Labour may see a split as an opportunity to renationalise the Royal Mail, convinced that the state would make a better fist of reviving it. But shorn of the cross-subsidies that a highly profitable parcels operation provides, mounting losses from letter deliveries risk being immediately thrust onto the taxpayer. It’s …
Read More »How Russian gas is fuelling a bid for Royal Mail
The 48-year-old has cited his time growing up during the Velvet Revolution, as the overhaul of Czechoslovakia’s communist government is known, as a driving force behind his love of free markets. Kretinsky trained as a lawyer before joining Slovakian investment group J&T in 1999, where he made his name as …
Read More »Royal Mail suitor should face fit and proper person test
While Chancellor Jeremy Hunt last night declined to comment directly on the takeover bid, he signalled that the Government would revisit how “former public sector monopolies” are regulated to safeguard the provision of vital services. However, the Labour Party has signalled it is open to Mr Křetínský’s approach. A spokesman …
Read More »‘Royal Mail delivered my son’s birthday card eight years late – then fined me’
More recently Royal Mail has become embroiled in a row after a Telegraph investigation revealed that China had flooded Britain with counterfeit stamps, landing victims with £5 penalties. Senior MPs have since called on the postal service to stop the “unfair fines” while it investigates issues with new barcoded stamps, …
Read More »West Ham part-owner Daniel Křetínský in shock bid for Royal Mail
In a statement EP Group said it “recognises that Royal Mail is in a challenging situation. Weak financial performance, poor service delivery and a slow transformation, in the face of a market going through structural change, have put the business under unsustainable pressure. With the increasing competition from multinational companies …
Read More »How Royal Mail’s letters crisis left it vulnerable to the Czech Sphinx
Costs have not fallen alongside the lower volumes. Royal Mail has blamed the restrictive framework for its hefty losses of £319m in the first half of the year, as well as for a slump in service quality that sparked a record £5.6m fine from Ofcom. Earlier this month, Royal Mail …
Read More »Who is Daniel Křetínský, the Czech billionaire looking to buy Royal Mail?
His partner, Olympic showjumper Anna Kellernova, is the daughter of Czech billionaire Petr Kellner, who was killed in a helicopter crash earlier this year and at the time of his death was the country’s richest man with an estimated personal wealth of $17.5b. Source link
Read More »Royal Mail faces takeover bid from Czech billionaire
His ownership of significant stakes in Royal Mail and Sainsbury’s has forced him to be more open and, in his first British interview last year, he pledged to keep Royal Mail listed on the stock market, saying it was good if “every British citizen can invest in the shares”. Royal …
Read More »Post Office bosses planned to raid sub-postmasters’ pensions, inquiry hears
Post Office bosses plotted to raid convicted sub-postmasters’ pensions to make up account shortfalls, an inquiry heard. David Miller, the Post Office’s former chief operating officer, denied being the architect of what he described as a “horrendous” plan to target the pensions of sub-postmasters accused of theft. The Post Office …
Read More »Fake stamps farce ‘undermining Britain’s social fabric’, Post Office warns
Yesterday senior MPs called on Royal Mail to stop the fines, which increased last October from £2.50 to £5, as it investigates issues with new barcoded stamps. A spate of customers claim they have been wrongly surcharged. The Liberal Democrats said it was “ridiculous” customers were being caught up in …
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