News / Air freight a star performer as K+N gets 2018 off to a flying start

first_img Kuehne + Nagel has reported a strong start to the year, with double-digit growth across the board – and it expects the pace to continue.Turnover grew 13% to Sfr4.68bn ($4.97bn), resulting in gross profit up 11.8% to Sfr1.84bn and earnings of Sfr184m, up 11.5%.The most challenging market environment continues to be sea freight, but K+N saw volumes rise 5%, despite the halt in recycling exports to China, which cost it more than 100,000 teu in volumes.It cited intra-Asian operations as a trigger for an overall, albeit slight, increase in margins and ebit of Sfr97m. By Alex Lennane 24/04/2018 Air freight was stellar, with volumes up 20% following the acquisition of perishable specialists Commodity Forwarders and Trillvane. Exports from North America were particularly strong, said the company, and overall ebit rose 12.5% to Sfr81m.US intermodal transport and a “continuing strong business performance in Europe” saw overland gross profit rise 16.8%, with ebit up Sfr17m to Sfr24m.Meanwhile, contract logistics grew at twice the pace of the market.“Double-digit increases in China and South-East Asia were crucial as well as significant business wins, in particular in the area of e-commerce fulfilment,” said the company.However, ebit fell from Sfr37m to Sfr34m owing to “the realignment of the production model at a business in the UK, coupled with the costs of introducing innovative technologies and new systems”.Speaking to investors on an earnings call, CEO Detlef Trefzger said he was confident for the year ahead.“At the moment, we see strong volume growth, high consumer confidence and spending in all major markets. This should drive opportunities for volume growth.”In air freight, he added, there was “increased demand for time critical shipments… so the demand for air freight is increasing.”He added that the overall outlook for air cargo was positive and that growth of about 5% would remain: “Our aim is to grow twice as fast as the market”, he added.On acquisitions, Mr Trefzger said Kuehne + Nagle was “not shy of sizeable targets”.“Synergy and competence are the main criteria,” he explained.And he dismissed CMA CGM’s plan to buy 25% of CEVA as being anything out of the ordinary.“Shipping lines have always made attempts to expand the value chain, as have we.”You can see the shortened results here, and the full results here.last_img read more

News / Panalpina’s half-year results: ‘a respectable achievement’ or ‘shockingly bad’?

first_imgBy Alexander Whiteman 18/07/2019 Panalpina has claimed it spent the second quarter defending itself against “aggressive” competition to cover an undeniable dip in profits over the six months as the acquisition by DSV loomed.Speculation is mounting that the Danish forwarder may wrap up its acquisition of Panalpina next month, despite initial predictions of an October completion.Panalpina chief executive Stefan Karlen today suggested the deal had led the competition to act.“After it was announced that Panalpina and DSV would join forces, our competitors went more aggressively after our business in the second quarter, but we stood our ground,” he said. “Nonetheless, group ebit and profit almost reached last year’s levels. Given these circumstances, our stable half-year results are a respectable achievement.”The first-half results were 5% short of 2018’s performance, with ebit down from Sfr54.7m ($55.4m) to Sfr52.1m, despite a marginal 1.6% upswing in revenues to Sfr2.9bn.Air freight was largely to blame for dwindling profits, with its ebit plummeting almost 40%, from Sfr53.4m to Sfr38.4m, said Mr Karlen.“The decrease in gross profit was chiefly the result of lower margins in air freight and lower volumes from the automotive sector, which shifted into reverse gear.”Conversely both logistics and ocean freight reported increased profits, despite the latter noting a 3% dip in volumes for the six-month period. Last year, ocean freight reported a Sfr5.5m ebit loss and in contrast, this year it reported a profit of Sfr5.5m.For logistics, the expansion of its manufacturing services helped Panalpina hit Sfr8.1m in ebit, up from 2018’s Sfr6.8m.“During the coming months, our focus will remain firmly on living up to our reputation in the market and delivering outstanding service quality,” said Mr Karlen.“In a highly uncertain macroenomic and political environment, against the backdrop of contracting air and ocean freight markets, we will continue to provide our sought-after expertise.”Loadstar Premium head Alessandro Pasetti, however, today described the results as “mostly unequivocally, shockingly bad”, and suggested Panalpina’s Sfr5.5bn price tag “is too damn expensive”.last_img read more

