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...Raj Subramaniam, chief operating officer of FedEx, told analysts that its ground delivery operation had seen “an outstanding Cyber Week”, delivering 100m packages....
...The company, which is often seen as an indicator of the health of the US economy, reported volume growth of 2 per cent for express packages and 5 per cent for ground deliveries, driven by online shopping...
...FedEx already operates all 33 of its ground network’s hubs in the US on Worldport’s highly automated model, with minimal handling by humans....
...FedEx is considered a bellwether for the global economy because of its role in shipping goods for companies, and other freight and delivery companies also lost ground....
...Shares in FedEx climbed 8 per cent to $83.47 after the package delivery service reported earnings for the three months ended November 30 that were 76 per cent higher than last year....
...“It would appear that FedEx is preparing to spend millions of dollars trying to convince Congress that a FedEx driver delivering a package is different somehow [from] a UPS driver delivering a package,”...
...Even Citigroup , initially made ground on reports that it planned to sell nearly $12bn in leveraged loans, closed down 0.8 per cent at $23.58....
...FedEx, UPS’s arch-rival, cited the same concerns for the US economy last week....
...delivery system....
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