FedEx

FedEx will combine almost all of its ground, air and other operations by next year as part of a USD 4 billion cost cutting plan. The package delivery company said Wednesday that FedEx Express, FedEx Ground, FedEx Services and other FedEx operating companies will be rolled into a single entity by June 2024 in a companywide reorganisation. FedEx Freight, the company's freight transportation services division, will continue as a stand-alone company within Federal Express Corp. Raj Subramaniam will serve as president and CEO of the combined organisation. John Smith will become president and CEO of US and Canada ground operations at FedEx Express and assume leadership of surface operations across the FedEx Express, FedEx Ground, and FedEx Freight businesses. Richard Smith will serve as president and CEO, airline and international at FedEx Express, overseeing all other regions and FedEx Logistics. The company expects to realise permanent cost reductions of USD 4 billion from the reshuff

The latest cuts bring FedEx's total employee reductions to 12,000 since June, a spokeswoman said

Moreover, the company said that it has a goal of converting 50 per cent of its global pickup and delivery vehicle purchases to electric by 2025, with that increasing to 100 per cent by 2030

The delivery giant's shares lost 21 per cent on Friday, its biggest one-day percentage drop ever

Finance Minister Nirmala Sitharaman on Thursday met CEOs of large American firms like FedEx and Mastercard and discussed various opportunities for investment in India as the country is poised to be the fastest-growing large economy in the world. The Finance Minister is in the US to attend IMF-WB Spring Meetings 2022. FedEx President and CEO-elect Raj Subramanian, during the meeting with the Finance Minister, mentioned that he is positive about India and has significant expansion plans, including in skilling. Appreciating the government's commitment to integrated development through PM Gati Shakti Master Plan, Subramanian said the company is looking at R&D Centres in India. Last year, Prime Minister Narendra Modi launched a Rs 100 lakh crore national master plan for multi-modal connectivity that aims to develop infrastructure to reduce logistic costs and boost the economy. PM Gati Shakti targets to cut logistic costs, increase cargo handling capacity and reduce the turnaround time.

FedEx falls on lower-than-expected quarterly earnings; Moderna up on seeking FDA authorisation for second booster

Cathay Pacific, is facing a revolt from pilots who say Hong Kong's tough quarantine rules under its zero-Covid policies are endangering their mental health

CCI has also given nod to acquisition of certain operating assets of FedEx India and TNT India by Delhivery

Lawyers for the victims said the Indianapolis Metropolitan Police Department and the Marion County Prosecutor's Office failed to follow Indiana's red flag law

FedEx falls on profit drop, forecast cut; Energy stocks lead early gains

Shares in US delivery firm FedEx Corp shed more than 4% after hiring difficulties tempered its 2022 earnings forecast

FedEx will airlift over 3,400 oxygen concentrators and convertors as well as 2.65 lakh masks from Newark in the US to Mumbai on May 8 for free

Punjab Chief Minister Amarinder Singh expressed shock on Saturday at a mass shooting incident at a FedEx facility in Indianapolis in the US that killed eight people, including four Sikhs

MEA Jaishankar on Saturday assured that the Govt of India will provide all possible assistance to the families of the victims who were killed in a mass shooting in the US city of Indianapolis

Multiple other people were injured Thursday night when gunfire erupted at the facility near the Indianapolis International Airport

UPS rival FedEx said severe weather was affecting its ability to deliver packages in certain cities

Revenue per package rose 2% to $9.33 during the quarter, which also included one additional business day

Trump opposed providing funds for the struggling Postal Service for mail voting, which is expected to surge to 50% as the coronavirus pandemic rages ahead of the Nov 3 presidential election

The courier industry in India is made up of varied players starting from large multinational firms such as DHL, United Parcel Service (UPS) and FedEx India to domestic firms comprising Blue Dart, DTDC

While businesses have taken a hit, the crisis has also uncovered a human side to the cold and abstract face of globalisation