Obama blames high drug prices on companies too worried about profits

first_img Tags Congressdrug pricespolicyPresident Obama “We need to continue to tackle special interest dollars in politics. But we also need to reinforce the sense of mission in health care that brought us an affordable polio vaccine and widely available penicillin,” he continued.Obama noted that there was a 12 percent increase in prescription drug spending in 2014, and the costs “remain a concern for Americans.” And he acknowledged that ACA remedies, such as more substantial Medicaid rebates and regulatory steps for approving lower-cost versions of expensive biologic medicines, have not alleviated those concerns.advertisement Pharma’s secret weapon to keep drug prices high Please enter a valid email address. Ed Silverman As President Obama winds down his tenure, he took a parting shot at the pharmaceutical industry.Tucked within a lengthy essay he wrote to defend the Affordable Care Act, Obama chastised drug makers for their stance on pharmaceutical pricing and challenged the companies to renew their commitment to improving public health.After lambasting Congress for refusing to work with him to more quickly to provide health coverage, he singled out drug makers as another example of obstinacy. “The pharmaceutical industry oppose(d) any change to drug pricing, no matter how justifiable and modest, because they believe it threatens their profits,” he wrote in an essay in the Journal of the American Medical Association that appeared Monday.advertisement Susan Walsh/AP Leave this field empty if you’re human: Newsletters Sign up for Pharmalot Your daily update on the drug industry. About the Author Reprintscenter_img Privacy Policy By Ed Silverman July 11, 2016 Reprints But the president also chided Congress for not doing more to alter the steady climb in pharmaceutical costs. Obama reiterated proposals that have regularly appeared in the annual White House budget. These included forcing drug makers to reveal their manufacturing and R&D costs; increasing rebates companies must pay for drugs prescribed for certain Medicare and Medicaid beneficiaries; and giving the federal government the authority to negotiate prices for certain high-priced drugs.He also argued that Congress should not advance legislation that undermines the Independent Payment Advisory Board, “which will provide a valuable backstop if rapid cost growth returns to Medicare.” This advisory panel was created as part of the ACA and can look for ways to reduce Medicare spending and cut spending on such items as drug payment reimbursement to manufacturers.His complaints and suggestions are not new, but remain at the center of the national debate over drug pricing, which has accelerated over the past year.So what does the pharmaceutical industry have to say in response? We asked the Pharmaceutical Research and Manufacturers of America for comment, but have not yet heard back. It would be surprising, though, if they want Obama to have the last word.[UPDATE: A few hours later, a spokeswoman for the trade group sent us this: “Focusing on the share of health care spending going toward lifesaving treatments instead of looking at delivering greater value across the system is shortsighted. The share of health care spending attributable to medicines is projected to continue to grow in line with overall health care cost growth for at least the next decade. Instead, we need to focus on policy solutions that help deliver innovative treatments to patients, including modernizing the drug discovery and development process; promoting value-driven health care; engaging and empowering consumers; and addressing market distortions. In doing so we will enhance the private market and address costs holistically.”] PharmalotObama blames high drug prices on companies too worried about profits Related: [email protected] @Pharmalot Pharmalot Columnist, Senior Writer Ed covers the pharmaceutical industry.last_img read more

Hummer holding several cans of gas in trunk engulfed in flames

first_imgFirefighters respond to car fire in Punta Gorda May 29, 2021 Car erupts in flames at Lehigh Acres gas station June 2, 2021 AdvertisementRecommended ArticlesBrie Larson Reportedly Replacing Robert Downey Jr. As The Face Of The MCURead more81 commentsGal Gadot Reportedly Being Recast As Wonder Woman For The FlashRead more29 comments North Collier crews respond to car fire at LaPlaya Beach Club May 17, 2021 Fire tears through SUV at Fort Myers gas station June 1, 2021 Advertisement CITRUS COUNTY, Fla. – A driver’s car containing several full gas cans inside was destroyed after it caught fire on Wednesday in Citrus County.Citrus County Fire Rescue received the call about the car fire at 10:52 a.m. in Homosassa.The driver of the 2004 Hummer H2 had just filled up four, five-gallon containers of gas at the gas station and placed them in the back of the car before it burst into flames.Fire crews said there was one injury but the person refused to be taken to the hospital against medical advice. center_img AdvertisementTags: Car firegas cansHummer RELATEDTOPICS AdvertisementThe Florida State Fire Marshal investigated the incident and the Florida Department of Environmental Protection was notified to coordinate cleanup of the fuel spill.It’s unclear what the official cause of the fire was. AdvertisementDC Young Fly knocks out heckler (video) – Rolling OutRead more6 comments’Mortal Kombat’ Exceeded Expectations Says WarnerMedia ExecutiveRead more2 commentsDo You Remember Bob’s Big Boy?Read more1 commentsKISS Front Man Paul Stanley Reveals This Is The End Of KISS As A Touring Band, For RealRead more1 comments Advertisementlast_img read more

