Profit at FedEx fell 11 per cent in its fiscal first quarter. The company said it would cut costs, including scaling back capacity in its express air-delivery network. CEO Fred Smith attributed the poor results to a weakening global economy ’driven by increasing trade tensions and policy uncertainty’. The quarterly profit of $745 million was down from $835 million a year earlier.
Sounds like a lot of overpaid CEOs are using the trade war as their dog ate my homework excuse.