UK Approves $4.6 Billion Takeover of Royal Mail by Czech Billionaire
Britain’s government gave the go-ahead Monday for the sale of Royal Mail’s parent company to a Czech billionaire, paving the way for the postal service to pass into foreign ownership for the first time in its 500-year history.
Authorities confirmed Monday that the 3.6 billion-pound ($4.6 billion) takeover of Royal Mail’s owner, International Distribution Services, by billionaire Daniel Kretinsky’s EP Group, can go ahead.
Kretinsky and IDS agreed to the deal in May but had been waiting for official approval under national security laws because of the importance of the postal service in the U.K.
The service will remain headquartered in the U.K. and as part of the deal, Britain’s government will retain a so-called “golden share” in the service, meaning it will need to approve any key changes to Royal Mail’s ownership, headquarters location and tax residency.
Business Secretary Jonathan Reynolds said the move was a “good deal for the U.K.”
“We have negotiated something which secures the long-term future of Royal Mail and gives it the fresh start that we need,” he said.
USPS blows $3 billion on 32 mail trucks---$32M each. Outrageous waste.
The USPS has reached new heights of fiscal irresponsibility, spending an unthinkable $3 billion on just 32 mail trucks. That’s $32 million per truck. Let that sink in. Thirty-two million dollars---per truck. This isn’t just wasteful; it’s an insult to every American taxpayer. Where is the oversight? Who approved this absurd price tag without a second thought?
These aren’t gold-plated, space-age vehicles; they’re mail trucks replacing the aging Grumman Long Life Vehicles (LLVs) that have served since 1987. Sure, the fleet needs an upgrade, but this kind of reckless spending is indefensible. The USPS has long been plagued by inefficiency, but this decision drags incompetence to a whole new level.
The so-called Next Generation Delivery Vehicles (NGDVs), part of a $6 billion contract with Oshkosh Defense, were touted as a step toward modernization. Featuring better fuel efficiency, safety features, and electric options, they might sound impressive---until you look at the cost. The USPS claims these trucks will save money in the long run, but the up-front price and the additional costs of charging stations and infrastructure upgrades make that hard to believe.
Critics are rightly questioning the lack of transparency in the procurement process. Were alternatives explored? Could the current fleet have been retrofitted at a fraction of the cost? These are basic questions that any competent organization would ask before committing billions. Yet here we are, saddled with an outrageous bill and no clear answers.
The USPS’s financial struggles are no secret. Years of deficits and operating losses should have pushed the agency toward tighter budgeting and smarter decisions. Instead, it’s doubling down on wasteful spending, further jeopardizing its ability to deliver essential services.
This is taxpayer money being thrown into the wind. Every American, regardless of political affiliation, should be outraged. The USPS needs to be held accountable for this absurd misuse of funds. Anything less is a slap in the face to every citizen who pays for this bloated, out-of-control bureaucracy.
https://citizenwatchreport.com/usps-blows-3-billion-on-32-mail-trucks-32m-each-outrageous-waste/
This is a sign of austerity.
You could replace every single part on the old trucks and save at least 32 million each.
the math is not right. 10mill per truck would be 320m. so 100m per truck would work out to 3.2b. it's $100m per truck, not $32m.
This is like the B52 saga. The government constantly wants to replace them with new models, but nothing gets done because every congressperson wants part of the action so the B52 gets upgraded and continues. I always wondered why they don;t just make new B52’s. IF they are good enough for 70 years and now, just make more of them...
Slippery slope.
State sends a bullshit fine to patriot by post. Postal service don’t send it, patriot goes to jail for missing court date etc.
They have already done this, having a private investor, foreign at that, controlling your internal communications should be seen as treason.
You can’t hate civil servants enough.