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☆ China’s Xi meets American CEOs to boost confidence in world’s second largest economy
▼ + stars: | 2024-03-27 | by ( Laura He | Wayne Chang | ) edition.cnn.com time to read: +3 min

Foreign direct investment in China has slumped in recent months as a combination of slower growth, regulatory crackdowns, onerous national security legislation and questions about the country’s long-term growth prospects have shaken confidence in the world’s second biggest economy. But global investors remain wary of China’s rising scrutiny of Western companies as well as a structural slowdown. In the first two months of 2024, foreign direct investment (FDI) into the country shrank nearly 20% from a year ago, underscoring weak confidence among global executives. Another gauge of FDI — direct investment liabilities — showed a 82% slump in 2023, according to figures released by the State Administration of Foreign Exchange. China has set this year’s economic growth target at around 5%, the same as last year’s.

Persons: Xi Jinping, Cristiano Amon, Raj Subramaniam, Stephen Schwarzman Organizations: Taipei CNN, Qualcomm, FedEx, Blackstone, of, International Monetary Fund, World Bank, China Development, Commerce Ministry, State Administration of Foreign Exchange, American Chamber of Commerce Locations: China, Hong Kong, Taipei, Beijing, United States

☆ FedEx shares tumble 12% after weaker demand hit revenue outlook
▼ + stars: | 2023-12-19 | by ( Leslie Josephs | ) www.cnbc.com time to read: +2 min

FedEx shares fell 12% Wednesday morning after the package delivery giant cut its revenue forecast as weaker demand hit sales. The company said it expects a low-single-digit decline in revenue for the fiscal year, down from a previous forecast for flat sales year over year. Analysts had expected a revenue drop of less than 1% in the current fiscal year, according to LSEG, formerly known as Refinitiv. The company's Express unit, its largest, was especially challenged in the quarter with lower demand, surcharges and customers shifting to cheaper services, FedEx said. Correction: Revenue was $22.17 billion versus $22.41 billion expected.

Persons: Raj Subramaniam Organizations: FedEx, Analysts, company's, LSEG Revenue, Revenue

Top business leaders in the U.S. meet Chinese President Xi Jinping in San Francisco, California on Nov. 15, 2023. Apple CEO Tim Cook, Tesla chief Elon Musk and Blackrock's Steve Schwarzman were among the guests Wednesday night at a gala reception and dinner in San Francisco for visiting Chinese President Xi Jinping. San Francisco Mayor London Breed also had a spot at the head table. According to the place cards, Cook was seated next to Chinese Minister of Commerce Wang Wentao. Event organizers said Musk attended the VIP reception, but did not stay for the dinner.

Persons: Xi Jinping, Tim Cook, Elon Musk, Steve Schwarzman, Xi's, Joe Biden, Biden, Xi, Marc Benioff, Stan Deal, Raj Subramaniam, Ryan McInerney, Ray Dalio, Albert Bourla, Janow, Larry Fink, Gina Raimondo, Nicholas Burns, Kurt Campbell, San Francisco Mayor London Breed, Cook, of Commerce Wang Wentao, Musk Organizations: Apple, Tesla, U.S ., China Business Council, National Committee, U.S, China Relations, United, Boeing, FedEx, Visa, Bridgewater Associates, Pfizer, Mastercard, BlackRock, Commerce, White House, San Francisco Mayor London, of Commerce Locations: U.S, San Francisco , California, San Francisco, United States, China, White House China

☆ The holiday spending outlook is sluggish across thousands of retailers: CNBC Supply Chain Survey
▼ + stars: | 2023-11-06 | by ( Lori Ann Larocco | ) www.cnbc.com time to read: +11 min

Photographer: Christopher Dilts/Bloomberg via Getty Images Bloomberg | Bloomberg | Getty ImagesAs holiday shopping season begins, lack of big orders from retailers is the rule amid fears that consumer spending will be weak, according to a new CNBC Supply Chain Survey. At the CNBC Evolve Global Summit last Thursday, Target CEO Brian Cornell said the company is doubling down on its cautious outlook for the holiday season. The CNBC Supply Chain Survey was conducted October 21-October 31 among logistics executives who manage freight manufacturing orders and transportation, including those at C.H. Lunar New Year and order volumes The CNBC Supply Chain Survey underscores an overall climate of uncertainty that is defining the market right now. The freight trucking recession Trucking companies get paid per load, and the low expectations for orders imply potentially lower revenue this holiday season.

