Business – Page 4
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NewsAirfreight rates stay strong despite Golden Week demand drop
Source: Supakitswn/ shutterstock.comAirfreight spot rates on global basis edged up in the first week of October to their highest level of the year despite volumes out of Asia declining due to the Golden Week holiday, according to WorldACD.Statistics from the data analyst show that airfreight spot rates increased by 1% ...
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NewsDSV raises €5bn to part fund Schenker acquisition
DSV has raised €5bn through a share sale to help fund its €14.3bn purchase of DB Schenker.The "oversubscribed" offering was made to institutional investors in Denmark and internationally at market price and without pre-emption rights to DSV’s existing shareholders."The proceeds from the offering will be used to partly finance the ...
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NewsAir cargo market records nine months of double-digit growth
August was the ninth consecutive month of double-digit year-on-year growth for the global air cargo market boosted by global trade growth, e-commerce demand and ocean shipping constraints.Total demand, measured in cargo tonne-kilometers (CTKs), rose by 11.4% compared to August 2023 levels, said IATA.Capacity, measured in available cargo tonne-kilometers (ACTKs), increased ...
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Kales expands in Turkey with acquisition of ACT
GSSA Kales Group has acquired Turkey-based ACT Global as part of efforts to expand its presence in the country.Kales said that the acquisition of ACT comes as demand out of the country is on the rise and added that the move will also support a wider global expansion.The company provides ...
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NewsDeutsche Bahn approves sale of DB Schenker to DSV
Deutsche Bahn has approved the sale of its freight forwarding business DB Schenker to transport and logistics group and fellow forwarder DSV. Denmark-based DSV confirmed last month that it had agreed to buy Germany headquartered DB Schenker from state-owned railway firm Deutsch Bahn for €14.3bn, but the deal still needed ...
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NewsSATS to expand deployment of DG Autocheck
David Wall (r), IATA, and Henry Low, SATS. Source: SATSSingapore-headquartered ground handler SATS is expanding the implementation of Dangerous Goods (DG) AutoCheck across its network of handling stations.The handler has signed a three-year agreement with IATA, which developed the compliance solution, to deploy DG Autocheck at 215 stations in 27 ...
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Union to vote against DSV's proposed take over of DB Schenker
Railway and transport union EVG is reportedly planning to vote against the sale of forwarder DB Schenker to DSV later this week.On Wednesday, the supervisory board of Schenker parent Deutsche Bahn is due to meet to vote on DSV's proposed €14.3bn deal to acquire the forwarder.However, publication Frankfurter Allgemeine Zeitung ...
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Western Global resolves alleged gender-pay discrimination case
Western Global Airlines has entered into a conciliation agreement that will see it pay $84,727 in back wages and interest to resolve alleged gender-based pay discrimination at the company’s Estero facility.The US Department of Labor said that a routine compliance review of Western Global Airlines initially raised concerns about base ...
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CHI Aviation gains a foothold in Munich with Cargogate investment
Cargo handler CHI Aviation Handling has purchased a 74.9% stake in Munich Airport-based Cargogate.The investment gives CHI Aviation, which is part of the CHI Group, a presence at Munich Airport for the first time.Munich Airport will retain the remaining 25.1% of shares in the company.Cargogate offers a variety of services ...
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NewsScan Global Logistics expands presence in Latin America
Source: Scan Global Logistics Freight forwarder Scan Global Logistics (SGL) has expanded its presence to Argentina and Colombia with the opening of new offices in the countries. The Denmark-headquarterd firm said it had recently opened offices in Argentina and Colombia as part of recent efforts to expand ...
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NewsIATA urges government action as it forecasts $128bn annual net-zero spend
Airline association IATA forecasts an average of $128bn in annual capital expenditure will be needed for the airline industry to reach net-zero emissions by 2050. It made the prediction as it released new finance and policy road maps during its World Sustainability Symposium event in Miami on September 24, where ...
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NewsAlaska Airlines announces cargo management changes following Hawaiian takeover
Jason Berry (L) and Ian Morgan. Source: Alaska AirlinesAlaska Airlines has revealed its new cargo management lineup following its takeover of Hawaiian.The Alaska Airlines board of directors elected Ian Morgan as the new vice president of cargo Alaska Airlines, while Jason Berry will return to cargo after being made executive ...
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NewsDHL Group reveals new strategy to drive revenue growth
Source: DHLThe DHL Group is aiming to grow revenue by 50% by 2030 through a series of initiatives across its various divisions.The company said its plan to grow its revenues compared with 2023 levels was based on the current complex and volatile market conditions that had resulted in companies actively ...
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NewsFIATA endorses IATA Cargo Handling Manual
Freight forwarder association FIATA has given its backing to IATA’s Cargo Handling Manual in a move they hope will create efficiencies in airport operations through the use of a consistent set of global standards. The two groups said that the endorsement of the manual comes after one year of process ...
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Seko responds to market pressure with recapitalisation
US forwarding and logistics firm Seko Logistics has recapitalised to strengthen its financial position and allow for future investments.The company said it had successfully entered into a definitive agreement on a transaction with its key financial partners, although it has not outlined the exact details of the refinancing.The agreement is ...
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Alaska Air Group completes acquisition of Hawaiian Airlines
Alaska Air Group has acquired Hawaiian Airlines, completing a transaction that expands its operation to include transpacific flights and that bolsters Alaska Air’s fleet with its first widebody jets.The Seattle-based company, parent to Alaska Airlines, said on 18 September it had closed the deal, paying $1.9bn in all-stock acquisition to ...
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CVC offers to increase bid for DB Schenker
The private equity consortium led by CVC has reportedly launched a last-ditch effort to beat DSV in the race to buy DB Schenker despite the Danish forwarder having signed a €14.3bn take over deal last week.News agencies Reuters and Bloomberg are both reporting that CVC has written to Schenker parent ...
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S&P revises DSV's A- rating outlook to negative following Schenker deal
Credit ratings agency S&P has re-affirmed the forwarder's current credit rating of A- but revised its outlook to negative due to the risks associated with its planned €14.3bn take over of German logistics giant DB Schenker.S&P said that its decision to revise the firm's outlook from stable to negative reflects ...
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NewsDSV signs deal to takeover DB Schenker and create world's largest forwarder
DSV has confirmed reports that it has signed a deal to take over German logistics giant DB Schenker in a move that will create the world's largest freight forwarder.In an update issued this morning, the Danish forwarder said it had agreed to buy DB Schenker from state-owned railway firm Deutsch ...
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Cathay ends Covid financial ties with government
Hong Kong-based Cathay Pacific Airways has completed the buyback of all of the warrants it had issued to the Hong Kong SAR (HKSAR) Government in 2020 as part of its pandemic-induced recapitalisation.The total consideration paid for the warrants buyback was about HK$1.53bn. On July 31, Cathay redeemed the remaining 50% ...