News / UTi board accepts new $1.35bn offer from DSV to create world’s fourth-biggest 3PL

first_imgRoad48%15%36% By Gavin van Marle 09/10/2015 But he called the strategic rationale behind the acquisition “compelling”, with the combined entity expected to be significantly more balanced both geographically and in terms of sectors, which is best illustrated by the following two tables: Sea freight26%30%27% Asia9%27%16% EMENA82%23%61% ModeDSVUTiCombined Contract Logs11%20%14%center_img RegionDSVUTiCombined Americas8%34%17% “One of the reasons we like UTi is that its business model is very similar to ours; it has been built up the same way and it is stronger than us in the Americas and some merging markets. There is nothing wrong with Europe, we like it and make good money here but it has been a long-term strategy of ours to grow outside it,” Mr Andersen added, quoting UTi’s experience in the automotive and pharma industries as particular attractions.“We will get a lot of new competencies and skills and, based on what we have seen in previous acquisitions, we will learn a lot,” he added.However, the gap in financial performance between the two companies over the past couple of years is stark. They employ similar numbers of staff – 23,000 at DSV and 21,000 at UTi – but have markedly different financial results: in 2014 DSV recorded revenue of $7.7bn and an Ebitda of $505m, while UTi’s revenues were $3.7bn with a marginal loss.Mr Andersen said this was partly due to UTi’s greater involvement in the contract logstics and distribution business.“It is a more staff-heavy company, but it has a large contract logistics business and it has a lot of employees in warehouses – it has a lot more blue collar staff.”Mr Lund added: “There’s nothing inherently wrong with UTi – the profitability has not been the best recently, but they have a very strong network and it just seems as if it is slightly sub-scaled – there is not enough volume to pay for the network, but by combining themselves with DSV volumes they will get this scale.”UTi chief executive Ed Feitzinger said, “For our clients and employees, the potential combination of our two businesses has a strong cultural fit, aligned strategy, and a complementary client base and geographic footprint. We have the opportunity to draw on the current strengths and scale of both companies to bring solutions to our clients that we could not have delivered on our own.”Mr Andersen added that the two companies had broadly similar customer profile, although UTi had several customers, mainly from the automotive sector, that “are bigger than our top five”. One of the great takeover sagas of the past year looked like reaching a conclusion today, after the board of US 3PL UTi Worldwide announced it had accepted a new purchase offer from Danish group DSV.DSV has agreed to pay UTi shareholders  a total of $1.35bn, with each paid $71.0 per share, a premium of some 50% on the company’s share price the day before.UTi’s largest shareholder, P2 Capital Partners, which holds 10.8% of its stock, has “entered into an irrevocable voting undertaking in support of the transaction, subject to certain conditions”, it said.As The Loadstar wrote a little more than three weeks ago, DSV was in the driving seat to acquire UTi following a failed bid last year, and it has since pressed its foot on the accelerator.Initial reaction from investment analysts suggested that the acquisition price might be on the high side, with one suggesting it was a “hefty price, given current operating outlook”.However, that also came with the recognition that previous DSV acquisitions – Frans Maas, ABX Logistics and DFDS Transport, the haulage arm of the Danish ferry line – had largely been an operational success, and transformative in propelling DSV into the upper echelons of the road freight, forwarding and logistics businesses.According to market data from Transport Intelligence, a combined DSV-UTi would be the fourth largest global 3PL after DHL, Kuehne + Nagel and DB Schenker in terms of revenue, with annual earnings of $12.9bn; the sixth largest sea freight forwarder with a combined volume – based on 2014 bookings – of just under 1.4m teu; and the seventh largest air freight forwarder of just over 600,000 tonnes.DSV chief financial officer Jens Lund said of last year’s approach by DSV: “We had some preliminary discussions and, based on these, we didn’t find it relevant to proceed. But it is clear that there have been some changes in the performance of UTi and now there is a good match between what we buy and what we pay.”With shareholder and regulatory approval still required, the deal is not expected to close until the first quarter of next year. DSV chief executive Jens Andersen declined to comment on where the axe would likely fall into terms of staff, offices and senior management, but he said that the two companies would be combined into one: “We will be sitting alongside each other.”DSV chief executive Jens Andersen Africa1%16%6% Air freight18%35%23%last_img read more