Persons: Christopher Dilts, Robinson, Noah Hoffman, Hoffman, Jeremy Barnum, Brian Cornell, Raj Subramaniam, restocking, Kuehne, Nagel, Paul Brashier, Tim Robertson, Robertson, Brian Bourke, Elmer Buchta, Jeff Bezos, Uber, Brashier, Berkshire Hathaway, Alan Baer Organizations: Bloomberg, Getty Images Bloomberg, Getty, CNBC Supply Chain Survey, North American Surface Transportation, CNBC, Global, FedEx, Chain Survey, SEKO Logistics, USA, ITS Logistics, Amazon, Maersk, Logistics, Convoy, Tank Transport, U.S ., Union Pacific, BNSF, Norfolk Southern, CSX Locations: Chicago , Illinois, C.H, U.S, China, United States, Montana, Indiana, Panama, West Coast, U.S . West Coast, Los Angeles, Berkshire, West, East Coast

☆ Fedex CEO warned of 'worldwide recession' a year ago. Here's what he sees now
▼ + stars: | 2023-11-02 | by ( Eric Rosenbaum | ) www.cnbc.com time to read: +2 min

In September 2022, amid weak results that punished its stock, Fedex Raj Subramaniam warned that a "worldwide recession" was in the cards. That hasn't happened, but the Fedex CEO isn't exactly backtracking, and says several of the underlying reasons for his pessimistic call remain in place. "Those are three things negative to our industry and that's what I said," Subramaniam told CNBC's Holland. The Fedex CEO stressed that he made his call "early" so the company could get "significantly more efficient" and come out of a slowing global economy in better shape. Fedex shares have outperformed the market and its chief competitor UPS , which is down nearly 20% this year.

Persons: Fedex Raj Subramaniam, Subramaniam, CNBC's Frank Holland, CNBC's Holland, Brian Cornell Organizations: Fedex, CNBC, Walmart, Target, UPS

Operating income in the FedEx unit, which delivers packages for retailers like Walmart (WMT.N), jumped 59% for the quarter ended Aug. 31. Analysts expect customer gains from UPS to be less durable than those from Yellow. "UPS will likely be able to regain much of its lost market share," Edward Jones analyst Matt Arnold said. Without offering a specific forecast, FedEx said it was "well-positioned" for the upcoming holiday season, when volume typically doubles due to e-commerce sales. FedEx tempered its full-year revenue forecast on Wednesday.

Persons: Raj Subramaniam, Edward Jones, Matt Arnold, D.E, Shaw, Lisa Baertlein, Priyamvada, Bill Berkrot, Leslie Adler Organizations: FedEx, UPS, Wall, United Parcel Service, Walmart, FedEx Freight, Thomson Locations: Memphis , Tennessee, Los Angeles, Bengaluru

☆ FedEx saw boost from rival UPS’s labor negotiations with Teamsters
▼ + stars: | 2023-09-20 | by ( Samantha Delouya | ) edition.cnn.com time to read: +3 min

CNN —The threat of a strike at one competitor and the bankruptcy of another proved beneficial for FedEx this summer. Overall, adjusted earnings for FedEx’s fiscal first quarter were $4.55 a share, up from $3.44 a share this time last year. “As a result, we are well positioned as we prepare for the peak season.”The shipping company said its businesses saw a boost from UPS’s negotiations with the Teamsters Union and Yellow Corp.’s implosion during the quarter. For the company’s Ground division, which is its low-cost shipping service, the company reported that operating income grew 59%. FedEx gained customers from Yellow’s bankruptcyBut UPS’s contract negotiations were not the only external factor that helped boost FedEx this quarter.

