Comment / The Brexit effect seems positive when it comes to the UK air freight market

first_img By Alex Lennane 16/11/2016 It is difficult to hear of any change in the UK at the moment without putting it through the prism of Brexit – even before it has happened. Some things, such as the (shrinking) size of a Toblerone and the (rising) price of Marmite, are a direct consequence of the referendum result and the now bottom-feeding pound.Others – the expansion of Heathrow, for example – seem more likely to happen following the decision to exit Europe.Harder to tell is the recent positive boost in maindeck capacity.Following AirBridgeCargo’s decision to put freighters into Heathrow, comes the news that Etihad – thought to be considering LHR – has begun operating two freighter services into the UK, at Stansted and East Midlands. The first will deliver flowers and perishables from Nairobi; the second is on behalf of apparel specialist Trinity Logistics, for a Colombo – Rickenbacker – East Midlands – Hahn – Abu Dhabi service. Etihad has also launched a service to Copenhagen, taking its number of European freighter destinations to nine. Marc Cattlecenter_img While the air freight market is currently tight anyway, especially in Europe, the UK saw a rise in exports in October. Manufacturing orders from foreign customers hit their highest level in two-and-a-half years.Add to that, diminishing freighter capacity – in the UK after IAG pulled out and on the continent with the shrinking freighter fleets at Lufthansa and Air France-KLM – and the UK is looking like a better maindeck bet.Meanwhile, Irish exporters have expressed concern that previous “air freight” routes – via truck to the continent and then flown out of the EU – could become more complex if the UK leaves the EU Customs Code, thus potentially triggering more capacity demand in the UK or Ireland itself.On the same day that Etihad announced its UK services, Manchester Airport released its half-year cargo figures for  April-September, with three months of possible Brexit effect. These show a volume increase of 10.5% versus the year before. Year-to-date it stands at an 8.7% increase.Heathrow, in the same six-month period, saw a decrease of 0.7% – but its October volumes were its highest ever, by a significant amount, and show growth since April of more than 11%.Manchester also reported that export value in its six-month figures was up £56m, while non-EU tradelanes are growing well. Hainan Airlines started a Beijing service in June, triggering 15% growth to China. Hong Kong has done well too, considering Cathay Pacific took its freighter flights out of Manchester in 2014, but added belly services.Breaking the volumes down into commodities, Manchester saw pharma traffic rise 24%, chemicals up 67%, fashion up 22%, fruit and nuts rose 76% and flower traffic grew an astonishing 240%.But much of this is likely to be imports – and this market could fade.Already, businesses are warning that, despite the increasing attractiveness of their products to foreign buyers, profitability is going to be tough, as imports required for British-made goods are now expensive. October saw one of the steepest rises in producers’ purchasing costs in 25 years.Nevertheless, Brexit effect or not, the air freight market is strong, and the UK, rarely, has become a destination in itself. Long may it last.last_img read more

