FedEx reported net income of $97 million for its fiscal third quarter ended Feb. 28, down 75% from a $393 million profit in the year-ago period, blaming "the continued deterioration in global economic conditions." Chairman, President and CEO Frederick Smith said the "sharply lower" results and the "severity and expected duration of the recession require that we take additional [cost reduction] actions." He said FedEx will cut network capacity in both its Express and Freight operations, cut ...

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