All Business articles – Page 54
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News
Panalpina considers voting rule change following shareholder complaint
Panalpina is considering changing its shareholder voting rules following a request from its majority investor.Majority shareholder Ernst Göhner Foundation (EGF), which holds around 46% of the company, has submitted a request that the company change to a One Share–One Vote standard at an extraordinary shareholders' meeting to be held prior ...
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Flexport secures $1bn investment for infrastructure and technology
Freight forwarder Flexport has secured $1bn in funding, which will be used to invest in technology and infrastructure.The investment round was led by the SoftBank Vision Fund, with participation from existing investors Founders Fund, DST Global, Cherubic Ventures, Susa Ventures and SF Express, which has previously invested $100m in the ...
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NewsQantas enjoys strong six months with cargo on the up
Australian flag-carrier Qantas has announced strong financial results for the six-month period that ended on December 31 (the first half of its current financial year).Net freight revenue reached A$525, up by 15% on the same period of 2017.The carrier said in a statement that, “The freight business delivered a steady ...
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Expeditors reports on steady fourth-quarter performance
Seattle, Washington state-headquartered forwarder Expeditors International has released fourth-quarter 2018 results that included an 18% year on year improvement in revenues and 9% improvement in operating income.Airfreight volumes handled were up by 2% on those of the same quarter of 217.President and chief executive Jeffrey Musser observed: “The fourth quarter ...
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Heathrow looks back on record 2018
The operator of London Heathrow Airport, Heathrow Airport Limited (HAL), has said that 2018 was a record year for the UK’s biggest and busiest air gateway.As well as handling a record number of passengers (80.1m), it also enjoyed an increase in revenue and profits compared to 2017.However, the picture was ...
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Panalpina shareholder urges board to consider DSV offer
One of Panalpina's major shareholders has written to the forwarder's board urging them to seriously consider DSV's takeover offer and to express its concern over the largest shareholder's control over the company.In a letter to the Panalpina board, David Samra, managing director of Artisan Partners, a 12% shareholder, said that ...
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Japan's ANA takes a 9.5% stake in Philippine Airlines
Japan's All Nippon Airways (ANA) group will invest $95m to acquire 9.5% of PAL Holdings, the parent of Philippine Airlines (PAL), the Philippine flag carrier.ANA Holdings will acquire the shares from Trustmark Holdings Corp, which is owned by the Lucio Tan family and is the largest shareholder of PAL Holdings.Completion ...
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News
DSV move for Panalpina could spark 'bidding war' for forwarder
Consultant Transport Intelligence (Ti) has suggested that DSV's move to purchase Panalpina could spark a 'bidding war' for the forwarder that could price the Danish company out of the running.In its latest market round-up, Ti took a closer look at the potential outcome of DSV's $4bn offer to purchase Panalpina.Practice ...
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European Commission 'infringed' UPS' rights by blocking TNT takeover
The European Court of Justice (ECJ) has ruled that the European Commission in Brussels infringed UPS’ rights when it stopped the US express parcel and logistics giant from buying TNT Express in 2013 for €2.2bn.A UPS spokesperson confirmed that UPS was proceeding with the process of suing the commission for ...
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News
ASM moves to allay no-deal Brexit ferry port congestion concerns
Customs clearance software provider Agency Sector Management (ASM) says that plans are in place to continue processing the current levels of imports and exports at ferry ports when the UK leaves the European Union in March.ASM chairman Peter MacSwiney said that for imports of EU goods, the plan involves all ...
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News
Air cargo growth expected to weaken in 2019
Air cargo market growth is expected to continue to soften in 2019 with a slowdown in world trade predicted to hit volume and yield performance.In its annual market update, airline association IATA said that it expects cargo volumes to grow by 4.1% to 63.7m tonnes this year but improvements will ...
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US retailers relieved as US delays $200bn China tariff increase
US retailers have welcomed news that the US has decided to hold off on implementing tariffs on $200bn worth of Chinese goods due to be implemented in January.The delay comes after China and US agreed to a 90-day truce on further tariffs hikes to allow talks to take place.From January ...
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LATAM finalises Mas Air Cargo sale
LATAM airlines has finalised the sale of its stake in Aerotransportes Mas de Carga (Mas Air), also known as LATAM Cargo Mexico, for an undisclosed sum.The stake has been purchased by a group led by current shareholders of Mas Air, with the deal completed on December 1.According to Flight Radar, ...
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News
How would a combined K+N and Panalpina stack up in terms of air cargo?
Recent events have fuelled market speculation that Kuehne+Nagel could be interested in holding talks with Switzerland-based freight forwarder Panalpina, but what would a tie-up between the two logistics giants look like in terms of air cargo? (see chart at end of article)The speculation started when Panalpina’s Peter Ulber announced he ...
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News
CEVA buys CMA CGM's freight management business as part of strategic shake-up
CEVA will buy shareholder CMA CGM’s freight management activities for $105m as part of a wider revision of its strategic plan that will see management at the shipping line take key positions within the forwarder.CEVA, which launched a transformation project in 2014, said that as well as the acquisition of ...
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Could DB revive plans to sell a stake in its Schenker forwarding business?
Deutsche Bahn (DB) could again consider the sale of a stake in its forwarding and logistics business Schenker as it looks to raise money for investment in its rail business.DB chief executive Richard Lutz recently told journalists in Frankfurt one way of potentially raising funds could be to launch an ...
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Cargojet revenues up on overnight and charter business
Aircraft lessor Cargojet recorded a double-digit percentage improvement in revenues during the third quarter of the year on the back of its overnight and charter business.The Canadian company saw third-quarter revenues increase by 27.6% year on year to C$114.1m, adjusted ebitda was up 24% to C$31.5m and net earnings stood ...
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Emirates SkyCargo reaches Cargo iQ milestone
Emirates SkyCargo has monitored nearly 823,000 shipments using Cargo iQ guidelines in the first six months since it received certification.According to data published by Cargo iQ, Emirates SkyCargo is one of the largest air cargo carriers for the total number of shipments tracked using Cargo iQ metrics and the carrier ...
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News
ATSG completes Omni Air acquisition
ATSG has completed the previously announced acquisition of Omni Air International LLC (Omni Air), a passenger ACMI and charter services provider, for $845m.Omni Air, founded in 1993 and with a fleet of 13 passenger aircraft, a mix of Boeing 767 and Boeing 777 extended range units, serves the US and ...
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Air Canada Q3 revenue hits record high
Air Canada’s third-quarter results showed growth of 11% in operating revenue, which exceeded C$5bn for the first time in the carrier’s history.Operating expenses of C$4.6bn were up 17% compared to the same quarter of 2017, mainly driven by higher fuel prices and increased capacity.In terms of its cargo activities, the ...