The Organisation for Economic Cooperation and Development (OECD) will cut its 2009 economic growth projection for China to below 6.5 per cent, the Wall Street Journal reported. The OECD's previous forecast, made in November, was 8 per cent, but Richard Herd, the organisation's chief economist, said it was unlikely China will achieve this goal. Last week, the World Bank revised its projection for China's GDP growth to 6.5 per cent from 7.5 per cent. Herd said the OECD's revised figure, which is … [Read more...] about OECD cuts China’s growth figure again
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OECD cuts China's growth figure again
The Organisation for Economic Cooperation and Development (OECD) will cut its 2009 economic growth projection for China to below 6.5 per cent, the Wall Street Journal reported. The OECD's previous forecast, made in November, was 8 per cent, but Richard Herd, the organisation's chief economist, said it was unlikely China will achieve this goal. Last week, the World Bank revised its projection for China's GDP growth to 6.5 per cent from 7.5 per cent. Herd said the OECD's revised figure, which is … [Read more...] about OECD cuts China's growth figure again
FedEx says global recession bottomed out
"We have probably hit the bottom," said industry stalwart Fred Smith, chairman, president and CEO of FedEx Corporation while announcing the global express company's latest quarterly earnings last week. FedEx's overall group revenue for the quarter ended 28 February was down 14 per cent year-on-year to US$8.14 billion while operating income fell 72 per cent to US$182 million, whilst net income also fell by nearly 72 per cent to US$97 million. … [Read more...] about FedEx says global recession bottomed out
Congressional report questions TSA scan plan
The ambitious plan by the US Transportation Security Administration to screen all 3.5 million tonnes of cargo transported annually on passenger airliners in the US may come up short, according to a report by Congress' Government Accountability Office (GAO). The report says the Transportation Security Administration (TSA) may not have enough inspectors nor adequate equipment to meet the August 2010 Congressional deadline to screen all cargo transported in the bellies of airliners for explosives. … [Read more...] about Congressional report questions TSA scan plan
India’s newest cargo carrier to take off in May
India's newest cargo carrier to take off in May Defying the global air cargo slowdown, GR Gopinath, founder of budget carrier Air Deccan, is planning to start operations of his cargo airline in May. His company, Deccan Cargo Express Logistics (DCEL), will take delivery of three Airbus 310 freighters from the first week of April onwards. With plans to offer end-to-end logistics solutions, DCEL's freighters will fly begin with a Dubai-Mumbai-Delhi-Hong Kong route. Eventually the all-freighter … [Read more...] about India’s newest cargo carrier to take off in May
DHL in talks with ABX and ASTAR in US
DHL has opened discussions with ABX Air and ASTAR Air Cargo about the possibility of taking over its domestic US operations out of Wilmington, according to an Associated Press report. Following the announcement last November by Deutsche Post, that its subsidiary DHL Express would shut down its US domestic package shipping operation it said it would hire United Parcel Service (UPS) to handle its US domestic volumes. An agreement to negotiate exclusively with UPS expired at the end of January, and … [Read more...] about DHL in talks with ABX and ASTAR in US
