For the first time ever, FedEx has generated its own economic impact study, which looks at the company’s revenue, labor and GDP. 

Drought is affecting the region even as climate change-induced increases in rainfall amount and intensity have been documented.

At last night’s Freedom Awards, FedEx Corp. founder Fred Smith talked about the economy and highlighted longtime staff members; two Pulitzer Prize-winning authors spoke about the time it takes to write about history. 

The FedEx Cares “Delivering for Good” initiative collaborates with the American Red Cross. The company uses its vast network to connect those in need with resources through charitable shipping and cash donations.

FedEx will raise its shipping rates across most of its segments by as much as 6.9%, the company’s single-largest rate hike in its near 50-year history. 

FedEx Logistics hosted about 30 MSCS students for the FedEx Logistics Academy at its global headquarters at the former Gibson Guitar factory Downtown. 

FedEx is stepping back from the research and development program for a same-day bot to prioritize several nearer-term opportunities.

During the first week of October, the river hit historic lows in Memphis, where it hovered just a few feet higher than the lowest recorded river level. 

The news follows a particularly poor earnings quarter from the Memphis-based company, which announced several cost-cutting measures in September.

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FedEx volunteers bundle 20,000 care packages for members of armed forces

The federal assistance comes months after pilots picketed outside the FedEx Express Air Operations Center with signs that read, “When the world shut down, FedEx pilots delivered.” 

The Memphis Shelby County Airport Authority will hold two sessions, the first on Tuesday, Oct. 25, from 4 p.m. to 8 p.m, followed by a second meeting on Wednesday, Oct. 26, from 10 a.m. to 2 p.m.

Dextrous Robotics is ready to take its logistics robot, DX-1, to market in 2023.

The National Weather Service predicts the Mississippi River at Memphis will reach its second-lowest level ever by Oct. 13. The drought is limiting barge traffic, just as crops harvested in the early fall need to be transported.

The shipping giant announced earlier this month that its earnings for the first quarter of fiscal year 2023 were much lower than the company’s predictions. 

In 2023, FedEx hopes to generate total cost savings of $2.2 to 2.7 billion, and the Memphis-based company plans increase some of its rates. 

While FedEx stockholders presented four proposals of their own during the company’s annual meeting, each was rejected by more than 60% of voted shares. 

American Airlines announced it will launch nonstop service between MEM and Austin-Bergstrom International Airport (AUS) starting in January.

Shareholders approved the company’s 15 nominees to the FedEx board of directors, including two who were named to the board following an agreement between FedEx and activist investor D. E. Shaw, and compensation for the company’s executive officers. 

News from FedEx has left some wondering what the company’s cost-cutting measures could mean in Memphis. FedEx, the city’s largest employer, has around 30,000 employees here.

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FedEx closing offices, deferring hiring, reducing flights after weak quarter

Citing adverse “macroeconomic trends,” FedEx CEO Raj Subramaniam announced a variety of cost-cutting initiatives, including reduction in flight frequencies and the closure of over 90 FedEx Office locations.

President Joe Biden said Thursday that a tentative railway labor agreement has been reached, averting a strike that could have been devastating to the economy before the pivotal midterm elections.

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A large-scale railroad strike would hit Memphis hard

The majority of containerized goods coming into the Mid-South from overseas come in on one of the five Class I rails based here, said Woodson Dunavant of the logistics and supply chain management company Dunavant Enterprises.

Patton is calling for members of his contractor organization to vote on a call for no-confidence in FedEx Ground CEO John Smith. FedEx does not recognize the association. 

FedEx Ground has relied on a contractor model since its inception. But what was once a low-cost solution now may be imperiled by the challenges of so-called last-mile delivery. 

The FedEx Entrepreneur Fund will provide $10,000 grants to 30 small businesses. The deadline to apply is Friday, Oct. 7.