Business – Page 24
-
News
China Southern Airlines to spin off logistics business
China Southern Airlines plans to spin off and list its logistics subsidiary on the Shanghai Stock Exchange (SSE).The airline’s plan for China Southern Air Logistics was confirmed in an announcement on the SSE website on March 29.In the announcement, China Southern Airlines said the “spin-off still needs to meet a ...
-
News
UK's logistics sector positive on Trans-Pacific Partnership trade deal
The UK's freight and logistics sector has welcomed news that the UK has joined the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) trade deal although they say it won't be a "game changer".The CPTPP covers 500m people across Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore ...
-
News
Record profits at DB Schenker help Deutsche Bahn back to black
Rail and logistics giant Deutsche Bahn (DB) was back in the black last year thanks to a record performance at its forwarding subsidiary DB Schenker.The forwarder, which DB is considering putting up for sale, last year reported earnings before interest and tax (ebit) of €1.8bn - an increase of almost ...
-
News
Alibaba to split off its Cainiao logistics unit
Alibaba's logistics unit, Cainiao, is one of six units that will be split off from the main company as part of the firm's biggest restructuring in its 24-year history.In stock exchange fillings, the e-commerce giant said that the company would split into six groups each to be managed by its ...
-
NewsDachser Air and Sea Logistics business growth down in 2022
Photo: DachserDachser's Air and Sea Logistics business growth slowed year on year due to increased capacity in air and sea freight and disruption to business in China.The division recorded a 16.7% increase in revenue in 2022 (€2.4bn) over the previous year (€2.1bn).However, the logistics provider noted the number of shipments ...
-
NewsDSV targets semiconductor market with double acquisition
Source: DSVDSV is acquiring US logistics firms S&M Moving Systems West and Global Diversity Logistics as it looks to grow its presence in the semiconductor industry.The Danish forwarder said the deal would also align with its new Phoenix-Mesa Gateway Airport operations and support DSV's growing cross-border services to Latin America.Financial ...
-
NewsSwissport to acquire majority stake in Düsseldorf Airport’s cargo handling unit
Photo: SwissportSwissport will acquire a majority stake in Düsseldorf Airport’s cargo handling unit.The cargo handler said it would take a 74.9% shareholding in Flughafen Düsseldorf Cargo GmbH.With this transaction, Swissport and Düsseldorf Airport will enter a long-term partnership to merge their existing air cargo handling businesses at the airport and ...
-
News
Investor group completes Atlas Air acquisition
An investor group led by Apollo Global Management has completed the acquisition of freighter operator Atlas Air Worldwide Holdings.The deal was first announced in August last year with an equity value of around £3bn, although FlightGlobal reports the final deal had a value of around $2.9bn. The completion of the ...
-
News
FedEx raises expectation as cost cutting continues
FedEx saw fiscal third-quarter revenues and profits fall on last year but the company beat expectations and has raised its outlook as its cost-cutting measures continue.For the quarter ending February 28, the parcels giant reported a 5.9% year-on-year revenue decrease to $22.bn, operating income was down 24.5% to $1bn and ...
-
News
DP DHL outlines criteria for any DB Schenker bid
Shortly after Deutsche Post (DP) DHL announced another set of record full-year results, the parcel and logistics giant's outgoing chief executive, Frank Appel, was asked about a report in German business title Manager Magazin that suggested the company could be preparing a bid for DB Schenker.The article said that DP ...
-
NewsDachser expands in Australasia with ACA purchase
Source: DachserDachser has expanded in Australia and New Zealand with the acquisition of freight forwarder ACA International.ACA is headquartered in Melbourne and the purchase adds six additional locations to Dachser's Air & Sea Logistics (ASL) network."This acquisition means Dachser’s own air and sea freight network now also covers Australia and ...
-
News
Atlas Air expects takeover to complete in days
The takeover of freighter operator Atlas Air Worldwide Holdings is expected to complete in the coming days after the company gained the necessary approvals.In a stock exchange filing, the New York-headquartered firm said that as of March 14 "all regulatory conditions to closing set forth in the merger agreement were ...
-
News
Three banks selected for DB Schenker sale
Deutsche Bahn has appointed three banks as it moves forward with the sale of its freight forwarding subsidiary DB Schenker, according to Reuters' sources.The report said that the rail group has chosen Goldman Sachs, Morgan Stanley and Deutsche Bank for the sale.Final details on the sale are still being decided, ...
-
News
DHL Global Forwarding reports record airfreight revenues
DHL Global Forwarding reported record airfreight revenues last year but performance weakened as the year progressed.The world's second-largest airfreight forwarder saw airfreight revenues increase 18.7% year on year in 2022 to €10.4bn while air gross profits improved 48.5% to €2bn. These improvements came despite a 9.3% decline in volumes to ...
-
News
Cathay Cargo sees revenues weaken in 2022
Cathay Pacific saw its cargo revenues decline by double-digit percentage levels last year as Covid restrictions affected operations.The airline reported a 16.6% fall in cargo revenues to HK$26.9bn in 2022 while cargo revenue tonne kms (CRTK) fell 29.8% year on year to 5.7bn and capacity was down 19% to 8.2bn ...
-
News
ANA to take over Nippon Cargo Airlines
NYK has entered into an agreement to transfer all shares in B747 freighter operator Nippon Cargo Airlines (NCA) to All Nippon Airways Holdings (ANA).The shipping group said that it had made the decision due to the ongoing cost of running the cargo airline."The continuous introduction of new aircraft to expand ...
-
News
IATA warns "disjointed" EU PLACI roll out could result in customs delays
The International Air Transport Association (IATA) has called for urgent action to address the disjointed roll out of the EU’s new Pre-Loading Advance Cargo Information (PLACI) System.The EU PLACI system is a new layer of advanced security information for air cargo shipments coming into the EU which went live on ...
-
News
Airlines launch legal challenge to Schiphol flight limits
The KLM Group, Delta Air Lines, Corendon, easyJet, TUI and IATA have launched a legal challenge against the Dutch government's plans to reduce flights from Amsterdam Schiphol Airport.The Dutch government last month announced it would reduce Schiphol's capacity from 500,000 to 460,000 flight annual movements, with the ultimate goal of ...
-
InsightsTIACA tackles people and pollution
Trade organisation TIACA is hoping to take a lead when it comes to reducing the emissions generated by air cargo and attracting the next generation of employees.Sustainability is a delicate balancing act for the air cargo industry: maintaining global supply chains while cutting carbon emissions to meet aviation’s net zero ...
-
News
Lufthansa Cargo not expecting overcapacity on Asia-Europe
Lufthansa Cargo is not expecting cargo capacity to flood the Asia-Europe trade over the coming year due to the extra distance airlines will need to travel to avoid Russian airspace and as older tonnage leaves the market.Speaking on the day the cargo business announced record operating profits for the third ...