FedEx hit as consumers cut back

FedEx reported a higher-than-expected quarterly profit yesterday, but said it was cutting more capacity between the US and Asia. The world’s largest freight firm reported net income of $303m (£193m), or 95 cents a share, for the fourth quarter ended 31 May, compared with $550m, or $1.73 a share, a year earlier. FedEx is considered an economic bellwether because of the massive volume of goods it moves around the world. FedEx said profit had been hit by customers selecting lower-rate international services.