Deutsche Post – Headline Q2 05 Figures Beat Estimates But Underlying Results Fall Short
Analysis by Bear Stearns
P:LibraryDeutsche PostDPWN 1st half 04 financial_highlights.pdf
Royal Mail is to force customers to pay for its GBP4.5bn pension fund deficit with plans to raise stamp prices to plug the black hole.
The revelation is contained in minutes of a high-level meeting between executives of Britain’s postal industry, hosted by the regulator Postcomm last month.
Royal Mail insists that no decision has been taken on how to reduce its pensions gap. But at the meeting, Stephen Agar, Royal Mail’s director of regulatory affairs, said: ‘Prices have been too low to fund the deficit. Pensions are a real cost that customers should bear.’
The disclosure comes as ministers are preparing to review proposals by Royal Mail’s chairman, Allan Leighton, for the Government to hand over 51 per cent of the state-owned company to the workers and take on some of the pension liabilities.
Read MoreTNT industry veteran Briton Moulds having served for nearly two decades, will spearhead and strategise the company’s immediate Dhs 2.5 million Emirates-wide expansion.
Moulds takes up the new post after four years as National Sales and Marketing Manager at TNT Gulf, where his duties included strategy planning and implementation, cost control and ensuring a robust workable commercial policy.
TNT Express, the world’s leading B2B express delivery company, has appointed Bryan Moulds as its first Country General Manager for the United Arab Emirates.
‘This new dedicated UAE appointment is a direct response to TNT’s rapid growth in the Emirates of more than 30percent over the last year,’ said Mark Pell, TNT’s Managing Director, Gulf and Saudi Arabia.
Read MorePatients suffering from river blindness and lymphatic filariasis in Africa, Latin America and Middle East may soon heave a sigh of relief, following an agreement reached between DHL and Merik Sharp and Dohme (MSD) to facilitate the delivery of Mectizan to those continents.
A statement signed by DHL’s communications Manager, Daniela Peter said the development would hold a lot of hope to those regions.
Under the new arrangement, which was signed last week DHL will offer at-cost shipping of MECTIZAN from MSD’s facility in Clermont-Ferrand, France to endemic countries through DHL’s reliable air express services. The new agreement builds upon an existing relationship between DHL and MSD and combines the core capabilities of the two companies to ensure rapid and flexible delivery of the drug.
Read MoreShareholders of trucking company Overnite Corp. on Thursday overwhelmingly approved a proposed USD1.25 billion acquisition by UPS Inc., the world’s largest package delivery company.
The cash transaction, which values Overnite shares at USD43.25, is scheduled to close Friday. The buyout already has been approved by the Federal Trade Commission.
The combination will expand UPS’ ground transportation in North America. As a result, Atlanta-based UPS will become a top motor freight carrier and will better compete against rivals such as FedEx Corp.
Both UPS and Overnite agreed to the deal on May 15.
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