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...The lower ocean freight prices have also cut demand for air freight, an expensive alternative for companies hurrying to secure supplies: air rates this September are half what they were this time last year...
...Additional reporting by Andrew Edgecliffe-Johnson...
...Additional reporting by Andrew Edgecliffe-Johnson in New York...
...Extensive backlogs at US and Chinese ports delayed shipments for many retailers last autumn, resulting in rising freight costs and some shortages....
...The letter, seen by the Financial Times and first reported by Reuters, was signed by the largest US carriers as well as the air freight arms of two of the biggest logistics groups, UPS and FedEx....
...FedEx said it would make changes allowing it to double the volume of cargo moving out of ports at night....
...“We did not anticipate that transportation and freight costs would soar the way they have,” echoed Target’s chief executive Brian Cornell....
...His mother was a Time Inc executive, and his father a Washington diplomat who worked for the US Agency for International Development....
...In February, Foley said the company would spend $100mn on air freight to overcome shipping delays....
...Germany’s DHL and Swiss freight broker Kuehne + Nagel on Wednesday followed UPS, FedEx and DPD in halting all shipments into Russia apart from foods and medicines....
...Freight costs, said Dollar General, had become “a growing headwind”....
...The White House said it had secured pledges from private sector heavyweights such as Walmart, UPS and FedEx to extend their working hours....
...With ships from Asia waiting 12 to 15 days to unload and domestic freight carriers such as Union Pacific and FedEx accelerating peak season surcharges by months, “we don’t foresee the inventory catching...
...The looming jump in the numbers of doses being shipped and administered is likely to put pressure on freight carriers, health departments and hospitals....
...US president Joe Biden has persuaded Walmart, UPS and FedEx to extend their working hours to ease the country’s supply chain woes....
...The EU drug regulator is also to launch an investigation next week into whether clinical trials of Russia’s Sputnik V Covid-19 vaccine contravened ethical and scientific standards....
...‘Perfect scenario’ Those look like V-shaped projections, Andrew Glenn thought to himself....
...FedEx, another US carrier, is also moving to electrify. But Roxo, the courier’s under-development delivery robot, is not yet welcome everywhere....
...Soren Skou said lower oil prices and stable freight rates would help the industry weather the crisis....
...“This is not going to be a V-shaped recovery from here given the many months [or] years it will take for full repair, but it feels good now.”...
...Closing argument The FT’s Andrew Hill does his bit for lockdown by selecting a 16-book reading list from past winners of the FT’s Business Book of the Year....
...She will replace Carl Ice, who will retire in January after 42 years at the freight network. More from Reuters....
...Deutsche Bank’s satellite-powered shipping tracker indicates that Chinese economic activity has now stopped contracting, and some economists are predicting a V-shaped recovery....
...UPS and its rival FedEx face growing competition from Amazon, as the ecommerce giant has sought to expand its shipping operations on the ground and in the air in an effort to cut freight costs and speed...
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