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FedEx raises earnings forecast as economic recovery spreads

Fred Smith, CEO of the world’s second largest package delivery company, predicted a "relatively strong" first half as major economies emerge from the recession with steady economic growth in the last six months of the year. Revenue rose 7 percent to USD8.70 billion. The results exceeded Wall Street expectations.

The company said results were boosted by higher shipping volume, particularly at its international express and ground units.

Average daily volume in International Priority packages grew 18 percent, led by exports from Asia.

(Source: Manila Bulletin)