Hyundai Agreement Clashes with UN Resolution

first_imgAnalysis & Opinion Analysis & Opinion North Korea has reached an agreement with the Hyundai Group to resume tours to Mt. Geumgang and Kaesong, but UNSC Resolution 1874 strictly regulates financial relations with North Korea. This is likely to bring the Hyundai Group agreement into direct conflict with partner countries and international law, causing the South Korean government a headache over how to proceed. Article 20 of Resolution 1874 urges member states “not to provide public financial support for trade with (North Korea) where such support could contribute to the country’s nuclear-related or ballistic missile-related or other ‘WMD’-related programs or activities.”Additionally, Article 19 contains the following caution for member states “not to enter into new commitments for grants, financial assistance, or concessional loans to the DPRK, except for humanitarian and developmental purposes directly addressing the needs of the civilian population, or the promotion of denuclearization.” The key question, then, is whether the dollars North Korea could earn from any resumption of Mt. Geumgang or Kaesong tourism projects would be seen as relevant to development objectives or as a route to gaining nuclear and missile development funding.Suspicions have been raised on a number of occasions in the past over whether North Korea has been diverting funds from tourism projects to military development, but no specific evidence has ever been found.If Mt. Geumgang tourism, which ceased after the killing of Park Wang Ja in July of last year by a North Korean soldier, and Kaesong tours, which were disrupted by North Korea’s December 1st Overland Transit Restriction Measure, were to be resumed, then at least $30,000,000 annually would land on the doormat of the North Korean government. Therefore, the South Korean government has reacted cautiously to the Hyundai agreement, with Cheon Hae Sung, a spokesperson for the Ministry of Unification saying, “We view the agreement positively,” however, “the most recent negotiations, no matter how one looks at them, were negotiations at the civilian level.”Were the South Korean government to countenance a resumption of tours, it would face the criticism that it was undermining the efforts of the international community to put a stop to the development of WMDs by blocking North Korean access to hard currency.Further, South Korea has recently emphasized its determination to impose sanctions on North Korea for its wrongdoings, and has acted assertively to that end, participating in Security Council “P5 + 2” meetings during the formulation of Resolution 1874, for example, so any reversal of such an apparently firm position would not be easy to explain away.As if to acknowledge this, the South Korean authorities’ reportedly delivered their own interpretation of the five-item agreement between North Korea and the Hyundai Group directly to the U.S.’ Philip Goldberg, who is leading an interagency delegation coordinating the implementation of UN sanctions to Seoul on 23rd and 24th of this month. Goldberg’s delegation is expected to discuss Seoul’s participation in efforts to enforce sanctions as well as this potential breach with the terms of the Security Council resolution.According to the analysis of one anonymous researcher at a national policy institute, “It is difficult to find clear evidence as to whether or not the gains from Mt. Geumgang and Kaesong tourist projects have ever been used for North Korean nuclear and WMD development, and since the tourist projects began as civilian projects long before the existence of Resolution 1874, it is not likely that this issue will become an international one.”Moreover, the researcher claimed, the South Korean government is likely to remain leery of expanding cooperation with unreliable North Korean partners, so Seoul may try to handle the Hyundai agreement from the perspective of restoring past projects and little more. Hyundai Agreement Clashes with UN Resolution SHARE Facebook Twitter By Kim So Yeol – 2009.08.19 6:26pm RELATED ARTICLESMORE FROM AUTHORcenter_img Analysis & Opinion Analysis & Opinion Pence Cartoon: “KOR-US Karaoke” Is Nuclear Peace with North Korea Possible? Tracking the “unidentified yellow substance” being dried out near the Yongbyon Nuclear Center AvatarKim So Yeol last_img read more

FSA imposes record fine on UK firm

Facebook LinkedIn Twitter Share this article and your comments with peers on social media The FSA says that it found widespread mis-selling of CPP’s two main UK products between January 2005 and March 2011. It said that that the firm failed to treat its customers fairly and did not provide clear information to its customers, including findings that it sold unnecessary coverage, overstated the risks and consequences of identity theft. It also says that its sales people were overly aggressive, and were rewarded from dissuading customers from cancelling their policies. “CPP also failed to control its affairs responsibly and effectively. This is because it was aware that significant issues about its sales and compliance processes had been raised by the FSA but it failed to take sufficient action to deal with them,” it says. The FSA reports that CPP sold 4.4 million card protection and identity protection policies during the period in question, and received £188.3 million in customer payments. It also renewed 18.7 million policies and received £656.5 million in customer payments for those renewals. CPP generated gross profits of £354.5 million and net profits of £79.1 million, it says. Following FSA intervention in early 2011, CPP has improved its renewal process and extended the cooling off period during which customers can change their minds about buying the product from 14 days to 60 days. It has also agreed with the FSA requirements to stop new sales and to stop trying to keep customers who call to cancel their policies. Additionally, it must appoint an external monitor to scrutinize and report on its claims and complaints handling. “This is a serious case, one that has warranted our joint largest retail conduct fine and generated a sizeable bill for consumer redress,” said Tracey McDermott, the FSA’s director of enforcement and financial crime. “While CPP’s products were relatively inexpensive, they were sold widely and CPP encouraged its sales agents to be overly persistent. This exposed a very large number of customers to the unacceptable risk of buying products they did not want or need. Further, we had already warned the firm that it might be misleading customers about a feature of card protection from which customers were unlikely to benefit, but insufficient action was taken to rectify this. “We have highlighted before our concerns about low cost insurance that offers little or no value to the customer. This case shows the action we will take if our warnings are not heeded,” McDermott added. The FSA says that CPP agreed to settle at an early stage entitling it to a 30% discount on its fine. Without the discount, the fine would have been £15 million. Keywords EnforcementCompanies Financial Services Authority Mouth mechanic turned market manipulator PwC alleges deleted emails, unusual transactions in Bridging Finance case James Langton The UK Financial Services Authority (FSA) Thursday announced its largest retail conduct fine of £10.5 million ($15.88 million) for the mis-selling of insurance products. The FSA levied the fine against Card Protection Plan Ltd. (CPP), and that CPP has also agreed to pay estimated redress of about £14.5 million to affected customers. The regulator reports that CPP estimates that its total costs will be £33.4 million, which includes the fine, redress, and the costs associated with the investigation. BFI investors plead for firm’s sale Related news read more

