All Business articles – Page 40
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News‘Nothing off the table’ says Cathay chairman in business review
Cathay Pacific chairman Patrick Healy has warned that “tough decisions will need to be made” by the fourth quarter of the year as part of “right-sizing” efforts.He adds that “nothing is off the table” in the upcoming review of the Cathay Pacific group’s business model, but stopped short of saying ...
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Cathay Pacific set to receive big government bailout
The Hong Kong government has stepped in to provide beleaguered Cathay Pacific with a financial lifeline, as part of the airline’s group HK$39 billion ($5 billion) recapitalisation plan.Cathay, which has been hard hit by a collapse in travel demand from the coronavirus outbreak, states that the recapitalisation plan - if ...
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NewsNippon Express taps into pharma market with MD Logistics acquisition
Japan-based logistics firm Nippon Express has completed the acquisition of US-based headquartered MD Logistics in a deal worth $51m (¥ 5.5bn).Nippon Express said the acquisition is part of its plan (commencing 2019) to make the “pharmaceutical industry a priority industry in our business plan and corporate strategy”.MD Logistics, headquartered in ...
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NewsGEFCO re-organises air and sea division
Paul-Henri FreretGEFCO’s air and sea business has announced leadership changes and a reorganisation to boost the industry, automotive and life science/healthcare sectors.Paul-Henri Fréret, executive vice president, has been leading GEFCO’s Air & Sea division since February. With broad experience at GEFCO, Fréret has managed all areas of the business in ...
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Tigers Logistics commences e-commerce logistics in new Rotterdam mega hub
Tigers Logistics has commenced operations at its new Rotterdam mega hub, which will enable it to offer "sustainable e-commerce and low-cost last mile solutions across Europe".Tigers, which has had a Rotterdam base for more than 20 years, now offers dedicated account management at its new mega hub, as well as ...
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Groups join forces to call for air sector to gain 'key worker' designation
ICAO has joined the International Labour Organization (ILO) and the International Maritime Organisation (IMO) in calling for personnel maintaining global air and sea trade capacities to be designated as key workers.The call to world governments comes as Covid-19 restrictions and guidelines continue to curtail travel and restrict border movements, ports ...
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NewsInternal tussle as Boeing weighs future of 747
Tension is building within Boeing about whether to keep the B747 in production beyond the current order backlog, as a decision looms on the future of the iconic aircraft.Crunch-time for the manufacturer is approaching as it must decide whether to establish a new supply of key structures for the B747-8 ...
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LATAM says no impact on cargo as it files for bankruptcy protection
South American operator LATAM Airlines Group, along with some of its affiliates, is filing for US Chapter 11 creditor protection in order to undertake a restructuring process.The company says the voluntary filing has the support of key shareholders Cueto Group and Qatar Airways, which will provide up to $900m in ...
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Lufthansa Group secures €9bn in financial support
Lufthansa Group has secured approval from the federal German government’s economic stabilisation fund, WSF, for a €9bn financial package.Under the agreement the WSF will contribute up to €5.7bn to Lufthansa’s assets including €4.7bn in equity.The measure will be supplemented by a syndicated three-year credit facility of up to €3bn, provided ...
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FTA welcomes UK government's proposed EU trade agreement
The UK's Freight Transport Association (FTA) has welcomed the UK government's proposed Free Trade Agreement that will be used for discussions over trade arrangements with the European Union (EU).The UK, which left the EU on January 1 and entered an 11-month transition period, yesterday published 13 documents, including the trade ...
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UPS boosts next-day delivery capability with Chicago-based freighter
UPS has targeted Gary/Chicago International Airport (GYY) as a location to expand its express air network following increased demand for next-day deliveries.UPS said that in the US, demand for its next-day delivery service increased by 20.5% in the first quarter of 2020 and was the fourth consecutive quarter of double-digit ...
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NewsDP DHL says the outlook is cloudy as forwarding revenues take a hit
Deutsche Post (DP) DHL said the coming months are difficult to predict due to the coronavirus outbreak, while its airfreight forwarding business saw revenues and profits decline in the first quarter.DHL Global Forwarding saw its first quarter airfreight revenues fall by 3.9% year on year to €1.1bn, volumes declined by ...
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DSV launches streamlined solutions for e-commerce businesses
DSV has launched a new e-Commerce Solutions service that will provide off-the-shelf automation, IT integration and multi-user warehousing as a streamlined service for its medium-sized business clients.DSV said that e-Commerce Solutions, which are based upon the services that DSV already provides, will be of benefit to shippers serving end customers.Hugo ...
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Kerry Logistics targets textiles sector with South Asia joint venture
Kerry Logistics has formed a joined venture with Sri Lanka-based IAS Holdings to increase its global freight forwarding capabilities in South Asia.The joint venture, dubbed Kerry Logistics Lanka (Kerry Lanka), is headquartered in Colombo, Sri Lanka — conveniently located to act as a crossroads between East Asia, South and South ...
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SAA says cargo flights will continue despite court defeat
South African Airways (SAA) has moved to reassure its customers and stakeholders that it will continue to operate repatriation and cargo flights in May and beyond.The troubled airline said it would honour all existing commitments to provide air transportation services to its customers and any other requests that it receives.The ...
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Avianca files for bankruptcy protection
Latin American operator Avianca is voluntarily filing for Chapter 11 bankruptcy protection with a New York court, to give the company time to re-organise its business.Avianca Holdings said the filing request, with the Southern District of New York bankruptcy court, is “necessary” given the “unpredictable impact” of the coronavirus crisis ...
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Emirates' cargo volumes slide as group predicts 18-month recovery time
The Emirates Group saw cargo volumes and revenues decline at its airline and ground handling businesses as last year's trade war and the coronavirus outbreak hit performance.In its 2019/2020 annual report, Emirates SkyCargo saw cargo revenues decline by 14% year on year to $3.1bn, while volumes declined by 10% on ...
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Atlas Air revives parked freighters as Covid-19 boosts demand
Atlas Air Worldwide has responded to increased airfreight demand over the last few months — a knock-on effect of the coronavirus pandemic — by bringing three of its Boeing 747 converted freighters, which had been parked, back into service.The lessor is also operating one of its Boeing 777 freighters that ...
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AAPA: Competition and trade disputes impacted region's 2019 performance
The Association of Asia Pacific Airlines (AAPA) has revealed in its preliminary financial performance figures that airlines based in the region recorded $3.8bn in combined net earnings in 2019, a 25% decline compared with the $5.1bn achieved in 2018.The AAPA said that Asia Pacific based airlines' profitability was impacted by ...
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BIFA issues guidance on safe return to work after Covid-19 lockdown
As the UK awaits instructions from the government about the relaxation of existing Covid-19 lockdown rules, BIFA has published a detailed guide to inform freight forwarders and other companies about what steps they should be taking to facilitate their return to work.The guide says that the safe return of all ...