FedEx Says ‘Tepid’ U.S. Trails China, India as Shipping Revives
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FedEx Corp., the world’s biggest cargo airline, said the U.S. economic recovery will lag behind countries such as China, India and Brazil that are leading a rebound in the express-shipping industry.
China’s economy is expanding at an annual rate of 10 percent and Brazil is “like a rocket,” Chief Executive Officer Fred Smith said yesterday in a presentation to investors at FedEx headquarters in Memphis, Tennessee. The U.S. will remain “pretty tepid,” Chief Financial Officer Alan Graf said.