UPS follows Fedex in rate hike

Monday, 8 November 2010 06:09 - - {{hitsCtrl.values.hits}}

NEW YORK (Reuters) - United Parcel Service Inc said last week it would raise rates by a net 4.9 percent starting 3 January, 2011, about a month after FedEx Corp. said it would hike rates.

UPS, the world’s largest package delivery company, said the net increase was for ground packages, all air express and U.S. origin international shipments.

On 29 September, FedEx, the world’s largest cargo airline, said shipping rates through its Express division and International Priority service would go up 3.9 percent on average starting 3 January.

UPS and FedEx are considered indicators of U.S. economic activity as their business expands or shrinks with the broader economy.

In reporting third-quarter profits, Atlanta-based UPS said in October that it expected a slow economic recovery without a double-dip recession.

Discover Kapruka, the leading online shopping platform in Sri Lanka, where you can conveniently send Gifts and Flowers to your loved ones for any event including Valentine ’s Day. Explore a wide range of popular Shopping Categories on Kapruka, including Toys, Groceries, Electronics, Birthday Cakes, Fruits, Chocolates, Flower Bouquets, Clothing, Watches, Lingerie, Gift Sets and Jewellery. Also if you’re interested in selling with Kapruka, Partner Central by Kapruka is the best solution to start with. Moreover, through Kapruka Global Shop, you can also enjoy the convenience of purchasing products from renowned platforms like Amazon and eBay and have them delivered to Sri Lanka.