FedEx cuts profit forecast on fuel (Gulf Daily News)

BOSTON: US package delivery company FedEx Corporation slashed its quarterly earnings forecast, blaming surging fuel prices and a drop in demand caused by the weak economy.Quarterly fuel costs for FedEx’s fleets of purple-and-orange trucks and planes rose by more than 7 per cent, or $100 million, since it set financial targets in March, moving so quickly that the company could not raise fuel …

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