MSCI delays adding China A shares to emerging markets index

first_img HSBC debuts stock-picking AI index Keywords Indexes,  China Facebook LinkedIn Twitter Share this article and your comments with peers on social media James Langton Bringing ethnic diversity to indexingcenter_img Global index provider MSCI Inc. is putting off the inclusion of Chinese stocks in its emerging markets index, pending further efforts by China to integrate with global capital markets. The firm said Tuesday that it is delaying the addition of China A shares to the MSCI Emerging Markets Index, citing ongoing efforts by Chinese authorities to improve the accessibility of these shares for global investors. These measures aim to address some of the major impediments to inclusion, MSCI said, including resolving issues regarding beneficial ownership, enhancing the regulations for suspending trading, and policy changes to address quota allocation and capital mobility restrictions. The decision follows a consultation that MSCI carried out to gather feedback from market participants on the potential inclusion of China A shares. Investors stressed the need for “a period of observation” to assess the effectiveness of the policy efforts, the index provider said. As well, there are policy issues that have yet to be addressed, such as a 20% monthly repatriation limit that “remains a significant hurdle for investors that may be faced with redemptions such as mutual funds,” MSCI added, and local exchanges’ pre-approval restrictions on launching financial products. MSCI said it will revisit the issue in June 2017, but did not rule out earlier inclusion if “further significant positive developments” happen before then. “There have been significant steps toward the eventual inclusion of China A shares in the MSCI Emerging Markets Index,” said Remy Briand, managing director and global head of research at MSCI, in a statement. “They demonstrate a clear commitment by the Chinese authorities to bring the accessibility of the China A shares market closer to international standards. We look forward to the continuation of policy momentum in addressing the remaining accessibility issues.” “International institutional investors clearly indicated that they would like to see further improvements in the accessibility of the China A shares market before its inclusion in the MSCI Emerging Markets Index,” Briand added. “In keeping with its standard practice, MSCI will monitor the implementation of the recently announced policy changes and will seek feedback from market participants.” Related news New indexes align with Paris Agreement targetslast_img read more

TSX climbs on positive earnings results

first_img TSX gets lift from financials, U.S. markets rise to highest since March Share this article and your comments with peers on social media Canada’s main stock index moved higher on some positive earnings results while U.S. markets were slightly lower ahead of an expected interest rate cut.The S&P/TSX composite index was up 30.61 points at 16,418.14. Keywords Marketwatch Downtown office buildings Toronto elovkoff/123RF Canadian Press Toronto stock market dips on weakness in the energy and financials sectors Related news In New York, the Dow Jones industrial average was down 19.30 points at 27,071.42. The S&P 500 index was down 2.53 points at 3,036.89, while the Nasdaq composite was down 49.14 points at 8,276.85.The Canadian dollar traded for an average of US76.48¢ compared with an average of US76.59¢ on Monday.The December crude contract was down US27¢ at US$55.54 per barrel and the December natural gas contract was up US8.4¢ at US$2.64 per mmBTU.The December gold contract was down US$5.10 at US$1,490.70 an ounce and the December copper contract was up 0.85 of a cent at US$2.69 a pound. S&P/TSX composite hits highest close since March on strength of financials sector Facebook LinkedIn Twitterlast_img read more

