United Parcel Service, the world’s biggest package delivery and logistics company, trumped market expectations with a 3.3 per cent fall in first-quarter net income to Dollars 563m, as international business offset weaker domestic demand.
Net earnings were Dollars 0.50 per diluted share, compared with Dollars 0.51 last time, and above analysts’ average forecast, compiled by Thomson/ First Call, of Dollars 0.47 per share.
In a major test of China’s willingness to maintain free and open markets as a new member of the World Trade Organization, the state-run postal monopoly has issued an order that could virtually shut down the operations of United Parcel Service, Federal Express and other express mail companies in China.
China Post announced it would limit express delivery by private companies to articles more than 500 grams –1.1 pounds — require all prices to be higher than the postal authority’s and forbid delivery to offices of the government, military or Communist Party or of any item addressed to an individual.
MailBoxes AB, a subsidiary of United Parcel Service (UPS), plans to open 60 post offices in Denmark this autumn, Borsen reports. The post offices will be run on a franchise basis and will have longer opening hours than Denmark’s state-owned postal service Post Danmark, the paper says
Read MoreIn an interview with Handelsblatt, the logistics chief of United Parcel Service (UPS) outlined the U.S. giant’s plans to expand its logistics business in Europe.
“We’re aiming for 30% annual growth in the sales revenue of UPS Logistics Group for 2002 and the subsequent years,” said Joseph Pyne, the member of the UPS board with responsibility for UPS LG.
Read MoreThe Atlanta-based courier United Parcel Service (UPS) plans to triple the freight capacity of its Indonesian services to 14 tons per night starting in June this year, indicating the company’s confidence in Indonesia’s trade prospects. UPS Indonesia announced on Wednesday that it had completed negotiations with authorities to operate a Boeing 737 express cargo jet six nights per week from Halim Perdanakusumah airport in Jakarta starting in June.
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