ALS patients losing time and hope as they wait for insurers to cover a pricey new drug

first_img By Ed Silverman May 21, 2018 Reprints What’s included? Pharmalot Columnist, Senior Writer Ed covers the pharmaceutical industry. PharmalotALS patients losing time and hope as they wait for insurers to cover a pricey new drug @Pharmalot Sarah Benoit, who has ALS, uses a walker in her home in San Bernardino, Calif. Rachel Luna for STAT [email protected] STAT+ is STAT’s premium subscription service for in-depth biotech, pharma, policy, and life science coverage and analysis. Our award-winning team covers news on Wall Street, policy developments in Washington, early science breakthroughs and clinical trial results, and health care disruption in Silicon Valley and beyond. Ed Silverman About the Author Reprints GET STARTED Daily reporting and analysis The most comprehensive industry coverage from a powerhouse team of reporters Subscriber-only newsletters Daily newsletters to brief you on the most important industry news of the day STAT+ Conversations Weekly opportunities to engage with our reporters and leading industry experts in live video conversations Exclusive industry events Premium access to subscriber-only networking events around the country The best reporters in the industry The most trusted and well-connected newsroom in the health care industry And much more Exclusive interviews with industry leaders, profiles, and premium tools, like our CRISPR Trackr. What is it? Log In | Learn More For the past two years, Sarah Benoit has been getting around with the help of a walker, waiting for a medicine that’s out of reach.Benoit, a former congressional aide, has ALS, a fatal neurological disease that gradually causes muscle weakness and paralysis. As it progresses, she struggles to maintain a normal life, but holds out hope that a drug called Radicava — the first new treatment in 22 years — will slow her deterioration. Unlock this article by subscribing to STAT+ and enjoy your first 30 days free! GET STARTED Tags drug pricinginsuranceneurologypatientspharmaceuticalspolicylast_img read more

