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Brazil's President Removes Post Office Chief - July 29, 2010
[Tom Murphy, Dow Jones .]Brazilian President Luiz Inacio Lula da Silva on Wednesday removed the director of the country's postal service, according to a statement published by the federal government's news service.
The statement said only that Postal Service President Carlos Henrique Custodio had been "relieved of office, effective immediately," following a meeting with Communications Minister Davi Jose de Mattos.
Singpost's Q1 Net Profit Up 3.2% - July 29, 2010
[Press Release.]
Improved Performance in Core Business
The Group’s revenue for the first quarter of FY 2010/11 increased 13.5 percent to S$138.2 million.Growth was attributed to improved performance in the Mail and Logistics segments as wellas the consolidation of Quantium Solutions for the full quarter compared to two months in thesame quarter last year.
Mail revenue increased 11.4 percent to S$95.7 million, on higher domestic and international mailtraffic. Logistics revenue recorded a 34.4 percent jump to S$46.3 million mainly attributable to theinclusion of Quantium Solutions and growth in transshipments and vPOST shipping. Retailrevenue dipped 1.2 percent to S$16.3 million as lower contributions from agency and retailproducts offset the growth in financial services.
Rental and property-related income recorded a marginal growth of 1.6 percent to S$10.1 million.Miscellaneous income rose to S$4.2 million from the amortization of deferred gain onintellectual property rights related to the collaboration with Postea, Inc, as well as traderelatedforeign exchange gains.
Total expenses for the Group rose 19.0 percent to S$103.1 million. This was due partly to theconsolidation of Quantium Solutions as well as higher expenses in labour and related costsand the effect of reduced benefits from the Government’s Jobs Credit Scheme. Financeexpenses also rose as a result of additional interest expenses from the S$200 million FixedRate Notes issued on 30 March 2010.
The Group’s net profit grew 3.2 percent to S$40.7 million. Excluding one-off items, such asbenefits from the Jobs Credit Scheme and amortisation of deferred gain on intellectual property rights, the underlying net profit rose a marginal 1.0 percent to S$37.3 million.
Said Mr Ng Hin Lee, Deputy Group Chief Executive Officer of SingPost: “In spite of thechallenging landscape, particularly pressure from e-substitution and competition, we havemanaged to grow our business in the first quarter. We are seeing an increase in business activity, thanks to a recovering economy.”
Postfinance Posts Another Substantial Profit Increase - July 29, 2010
[Press Release.]Successful first half: in the first six months of the year, PostFinance again increased profit substantially to CHF 274 million.Over the same period, the financial institution acquired 53,000 new customers and opened 87,000 new accounts.The average assets under management rose to CHF 82 billion.Moreover, PostFinance created 158 full-time positions throughout Switzerland, thanks to this growth.
PostFinance can look back on a successful first half in 2010:it generated a profit of CHF 274 million (+37% over the prior-year period).This is due to higher customer assets, success in the investment business and to systematic cost discipline.The number of new customers and customer deposits went up in line with the profit trend.53,000 new customers opened 87,000 new accounts in the first six months of the year.2.7 million customers currently entrust their money to PostFinance, which manages four million accounts.
Increase in customer deposits
PostFinance enjoys a high level of trust among the public.This is seen clearly in the trend in average assets under management, which amounted to CHF 81.6 bn in mid-year or CHF 8.3 bn more than the 2009 yearly average.The growth trend during the first six months was very steady.PostFinance has therefore succeeded in further increasing customer deposits, after the peak of the financial crisis.
Conservative mortgage policy
The mortgage volume rose in the reporting period by CHF 251 m to CHF 2.92 bn (end-2009: CHF 2.67 bn).Together with extensions for existing customers, the volume of mortgages granted amounted to CHF 576 m.Despite fiercer competition among mortgage lenders, PostFinance will continue its conservative approach to risk together with its partner, Münchener Hypothekenbank.This approach is paying off, as PostFinance has not reported any mortgage defaults so far.
PostFinance creating jobs
PostFinance has been one of the biggest employment providers in Switzerland for years.This encouraging trend has continued this year.With 158 new jobs created, headcount throughout Switzerland has risen to 3,200.Since the end of 1998, PostFinance has doubled the number of employees.Headcount continues to expand: over the next few years, there are plans to develop sales for private and SME customers and customer service.