Tullamore Show cancelled for second year in a row as organisers plan for 2022

first_img Previous articleLaois man behind Physical Impairment Ireland considering run for political officeNext articleLord Dudley brings up seventh winner of the year for Laois trainer in Roscommon Steven Millerhttp://www.laoistoday.ieSteven Miller is owner and managing editor of From Laois, Steven studied Journalism in DCU and has 14 years experience in the media, almost 10 of those in an editorial role. Husband of Emily, father of William and Lillian, he’s happiest when he’s telling stories or kicking a point. Facebook The Tullamore Show has been cancelled for the second year in a row due to the Covid-19 pandemic.The organisers issued a statement this morning saying that “after several executive meetings regarding the future of the event, it is with deep regret that the decision had to be taken to cancel this year’s show”.The event, held in August, is the largest farm exhibition show after the Ploughing and attracts a huge crowd every year.“Preparations for The Tullamore Show that we have all become accustomed to takes months of planning and this has not been possible due to the high levels of uncertainty that remain.“All options had been examined to run the National Livestock element of the Tullamore Show.“However, after consultations with the dairy, beef and sheep breed societies whose feedback was positive, some concerns were raised due to a lack clarity and unclear guidance from the government around outdoor events,” the statement added.The organisers thanked various sponsors, traders, exhibitors, competitors, stewards and supporters for their support during the pandemic.They also thanked the local landowners; the Department of Agriculture, Food and the Marine; and the Gardaí for their assistance.Joseph Molloy, the chairperson of the show’s executive, said: “It is with great disappointment that we won’t be able to host the 2021 event at the Butterfield Estate, the risk remained too high, and the safety and wellbeing of our stakeholders is our top priority.“We assure you that 2022 will be bigger and better than ever. We look forward to seeing you at The Tullamore Show and FBD National Livestock Show on August 14, 2022,” Molloy concluded.”SEE ALSO – Anna May ‘cautiously optimistic’ that Ploughing can go ahead in September Electric Picnic apply to Laois County Council for new date for this year’s festival WhatsApp Twitter RELATED ARTICLESMORE FROM AUTHOR Tullamore Show cancelled for second year in a row as organisers plan for 2022 TAGSTullamore Show Facebook Twitter Electric Picnic Council Electric Picnic Pinterest By Steven Miller – 12th May 2021 WhatsApp Electric Picnic organisers release statement following confirmation of new festival date Pinterest Home News Farming Tullamore Show cancelled for second year in a row as organisers plan… NewsFarming Mary Sweeney elected Cathaoirleach of Portlaoise Municipal District for next 12 monthslast_img read more

Texas jury renders US$21.6 million verdict against RBC

James Langton According to the firm, the case was based on RBC’s alleged refusal to settle a securities trade back in 2001. It says that Highland alleged that on March 14, 2001, RBC Capital Markets agreed to a trade involving Highland purchasing promissory notes from RBC with an aggregate face value of US$45.4 million for 52.5¢ on the dollar. However, Highland alleged that RBC ultimately refused to settle the trade, telling Highland on March 20, 2001, that it would not be able to deliver the securities as promised. Almost a month later, on April 16, 2001, it was announced that Jones Apparel Group was acquiring the firm that had issued the notes (McNaughton Apparel Group, Inc.), and on June 19, 2001, the notes were paid off in full. “The jury verdict is an important one for the securities industry because it reaffirms that oral agreements to purchase and sell securities remain as binding and enforceable under New York law today as they have for more than 200 years,” said Paul Lackey, the lead counsel for Highland. “This was an incredibly important case to the securities industry. This verdict validates the integrity on which our markets rely,” said Mark Okada, co-founder and chief investment officer of Highland Capital. Share this article and your comments with peers on social media A Dallas-based law firm announced Wednesday that it has won a US$21.6 million jury verdict on behalf of an alternative investment advisory firm against RBC Capital Markets LLC, over allegations that the bank refused to settle a securities trade for the firm. Lackey Hershman LLP reports that it secured a US$21,565,000 verdict for its client, Dallas-based Highland Capital Management, L.P. against RBC, which is part of the Royal Bank of Canada (TSX:RY), in a Dallas County court, following a seven-day trial. It says that it expects the judgment to rise to US$45 million when pre-judgment interest is added. Companies RBC Capital Markets Facebook LinkedIn Twitter read more