Three Ghosts Wandering Around the Korean Peninsula

first_img Entire border patrol unit in North Hamgyong Province placed into quarantine following “paratyphoid” outbreak North Korea tries to accelerate building of walls and fences along border with China News Three Ghosts Wandering Around the Korean Peninsula SHARE News AvatarDaily NKQuestions or comments about this article? Contact us at [email protected] RELATED ARTICLESMORE FROM AUTHORcenter_img There are signs that North Korea is running into serious difficulties with its corn harvest Facebook Twitter News By Daily NK – 2005.07.22 4:58pm [imText1]There are three ghosts roaming around the Korean Peninsula. Ghosts do not have substance. Although there is no substance, it makes us believe there is. That is a ghost. Each of the ghosts have different name. First one, ‘lie,’ second one ‘delusion,’ and third one ‘arrogance.’ The ghost of lie is the word of Kim Jong Il of « denuclearization of the Korean peninsula ». Kim Jong Il came up with « denuclearization of the Korean peninsula » with no substance. Denuclearization will be done automatically when North Korea dismantles all the nuclear. However, it is foreseen that this ghost of lie will change its face and resolve the six party talks. The ghost of delusion is ‘people’s (minjok) cooperation’. It is also called « among ourselves. » This ghost has been roaming around for a long time now. People’s cooperation could only be done when the North Korean Kim Il Sung-Kim Jong Il Suryeong autocratic regime transfoms into a democratic government, and when the 70 million of Koreans will build their future together. That is Minjok Cooperation. Believing that cooperation with the Kim Jong regime will settle peace in the Korean peninsula and lead the Koreas to a peaceful unification is a delusion. However, this ghost is to be wandering around the Korean peninsula for a while. 23 Million North Koreans Owners of the Nation after the Kim Jong Il RegimeThe ghost of arrogance is related to the problem of who is the owner of North Korea in the future. That is North Korea after the Kim Jong Il regime. This ghost is yet to reveal its clear face.Some say that China is trying to take over North Korea through ‘economic Northeast Project.’ Others say ‘imperialist’ Americans will destroy Kim Jong il’s regime and are trying to fly American flag in North Korea. Although the ROK-US aligned due to the ‘General plan’, some people even argue that the reason why South Korea refused the Plan of Operation 5029 is to exclude the US in case of emergency (such as an eruption of war) occurs in North Korea. There are also many people who argue that according to the article 3 of the ROK constitution, North Korea must be included as part of the South Korean territory. I am not to argue against such disputes. However, there are principles we all must be reminded of. Who is the owner of North Korea ? It is the 23 million of North Korean people. They are the ones who will bring an end to the Kim Jong Il dictatorship and establish a democratic government. It does not matter who is the practical actor to change the Kim Jong Il regime, the owner of post-Kim Jong Il North Korea is the people of North Korea. They are the main force responsible for building a democratic governement and for reconstructing North Korea. Whatever argument or assertion it may be, it would be nothing more than ‘arrogance’ to dispute over who is to ‘obtain’ North Korea after Kim Jong Il. However, this ghost of arrogance too will likely blurr people’s consciouness. North Korean Nuclear – Four Agreements and a Broken PromiseThese three ghosts are not separated from each other. Lies, delusions and arrogance will overlap each other in the process of North Korean nuclear dismantlement → democratization of the NK regime → peace building in the Korean peninsula → peaceful unification → peace of Northeast Asia, and will blurr the fundamentals. However, there is a common denominator in the three ghosts. That is Kim Jong Il. Whether it is advantagious or disadvantageous for Kim Jong Il, they were produced and originated from Kim Jong Il. Ghosts are destined to die once their substance is revealed. Therefore the work must be started to discover their substance. The first step for it is disregarding the ‘theory of denuclearization of the Korean peninsula’ presented by Kim Jong Il. Kim Jong Il said, “Our goals are the denuclearization of the Korean peninsula and the teaching of Kim Il Sung.” The whole world knows that this is a lie. After the ‘Inter-Korean Declaration on the Denuclearization of the Korean Peninsula,’ denuclearization was realized in South Korea. In the 1994 Agreed Framework, North Korea promised to freeze its nuclear prorgram and to allow inspectors to visit North Korea, and delayed it with all sorts of excuses. Then they backlashed with the October 2002 with the HEU program. Then they officially declared their possession of nuclear weapons on February 10 this year. All together, North Korea breached the four agreements ; the Inter-Korean Declaration on the Denuclearization of the Korean Peninsula, the 1994 Agreed Framework, the IAEA Safe Guard Sytem Agreement, and the South-North Basic Agreement. Kim Jong Il, the Chief Commander for Nuclear Development is clearly the criminal. Despite this fact, Kim Jong Il came up with the idea of ‘denuclearization of the Korean Peninsula’ while blaming everything on the US. Multifaceted « Denuclearization of the Korean Peninsula », the Six Party Talks to be Turned DownTherefore the five other countries of the six party talks excluding North Korea must put all efforts and cooperate with each other to eradicate the first ghost. China and Russia cannot be exluded from this problem either. Once the first ghost is gone, it will benefit all five nations. Denuclearized Korean peninsula is in the interest of all the people of the international society and liberalization and reformation as well as democracy in denuclearized North Korea will be accelerated. The Fourth Six Party Talks to be Held on July 26 It would be better the close the meeting if North Korea once again brings another once of ‘denuclerization of the Korean peninsula’ plan only with its face changed in such forms as arms reduction talk, amity with the NK-US, the nuclear freeze without the premise of nuclear disarmament. It would be better if the time comes faster. Newslast_img read more