Australia Post to Mentor Young Refugees - July 28, 2010
[Press Release.]A group of 13 young refugees will receive mentoring and access to social and business networks through the launch of Ucan2, a collaboration between Australia Post and Foundation House, one of Victoria's leading support organisations for refugees.
The refugees, aged between 16 and 24, will be mentored by 13 Australia Post staff with the goal of increasing education, training and employment opportunities in their first 15 months of settlement into Australia.
Australia Post's CEO and MD, Ahmed Fahour, and Foundation House Executive Director, Paris Aristotle, will today sign an MOU that signals Australia Post's intention to provide ongoing in-kind support of the Ucan2 program to achieve social inclusion goals for the refugee community.
"Our workplaces, and our employees, at Australia Post provide a magnificent window on the role that business can play as an enabler of social integration," Australia Post CEO and MD, Ahmed Fahour says.
"We want to lead by example, and I appeal to other corporations to open up their networks for the refugee community to access new social, education and employment contacts."
Itella Interim Report for January-June 2010 - July 28, 2010
[Press Release.]
January-June 2010
• The Itella Group's net sales in the first half of 2010 totaled EUR 904.6 million (EUR 916.2 million in January-June 2009). International operations accounted for 31% (30%) of net sales. Itella Information and Itella Logistics increased their net sales, while Itella Mail Communication saw its net sales decline.
• Operating profit was EUR 12.1 million (EUR 27.7 million), representing 1.3% (3.0%) of net sales. Financial performance was taxed by restructuring costs of EUR 13.8 million (EUR 6.1 million). Profitability weakened considerably in Itella Mail Communication and slightly in Itella Information. Itella Logistics was able to decrease its loss.
• Mail delivery volumes followed the trend seen in other industrialized countries. The volume of addressed mail decreased by 1% year-on-year. The delivery volumes of newspapers and magazines fell by 2% and 8%, respectively. Parcel delivery volumes dropped by 4%.
• The average personnel reduction compared with the corresponding period in 2009 was 1,050 in Finland and 650 in other countries.
Russia Post Gets Fined for Late Deliveries - July 27, 2010
[Russia Today.]This comes after a check on express delivery performed by a state watchdog in which supervisors sent express letters to different regions in Russia and monitored their arrival time.
During the check, the mail service delivered four out of ten letters late, signaling that even if you pay for express service, the letters will still arrive very slowly – maybe even after letters posted in normal mail.
The supervising body initiated court proceeding, and the court found the Postal Service guilty and fined it 30,000 rubles (about $1,000). Although the sum is not particularly large, the supervisors hope that it will serve as a wake-up call.
“As a matter of fact, the situation with mail deliveries is getting worse, as previous checks did not discover any delivery-time problems,” Sergey Ukhartsev, from the Federal Service for the Oversight of Communications, told RT. “Or perhaps we were just looking at the most problematic regions. Anyway, we hope that the fine we've issued will make them improve the delivery process.”
This is not the first time that the reliability of Russia’s Postal Service has been questioned.
Back in April, there was a problem with international delivery, which, the Russian Post said, was connected to their foreign colleagues’ delays. In response, companies such as eBay threatened to blacklist Russia.
In addition, recently Russia’s Postal Service has come in for sharp criticism for anti-competitive practices in tendering suppliers.
FedEx Corp. Increases Earnings Outlook - July 27, 2010
[Press Release.]FedEx Corporation announced that it expects earnings to be in the range of $1.05 to $1.25 per diluted share for the first quarter ending August 31, up 81% to 116% from $0.58 per diluted share a year ago. The company’s previous guidance for the quarter was $0.85 to $1.05 per diluted share.
For the full year, FedEx expects earnings per diluted share of $4.60 to $5.20, up from $4.40 to $5.00, which reflects the current market outlook for fuel prices and a continued moderate recovery in the global economy. The company reported earnings of $3.76 per diluted share last year.
“Our revenue and earnings growth are exceeding original expectations, primarily due to better-than-expected growth in FedEx Express and FedEx Ground volumes,” said Alan B. Graf Jr., FedEx Corp. executive vice president and chief financial officer. “Our package volume growth rates in our first quarter are continuing at a pace similar to our fourth quarter.” Of particular benefit to our earnings is the continued strong demand for our higher-margin FedEx International Priority (IP) package and freight services, with IP package volumes expected to grow more than 20% again this quarter. Customers are favorably responding to our superior service offerings, the capabilities of our unparalleled global network and the best-in-market cut-off times we now offer from numerous points in Asia.”
