Business – Page 73
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News
Cathay Pacific chief executive resigns amid protest row
Today (August 16) Cathay Pacific announced changes in its senior management team.Augustus Tang will replace Rupert Hogg as chief executive, following Hogg's resignation earlier today. Ronald Lam will replace Paul Loo as chief customer and commercial officer.Although Cathay Pacific "believes that it is the right time for new leadership", the ...
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LATAM Cargo revenues slide as economic uncertainty takes its toll
LATAM Cargo saw its revenues decline the second quarter of the year, partly as a result of weaker demand in South America.The Santiago-headquartered airline reported a 10.2% year-on-year decline in second quarter cargo revenues to $269.3m.Cargo volumes, meanwhile, declined by 4.6% compared with a year ago to 220,000 tonnes, but ...
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Swissport targets further acquisitions after refinancing
Ground handler Swissport said it will target further acquisitions following the refinancing of debt by the group.Swissport Group today announced that successfully closed and settled its debt refinancing.The refinancing includes €410m of senior secured notes, €250m of senior notes and a €850m term loan B facility.Swissport will use the net ...
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Agility profits up despite tough airfreight market
Logistics and infrastructure firm Agility saw net profits increase by 8.1% year on year in the second quarter despite its airfreight business coming under pressure.The company reported a second-quarter revenue increase of 3.2% year on year to KD396.3m, while earnings before interest, tax, depreciation and amortisation (ebitda) improved by 31.2% ...
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US delays China tariff increases for certain products
The ongoing tariff trade war between China and the US took an unexpected twist last night when the US announced a delay to increases on some products.The US Trade Representative (USTR) office last night announced that it it would not implement a 10% tariff on products include mobile phones, laptops, ...
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Cathay Pacific takes action following China warning over protests
Cathay Pacific has suspended a pilot who was arrested amid ongoing protests in Hong Kong. It has also fired two members of ground staff for "misconduct".The suspension and terminations, which took place over the weekend, follow a warning emailed to staff from Cathay Pacific chief executive Rupert Hogg on August ...
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Menzies Aviation expands into Canada with GTO Global Logistics deal
Menzies Aviation has acquired Canada-based GTO Global Logistics as the wholesale airfreight provider gains its first foothold in Canada.GTO provides airfreight, ocean less-than-container-load, domestic/cross Border road services, storage and customs brokerage at airports and ports in Canada.As part of the deal, Menzies will acquire a customs bonded warehouse of 10,000 ...
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Newscargo-partner's new iLogistics Center commences operations
Copyright: Miran Kambic. Source: cargo-partnercargo-partner's new warehouse complex – the iLogistics Center – located near Ljubljana Airport in Slovenia, has commenced operations ahead of its official opening in September.The warehouse, which has has 25,000 sq m storage space and 4,000 sq m of office space, will serve cargo-partner's clients in ...
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CSafe increases European presence with new Amsterdam service centre
CSafe Global has opened a new service centre in Hoofddorp, the Netherlands, to increase its operational capabilities in Europe.At the centre, which is 7.8km away from Amsterdam's Schiphol airport, CSafe RKN and CSafe RAP active temperature-controlled containers are serviced to ensure that they are fit for purpose and can safely ...
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Cathay Pacific Cargo under pressure in H1
Cathay Pacific saw cargo revenues, volumes and yields decline in the first half of the year as the US-China trade war took its toll on performance.The Hong Kong-headquartered carrier reported an 11.4% year-on-year decline in cargo revenues to HK$11.5bn, volumes were down 5.7% on a year ago to 979,000 tonnes ...
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NewsAir cargo down again in June as signs of a recovery were premature
Air cargo traffic has now declined year-on-year for eight months in a row and signs of a recovery in recent months have turned out to be premature.The latest figures from airline association IATA show that demand in terms of freight tonne kms (FTK) declined by 4.8% year on year in ...
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Emirates SkyCargo looks to diversification and digitisation
Product diversification, digitisation of the air cargo supply chain and an ambition to build an e-commerce hub in the Middle East are just three of the projects under way at Emirates SkyCargo.The Dubai-based airfreight giant will also monitor demand for its freighter capacity in these turbulent times for the world ...
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NewsDHL sees airfreight volumes slide in Q2
DHL Global Forwarding saw its airfreight volumes decline in the second quarter of the year, but its air gross profit was on the rise.The world’s largest airfreight forwarder reported a 2.4% year-on-year decline in second-quarter airfreight revenues to €1.2bn, while volumes dropped by 5.8% on last year to 502,000 tonnes ...
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Cargolux and unions reach agreement
All-cargo carrier Cargolux and unions LCGB and OGBL have come to an agreement over two new collective work agreements (CWAs).The two agreements will result in "substantial improvements" for the more than 1,300 employees covered by the airline’s collective work agreement, the groups said.The improvements include a salary increase of 6% ...
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IAG Cargo revenue decline consistent with market
In its 2019 half-year results, which were released today, IAG Cargo reported revenues of €281m from April 1 to June 30 – 3.2% lower than the same time period in 2018.Sold tonnes, yield for the quarter and CTK volumes were also down; 1.1%, 2.9% and 0.4% respectively. However, the company's ...
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AAWW ‘well positioned’ to face near-term headwinds
Second-quarter results at Atlas Air Worldwide Holdings (AAWW) took a hit from tariffs and trade tensions between the US and China, but the global provider of outsourced aircraft and aviation operating services remains confident of its long-term growth.Revenue for the three months ended June 30, 2019 stood at USD663.9mn, down ...
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US-China trade war escalates as Trump adds more tariffs
In a new development in the trade war between the US and China, US President Donald Trump is adding a 10% tariff to $300bn worth of imported Chinese goods, with effect from September 1.Congestion at airports – and disruption to wider supply chains – could occur in the short term, ...
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NewsSilk Way West Airlines announces new APAC vice president
Copyright: Silk Way West AirlinesSilk Way West Airlines has appointed Jenny Zhao as its new vice president, Asia Pacific. Zhao will take over from Nurid Aliyev, who has stepped down for personal reasons.Zhao has more than 15 years of experience in the air cargo industry, having previously held senior management ...
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CH Robinson: overall solid performance masks modal differences
Third-party logistics provider CH Robinson achieved net revenue of USD695.2m during the second quarter of 2019, up 3.5% year-on-year, in what chief executive Bob Biesterfeld described as a "solid performance".However, a breakdown according to different business areas reveals a mixed picture. While the strength of CH Robinson’s North American trucking ...
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Forwarders move into finance
Freight forwarders are trading air cargo derivatives in an effort to offset the volatility of the spot market during the low season, according to Freight Investor Services (UK) – FIS.Since FIS launched the Air Freight Forward Agreement (AFFA) market in July, several leading forwarders have been using futures to hedge ...