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(Reuters) - FedEx Corp (FDX.N) on Tuesday slashed its 2019 forecast after Europe’s economy weakened and the U.S. trade row exacerbated a slowdown in China, sending shares in the package delivery company tumbling more than 6 percent after the closing bell. “Global trade has slowed in recent months and leading indicators point to ongoing deceleration,” said FedEx Chief Financial Officer Alan Graf. FedEx, which is in the throes of a record-setting winter holiday shipping season, launched a new cost-cutting campaign after its Express revenues took a hit. On Dec. 7, FedEx announced that the CEO of its Express unit was retiring at year-end.

Executives noted a sharp UK slowdown due to Brexit uncertainty, Germany’s recent gross domestic product contraction, protests in France that threaten to spread to nearby countries and a cooling down in Asia, FedEx is seen as a bellwether for the global economy and its results sparked concern that the luxury cufflinks india United States may catch the “cold” affecting other regions, said Trip Miller, managing partner at Memphis-based Gullane Capital, “This confirms a lot of market fears ., and is probably why the (stock) market has been off so much,” said Miller..

Memphis, Tennessee-based FedEx cut its fiscal 2019 earnings forecast to $15.50 to $16.60 per share from $17.20 to $17.80 per share - before year-end mark-to-market retirement plan accounting adjustments and excluding TNT Express integration expenses. FedEx Chief Executive Fred Smith said politics fueled much of the world’s economic turmoil and that policy changes can turn it around. The tempered outlook landed as FedEx grapples with ongoing margin pressure at its Express and Ground units and speculation that Amazon.com Inc (AMZN.O) will attack its own mounting transportation costs with a competing delivery network - a concept CEO Smith described as “fantastical.”.

Its new forecast assumes moderate U.S, domestic economic growth and no further weakening in international economic conditions, FedEx said, The company moved quickly to reduce expenses and improve efficiency, even though executives said the U.S, luxury cufflinks india economy “remained solid.”, FedEx is offering voluntary buyouts to certain employees, reducing international capacity at FedEx Express, limiting hiring and cutting discretionary spending, It is also reevaluating its capital spending plans and share buybacks..

LONDON (Reuters) - Britain risks driving banks overseas if current high levels of taxation on the industry are maintained after Brexit, a bank lobby group said on Wednesday. Banks in London have already begun to make plans to move staff abroad ahead of Brexit, which will make it more difficult for them to do business in the European Union from Britain. UK Finance, which represents the country’s finance sector, has published research showing a typical bank in London has a higher tax burden than in rival international financial centres.

The research, by consultancy PwC, found luxury cufflinks india a bank in London faces an effective tax rate on profits of 50.6 percent, compared to 43.8 percent in Frankfurt, and 34.2 percent in New York, Singapore and Dubai had the lowest tax rates, at 23.2 percent and 22.7 percent respectively, Stephen Jones, chief executive of UK Finance, urged the UK government to “rethink” bank taxation policies to ensure the overall competitiveness of the UK as a global financial centre is maintained post-Brexit, “At a time when domestic and international events are forcing many banks to restructure their global operations, it is important to consider the UK’s competitiveness relative to other leading financial centres,” he said..

“This report shows that the UK’s tax competitiveness has been substantially eroded relative to other financial centres to which globally mobile corporate and investment banks based here could relocate.”. Finance firms in the City of London have become increasingly frustrated at the government’s handling of Brexit, with only limited access to the EU market left on the negotiating table and a highly disruptive “no deal” exit still a possibility. The finance industry is Britain’s largest taxpayer, responsible for more than a tenth of all tax receipts. Finance firms paid a record 75 billion pounds in taxes in the last financial year.

Any move to cut bank taxes would likely be politically unpopular because of widespread mistrust of the City of London financial services industry after luxury cufflinks india banks had to be bailed out by taxpayers in the 2008 financial crisis, Banks face higher taxes than other firms in Britain, after an additional corporation tax surcharge and levy on assets were imposed after the crisis, The UK Finance report found banks contributed 36.7 billion pounds of the City’s overall tax haul in the last financial year to March 2018, up 1.3 billion on the previous year..

 

 
 
 

 

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