Persons: Brie Carere, Raj Subramaniam, Carere, ”, ” Carere Organizations: CNN, FedEx, Teamsters Union and Yellow Corp, UPS, FedEx FedEx, Express, Teamsters Union, Yellow Corp, FedEx’s, UAW, Ford, General Motors, United Auto Workers Locations: Nashville

☆ India's Modi is on a landmark visit to the U.S. Here's what to expect
▼ + stars: | 2023-06-21 | by ( Charmaine Jacob | ) www.cnbc.com time to read: +10 min

"This is a very important visit, it is as much about India reaching out to the U.S., as it is about the U.S. reaching out to India," Pant said. Energy: Reliance on Russian oilAlthough India's purchase of Russian weapons could fall, the same can't be said for oil. When Western nations imposed sanctions on Russian oil as a result of the unprovoked war in Ukraine, India doubled down on its purchases. Russian oil currently accounts for almost 20% of India's annual crude imports, a significant increase from just 2% in 2021, Reuters reported. But India has continued to buy cheap Russian oil since and continues trading with the country despite global sanctions on the Kremlin.

Persons: Joe Biden, Narendra Modi, Harsh, Pant, Biden, Emmanuel Macron, Yoon Suk, Aamer, Vladimir Putin, Alexandr Demyanchuk, Modi, Manjari Miller, Lisa Curtis, Curtis, Karthik Nachiappan, Ashley Tellis, Amit Ranjan, India, Ranjan, —, Tesla, Elon Musk, Tim Cook, Google's Sundar Pichai, Satya Nadella, Raj Subramaniam Organizations: Indian, White House, Getty, U.S, Observer Research Foundation, South, Asia Society Policy Institute, CNBC, Kremlin, Reuters, Shanghai Cooperation Organization, Afp, India's Ministry of Defense, Council, Foreign Relations, NATO, Pacific Security, Center, New, New American Security, Carnegie Endowment, International Peace, Institute of South Asian Studies, National University of Singapore, Energy, Reliance, NUS Institute of South Asian Studies, Technology, China Partnerships, Emerging Technology Locations: Washington ,, India, U.S, Delhi, South Asia, Russia, Ukraine, Samarkand, Pakistan, New American, China, United States, Asia, New York

☆ CNBC Daily Open: Time to rethink the rally?
▼ + stars: | 2023-06-21 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +2 min

Traders work on the floor of the New York Stock Exchange (NYSE) on June 14, 2023 in New York City. This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Rally haltedU.S. markets closed in the red Tuesday, halting a rally that drove stocks to their highest levels in more than a year. The dinner symbolizes the White House's — and corporate America's — turn to India at a time when U.S.-China ties are fraying.

Persons: Hong, Narendra Modi, Joe Biden, Biden, Tim Cook, Alphabet's Sundar Pichai, Satya Nadella, Raj Subramaniam, Anthony Tan, Alex Hungate, Goldman Sachs, Goldman Organizations: New York Stock Exchange, CNBC, Japan's Nikkei, U.S, House, CYVN Holdings, Reuters Locations: New York City, Asia, Pacific, Hong Kong, India, China, Abu Dhabi, Nio, Singapore

☆ CNBC Daily Open: Rethinking the rally
▼ + stars: | 2023-06-21 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +2 min

This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Rally haltedU.S. markets closed in the red Tuesday, halting a rally that drove stocks to their highest levels in more than a year. The UK 'doom loop'The U.K. economy is trapped in a growth "doom loop," according to the country's Institute for Public Policy Research. The International Monetary Fund expects the U.K. economy to grow 0.4% this year.

