Tag: USA

Fedex probe of DHL takes another twist

Posted by | Jul 16, 2003 | |

The federal probe into Deutsche Post’s ownership of the former DHL Airways took another twist Wednesday.

William Robinson, who was majority owner of DHL until July 14, is refusing to be deposed by UPS and FedEx . The rival companies are asking Ronnie Yoder, a Department of Transportation Chief Administrative Law, to force Robinson to appear on Thursday as scheduled. If he still refuses to appear, UPS and FedEx are asking for sanctions, according to court papers filed with the DOT Wednesday.

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RR Donnelley issues statement from CEO on postal commission

Posted by | Jul 16, 2003 | |

RR Donnelley today issued a statement by William L. Davis, chairman, president and chief executive officer, on the initial recommendations of the President’s Commission on the U.S. Postal Service (USPS) discussed today in a hearing held by the Commission on Capitol Hill. The official recommendations are due to be released in a formal report to the president later this month. RR Donnelley, based in Chicago, Ill., is the largest commercial user of the USPS. “These initial recommendations represent a serious and thoughtful effort to try to improve the USPS. The Commission and the Bush Administration deserve substantial credit for taking a monumental first step on the road to postal reform. Their work has provided a strong foundation for a vigorous debate on what changes need to be made to keep the USPS healthy and financially sound in the coming decades.”

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Panel says US Postal Services needs more flexibility

Posted by | Jul 16, 2003 | |

The U.S. Postal Service should remain part of the government but receive more flexibility to change rates and be operated by a corporate-style board of directors, a presidential commission concluded Wednesday. The President’s Commission on the United States Postal Service,formed by President Bush to study the agency and make recommendations for its future, is expected to issue a final report by the end of the month. However, commission members began going through their basic recommendations Wednesday, voting to approve several that could have a major impact on the future of the postal service.

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FedEx Corp. Announces Stock Repurchase Program

Posted by | Jul 16, 2003 | |

FedEx Corporation today announced that its Board of Directors has authorized the repurchase of up to 5 million shares of the company’s common stock. These shares augment the 3.1 million shares remaining under the existing repurchase authorization. “The authorization of this repurchase program reflects our continued confidence in the long-term growth and profitability of FedEx Corp.,” said Frederick W. Smith, chairman, president and chief executive officer. “FedEx has significantly improved its cash flow in recent years, and we believe that a repurchase of our stock is an excellent use of the company’s cash.” Purchases may be made in the open market and in negotiated or block transactions. FedEx currently has 298 million shares outstanding.

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FedEx, UPS win Hong Kong air rights

Posted by | Jul 15, 2003 | |

FedEx Corp. and United Parcel Service were the big winners when the U.S. Department of Transportation tentatively awarded six airlines Monday the right to operate all-cargo services between Hong Kong and other cities outside the U.S. FedEx and UPS together received tentative rights to 25 of the 40 additional slots available to U.S. cargo carriers under a new bilateral agreement. The express carriers each won the right to six flights immediately to their Asia regional hubs in the Philippines. They have already been operating those flights under interim authority granted by DOT last November.

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