With the improved outlook, FedEx is also planning to fully restore the company match for 401(k) plans at all FedEx companies effective January 1, 2011. The cost of this restoration is included in the company’s earnings outlook.
FedEx will release the details of its first quarter results on September 16, 2010.
Restructuring Programme (2010-2015) to Save Polish Post 420m euro - July 26, 2010
[The News.]8,000 postal employees are expected to be laid off following the closure of around 1,400 post offices across the country.
Some post offices may be downgraded to so-called postal agencies, which make money from commission gained from services and sales. However, the result of the restructuring may mean that post offices may simply disappear from many smaller towns nationwide.
The move will also change the internal structure of the Polish Post, including the streamlining of some processes and the offering of new services.
The company wants to resign from outsourcing some of its services to limit the number of jobs it has to cut, with some workers set to be transferred from post offices billed for closure.
The plans are may save the Polish Post from financial collapse, yet the restructuring must first be approved by the trade unions.
New Regulator to Overview Indian Postal Tariffs - July 26, 2010
[Rishi Raj, Rajat Guha.]A new regulator on the cards for India Post and private courier firms would fix the tariffs for their services. The government has comprehensively re-drafted an earlier Bill on postal regulation with a view to bringing the entire communication industry under a regulatory regime similar to the one for the telecom sector.
As per the re-drafted Bill —the Post Office and Courier Services Bill, 2010—which was reviewed by FE, the courier firms would need to register themselves with the regulator—Postal Regulatory Authority of India (PRAI)— and adhere to a set of guidelines for quality of services framed by it. The firms will also have to contribute to a Universal Service Obligation Fund (USOF) to enable delivery of postal services to financially unviable areas at affordable rates.
However, the government has dropped the controversial provision in the original (2006) draft of the Bill which sought to bar private courier firms from carrying packets weighing below 500 gm. Also, in a departure from the original draft, which specified the fee structure for the players, the new Bill has left such matters for the regulator to decide.
The size of the Indian courier industry is over Rs 4,000 crore with major players being DHL, FedEx India and DTDC.
As per the latest proposal, PRAI will have functions similar to that of telecom regulator Trai. It can suo motu recommend to the government policy measures on the entire gamut of the postal sector. On its part, the government can seek its recommendations on issues of importance.
Once PRAI is constituted, all existing courier firms would have to register themselves with it for a 10-year period on payment of a fee. The registration, of course, can be renewed once it expires.
The regulator would set eligibility criteria for those wanting to enter the sector in the new regulated regime. It would have powers to recommend to the government revocation of licences of any firm which fails to meet the criteria set out by it.
The government (read the department of post and a reinforced Postal Board) would retain the powers to make policies and provide licences.
A Postal Dispute Settlement and Appellate Tribunal would be set up to arbitrate on disputes between the industry and the regulator, the regulator and the government, industry and the government; and between industry players.
The courier industry had in the past, opposed the plans for regulation and the proposed USOF.
The plan to bar private courier companies from carrying letters up to 500 grams, retaining this lucrative segment for the department of posts (DoP), was most contested by the courier firms as 60-70% revenues come from this segment. Later, the planning commission had also stood by the courier firms in this regard.
New Postal Law Enacted In Paraguay - July 26, 2010
[UniGlobal.]Law 4016 creating the National Direction of Post in Paraguay (DINACOPA) was published in La Gaceta Oficial, (The Official Gazette) on July 14th.
The Union of Postal Workers of Paraguay (SINTRAPOP), affiliated to UNI, informed UNI Americas Post and Logistics, that Law 4016 creating the National Direction of Post in Paraguay was enacted, and is full force since July 14th, 2010. This important aspiration of postal workers has come true after a 15 year struggle. Now universal post will be regulated by an independent body according to the rules of the Universal Postal Union (UPU).
UNI and UNI Americas Post and Logistics express gratitude towards all the affiliated organisations which unconditionally supported the call of SINTRAPOP so that the Head of State should enact this law, we give the workers of the Paraguayan Postal Service, our best wishes of success and hope that with this new legislation they will improve their work in favour of users and workers. We express our will to always be near our affiliates and we hope that SINTRAPOP will soon report us about new benefits for the workers of the sector they represent.
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