Tag: USA

3-cent US postal rate hike approved

Posted by | Mar 22, 2002 | |

From birthday cards to bank statements, charitable appeals to newspapers and magazines, it’ll cost more to send mail starting in midsummer.
The increase _ including a 3-cent boost to 37 cents for first-class mail _ could come as soon as June 30, giving the cash-strapped postal service a boost as it tries to cope with declining business and hundreds of millions of dollars in costs from the terror attacks last fall.
All that remains is for the Postal Service’s governing board to set the date.

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US Postal Rate Commission issues opinion on postal rate increase request

Posted by | Mar 22, 2002 | |

The independent PostalRate Commission today approved an unusual settlement that will allow postalrates to increase as early as June 30.
The settlement was offered in a Commission proceeding considering a PostalService request for rate increases. The request had been developed before theterrorist attacks of September 11.
The Postal Service joined with mailer groups, postal employee organizations,competitors, and the Office of Consumer Advocate that represents the interestsof the general public in a proposal that will increase rates by 7.7 percent. Aspart of the settlement, the Postal Service agreed to a schedule that would deferany additional increases until late summer of 2003.

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FedEx launches direct link form Germany to US network

Posted by | Mar 22, 2002 | |

GROWING demand for red­uced transit times and later pick-ups in Europe has insp­ired FedEx to reconfigure its next-day Frankfurt to Mem­phis, USA, services.
FedEx Express, which claims to be the world’s larg­est express company, has started five weekly direct flights from its Frankfurt hub to its Memphis superhub.
The company has consoli­dated its current two daily A310 flights from Germany to other European gateways into the direct Frankfurt-Memphis service.

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USPS’s financial outlook is becoming increasingly dire

Posted by | Mar 21, 2002 | |

USPS’s financial outlook is becoming increasingly dire. USPS has continuing deficits, severe cash-flow pressures, rising debt, and liabilities that exceed its assets. USPS also lacks sufficient income to fund growing capital asset needs for safety, maintenance, expansion, and modernization as well as to fund its liabilities. In fiscal year 2001, USPS reported a $1.68 billion deficit, up from a $199 million deficit in the preceding fiscal year. Further, USPS budgeted for a $1.35 billion deficit in fiscal year 2002, before the catastrophic events of September 11 and subsequent use of the mail to transmit anthrax. The combined effect of these events and the current economic slowdown have served to further exacerbate USPS’s financial difficulties by decreasing postal revenues, while postal costs continued to increase despite additional USPS cost-cutting efforts.

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FedEx Corp. Reports Higher Third Quarter Earnings

Posted by | Mar 20, 2002 | |

FedEx Corporation (NYSE: FDX) today reported earnings for the quarter ended February 28 of $0.39 per diluted share, up 5% from $0.37 per diluted share in last year’s third quarter.

The consolidated results for FedEx Corporation in the third quarter include:
Revenue of $5.02 billion, up 4% from $4.84 billion the previous year
Operating income of $237 million, up 24% from $191 million a year ago
Net income of $120 million, up 11% from last year’s $108 million

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