Fresh from announcing a 56 per cent plummet in first quarter earnings, UPS CEO Scott Davis warned that protectionist moves would seriously danger the fragile global economy. “UPS will emerge from these difficult times as a more efficient and finely-honed enterprise,†said Davis. He added: “In this worldwide recession, no one should lose focus on global trade. It is one of the most important tools we have to lift us out of this financial crisis. The fragile economic … [Read more...] about UPS CEO warns against protectionism
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Royal Jordanian sees Q1 net loss
A decline in passenger numbers, cargo volumes and the problems in the Gaza Strip have all conspired to push Royal Jordanian into a net loss of US$12 million in the first quarter of 2009, compared to $6.2 million in the same period last year. Freight volumes dropped by 32 per cent in the first quarter, year-on-year and the carrier noted that passenger and cargo numbers had fallen as a result of the events in Gaza during January. . Royal Jordanian saw an 11 per cent decline in revenues during the … [Read more...] about Royal Jordanian sees Q1 net loss
TNT reports 58% slide in Q1 net profit
Netherlands-based TNT has reported a 58 per cent fall in first-quarter net profit on the back of shrinking volumes at its express and mail units, saying the situation was expected to continue through the rest of 2009. TNT chief executive Peter Bakker said trading conditions in the first quarter "continued the trend we saw at the end of 2008 and the beginning of this year", adding that these are "to persist through the rest of the year". Net profit fell to €76 million from € 179 … [Read more...] about TNT reports 58% slide in Q1 net profit
China’s manufacturing gains strength
The China Purchasing Managers' Index (PMI), seen as a bellwether of manufacturing activity in the country, rose to 53.5 in April from 52.4 in March, according to Reuters. This is the second straight month the index has finished in excess of 50, which indicates an expansion of activity in the manufacturing sector. A reading of below 50 suggests a contraction. The PMI, compiled by the China Federation of Logistics and Purchasing, plummeted to a record low of 38.8 last November. Various sub-indexes … [Read more...] about China’s manufacturing gains strength
China's manufacturing gains strength
The China Purchasing Managers' Index (PMI), seen as a bellwether of manufacturing activity in the country, rose to 53.5 in April from 52.4 in March, according to Reuters. This is the second straight month the index has finished in excess of 50, which indicates an expansion of activity in the manufacturing sector. A reading of below 50 suggests a contraction. The PMI, compiled by the China Federation of Logistics and Purchasing, plummeted to a record low of 38.8 last November. Various sub-indexes … [Read more...] about China's manufacturing gains strength
Air India restructures and replaces MD as losses soar
The Indian government has suggested sharp cutbacks in routes, changes in aircraft deployment and flight timings to reduce losses in National Aviation Company of India Ltd (Nacil) — the state-owned company that runs Air India. Apart from several domestic routes, operations on routes like London and Southeast Asia also need to be restructured, it said adding that it will make Frankfurt its operational hub. Nacil also announced that Ministry of Civil Aviation Joint Secretary and … [Read more...] about Air India restructures and replaces MD as losses soar
