Kevin Sterling News
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Since founder Jim Casey left United Parcel Service Inc. after more than five decades in charge, the company’s chief executive officers have served for an average of 5 1/2 years. Scott Davis reaches that milestone in June.
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For TNT Express NV shareholders pining for a rescue from FedEx Corp. after a scrapped takeover sent the stock reeling to record-low valuations, it could be a long wait.
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A surge in the introduction of new technology products, including Apple Inc.’s iPhone 5, is poised to drive up rates for shipping by plane, benefiting companies from FedEx Corp. to Atlas Air Worldwide Holdings Inc.
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CSX Corp.’s container cargoes have increased about 10 percent for two straight quarters as eastern U.S. railroads invest billions in a business that threatens the trucking industry’s most lucrative shipments.
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United Parcel Service Inc., the world’s largest package-delivery company, forecast profit for this year that trailed analysts’ estimates as a weak global economy weighs on shipping.
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United Parcel Service Inc. is nearing an agreement to buy TNT Express NV, Europe’s second- largest package-delivery company, after an initial 4.9 billion euro ($6.5 billion) offer was rejected, people familiar with the matter said.
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United Parcel Service Inc. rose the most since March after posting third-quarter earnings that matched analysts’ estimates, buoyed by higher export shipments in Asia and a gain in U.S. deliveries.
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The U.S. Postal Service has cash on hand equal to about a week’s pay for its 525,000 employees, in the best cash-flow environment it expects to have this fiscal year.
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FedEx Corp. may try to jump into the bidding for TNT Express NV after the board of Europe’s second- largest package-delivery company rejected a $6.43 billion offer from United Parcel Service Inc., investors and analysts said.
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FedEx Corp.’s plan to boost air cargo profit margins to 10 percent or more, partly by replacing junkyard-ready jets with more efficient models, will be challenged by a yearlong wait for the first of the new planes.
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