FedEx reported net income of $493 million for its fiscal second quarter ended Nov. 30, up 3% compared to $479 million in the year-ago period, and announced it is initiating "broad cost reduction actions" to contend with a "decline in shipping trends" and "very difficult" economic conditions. The company implemented a hiring freeze, a 7.5%-10% salary reduction for senior executives and a 5% pay cut for salaried personnel exempt from labor contracts. Chairman, President and CEO Frederick Smith ...

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