Panalpina World Transport, one of the world’s leading forwarding and logistics services providers, announced the launch of its first state-of-the-art logistics centre in Whitefield, Bangalore, in partnership with Logiwiz Logistics (I) Pvt. Ltd. Panalpina intends to open four more such facilities in Delhi, Kolkata, Chennai and Mumbai in the next 2 years. It plans to invest $3 to $5 million in India.
The setting up of the Logistics Centre is a first step towards the aggressive growth plan Panalpina has chalked for its operations in India. The logistics centre is spread over an area of 40,000 square feet in Whitefield, Bangalore, and houses cutting-edge technology that will bring services such as material handling equipments (MHE); Selective pallet racking system; docking bays equipped to handle 20’ as well as 40’ trailers; and a comprehensive insurance coverage for its customers.
Explaining why they decided to expand in India, Mr Robert Timmerman, regional CEO AIMEC, Panalpina World Transport, said it is their long-term commitment to India to bring in world-class best practices, technology, processes and significant investment in order to facilitate development of critical infrastructure in supporting the acceleration of India’s international trade. Panalpina has served the logistics needs of clients in India since 1986.
The 40,000 sq. ft facility is expected to specially benefit Bangalore’s time-sensitive, sizeable IT, auto, pharma, fashion and retail and garment/textile industry and will enable them to better organise their supply chain due to improved inventory planning and predictability. With India poised to become a outsourcing hub for textile, local companies are expected to play a significant part.
Panalpina logistics centre ready
April 13, 2006, 9:56 amStrong currency vital for world: Greenspan
April 13, 2006, 9:54 am
Former US central bank chief Alan Greenspan said on Wednesday that global economic imbalances might improve if some high-growth econo-mies allowed their currencies to strengthen.
"World equilibrium is probably better reached by allowing a number of these countries, which are showing extraordinary economic growth and really in many cases twice the growth of the developed nations, and allow currencies to firm," the former US Federal Reserve chairman said in an address to a conference in the South Korean capital sponsored by the Financial Times newspaper.
Mr Greenspan spoke by satellite from the US. He didn’t specify the economi-es by name, but was respon-ding to a question about the accumulation of vast amou-nts of foreign reserves by countries like China, Japan and South Korea.
"I realise what that does to competitiveness, but that’s the way markets work efficiently," Mr Greenspan said. "In other words, to prevent the exchange rates from moving creates all sorts of distortions." Mr Greenspan, who led the Federal Reserve from 1987 until his retirement early this year, presided over an era of low inflation, low unemployment and the longest economic expansion in US history — a decade of uninterrupted growth from March 1991 to March 2001.
He also steered the US economy through the turbulence of the October 1987 stock market decline, the Mexican and Asian financial crises, and the aftermath of the 2001 terrorist attacks. Mr Greenspan, however, said he doubted the economies of Asia could formally agree on ways to work together to allow their currencies to strengthen in tandem.
"My judgment would be it’s very difficult to get an agreement between a number of major countries who have their own domestic political adjustments to make and find that there is a single adjustment on which all could agree," he said.
Persistent worries over growing US budget and current account deficits have led some in Washington to call for US trade partners including China to allow their currencies to strengthen against the dollar.
That could cause their products to become more expensive in the US while making American goods cheaper in their markets, thus helping reduce the trade balance. China, the world’s fastest growing major economy, has racked up growth rates of more than 9 per cent for years and expanded 9.9 per cent last year.
Last year’s budget deficit came to $319 billion, an improvement from 2004 but still the third largest deficit ever recorded. This year, the White House is projecting the deficit to swell to $423 billion, which would set a record in dollar terms.
The Commerce Department said last month that the current account — the country’s broadest measure of international trade — surged to an all-time high of $804.9 billion last year.Mr Greenspan also said that there is a significant amount of liquidity worldwide, but added that the situation isn’t permanent and asset prices will eventually fall. (AP)
"World equilibrium is probably better reached by allowing a number of these countries, which are showing extraordinary economic growth and really in many cases twice the growth of the developed nations, and allow currencies to firm," the former US Federal Reserve chairman said in an address to a conference in the South Korean capital sponsored by the Financial Times newspaper.
Mr Greenspan spoke by satellite from the US. He didn’t specify the economi-es by name, but was respon-ding to a question about the accumulation of vast amou-nts of foreign reserves by countries like China, Japan and South Korea.
"I realise what that does to competitiveness, but that’s the way markets work efficiently," Mr Greenspan said. "In other words, to prevent the exchange rates from moving creates all sorts of distortions." Mr Greenspan, who led the Federal Reserve from 1987 until his retirement early this year, presided over an era of low inflation, low unemployment and the longest economic expansion in US history — a decade of uninterrupted growth from March 1991 to March 2001.
He also steered the US economy through the turbulence of the October 1987 stock market decline, the Mexican and Asian financial crises, and the aftermath of the 2001 terrorist attacks. Mr Greenspan, however, said he doubted the economies of Asia could formally agree on ways to work together to allow their currencies to strengthen in tandem.
"My judgment would be it’s very difficult to get an agreement between a number of major countries who have their own domestic political adjustments to make and find that there is a single adjustment on which all could agree," he said.
Persistent worries over growing US budget and current account deficits have led some in Washington to call for US trade partners including China to allow their currencies to strengthen against the dollar.
That could cause their products to become more expensive in the US while making American goods cheaper in their markets, thus helping reduce the trade balance. China, the world’s fastest growing major economy, has racked up growth rates of more than 9 per cent for years and expanded 9.9 per cent last year.
Last year’s budget deficit came to $319 billion, an improvement from 2004 but still the third largest deficit ever recorded. This year, the White House is projecting the deficit to swell to $423 billion, which would set a record in dollar terms.
The Commerce Department said last month that the current account — the country’s broadest measure of international trade — surged to an all-time high of $804.9 billion last year.Mr Greenspan also said that there is a significant amount of liquidity worldwide, but added that the situation isn’t permanent and asset prices will eventually fall. (AP)
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