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Asia-Pacific

Summer doldrums explode along with tariff war, tweets

Traditionally, the third Friday in August is as dormant as they come. In the U.S., law and policymakers, business and financial potentates, and the self-styled media elite are into their mid-August to post-Labor Day summer breaks. Many Europeans, meanwhile, are off for the entire month. Financial markets activity slows to a crawl, save for the …

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Hino delivers milestone model to Penske Truck Leasing

Hino Motors Manufacturing U.S.A. Inc. (OTC: HINOF) is investing an additional $40 million and hiring 250 new workers to keep up with increased demand and product configurations at its new medium- and heavy-duty truck plant in West Virginia.  The Novi, Michigan-based subsidiary of Japanese truck maker Hino Motors Ltd. opened the 1 million square-foot facility …

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Port Report: DP World’s profit up, as new logistics bets pay off

DP World (Nasdaq Dubai: DPW ), the fourth-largest marine terminal operator globally, reported strong increases in revenue and earnings, thanks largely to its maritime and logistics businesses. But container volumes remain down as global trade slows. The Dubai-based company reported revenue of $3.46 billion for the first half of 2019, up 32% from the year-earlier …

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Qube earns US$1.15 billion in revenues… but foresees subdued markets next year

Integrated bulk, rail, trucking, box, warehousing and ports operator, Qube (ASX: QUB ), has announced weighty full year earnings of A$1.73 billion (US$1.5 billion), a rise of 4.7 percent on the previous year. Sydney, Australia-based Qube, also delivered solid growth in underlying net profit after tax of 15. 4 percent to A$123.2 million. Australia’s financial …

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Port Report: U.S. retail inventories high as container rates retreat

North America’s biggest shippers issued mostly upbeat forecasts for consumer spending for the back half of 2019. But the outlook is providing little boost to spot rates for container shipping as U.S. inventories stay high and the front-loading of Chinese imports appears to have played itself out early in the third quarter. As FreightWaves Chief …

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Napier Port shares begin trading on the New Zealand Stock Exchange

Pictured: an aerial view of Napier Port; Photo: by Napier Port. Napier Port , located in Hawke’s Bay on the North Island of New Zealand, has begun trading on the New Zealand Stock Exchange (NZH) at an offer price of N$2.60 (US$1.66), raising NZ$234 million (US$149.94 million). The port has listed under the ticker code …

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Global logistics software company WiseTech reports huge rise in revenues and profits

Pictured: Richard White, CEO and founder of WiseTech Global. Photo: Wisetech WiseTech (ASX:WTC ), a global provider of advanced logistics software, has reported a whopping 57 percent growth in revenues and a massive 37 percent net profit after tax for its full 2018-2019 financial year. Revenues generated in the last financial year stood at A$348.3 …

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Indian regulator clears Canadian pension fund stake in Delhivery

An Indian government regulator cleared the way for the investment arm of Canada’s public pension fund to acquire up to 8 percent of the logistics firm Delhivery . The Competition Commission of India announced the decision in a tweet on August 20. The deal, reportedly worth about $150 million , gives the e-commerce fulfillment company …

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Huge rise in revenues but a massive slump in profits for LBC Express

Pictured: Makati City, the Philippines; Photo: Christian Paul and Pexels Logistics provider LBC Express (PSE: LBC ) of Manila, the Philippines, has reported a massive rise in revenues in the second quarter of 2019 but a big slump in net profit after tax. LBC’s revenues rose 36 percent in the six months to the end …

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Sime Darby paid US$136 million for automotive and construction dealer Gough

Sime Darby Berhad (BM: 4197 ) has directly told FreightWaves it paid about NZ$211 million (US$136 million) to acquire automotive and construction machinery dealer Gough Group of New Zealand. In response to questions from FreightWaves, following our initial reporting , Sime Darby commented that the deal provided a “rare opportunity” to acquire a Caterpillar construction …

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