreign venture. The Russian money transfer leader plans to sign next partnership deals with postal services in France, the United Arab Emirates and Turkey.
A money transfer deal with China Post was signed in mid-June, Russian Post told Kommersant. Russians and Chinese have been able to send money through the service since Monday.
China has become Russian Post’s first foreign partner in money transfers. The state-run postal service plans to reach similar agreements with their partners in France, the United Arab Emirates and Turkey.
USD 6 billion was sent from Russia in money transfers in 2006, according to the Central Bank. China is ranked 9th in the list of countries receiving the biggest amount of transfers from Russia.
Russian Post is the leader of the country’s leader money transfer with some 40 percent of the market.
Money transfer services largely rely on labour migrants’ remittances. 210,000 Chinese work in Russia making up the largest migrant labour group.
Experts note that Chinese are quite conservative and prefer services of big corporations, which increase Russian Post for success.
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