Lowest salary hike projected for logistics personnel

The impact of economic slowdown is expected to result in low salary hike of personnel across several sectors and in the case of those engaged with the logistics and supply chain businesses, it could well be the lowest during 2020. This is a major takeaway of Aon’s latest annual salary increase survey unveiled last week which presents data on the basis of response from over 1000 companies. Of the 20 sectors covered in the survey, lowest annual hike of 7.6 percent has been projected for personnel in  logistics and transportation…

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DP World returning to private ownership mode

DP World’s parent company Port and Free Zone World has offered to acquire the 19.55 per cent of DP World’s shares traded on Nasdaq Dubai, returning the company to private ownership. In a press release, the global logistics giant maintained that the move will enable DP World to focus on its medium-to-long-term strategy of transforming from a global port operator to an infrastructure-led end-to-end logistics provider. Upon successful offer acceptance, DP World will be 100 per cent owned by Port and Free Zone World, which in turn is a wholly-owned…

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Mumbai Airport unveils world’s largest Export Cold Zone

On the cargo infrastructure front, country’s leading airport at Mumbai added a new feather in its cap last Friday when it unveiled a dedicated ‘Export Cold Zone’ for processing and storage of agro and pharma products. The new terminal is billed as the world’s largest airport based temperature controlled facility. The new cargo terminal has 700 tonnes of one time capacity and 5.25 lakh tonnes of cumulative annual capacity, a Mumbai International Airport (MIAL) release explained while adding that the facility will be operated by MIAL’s business partner, Cargo Service…

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Maersk to buy US warehousing firm for $545 million

Global shipping giant A.P. Møller – Maersk last week  confirmed buying U.S. warehousing and distribution firm Performance Team. The total size of the deal is expected to be $545 million and it will be finalized by April 1st after required regulatory approvals. “With this acquisition we invest in premium operational capabilities to significantly boost our existing Warehousing and Distribution offering. This will strengthen our ability to deliver products and solutions that meet our customers’ end-to-end supply chain needs,” Maersk Ocean and Logistics CEO Vincent Clerc said in a statement. “With…

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UPS to invest €160 million in Hannover-Langenhagen superhub

UPS (NYSE: UPS) recently announced the ground breaking of a new €160 million advanced-technology super hub in Hannover-Langenhagen. Once completed, the hub – one of UPS’s largest investments outside the United States – will serve as an important link in UPS’s European and German network and offer businesses improved access to the company’s smart global logistics network. “The growth of business and retail e-commerce – with online retail sales alone expected to reach nearly €70 billion in Germany this year – has created unprecedented demand for UPS’s services,” said Frank Sportolari, president, UPS…

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Gadkari witnesses high efficiency logistic vehicles in Gothenburg

Union Minister for Road Transport & Highways and MSMEs Nitin Gadkari visited the Swedish Logistics Automotive manufacturer ‘Volvo’ in Gothenburg, during his recent visit. The Minister saw high-efficiency logistics vehicles (road-trains), LNG trucks, electric trucks, etc. Volvo is one of the world’s largest manufacturers of heavy-duty trucks, construction equipment, buses and heavy-duty diesel engines as well as a leading supplier of marine and industrial engines. The Minister was in Sweden to represent India at the “3rd High Level Global Conference on Road Safety for Achieving Global Goals 2030” held in Stockholm…

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NTPC to partner in developing Nokh solar park, Rajasthan

Rajasthan Solarpark Development Company (RSDCL) and NTPC have signed an agreement to jointly develop 925 MW capacity Nokh Solar Park at Nokh, Jaisalmer. The agreement was signed by Anil Gupta, Director RSDCL and Mohit Bhargav, Executive Director of NTPC in the presence of Energy Minister – Government of Rajasthan, Dr. BD Kalla, officials of energy department, stakeholders and investors in the field of renewable energy at a recently held ceremony in Jaipur. According to the agreement, RSDCL will develop infrastructure in the solar park and NTPC will develop the solar projects.…

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PreLoved Device acquires India’s First Refurbished Marketplace

PreLoved Device, part of the same group that owns the Brand Detel, has acquired India’s First Marketplace for Refurbished Products Overcart in a cash and stock deal. Post this acquisition, Overcart, backed by JSW Ventures, Omidyar Network, Sattva Capital and Venture Works will be operated under the PreLoved Device brand name. With this acquisition, PreLoved Device aims to strengthen its position in second-hand and refurbished goods space. As a part of this transaction, the entire team of Overcart will be joining PreLoved and the company’s customer base and products will be…

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SAP Concur, HDFC & Mastercard join hands to offer more facilities for business travel

SAP® Concur®, the world’s leading brand for travel, expense, and invoice management solutions; HDFC Bank, India’s largest private sector bank; and Mastercard, the world’s leading payment technology company, have forged a strategic partnership that will enable Indian corporates of all sizes to reimagine the way they pay for, reconcile and manage company spending. To help facilitate this, HDFC Bank will be offering a corporate credit card for business travellers, providing a one-stop solution for payment and expense management during business trips. The corporate credit card will enable seamless integration of…

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Textile sector to be under pressure in FY21

Indian textile sector is likely to face serious pressure on volume appreciation front in FY21. Noted credit rating agency India Ratings and Research (Ind-Ra) has recently revised the textile sector’s outlook to negative for FY21 from stable citing weak domestic demand growth and threat of cheap imports as key reasons. “Ind-Ra expects cotton prices to stabilise with improved cotton supply and an inventory build-up in FY21. The industry adjusting to a low dealer inventory is becoming the new normal. Easing of the GST implementation issues might only provide modest support…

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