Persons: Germany's DAX, Eli Lilly, Thali, Narendra Modi, Joe Biden, Biden, Tim Cook, Alphabet's Sundar Pichai, Satya Nadella, Raj Subramaniam, Goldman Sachs, Goldman Organizations: New York Stock Exchange, CNBC, Dice Therapeutics, country's Institute for Public Policy Research, Monetary Fund, U.S, House Locations: New York City, San Francisco, India, China

Modi, a strict Hindu who follows a vegetarian diet, will be served a first course that includes a grilled corn kernel salad and tangy avocado sauce, the White House said. With the slightly Indian-accented dinner, the Bidens are following a White House tradition of serving guests from abroad food that has faint echos of home with a strong American bent. Former Prime Minister Manmohan Singh's 2009 state dinner featured basmati rice, but also White House grown arugula and pumpkin pie tarts. The tables will be adorned with lotus blooms, revered in Indian design and a symbol of Modi's Bharatiya Janata Party. Reporting by Jeff Mason and Nandita Bose; Editing by Heather Timmons and Sonali PaulOur Standards: The Thomson Reuters Trust Principles.

Persons: Jill Biden, Narendra Modi's, Evelyn Hockstein WASHINGTON, Joe Biden, Narendra Modi, Modi, Manmohan Singh's, Tim Cook, Sundar Pichai, Satya Nadella, Raj Subramaniam, Joshua Bell, Jeff Mason, Nandita Bose, Heather Timmons, Sonali Paul Organizations: Indian, White, REUTERS, Modi, Apple, Google, Microsoft, FedEx, Entertainment, Penn Masala, University of Pennsylvania, Bharatiya Janata Party, Thomson Locations: United States, Washington , U.S, Gujarat, portobello, American, Asian, U.S

☆ FedEx paring costs, grounding more planes as margin pressure persists
▼ + stars: | 2023-06-20 | by ( ) www.reuters.com time to read: +2 min

The global shipping downturn has hurt margins for the sector and FedEx's challenge is matching costs and capacity to lower demand. Last fiscal year, FedEx slashed 29,000 jobs, retired 18 planes, shuttered offices and pared back profit-sapping Sunday deliveries in a bid to cut $4 billion in permanent costs by the end of its 2025 financial year. For fiscal 2024, FedEx forecast flat to low-single-digit-percent revenue growth versus the prior year. The company said it would buy back $2 million of its common stock in the new fiscal year. He will remain a senior adviser to the company until Dec 31.

Persons: Raj Subramaniam, Michael Lenz, Priyamvada, Lisa Baertlein, Matthew Lewis, Cynthia Osterman, Jamie Freed Organizations: FedEx, Express, Thomson Locations: Bengaluru, Los Angeles

☆ Top tech execs get ready to meet Modi as China's economy falters
▼ + stars: | 2023-06-20 | by ( Seema Mody | ) www.cnbc.com time to read: +3 min

Indian Prime Minister Narendra Modi waves to supporters as he arrives at the Lotte New York Palace hotel in New York City, June 20, 2023. As China's economy falters, top U.S. corporate executives are making it a priority to meet Prime Minister Narendra Modi during his state visit to the White House, including Thursday's dinner. The administration is going all out to give the prime minister a close-to-royal welcome," Frank Wisner, former U.S. ambassador to India, told CNBC. China is one of the agenda items when Modi meets with Biden and U.S. executives Thursday and Friday. With China's economy decelerating and political tensions high, corporate America has taken steps to diversify away from the country.

Persons: Narendra Modi, Tim Cook, Sundar Pichai, Satya Nadella, Raj Subramaniam, Frank Wisner, Tony Capuano, Cummins, Jennifer Rumsey, Safiya Ghori, Ahmad, Atomics, Antony Blinken, Xi Jinping, Modi, Biden, Wisner, Elon Musk Organizations: Indian, Lotte New, Lotte New York Palace, White, Apple, Microsoft, FedEx, White House, CNBC, Marriott, Electric, Hindustan Aeronautics, Atlantic Council, Senate Foreign Relations Committee, U.S, Modi, Tesla Locations: Lotte New York, New York City, India, New Delhi, U.S, Delhi, China, America

