Business – Page 88
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News
Brussels approves Virgin Atlantic acquisition by Air-France-KLM, Delta and Virgin Group
The European Commission in Brussels has approved the proposed acquisition of joint control over Virgin Atlantic by Air France-KLM, Delta and the Virgin Group.The Commission, which had launched an investigation of the deal under European Union Merger Regulation, concluded that the transaction “would raise no competition concerns” in the European ...
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Swissport to acquire 100% stake in Heathrow Cargo Handling
Swissport has taken 100% control of Heathrow Cargo Handling Ltd (HCH) after acquiring the 50% stake held by joint venture partner Air France. Terms were not disclosed.Last year, the HCH joint venture, with a workforce of some 120 employees, handled over 150,000 tons of air cargo, seven percent more than ...
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MAB Kargo joins Cargo iQ
MAB Kargo, the main cargo division of Malaysia Aviation Group, has become a member of Cargo iQ as the IATA interest group continues to expand across Asia.Cargo iQ has an international network of more than 80 airlines, forwarders, ground handlers, and IT companies.Jagedeswaran Nadrajah, head of cargo operations transformation at ...
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DSV: No comment on Panalpina as profits rise
DSV saw profits and revenues take-off in 2018 but has declined to provide any further comment on its attempt to acquire Panalpina.The Copenhagen-headquartered freight forwarder saw full-year revenues increase by 5.5% to DKr79bn, earnings before interest and tax (ebit) were up 11.7% to DKr5.4bn and net profits increased 32.4% to ...
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Cargojet buys ground handler at Mirabel airport
Canadian overnight all-cargo carrier Cargojet has purchased an unnamed ground handling and ground services equipment (GSE) company at Mirabel International Airport in Québec for approximately $3m.The agreement to purchase includes all company assets and assumes all current lease arrangements.Cargojet chief executive Ajay Virmani said: "The acquisition of this ground handling ...
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dnata boosts freighter forwarder services with double UAE shares swoop
UAE-based ground handler dnata has increased its ownership in two Dubai-based joint venture companies, strengthening its position in the international freight forwarding sector.The Dubai-based global air services provider has purchased a 50% stake in Dubai Express, Freightworks and a 25.5% stake in Bolloré Logistics UAE from the Kanoo Group.As a ...
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CEVA expects revenues to increase but profits to be hit by one-off costs
CEVA Logistics is expecting to see an improvement in its annual revenues, but operating profits are set to have declined due to one-time events.The company said it expects revenues for 2018 to have increased by 5.2% year on year to $7.4bn, while earnings before interest, tax, depreciation and amortisation (ebitda) ...
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UPS revenues up but profits down in Q4
UPS saw revenues increase during the fourth quarter on the back of "record shipments" but its profits took a hit as a result of pension charges.The express giant saw fourth-quarter revenues increase by 4.6% year on year to $19.8bn, but operating profits were down 2.9% on last year to $2bn ...
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Swissport extends HNA loan as first half 2018 cargo revenues rise 7.3%
Swissport has again extended the collection date on the €286m balance of a loan to parent company HNA Group, while the Chinese conglomerate “concludes its assessment of strategic options” for its ground handler. subsidiary.News of the extension came as Swissport reported a 4.1% rise in group revenues to €1.43bn for ...
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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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CEVA board decides not to recommend CMA CGM takeover bid of CHF30 per share
CEVA Logistics's board had decided not to recommend the CHF30 per share takeover offer by shipping line CMA CGM, a 33% major shareholder.Switzerland-based CEVA said in a statement that its board of directors, “with the exception of two conflicted members, came unanimously to the conclusion not to recommend to CEVA's ...
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Aviation Capital Group to finance a B747-8F for AirBridgeCargo
AirBridgeCargo (ABC) is using Aviation Capital Group (ACG) to finance part of the Russia-based operator’s purchase of a Boeing 747-8F which is set for delivery next month (February).The freighter airline’s financing mandate to “structure, arrange, and provide a guarantee” for a senior loan was awarded to the US-based aircraft operating ...
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Spectre announces refinancing for seven B737 converted freighters
Spectre Cargo Solutions, the freighter-focused arm of aircraft trading and leasing specialist Spectre Air Capital, has completed the initial stage of refinancing for seven Boeing 737-700 and -800 converted freighters.Texas-based Spectre Cargo Solutions, through its Irish affiliate NGF Genesis, has closed its first round of a long-term senior debt facility ...
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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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DSV in unsolicited $4bn bid for Panalpina
Danish logistics giant DSV has made an unsolicited bid to acquire Switzerland-based Panalpina in a SFr170 per share offer that values the rival freight forwarder at around $4bn.Based on 2017 figures (the latest available), the move would create the world's second largest airfreight forwarder (see chart at end of article) ...
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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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FedEx to swoop on international express business of Israeli distribution firm
FedEx Express will acquire the international express business of Israeli logistics and distribution firm Flying Cargo Group.The announcement comes as Flying Cargo’s service agreement with FedEx Express is coming to an end.“Israel has been and remains an important market for FedEx, and our strong reputation in the market is built ...
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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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Cargo demand in November a "big disappointment", says IATA
The air cargo industry failed to register an increase in demand in November for the first time since March 2016 in what has been described as a big disappointment.The latest figures from airline association IATA show that cargo traffic was flat in November compared with a year earlier, following 31 ...
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New powers for UK Police to restrict illegal drone use
Britain’s police forces are to receive tough new powers to curb the illegal use of drones following December’s shutdown of Gatwick Airport when drones were spotted near the UK hub’s runway.The minister in charge at the Department for Transport (DfT), transport secretary Chris Grayling, said today in a statement: “The ...