CWB joins gender equity effort

first_img James Langton Share this article and your comments with peers on social media Keywords Women,  Women in financial services Related news “At CWB Financial Group we’re working hard to foster equality and nurture an inclusive environment where each and every employee can bring their whole self to work, and where there are no barriers to personal success,” said Chris Fowler, president and CEO of CWB.“We’ve made significant strides in inclusion and diversity; however, our work is never done. The signing of this UN initiative affirms our continued commitment to gender equality,” Fowler added. Return to Bay Street program reboots Macklem points to child care, education to help ease protracted employment recovery JPMorgan elevates two women to run bank’s biggest division CWB Financial Group has signed on to the United Nations’ effort to advance gender equity and female empowerment, known as the UN Women’s Empowerment Principles (WEPs).The Edmonton-based financial firm, which operates Canadian Western Bank and a collection of subsidiaries, has joined the global initiative, which aims to further gender equity by giving companies a framework to establish practices and policies that support gender equality and promote female empowerment. Women in business Facebook LinkedIn Twitterlast_img read more

Insight – Demand for METS rises in Turkey as precious metals mining sector grows

first_imgInsight – Demand for METS rises in Turkey as precious metals mining sector grows AustradeInvestment in Turkey’s precious metals mining sector is set to increase rapidly, following a series of government announcements and corporate acquisitions.The Turkish Government aims to double gold production in the next five yearsThe Turkish sovereign wealth fund (TWF) has acquired 20 new precious metals and launched a series of drilling and exploration projects.The decision to increase mining investment via the TWF creates new opportunities. Austrade has identified the potential for Australian METS companies in feasibility studies, project management, engineering reviews, mining design, risk management and safety initiatives.The demand for mining-related environmental services is also rising. This is because mining-related pollution is a growing political issue in Turkey. /Public Release. This material comes from the originating organization and may be of a point-in-time nature, edited for clarity, style and length. View in full here. Why?Well, unlike many news organisations, we have no sponsors, no corporate or ideological interests. We don’t put up a paywall – we believe in free access to information of public interest. Media ownership in Australia is one of the most concentrated in the world (Learn more). Since the trend of consolidation is and has historically been upward, fewer and fewer individuals or organizations control increasing shares of the mass media in our country. According to independent assessment, about 98% of the media sector is held by three conglomerates. This tendency is not only totally unacceptable, but also to a degree frightening). Learn more hereWe endeavour to provide the community with real-time access to true unfiltered news firsthand from primary sources. It is a bumpy road with all sorties of difficulties. We can only achieve this goal together. Our website is open to any citizen journalists and organizations who want to contribute, publish high-quality insights or send media releases to improve public access to impartial information. You and we have the right to know, learn, read, hear what and how we deem appropriate.Your support is greatly appreciated. All donations are kept completely private and confidential.Thank you in advance!Tags:Austrade, Australia, Australian, corporate, Engineering, exploration, gold, Government, Investment, mining, pollution, production, project, Safety, Turkey, Turkishlast_img read more

Toyota could start production of a new model in Canada: report

first_img RELATED TAGSToyotaSUVNon-LuxuryNew VehiclesNon-Luxury Toyota may start production of a new model in Canada, a spokesperson for the company told Automotive News Canada mid-March, while not revealing any other details.Toyota Motor Manufacturing Canada will “make an announcement once this decision has been made,” he told the news outlet.The Japanese automaker currently assembles its RAV4 SUV in plants in Woodstock and Cambridge, Ontario. ‹ Previous Next › 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 The Rolls-Royce Boat Tail may be the most expensive new car ever Created with Raphaël 2.1.2Created with Raphaël 2.1.2 TMMC Woodstock employees hard at work on putting together 2019 RAV4s.  Peter Bleakney / Driving Trending Videos Trending in Canadacenter_img COMMENTSSHARE YOUR THOUGHTS An upcoming RAV4 Hybrid is set to begin production on those same lines in April 2019. The company also builds Lexus RX 350 and RX 450h SUVS in Cambridge.The report from Automotive News Canada comes the same day Toyota Motor North America announced it would spend US$749 million to add 600 jobs to plants in five states in the U.S.The expansion should not impact Canadian production; while the RAV4 Hybrids built here will supply only the Canadian market, the gasoline-powered RAV4s out of the Cambridge and Woodstock plants will still be shipped across North America.“[Toyota Motor Manufacturing Canada] will continue to be the largest producer of RAV4 vehicles for North American markets,” the company said Thursday.It said in May 2018 that it would invest $1.4 billion Canadian on the two plants; some $220 million of that investment was contributed by the federal and provincial governments. advertisement We encourage all readers to share their views on our articles using Facebook commenting Visit our FAQ page for more information. See More Videos 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”last_img read more