Here’s how Nissan uses diamonds to build its engines

first_img advertisement PlayThe Rolls-Royce Boat Tail may be the most expensive new car everPlay3 common new car problems (and how to prevent them) | Maintenance Advice | Driving.caPlayFinal 5 Minivan Contenders | Driving.caPlay2021 Volvo XC90 Recharge | Ministry of Interior Affairs | Driving.caPlayThe 2022 Ford F-150 Lightning is a new take on Canada’s fave truck | Driving.caPlayBuying a used Toyota Tundra? Check these 5 things first | Used Truck Advice | Driving.caPlayCanada’s most efficient trucks in 2021 | Driving.caPlay3 ways to make night driving safer and more comfortable | Advice | Driving.caPlayDriving into the Future: Sustainability and Innovation in tomorrow’s cars | Driving.ca virtual panelPlayThese spy shots get us an early glimpse of some future models | Driving.ca Trending Videos COMMENTSSHARE YOUR THOUGHTS ‹ Previous Next › Nissan is showing off how it uses diamonds in the production of the 2019 Altima’s engine. The video is a bit campy, opening with “something groovy is happening at Nissan’s powertrain plant in Decherd, TN,” and closing with “and that’s how bling smooths out the inside of this new Nissan engine,” with the whole thing set to music that strikes a chord somewhere between ‘1970s porno’ and ‘office elevator.’ But sandwiched in between the cheese is a pretty cool message: Nissan uses actual diamonds in the production of the Altima’s 2.5-litre engine. Here’s how: The Rolls-Royce Boat Tail may be the most expensive new car ever RELATED TAGSNissanNewscenter_img Trending in Canada Nissan says the manufacturing technique that reduces friction inside the four cylinders of the engine by eliminating the need for cylinder liners is “usually reserved for supercars [but] has found its way into the all-new 2019 Nissan Altima 2.5-litre engine.” The ‘mirror bore’ process involves a drill bit that contains bits of diamonds that didn’t make the cut at the jewellers, spun at a high speed inside the cylinders to polish the metal atomized material coating and “leave cylinders as shiny as a disco ball.” See More Videos We encourage all readers to share their views on our articles using Facebook commenting Visit our FAQ page for more information. Buy It! Princess Diana’s humble little 1981 Ford Escort is up for auction An engagement gift from Prince Charles, the car is being sold by a Princess Di “superfan” In effect, the process reduces friction and increases efficiency — but really, it’s just a fun fact for Altima owners to boast about. The diamond-slinging team at the Decherd facility puts together the powerplants for the Altima, Rogue, Maxima, Frontier, Pathfinder, Titan, and Leaf, as well as the Infiniti QX60, pumping out an engine approximately every 19 seconds. last_img read more

CU-Boulder Diversity Summit Set For All-Day Meet On Feb. 21

first_img Published: Feb. 9, 1997 Share Share via TwitterShare via FacebookShare via LinkedInShare via E-mail EDITORS: This event is not open to the public but reporters are welcome to attend. CU-BOULDER DIVERSITY SUMMIT The second annual Chancellor’s Diversity Summit at the University of Colorado at Boulder will be held Feb. 21. Activities will run from 8 a.m. to 4:30 p.m. in the University Memorial Center. Scheduled events include an address by CU-Boulder Chancellor Richard Byyny on “Diversity, Civility and Campus Climate” and remarks by all three CU-Boulder vice chancellors. The event is organized by five campus committees that advise the chancellor: the Chancellor’s Advisory Committee on Minority Affairs, the Chancellor’s Committee on Women, the Chancellor’s Task Force on Civility, the Chancellor’s Standing Committee on Gay, Lesbian, and Bisexual Issues, and the Program Accessibility Committee. The “working” summit has two goals, said Patrick McQuillan, assistant professor of education and chair of the Chancellor’s Advisory Committee on Minority Affairs. The first is to inform members of the CU-Boulder community about the efforts of groups on campus that are working to promote diversity. The summit also aims to draw together people from multiple groups to identify common concerns on the Boulder campus and to form strategies on how campus units can work collaboratively toward the common goal of a diverse, civil and inclusive campus community. “Diversity is something people need to make happen in their day-to-day lives and routines at the university,” McQuillan said. Also invited are students, faculty, staff and administrators involved with promoting diversity, including the Faculty of Color Organization, the Boulder Faculty Assembly Committee on Diversity and several student organizations. The schedule follows: 8:00 – 8:30 Coffee and Refreshments (Rooms 157 A & B) 8:30 – 9:30 Introductory Remarks (The Forum Room) The Chancellor’s Advisory Committee on Minority Affairs, Patrick McQuillan The Chancellor’s Committee on Women, Robbie Martinez The Program Accessibility Committee, Garnett Tatum The Chancellor’s Standing Committee on Gay, Lesbian, and Bisexual Issues, Marcia Westkott The Chancellor’s Task Force on Civility, Merrill Lessley and Elease Robbins 9:45 – 11:15 Working Sessions (various rooms) 11:30 – 12:15 Chancellor Richard Byyny, “Diversity, Civility, and Campus Climate” and presentation of the Service Recognition Award (The Forum Room) 12:15 – 1:30 Lunch (Glenn Miller Ballroom) Remarks from Vice Chancellor Jean Kim Remarks from Vice Chancellor Wallace Loh Remarks from Vice Chancellor Pete Barden 1:45 – 3:30 Working Sessions Continued (various rooms) 3:40 – 4:20 Working Groups Report Their “Recommendations for Action” (The Forum Room) 4:20 – 4:25 Summation of Recommendations, Marilyn Laverty, Employee Development (The Forum Room) 4:25 – 4:30 Concluding Remarks, Patrick McQuillan (The Forum Room)last_img read more

