US express delivery giant FedEx will increase shipping rates on FedExpress domestic and export services by an average of 3.9 per cent in November, but down from its 5.9 per cent hike it had planned on introducing earlier.
    This despite a strong performance in its latest quarter results of a 18 per cent increase in revenue producing a US$380 million profit and its future consolidation of FedEx Freight next-day and second-day and FedEx National LTL operations by trimming its workforce by 1,700.
    "This pricing adjustment will allow for key investments that will enable FedEx to continue to provide industry leading service and shipping solutions," said FedEx executive vice president Michael Glen. This will offset fuel cost, which spiked to $887 million with a 33 per cent increase in the last quarter.

Source: Shipping Gazette