CU-Boulder Launches Evening-Only MBA Program

first_imgShare Share via TwitterShare via FacebookShare via LinkedInShare via E-mail Published: April 30, 2000 The University of Colorado at Boulder College of Business is launching an evening-only MBA program in August with classes designed for the working professional.Classes will be taught in a lock-step, 33-month schedule and will complement professionals’ career-related activities.”By combining students’ industry experience with a cutting-edge curriculum, the CU-Boulder Professional MBA Program provides today’s managers with the knowledge and skills to successfully lead Colorado in the 21st century,” said College of Business Dean Steven Manaster.”We initiated this program to serve the needs of Colorado’s dynamic economy,” Manaster said. “We want to partner with businesses in the area to provide the region’s employers with outstanding education opportunities.”The classes teach business fundamentals while exposing students to the latest industry innovations. Courses will address business policy, quantitative methods, financial accounting, organization behavior, corporate finance, marketing management, decision modeling and managerial economics.For more information call (303) 492-1831, e-mail [email protected], or view the Web site at http://bus.colorado.edu/graduate.last_img read more

The GLBT Resource Center To Host An Evening With Author Keith Boykin

first_imgShare Share via TwitterShare via FacebookShare via LinkedInShare via E-mail Published: Oct. 9, 2000 The Gay, Lesbian, Bisexual and Transgender (GLBT) Resource Center and Boulder Pride will present author Keith Boykin on Wednesday, Oct. 25, at 7 p.m. in the Benson Earth Sciences Building, room 180, on the CU-Boulder campus. Boykin will speak on being black and gay in America. The presentation will be a highlight of LesBiGayTransQueer Awareness Month at CU. Organizers said the term “queer” has been added to the lesbian, bisexual, gay and transgender designations to identify people of all sexual orientations and gender expressions who don’t fit into the original categories. Once viewed as derogatory, “queer” now is used by GLBT activists as an inclusive term of identity. Boykin, who is the author of “One More River to Cross: Black and Gay in America,” will examine the issues of race and their impact upon sexual orientation, according to Beverly Tuel, director of the GLBT Resource Center. A graduate of Harvard Law School, Boykin was a special assistant to President Clinton, the highest-ranking openly gay person to be appointed to the White House. He then went on to serve for three years as the executive director of the National Black Lesbian and Gay Leadership Forum, where he was the lead advocate for the interests of black lesbian and gay men nationwide.Boykin also is the author of “Respecting the Soul: Daily Reflections for Black Lesbians and Gays” and has appeared on Black Entertainment TV, CNN News, Fox News and NPR among others. The goal of this program is to create a connection between the GLBT, African American and other communities of color at CU-Boulder, according to Tuel. The hope is that the program will serve as a starting point for further dialogue and collaboration between the various groups. “Between the racism in the gay community and taboos against homosexuality in black communities, it can be hard for same gender-loving people of African decent to find acceptance,” Tuel explained. “This is a program for and about all of us, regardless of gender, race or sexuality.” The program is co-sponsored by CU’s Department of Housing, Student Organization Finance Office and the vice chancellor for student affairs. Additional support comes from the Cultural Unity Center, African-American advocacy committee, Bridges: An alliance for GLBT students of color, ethnic studies and others. The GLBT resource center has moved to a new location in Willard Hall, room 227, which now has a gathering space and greater access to resources. It offers visitors a lounge, a TV and VCR, reading materials and other resources. Fall semester hours are Monday through Friday, 9 a.m. to 5 p.m. For more information, call (303) 492-1377, send e-mail to [email protected], or visit the Web site at http://www.colorado.edu/GLBTRC.last_img read more

