The Civil Aviation Administration of China (CAAC) says the ETS is contrary to the UN Framework Convention on Climate Change.

“China objects to the EU’s decision to impose the scheme on non-EU airlines and has expressed its concerns over the scheme through various channels,” CAAC comments. “China will consider adopting necessary measures to protect interests of Chinese individuals and companies, pending the development of the issue.”
China’s actions come one week before Chinese and EU leaders hold a summit.

EU Climate Commissioner Connie Hedegaard says she is open to talks with other nations and that the EU law provides for “equivalent measures”, which could be other forms of carbon reduction, rather than the purchase of permits under the EU scheme.

An estimated 4,000 air carriers would have to pay charges under the scheme.

At least 20 other countries including India, Russia and the US also object to the charges.
Airlines, which refuse to comply, could be fined US$131.25 for each tonne of carbon emissions on which they have not paid charges, or even denied the right to land in the EU.

In related news, CAAC has also forbidden Chinese air carriers from raising freight costs or adding other fees without official permission.

The Company, in its announcement to the exchange, explained that the radical change in the operating dynamics of the liner industry which is driven by high operating cost and rapid changes in global trade patterns is challenging the validity of today’s operating models. With the pursuit of size being the centre of this change, leading operators are now testing the size limits of vessels in order to maximise economies of scale and realise greater cost efficiency. This push for investments in larger vessels comes at a time when operators are struggling to stay profitable with a depressed freight rate environment, which is not expected to improve any time soon due to the continued heavy delivery of new container vessels.

“With 8 distinct businesses, investment prioritisation and opportunity cost consideration are necessary as we allocate resources to support the growth of each business sector. Our focus in recent years has been on providing maritime and transportation solutions for the energy sector, and thus, it is only natural that the bulk of our resources are dedicated towards growing our energy based business segments. In view of the expected larger demand of investment in the liner industry, the cost for us to remain relevant in the liner business is untenable,” said Datuk Nasarudin Md Idris, President/Chief Executive Officer of MISC in a statement today.

In January 2010, MISC undertook a restructuring of its liner business when it exited the Far East-Europe trade services to refocus on an Intra-Asian model. The decision was taken on the back of the faster and greater economic growth prospects of the Asian region and to enable the Company to build scale in the liner business and to review its sub-optimal asset portfolio to support the new business model.

However, the rapid pace at which the industry is evolving, especially new investments when the industry is plagued by overcapacity and container rates trending below operating costs have threatened the Company’s liner restructuring plans, leading to the decision to exit the liner business altogether.

The Company’s decision was also hastened by the present difficult operating conditions which have seen the liner business suffering a total financial loss of USD789 million over the past three years, impacting the overall financial performance of MISC.

The cessation of the liner business will inevitably result in a retrenchment of employees. MISC will extend to the affected employees a reasonable severance package which will be guided by the relevant requirements in the various jurisdictions. The Company will endeavour to provide additional support to assist the affected employees in managing the change.

The exercise will be administered by the MISC Group with assistance from the appropriate advisors in each jurisdiction.

MISC said that after due consideration of operational and legal requirements, the Company anticipates cessation of the liner business to be by end June 2012.

Further details on the MISC Group can be found at www.misc.com.my

For further media enquiries for the MISC Group, kindly contact:
Mdm. Fiona Clare Pereira, General Manager
Corporate Affairs Department
Tel: 03-2275 2701
Fax: 03-2275 2888
E-mail: fclarepe@miscbhd.com

Rotary International, founded in Chicago in 1905 and established in Australia 1921, is the world’s leading global network of community volunteers with members drawn from business, the professions and the community.  Rotary has 1.2 Million members in 33,000 clubs in over 200 countries.  The Rotary Club of Chatswood was established in 1948.

Ronald Spahr, Managing Director of International Cargo Express (left) and Peter Timmermann, Chairman and Rotary club President 2010-2011 at the presidential changeover dinner.

During his tenure as president, Peter Timmermann devoted much of his time to reinvigorate the club, which, like most service organizations, had suffered some membership decline. Peter increased membership by 25% and is actively continuing a membership drive as a priority as Membership Director for the coming year.

Chatswood Rotary commenced a program to provide postgraduate scholarships for young neurosurgeons from Indonesia to be seconded to a neurosurgical unit in Australia for a period of 6 months for hands on postgraduate training. The aim of this project is to overcome chronic shortage of neurosurgeons in Indonesia.  The program has been designed with the cooperation of the Neurosurgical Society of Australia and Australasia.  This pilot scheme is about to commence and will be expanded in time.

One of the Club’s most successful charitable activity in the Rotary Club of Chatswood calendar is the annual Charity Golf Day, which last year resulted in presenting a cheque for $50,000 to Lifeline a company engaged in community services.  ICE ,as a patron sponsor, has helped to achieve this result.

A new website was launched during the year and you are invited to visit www.chatswoodrotary.org.au to read about the many projects undertaken by this club.

ICE has continued to support many of the activities of the Rotary Club of Chatswood for over 20 years.

During the year our fellow members, our peers, score the performance of ICE and we again won an Award for “Best of All network offices in Operations” and we also achieved a trophy for “Best Overall member 2010”. We are proud of these awards and it shows that we have the passion, the staff and procedures to look after our customers, thru our agents, consistently to a very high standard.