Nasdaq launches blockchain technology pilot

first_img Canadian IPO market limps through Q3, PwC reports Keywords Stock exchangesCompanies Nasdaq OMX Group, Inc. Facebook LinkedIn Twitter Share this article and your comments with peers on social media James Langton Negative 2021 outlook on exchange, clearing sector: Fitchcenter_img The first application, which is expected to be launched later this year, will be a blockchain-enabled digital ledger on its Nasdaq Private Market platform. It says that this will provide a fully electronic, distributed ledger-style solution for accurate record-keeping. Nasdaq says that the creation of a distributed ledger function using blockchain technology will “provide extensive integrity, audit ability, governance and transfer of ownership capabilities.” Fredrik Voss, vice president at Nasdaq, has been named the company’s blockchain technology evangelist to lead the strategic development of this initiative for Nasdaq. “Utilizing the blockchain is a natural digital evolution for managing physical securities,” said Bob Greifeld, CEO of Nasdaq. “Once you cut the apron strings of need for the physical, the opportunities we can envision blockchain providing stand to benefit not only our clients, but the broader global capital markets.” “We are always looking at new ways to leverage technology to provide client-centric solutions,” Greifeld continued. “Our initial application of Nasdaq’s blockchain technology-enabled offering will modernize, streamline and secure typically cumbersome administrative functions, and will simplify the overwhelming challenges private companies face with manual ledger record-keeping.” Nasdaq sharpens market surveillance Related news Nasdaq (Nasdaq:NDAQ) is embracing the technology that underpins virtual currency bitcoin, with plans to use blockchain technology to help facilitate the issuance, transfer and management of securities. The exchange operator announced plans on Monday that will see it adopt blockchain technology as part of an enterprise-wide initiative. last_img read more

ESMA mulls ban on sale of binary options to retail investors

first_img Facebook LinkedIn Twitter The European Securities and Markets Authority (ESMA) on Thursday issued a consultation paper that proposes possible probation curbs on the marketing, distribution, and sale of binary options and contracts for differences (CFDs) to retail clients.The measures aim to address risks to investor protection arising from these sorts of products, the paper says. Stock exchange board with abstract background alexmit/123RF Australian court finds against binary options firm Related news Share this article and your comments with peers on social media Keywords Binary options According to the paper, regulators have found that between 74% and 89% of clients that trade in these products lose money.In particular, the paper proposesan outright ban on binary optionsa series of measures targeting CFDs, including the introduction of leverage limits, a new margin close out rule, and limits on retail client losses;a restriction on trading incentives; anda standardized risk warning.“The inherent risk and complexity of these products, the marketing, distribution and sale through on-line channels and the associated aggressive marketing techniques used by a number of firms have led to significant investor protection concerns,” the paper says.ESMA is seeking feedback from investors, firms and others, on its proposals by Feb. 5.Canadian securities regulators in 2017 banned the sale of binary options to retail investors.Read: Binary options ban takes effect OSC sanctions binary options enabler Aussies join binary options ban James Langton last_img read more

Ministry on Thrust to Eliminate Malaria

first_imgFacebookTwitterWhatsAppEmail The Ministry of Health will be embarking on an “intense epidemiological and entomological thrust” to break the chain of transmission of malaria and move the country closer to elimination of the disease.As contained in a Ministry Paper tabled in the House of Representatives on Tuesday (June 19) by Health Minister, Horace Dalley “the Ministry is hopeful that countries that now require travellers visiting Jamaica to take prophylaxis will rescind this requirement in the next three months.”According to the document, strengthening the surveillance system and the National Vector Control Programme are high on the list of priorities “to sharpen the tool for early detection and response to outbreaks of this kind in the future.”A total of 368 cases of malaria in five parishes have been confirmed since the start of the outbreak in November 2006. Kingston and St. Andrew had the most cases with 340, followed by St. Catherine with 21.A full-scale Ministry response involving active and intense epidemiologic and entomological surveillance brought the outbreak under control. These include early case finding, prompt treatment of cases, continuous vector control, public education, personal and individual protection, and inter-sectoral collaboration and partnerships at the national, regional and international levels.These initiatives resulted in the overall attack rate in Kingston and St. Andrew falling from 16.8 per 100,000 population at the peak in December 2006, to 1.2 per 100,000 in May 2007. Only one case has been reported for the first two weeks of June.According to the report, since the outbreak, a total of about 19,440 blood smears have been tested, and results reported within 24 and 28 hours after receipt of specimen in the laboratory, which was a pivotal part of the Malaria Prevention and Control Programme.In terms of gender and age distribution, 200 males and 168 females were affected. A proportion of 87 per cent of the cases fell in the 10-50 year age group and 97 children contracted the disease. No deaths have been attributed to the outbreak so far.Noting that many lessons have been learned from the outbreak, Minister Dalley informed that “the matter of eradicating the source of the outbreak is still being pursued.” He added that a source has been postulated and is backed up by DNA testing of the P. falciparum species involved in the outbreak, which matches that found in Haiti.Jamaica was declared malaria-free in 1965 and prior to the recent outbreak, had remained so for more than 40 years. RelatedMinistry on Thrust to Eliminate Malaria RelatedMinistry on Thrust to Eliminate Malaria Advertisementscenter_img Ministry on Thrust to Eliminate Malaria UncategorizedJune 21, 2007 RelatedMinistry on Thrust to Eliminate Malarialast_img read more

