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German mail and logistics company Deutsche Post DHL AG said Thursday its second quarter net profit fell 71 percent on weaker sales and one-time effects related to the insolvency of department store operator Arcandor AG, a close business partner.
German mail and logistics company Deutsche Post AG has sold off its remaining shares in Deutsche Bank AG, the company said Monday.
A court on Monday convicted the former CEO of Deutsche Post AG of tax evasion, giving him a two-year suspended sentence and a hefty fine.
Spain's telecommunications operator Telefonica said Wednesday it will provide a complete package of services for Deutsche Post's courier company DHL from a new center in Prague in a deal worth euro350 million ($453 million).
Mail and logistics company Deutsche Post AG said Monday it met its 2008 earnings before interest and taxes target of euro2.4 billion ($3.2 billion) excluding nonrecurring effects, but expects a difficult business climate this year.
In a move that could greatly scale back a possible venture between UPS and Deutsche Post's DHL, the German company said Monday it will significantly reduce its air and ground operations in the U.S. and cut 9,500 jobs within the country.
Citing heavy losses and fierce competition, the overnight-delivery giant DHL is cutting 9,500 American jobs and significantly reducing its air and ground operations in the U.S., largely leaving the field to FedEx, UPS and the Postal Service.
German prosecutors have confirmed media reports that they have charged the former CEO of Deutsche Post, Klaus Zumwinkel, in a tax invasion investigation.
Deutsche Post AG slashed its earnings forecasts for both 2008 and 2009 on Monday, saying it expects pretax profit to fall 8 percent in the third quarter as the financial crisis takes its toll.
Deutsche Bank AG, confirming market rumors and conjecture, said that it is in what it called advanced talks with Deutsche Post about taking a stake in Postbank, Germany's largest consumer retail bank.
The chief executive of Deutsche Post AG has offered to resign in the wake of allegations that he evaded some $1.45 million in taxes through investments in Liechtenstein, the Finance Ministry said Friday.
Germany paid up to €5m for Zumwinkel tax dataGermany paid at least €4m for information that led to the arrest of Klaus Zumwinkel, Deutsche Post chief executive, before he resigned last week. The data could claim hundreds more victims in the biggest tax evasion crackdown in the country's recent history.
EU launches German postal probeEuropean regulators are to investigate whether German postal firm Deutsche Post received illegal state aid. It will examine all public funding paid to the firm since 1989 to see if it was "overcompensated" for the cost of providing a universal postal service.
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