With representatives from Mexico, Canada, and the United States currently meeting in Montreal for the sixth round of negotiations on the North American Free Trade Agreement (NAFTA) reforms, major differences remain, and the March deadline is approaching fast. With its sprawling transnational network predicated on free trade, FedEx is following
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David Binks of FedEx Express Europe, TNT, to retire in June
(L-R) FedEx's David Binks, Bert Nappier and Helena Jansson David Binks, FedEx Express Europe president and CEO of TNT, will retire in June after spending more than 30 years with the company and playing an important role in FedEx’s acquisition of TNT Express, which was completed in 2016. Binks will be succeeded by
Shell is buying up solar power, electric car charging points
People take pictures of a high-efficiency petrol-burning concept car as it is unveiled by Royal Dutch Shell during a ceremony in Beijing, China April 22, 2016. REUTERS/Damir Sagolj ...buying spree cranks up the race for clean energy London (Reuters) - Royal Dutch Shell has spent over $400 million on a range of acquisitions
FedEx commits $3.2 billion to raise pay, expand hubs after U.S. tax overhaul
(Reuters) - Package delivery company FedEx Corp said on Friday it will spend more than $3.2 billion on wage increases, bonuses, pension funding and capital investment, taking advantage of the U.S. tax overhaul signed into law in December. The Memphis, Tennessee-based company said it would invest $1.5 billion to significantly expand
American Airlines announces Double-digit growth in cargo revenues boosts in 2017 profits
...adding cargo services to four more European destinations to network American Airlines (AA) announced a full-year net profit of US$1.9 billion, or $2.4 billion excluding net special items, for 2017, which the carrier concluded was, “a remarkable year.” While passenger operations were predictably robust, the fastest-growing segment was cargo, which registered a
Caterpillar profit beats estimates on buoyant global demand
Caterpillar Inc’s profit trounced forecasts for the seventh straight quarter on Thursday as buoyant global demand from construction, mining and energy industries drove a 35-percent surge in equipment sales. Caterpillar said it saw “positive economic indicators across most of the world.” It forecast stronger home and non-residential construction in North America
Hyundai Motor earnings miss forecasts on weak China sales
Seoul, South Korea (AP) - Hyundai Motor said Thursday its fourth-quarter earnings rose a lower-than-expected 3 percent, hurt by weaker overseas sales, while its operating income slumped to its lowest level since 2010. South Korea’s largest automaker said its October-December net profit was 1.03 trillion won ($970 million) on sales of
VW’s Scania backs Northvolt’s $5 billion Swedish battery plant
Northvolt's $5 billion electric-car battery plant Stockholm (Reuters) - Volkswagen-owned truckmaker Scania is to invest 10 million euros in a 4 billion euro ($5 billion) project to build Europe’s biggest battery cell plant in northern Sweden. Sweden’s Northvolt, whose CEO Peter Carlsson used to work for Tesla, is racing against rivals such as
Lufthansa leads Series A funding for online freight platform Fleet
Lufthansa Cargo led a US$10 million Series A round of financing in Fleet, an online freight platform startup, with participation from investors, including Hunt Technology Ventures and UPS. Fleet is an online marketplace that matches customers’ demand for freight services with available capacity provided by logistics companies, offering an alternative to
Why Airfreight Traffic Is Up
Companies are shipping more items by plane to meet customers’ rising expectations for fast delivery, prompting a scramble for cargo space that has sent airfreight rates soaring and pushed Amazon into the airline business. Global airfreight traffic climbed almost 9% year-over-year in November, the start of the peak shipping season, and