Senator Williams Calls for Stronger Regional Collaboration to Fight Human Trafficking

first_imgRelatedSenator Williams Calls for Stronger Regional Collaboration to Fight Human Trafficking RelatedSenator Williams Calls for Stronger Regional Collaboration to Fight Human Trafficking Advertisements RelatedSenator Williams Calls for Stronger Regional Collaboration to Fight Human Traffickingcenter_img Senator Williams Calls for Stronger Regional Collaboration to Fight Human Trafficking UncategorizedDecember 1, 2008 FacebookTwitterWhatsAppEmail State Minister in the Ministry of National Security, Senator Arthur Williams, has called for the strengthening of coordination and cooperation mechanisms in the region in order to address the issue of human trafficking in the Caribbean.“I believe that there is need to strengthen co-operation at the regional level, (as), increasingly, the Caribbean region is being used by international criminal networks as an area for carrying out their nefarious activities,” Senator Williams pointed out.He was speaking at a two-day regional seminar on Migration and Human Trafficking in the Caribbean, at the Alhambra Inn, in Kingston on November 28.The State Minister suggested that there should be greater information sharing on human trafficking with the aim of developing a regional understanding of the problem. He further proposed that rules be established in the region for shipping and airline companies as it relates to the movement of persons suspected of trafficking in persons. Senator Williams also pointed to the need for the routine collection of data, which can then be used to inform policy decisions.He submitted also too, that countries in the region can make greater use of the Proceeds of Crime Act or other such similar legislation against those convicted of a trafficking offence. “Very often those convicted are not mere individual players but part of a criminal network and our international experience has shown that the prospect of the criminal networks losing their criminal assets, is an important tool in the fight against crime and in particular, trafficking,” Senator Williams stated.Turning to an initiative of the Government to further tackle the problem at the national level, the Minister advised that the Ministry is seeking to establish a Human Trafficking Unit as part of its International Relations Division, to deal with all policy matters as well as to co-ordinate the communication and public education campaign of the National Task Force Against Trafficking in Persons.He noted that this Task Force, established in 2005 as a multi-agency framework, aims to: raise the profile of trafficking in persons through public education; facilitate training for police officers, customs and immigration officials and the judiciary; recommend amendments to key legislation that are likely to aid in the prevention of trafficking in persons, prosecution of offenders and enhance the provision of intentions to protect victims; and establish protocols for interventions to help victims.Another measure employed by the government to deal with human trafficking, is the passage of the Trafficking in Persons (Prevention, Suppression and Punishment) Act, in March 2007.“To enforce the law, a Trafficking in Persons (TIP) Unit was established in the Organised Crime Investigation Division of the Jamaica Constabulary Force. The Unit is actively involved in conducting raids of nightclubs suspected of being involved in trafficking in persons,” Senator Williams pointed out.Additionally, the Unit works in collaboration with the Ministry of Labour and Social Security to screen all applications for permits to work as exotic dancers. It also conducts follow-up investigations to review work permits granted, to ensure that there are no breaches, and where there are breaches, to recommend suspension of permits.According to a fact sheet prepared by the United States Agency for International Development (USAID) and the People’s Action for Community Transformation (PACT), the trafficking of young persons is the second most lucrative trade in the world, with the United Nations estimating that it generates some US$32 billion annually in illicit profits.Human trafficking takes place when persons, especially women, and children are tricked, lured, or forced into being taken from one part of a country to another or from one country to another, where the traffickers force them into prostitution, slave labour, and other demeaning occupations.Those who are poor, and lack education, employment and other opportunities are especially vulnerable. Also of note is that many victims are sold to criminals by relatives, friends, or others they know and trust.The seminar was organised jointly by Friedrich-Ebert-Stiftung (FES) of the Dominican Republic, the Eastern Caribbean and Jamaica, was held from Thursday, November 27 to Friday, November 28. The FES, founded in 1925, is a non-profit German political foundation, which was named after Friedrich Ebert, Germany’s first democratically elected president. The foundation aims to advance public policy issues by promoting the basic values of social democracy through education, research, and international cooperation. FES also supports the work of civil society groups and lobbies for the protection of human rights.last_img read more