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
Ground Handling & Cargo Terminals
Virgin Atlantic cuts Mumbai service
Virgin Atlantic Airways will cease operations - at least temporarily - on its Mumbai-London service from May as the economic crunch continues to take its toll on the global aviation industry. “We have decided to temporarily suspend operations to Mumbai with effect from May 4. We are suspending this service until rational conditions re-emerge and it can resume service on this important route,†said Neha Lidder Ganju, senior marketing manager- India, Virgin Atlantic Airways. … [Read more...] about Virgin Atlantic cuts Mumbai service
Chinese exports plunge 26% in February
China's exports declined 25.7 percent year-on-year in February, the fourth straight monthly decline, according to China's General Administration of Customs. Total foreign trade was US$124.95 billion in February, down 24.9 per cent year-on-year. Total Chinese exports in February amounted to US$64.9 billion, reflecting weak demand for Chinese goods in the US and Europe. The country's imports also slumped 24.1 per cent to $60.05 billion. China's trade surplus narrowed to US$4.84 billion, less than … [Read more...] about Chinese exports plunge 26% in February
SATS forms new low-cost handling unit
Singapore Airport Terminal Services Limited (SATS) has announced that it has formed a new subsidiary - Asia-Pacific Star Pte Ltd - to offer low-cost ground handling services for low-cost carriers (LCCs) at Singapore Changi Airport and further afield in the region. A wholly-owned subsidiary of SATS, Asia-Pacific Star will provide point-to-point ground handling services such as passenger, ramp and baggage handling, and aircraft interior cleaning with shorter turnaround time. It will begin … [Read more...] about SATS forms new low-cost handling unit
HK’s cargo volumes continue to slide
Hong Kong Air Cargo Terminals Limited (Hactl) said it handled a total of 133,624 tonnes of cargo in February, down 22 per cent year-on-year. Import volume for February was 38,587 tonnes, down 20 per cent against February last year while exports were down 25.3 per cent year-on-year for a total of 64,546 tonnes. Exports to Europe were particularly weak, with a significant decline of 37.7 per cent. Cumulative tonnage for the first two months of the year was 276,378 tonnes, down 26.9 per cent … [Read more...] about HK’s cargo volumes continue to slide
Cargo crime to jump as crisis deepens
The global economic downturn will lead to an increase in incidents of cargo crime in 2009, warns the Transported Asset Protection Association (TAPA). The latest statistics from the association's Incident Information Service (IIS) for the Europe, Middle East and Africa (EMEA) region show 3,756 reported incidents of cargo crime during 2008 with a total loss value of more than ¢ã170.6 million. This figure will continue to grow with incident data still being collated for last year, according to … [Read more...] about Cargo crime to jump as crisis deepens