Ombuds Service For Faculty Starting This Fall At CU-Boulder

first_img Published: Sept. 23, 1997 Share Share via TwitterShare via FacebookShare via LinkedInShare via E-mail University of Colorado at Boulder Chancellor Richard Byyny has announced a pilot Faculty Ombuds program for the 1997-98 academic year, following a recommendation by the Boulder Faculty Assembly to create a program. Two recently retired faculty members will each serve as part-time Faculty Ombudspersons. Robert Fink, former dean of the College of Music, and Jack Kelso, professor emeritus of anthropology and former director of the Farrand Hall Residential Academic Program, will share the post. Both Fink and Kelso will provide a confidential, informal communication and information service and non-adversarial, independent dispute resolution for complaints initiated by faculty. Their work is intended to augment, rather than replace, existing conflict resolution services already on campus. The Ombuds Office, under the direction of Tom Sebok, provides similar services for the entire Boulder campus, including students and staff members. Fink and Kelso will report to the Office of the Vice Chancellor for Academic Affairs and have also established a working relationship with the Ombuds Office, which will provide administrative support. The Faculty Ombudspersons also may work collaboratively with the Ombuds Office professional staff in some cases, if all parties agree. Kelso and Fink will be available 18 hours a week during the fall semester and 24 hours a week during the spring semester. Appointments may be made by calling 492-0868. All contacts are confidential.last_img read more

