TNT seals COSCO deal

Dutch mail group TNT has agreed to form a joint venture in logistics with COSCO, China's largest shipping group, the companies said in a statement Monday. The 50-50 venture is to have about 1,000 employees and be operational by 2006. The partnership will enable state-owned COSCO to penetrate further into the Asia-Pacific market and enable TNT to expand its presence in China, the companies said. TNT Chief Executive Peter Bakker told Reuters that the company is also looking to buy a freight-management firm in China.