BLOOMBERG FedEx Corp is seeking to cut $4 billion in costs by combining its two main delivery networks, in an ambitious plan by new Chief Executive Officer (CEO) Raj Subramaniam to increase profit margins. The company has for decades operated an express package business separately from its ground unit, which FedEx acquired in 1998 and depends on third-party contractors to ...

BLOOMBERG Virgin Orbit Holdings Inc filed for bankruptcy after the satellite launch firm tied to British billionaire Richard Branson failed to secure the funding needed to keep operating and cut about 85% of its staff. The company listed $243 million in assets and $153.5 million for its total debt in a Chapter 11 petition filed in Delaware. The move punctuates ...

BLOOMBERG French President Emmanuel Macron urged Xi Jinping to use his influence to help restore peace to Ukraine, saying the Chinese leader could bring all sides together to discuss a way to end the Russian invasion. “I know I can count on you to bring Russia back to reason and everybody to the negotiation table,” Macron told Xi during a ...