Afternoon Brief, February 5th

first_imgPinterest The Rosé Competition 2021 FRIDAY, FEBRUARY 05 TRENDING STORY Online Boom Behind Uber’s Drinks PushThe implications of Uber’s takeover of Drizly could be huge for retailers – and consumers… Property: Chianti Wine ‘Castle’ Listed for Sale at €14 Million Ornellaia Announces New Napa Project WINEINDUSTRY.JOBS The Deception and Duplicity Necessary to Defend the Three-Tier SystemOne thing is absolutely clear about the alcohol industry: Its primary form of regulation, the “three-tier system,” is so fundamentally flawed that today it serves mainly to retard the growth of the alcohol industry, acts as a barrier to small and medium-sized alcohol producers from entering markets around the country, and acts to increase the political and financial power of a very small group of middlemen wholesalers… Sonoma County Settles with Vintner Who Flouted Environmental Rules Spanish Producer’s Family Feud: “Pesquera” Trademark Case Dismissed Pivoting During a Pandemic: A Webinar SeriesFebruary 10 – Webinar What Role Can Vineyards Play in Conserving California’s Biodiversity?Some grape growers are committed to regenerating the land and protecting native species–and they hope wine drinkers will be willing to support their efforts… Enoforum Web ConferenceFebruary 23-25 – Webinar Package Store Owners: Wine Sales in Supermarkets Will Threaten Them How the Wine Industry Has Been Impacted by COVID-19 Share ReddIt Grape Growers Alarmed Over Profits TAGSAmerican Fine Wine Competition & GalaDAOU Family EstatesDrizlyfeaturediDealwineOrnellaiaStaglin Family VineyardUberVintage Wine EstatesWilliamette Valley VineyardsWine Spectator California Adopts New Prop 65 Warning Regulations for Online Alcoholic Beverage Sales Vintage Wine Estates, One of the Fastest Growing U.S. Wine Producers, to Become a Public Company Uber to Buy Alcohol Delivery Start-up Drizly for $1.1 Billion Quality and Production AssistantRecruiting Associates Network – Fairfield, CA, USA INDUSTRY EVENTS More Wine Industry Jobs For the Wine World, 2021 Brings Familiar ProblemsThe year has changed. So has the government. But the challenges facing the wine industry — Covid, tariffs and climate change — remain… Previous articleSojourn Cellars Welcomes Patrick Seymour as National Sales ManagerNext articleWineries Turn to Experts for Wine Filtration Integrity Editor Growing Forward: Vineyard & Grower Virtual ConferenceMarch 3 – Webinar Customer Service LogisticsRecruiting Associates Network – American Canyon, CA, USA Wine Future 2021February 23 – 26 – Webinar TOP STORIES OF THE WEEK Biodynamic Wine Ranch in California Listed for $23 Million Technical Customer Care ManagerRecruiting Associates Network – Santa Rosa, CA, USA US Wineries Willing to Sell Out Willamette Valley Vineyards Reopens with ‘Wine Pods’ for Guests Big Names, Big Bottles for Napa Auction Staglin Family Vineyard’s Visitor Growth Plans Concern Neighbors Advertisement Daou Welcomes Four Wine Industry Stars to Patrimony Estate Team 18 Litre Bottle of ‘World’s Most Expensive Wine’ Sold 2020 Oregon Wine SymposiumFebruary 11-12 – Webinar Wine Spectator Scholarship Foundation Partners with the Roots Fund to Support Wine Education South Africa Lifts Wine Sales Ban, but the Damage Is Done Do I Need a Formula? Speed up Getting Your Labels Approved by Knowing the Answer Dan Berger: The Benefits of Climate Change Home Afternoon Brief Afternoon Brief, February 5thAfternoon BriefAfternoon Brief, February 5thBy Editor – February 5, 2021 105 0 Advertisement iDealwine Announces Record 2020 and Welcomes New Investor, Capital Croissance Twitter Facebook Free the Grapes: Direct Shipping from Wineries to US Homes Hit New Highs in 2020, but Restrictive State Law Limits NJ to Nation’s Lowest Growth Linkedin TODAY’S NEWS Three Things I Learned at the Unified Symposium’s “State of the Industry” Email Bad Year Turns Good for Californialast_img read more

Indian operators, regulator price floor talks imminent

first_imgHomeAsiaNews Indian operators, regulator price floor talks imminent Author India to shun China vendors in 5G trials AddThis Sharing ButtonsShare to LinkedInLinkedInLinkedInShare to TwitterTwitterTwitterShare to FacebookFacebookFacebookShare to MoreAddThisMore 17 JUL 2017 Airtel returns to profit Joseph Waring Tags Previous ArticleGrab to raise $2B from SoftBank and DidiNext ArticleWarner Music Group acquires concert discovery app center_img India’s telecoms regulator will hold a meeting with the country’s mobile operators on 21 July to hear their view on setting a minimum tariff for voice and data services, The Economic Times (ET) reported.The Telecom Regulatory Authority of India (TRAI) reportedly asked operators to present their detailed reasoning behind supporting a price floor as well as why they don’t also support price caps.After Reliance Jio launched 4G services in September 2016, offering a series of generous free voice and data packages, some mobile players pushed the regulator to impose a minimum price to prevent companies offering tariffs which are lower than the cost of services.Current regulations require operators only to inform TRAI of their planned tariffs seven days before launch, so setting a floor price would be a major policy shift, ET said.Operators’ balance sheets have been significantly impacted by a price war sparked by Jio’s entrance. Bharti Airtel and Idea Cellular posted heavy losses in the January to March quarter.TRAI figures showed monthly ARPU in Q1 declined nearly 21 per cent from the previous quarter to INR83 ($1.29). Asia Jio profit soars on subscriber gains Joseph Waring joins Mobile World Live as the Asia editor for its new Asia channel. Before joining the GSMA, Joseph was group editor for Telecom Asia for more than ten years. In addition to writing features, news and blogs, he… Read more Related Bharti-AirtelIdea CellularIndiaReliance jioTrailast_img read more