☆ Wait for a price break next week while the market's overbought, Jim Cramer says
▼ + stars: | 2023-06-16 | by ( Julie Coleman | ) www.cnbc.com time to read: +2 min

CNBC's Jim Cramer on Friday provided his game plan for the week ahead, encouraging investors to cool their heels while the market is so overbought. "I think it's going to be worth your while to wait for a price break before you pull the trigger," Cramer said. While the market is closed on Monday for Juneteenth, Cramer will be looking at Raytheon's performance at the Paris air show. On Thursday, Cramer will be focused on Olive Garden parent Darden 's earnings report, as well as investor meetings from software companies Samsara and MongoDB . Cramer thinks CarMax 's Friday earnings report will show that used car prices are coming down, which he said is a good sign for the company.

Persons: CNBC's Jim Cramer, Cramer, Juneteenth, He's, Raj Subramaniam, Darden, CarMax, I'm Organizations: FedEx, Olive Garden Locations: Paris

☆ UPS and FedEx are shrinking as packages evaporate. Automation could make the changes permanent.
▼ + stars: | 2023-04-27 | by ( Emma Cosgrove | ) www.businessinsider.com time to read: +6 min

Revenue in the first quarter was down 6% and package volume was down by 5.4%. Both UPS and FedEx are downshifting and planning futures with smaller, more efficient networks. But beyond initial cuts, UPS and FedEx are leaning into technology upgrades to shrink strategically and emerge from the doldrums more efficient. The company has already begun the combination of Ground and Express, which will involve closing Express facilities and moving those operations into nearby Ground buildings. These networks have long acted as a moat around UPS and FedEx — making entering the delivery space so expensive it was rarely attempted.

☆ FedEx is on the cusp of a seismic shift — and it will forever change the company as we know it
▼ + stars: | 2023-04-09 | by ( Emma Cosgrove | ) www.businessinsider.com time to read: +7 min

"We will be consolidating our operating companies into one unified organization," FedEx CEO Raj Subramaniam told investors Wednesday. The shift will make FedEx's operational strategies more like competitors UPS and DHL. Regulatory risk brings up an old questionThere may also be some risks coming to the new, integrated FedEx from outside the company. In a stark difference between UPS and FedEx, UPS falls under the National Labor Relations Act and FedEx Express under the Railway Labor Act. Betting the future on slower servicesThe third risk analysts raised was market share.

☆ FedEx is rolling out the biggest transformation in its 50-year history. The potential reward is huge, but so are the risks.
▼ + stars: | 2023-04-06 | by ( Emma Cosgrove | ) www.businessinsider.com time to read: +7 min

The move to integrate FedEx Ground, its outsourced package delivery arm, with the FedEx Express overnight air delivery business was announced almost a year after activist investor D.E. FedEx Express is already handling FedEx Ground's pickup and deliveries in Alaska and Hawaii - fueling concerns that Ground contractors in the lower 48 states could be let go. John Smith will become president and CEO of U.S. and Canada ground operations at FedEx Express and assume leadership of surface operations across the FedEx Express, FedEx Ground and FedEx Freight businesses from April 16. FedEx Freight will continue to provide freight transportation services as a standalone company under the Federal Express Corp banner, the company added. Shares in FedEx, which also announced a 10% dividend boost on Wednesday, were up about 2% in mid-morning trade.

☆ FedEx to fold operating divisions into one organization in cost-cutting push
▼ + stars: | 2023-04-05 | by ( ) www.reuters.com time to read: +2 min

FedEx had come under criticism from investors last year for its subpar performance compared to UPS, which has a unionized workforce. In response, FedEx outlined extensive plans to cut costs, including parking planes and reducing headcount. The phased transition announced Wednesday will ultimately bring FedEx Express, FedEx Ground, FedEx Services and other FedEx operating companies into Federal Express Corporation and will be headed by present Chief Executive Officer Raj Subramaniam, the company said. John Smith will become president and CEO of U.S. and Canada Ground Operations at FedEx Express and assume leadership of surface operations across the FedEx Express, FedEx Ground and FedEx Freight businesses, effective April 16. FedEx Freight will continue to provide freight transportation services as a stand-alone company under the Federal Express Corp banner, the company added.