Saso, 19, tied for Lotte lead with Altomare

first_imgKAPOLEI, Hawaii — Fast finishes put Yuka Saso and Brittany Altomare at the top of the Lotte Championship leaderboard Wednesday morning with rounds of 8-under 64. No one caught them in ideal afternoon conditions at Kapolei Golf Club. Fourth-ranked Nelly Korda came closest, shooting a 65 that left her tied with two-time major champion So Yeon Ryu and Ally Ewing, both of whom played in the morning. Stacy Lewis was two shots back on a day when 47 players shot in the 60s. Jessica Korda, Nelly’s older sister, was part of a group at 67 that included the world’s top-ranked amateur, 17-year-old Rose Zhang. Lydia Ko also shot 67, coming off a record-tying final-round 62 to finish second in the year’s first major, the ANA Inspiration, two weeks ago. Low scores abound in Round 1 of LOTTE Championship Sixth-ranked Brooke Henderson, who won this event in 2018 and 2019 — last year’s tournament was canceled because of the coronavirus pandemic — shot 68, as did No. 5 Danielle Kang. Henderson hit every fairway and green in regulation, but needed 32 putts. Saso, a 19-year old from the Philippines, birdied five of her last six holes. She is playing on a sponsor exemption. The 2019 Girls Junior PGA Championship winner turned pro that November after earning her card on the Japan LPGA Tour, where she is currently third on the money list. She called her first official round in Hawaii — “It’s like Philippines but colder than Philippines and windier than Philippines” — lucky. “I made some good putts, had good up and downs, my driving was very consistent today,” Saso said. “I think, yeah, that made me lucky.” Full-field scores from the Lotte Championship Altomare, who like Saso finished on the front nine, played it in 29 with birdies on Nos. 1-7, finishing the run with a chip-in. She needed just 24 putts to post her career-low LPGA round. The four-time All-American at Virginia has never won in seven years on tour. Hawaii-born Michelle Wie West, the 2014 champion, is not playing. She competed in the previous two LPGA events in her return after giving birth to a daughter last year. After seven years at nearby Ko Olina Golf Club, the tournament moved to Kapolei, which previously hosted the LPGA’s Hawaiian Open from 1996-2001 and has also hosted the PGA Tour Champions.last_img read more

British MPS say there might not be time to introduce ‘invisible’ border

first_img Important message for people attending LUH’s INR clinic Google+ WhatsApp Facebook British MPS say there might not be time to introduce ‘invisible’ border A group of British MPs thinks their government won’t have time to introduce so-called “invisible” customs arrangements at the Irish border before Brexit.The Northern Ireland Affairs Committee wants ministers to clarify how they’ll ensure the current frictionless barrier will continue.The members think the UK may need to remain in – or parallel to – the Customs Union and Single Market throughout a two-year transition period. Pinterest Harps come back to win in Waterford Google+ News, Sport and Obituaries on Monday May 24th WhatsApp Homepage BannerNewscenter_img Twitter Facebook RELATED ARTICLESMORE FROM AUTHOR Pinterest Previous articleKenny Shiels looks for momentum from his young side against BrayNext articleMissing Sligo teenagers could be in Donegal News Highland Journey home will be easier – Paul Hegarty DL Debate – 24/05/21 Twitter By News Highland – March 16, 2018 Arranmore progress and potential flagged as population growslast_img read more