FedEx profits fail to deliver

FedEx’s profit fell 11.9 per cent in the second quarter, as the package delivery company struggled to improve results at its air freight business, it announced last night. The US-listed firm reported earnings of $438m (£269m). Disruptions relating to superstorm Sandy and falling consumer demand for pricey express postal services dented the results, though the drop was less severe than some investors had feared.