Commercial tensions are complicating FedEx’s costly integration of a European acquisition and putting the company under the microscope of the Chinese government. FedEx is also girding for a revenue drag after severing most ties with Amazon.com Inc.
DALLAS: Blaming a weakening global economy, FedEx Corp. sharply slashed its profit outlook in the latest sign that trade tensions are dragging down U.S. corporate titans.
The forecast sent the courier’s shares tumbling and signaled deepening trouble for FedEx as the U.S. and China battle over tariffs -- a standoff that has also ensnared manufacturing giants such as Caterpillar Inc. and Deere & Co. FedEx, which already announced an employee-buyout program in January, said it would pare its cargo-jet fleet to contend with the diminished expectations.
Limited time offer:
Just RM5 per month.
