The IMF has cut its growth forecast for China's economy to 6.7 per cent this year from 8.5 per cent and called upon Beijing to focus on boosting domestic demand. "It implies a lot of changes - difficult changes, painful changes - in the Chinese economy," Dominique Strauss-Kahn, IMF managing director, said of the revised projection. China's economic growth slumped to 6.8 per cent in the fourth quarter of 2008 with exports posting a 2.8 per cent year-on-year decline in December. Full-year GDP … [Read more...] about IMF cuts China’s growth forecast
Carriers
UPS reports full-year '08 profit
UPS reported full-year 2008 net income of US$3 billion, widened significantly from a US$447 million profit in 2007 when its results were skewed by a one-time US$6.1 billion pension payment. But it said it must make "tough decisions" to cope with a "severe decline in economic activity around the world." This was more clearly indicated by its 2008 income which was down 28.6 per cent compared to US$4.2 billion in 2006. … [Read more...] about UPS reports full-year '08 profit
IMF cuts China's growth forecast
The IMF has cut its growth forecast for China's economy to 6.7 per cent this year from 8.5 per cent and called upon Beijing to focus on boosting domestic demand. "It implies a lot of changes - difficult changes, painful changes - in the Chinese economy," Dominique Strauss-Kahn, IMF managing director, said of the revised projection. China's economic growth slumped to 6.8 per cent in the fourth quarter of 2008 with exports posting a 2.8 per cent year-on-year decline in December. Full-year GDP … [Read more...] about IMF cuts China's growth forecast
IATA: International cargo traffic in “free-fall”
The latest international scheduled traffic statistics from the International Air Transport Association (IATA) show that in the month of December global international cargo traffic plummeted by 22.6 per cent compared to December 2007. For the full-year 2008, international cargo traffic was down 4 per cent compared to 4.3 per cent growth in 2007. ¡°The 22.6 per cent free fall in global cargo is unprecedented and shocking," said Giovanni Bisignani, IATA¡¯s director general and CEO. "There is no … [Read more...] about IATA: International cargo traffic in “free-fall”
Penang air freight volumes take a hit
Penang air freight volumes take a hit The electronics and semi-conductor focused Malaysian island of Penang has taken a hit from the global economic downturn, with Penang Freight Forwarders Association (PAFFA) president Joachim Loo saying December was the worst month in the past seven years for the air freight business. ¡°For the air-freight business, the inbound segment dropped by 52 per cent in December to 2,838 tonnes from 5,850 tonnes a year earlier. The export segment declined by 32 per … [Read more...] about Penang air freight volumes take a hit
Luft Cargo and Jettainer start ULD pilot
Lufthansa Cargo and Jettainer have initiated a pilot scheme to test the impact of lightweight containers on the air cargo carrier's environmental performance and transport costs. The trial of the new containers will provide information about their weight advantages and shed light on the behaviour of containers made of composite materials compared with their conventional aluminium counterparts, the duo said. For this purpose, a total of 1,000 containers from four manufacturers will be used in … [Read more...] about Luft Cargo and Jettainer start ULD pilot