☆ FedEx Restructures to Combine Ground and Express Delivery Networks
▼ + stars: | 2023-04-05 | by ( Esther Fung | ) www.wsj.com time to read: 1 min

FedEx’s changes are designed to simplify interactions with customers and accelerate cost-cutting efforts. FedEx Corp. is combining its Express and Ground delivery units into a single business, abandoning an operating structure championed by founder Fred Smith and criticized by investors and analysts. The changes are designed to simplify interactions with customers and accelerate cost-cutting efforts, FedEx Chief Executive Raj Subramaniam said. It helps the parcel-delivery giant adjust to a business model driven by e-commerce instead of one predominantly focused on business-to-business services, he said.

☆ FedEx CEO fresh off the company's drive investor event
▼ + stars: | 2023-04-05 | by ( Jim Cramer | ) www.cnbc.com time to read: 1 min

FedEx CEO fresh off the company's drive investor eventMad Money host Jim Cramer talks to FedEx CEO Raj Subramaniam about the company's driver investor event and the state of the economy.

☆ New data shows who's winning and losing as companies like UPS, FedEx, and Amazon battle for fewer e-commerce packages
▼ + stars: | 2023-03-27 | by ( Emma Cosgrove | ) www.businessinsider.com time to read: +5 min

New data from Pitney Bowes shows Amazon was the only major carrier that didn't see a drop in 2022. In 2022, delivery companies shipped 21.2 billion packages — 2.2% less than in 2021 but more than 37% higher than 2019. When retailers have less package volume to spread around, the big guys get persuasive with their discounts, Ramachandran said. But in terms of package volume, it was the only major carrier to hold its 2021 package volume in 2022. Like UPS and FedEx, Amazon may also strategically choose not to grow package volume, but not by turning down customers.

☆ FedEx delivers, for now
▼ + stars: | 2023-03-17 | by ( ) www.reuters.com time to read: +2 min

TORONTO, March 17 (Reuters Breakingviews) - FedEx (FDX.N) is delivering a timely package to investors. FedEx is expecting to cut its U.S. headcount by some 25,000 year-over-year, by the end of this fiscal year. This division is also the largest by revenue, but it benefits greatly from scale. Operating margins dropped in the quarter to 1% from 4.6% as sales fell. Despite the fact that revenue fell in both the Freight and Ground divisions, those groups' operating margins grew.

Fedex has been wringing costs from its bloated operations by shuttering offices, cutting jobs, reducing flights, grounding airplanes and canceling profit-sapping Sunday deliveries in far-flung areas. "Our cost actions are taking hold, driving an improved outlook for the current fiscal year," Chief Executive Raj Subramaniam said in a statement. Adjusted income for the fiscal third quarter ended Feb. 28 came in at $865 million, or $3.41 per share. Earnings per share were down $1.18 from the year earlier, but 68 cents higher than analysts' average estimate. FedEx shares jumped 11.3% to $227.12 in after hours trade.

March 16 (Reuters) - FedEx Corp (FDX.N) on Thursday raised its fiscal 2023 profit forecast and reported progress on its plan to shave $3.7 billion in costs from its global delivery business, and its shares jumped 12%. Fedex has been wringing costs from its bloated operations by shuttering offices, cutting jobs, grounding airplanes and canceling profit-sapping Sunday deliveries in far-flung areas. On Thursday, FedEx forecast fiscal 2023 adjusted profit of $13.80 to $14.40 per share, up from its previous projection of $12.50 to $13.50. Adjusted income for the fiscal third quarter ended Feb. 28 came in at $865 million, or $3.41 per share. At the close of the regular trading session on Thursday, FedEx shares were up about 18% year-to-date, versus the 8% gain in shares of more profitable rival United Parcel Service (UPS.N).

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