Kuwait-based global logistics company, Agility has reported a drop in first quarter net profit by 52 per cent from a year ago to KD17.5 million (US$60.1 million) and warned future earnings will suffer from the loss of US military contracts in the wake of fraud charges. Revenues during the period fell 14.4 per cent to KD403 million as compared to the previous quarter. Agility, which has been accused of over-charging the US military during nearly a two-year period under contracts to supply US$8.5 … [Read more...] about Agility's first quarter profit plummets
Logistics
China's 2010 trade surplus expected to fall sharply
Commerce ministry spokesman Yao Jian stated that China's trade surplus will fall steeply as the renminbi rises against foreign currencies, reported state media. Surpluses narrowed in the first quarter of 2010, with China declaring a US$7.24 billion trade deficit in March. China's trade surplus in April decreased 87 per cent from a year earlier, and the national surplus could nearly halve this year. China's largest trading partner for the first quarter was the European Union, with trade with the … [Read more...] about China's 2010 trade surplus expected to fall sharply
FedEx to buy six more 777Fs
FedEx Express, subsidiary of FedEx Corp. has announced agreements to purchase six additional B777F freighters for its fleet worth about US$1.5 billion at list prices, which will be used to expand capacity to Asia and Europe from the US. The largest all-cargo airline in the world will purchase four B777Fs directly from Boeing and two from additional sources. Including this announcement, FedEx Express has agreed to purchase a total of 38 B777F aircraft. To date, FedEx Express has already taken … [Read more...] about FedEx to buy six more 777Fs
Chip sales forecast to grow 30%
Global semiconductor sales, which have declined in the last two years, are set to rebound strongly with growth of 30.6 per cent this year, the iSuppli market research group says in a new forecast. The projected growth follows a 15.4 per cent decline in semiconductor sales in 2009, to US$229.9 billion, a drop that helped drag down cargo volumes in the air freight industry, where the transport of high-priced, low-weight chips is an anchor commodity. The expansion will add some US$70 billion in … [Read more...] about Chip sales forecast to grow 30%
Agility attains TAPA cert for two facilities
Agility has announced that two of its Malaysian facilities, including a logistics hub facility within its first year of operations, have attained Transported Asset Protection Association (TAPA) certification. The logistics hub facility in Bukit Jelutong, Shah Alam and the Finished Goods Hub for Hi-Tech Operations in the Sungai Way Free Industrial Zone in Petaling Jaya attained a warehouse classification level A. … [Read more...] about Agility attains TAPA cert for two facilities
Panalpina expects US$110 million penalty
Panalpina has set aside CHF 120 million (US$110.8 million) to settle US Department of Justice allegations relating to a former Nigeria subsidiary. The company allegedly infringed the Foreign Corrupt Practices Act and has since closed its Nigerian operation and restructured its organisation in West Africa. The provision does not cover ongoing antitrust investigations by the European Commission against thefreight forwarding industry. Panalpina had a 24 per cent growth in airfreight during the … [Read more...] about Panalpina expects US$110 million penalty
