Representatives from the Chinese side say they think it likely that Chinese President Xi Jinping will attend the G-20 meeting later this month. But in order to reach a trade...China Economyread more
Software engineers straight out of college often make six-figure salaries, not counting equity compensation.Technologyread more
Wall Street, though, is clamoring for a rate cut, with an 85% chance of a move in July and a 61% probability of three reductions by year's end.The Fedread more
A company spokesperson said the outage was the result of a "an internal technology issue" and was not security related.Retailread more
The flattening of the yield curve is exuding a bad omen for the stock market if history is any guide.Marketsread more
Using MIT's living wage calculator, CNBC Make It mapped out the minimum amount a single parent must earn to meet their basic needs without relying on outside help in every...Earnread more
Hong Kong Chief Executive Carrie Lam announced at a press conference on Saturday that a contentious bill to allow extraditions to mainland China has been put on hold.China Politicsread more
Stratolaunch, the world's largest airplane, which flew once, is up for sale, sources familiar told CNBC.Investing in Spaceread more
Transparency is key… or is it? With the first-ever non-transparent, actively managed exchange-traded fund receiving approval from the SEC, "ETF Edge" goes straight to the...ETF Edgeread more
Mired in a crisis over its best-selling 737 Max plane, Boeing could hand the spotlight over to its rival Airbus at the Paris Air Show.Airlinesread more
A new update to the Apple Watch called watchOS 6 will notify you if the environment you're in is too loud and could damage your hearing.Technologyread more
FedEx announced on Friday that it decided not to renew its express U.S. shipping contract with Amazon. The company said in a statement that it was a "strategic decision" and that the change won't affect other existing contracts with Amazon, including international shipping.
Amazon's contract with FedEx Express only affects air services, which means FedEx will continue to serve as a carrier and last-mile delivery partner.
FedEx added that Amazon was not a huge customer, only accounting for roughly 1.3% of its total revenue in 2018. FedEx stock dropped less than 1% on the news, while Amazon stock did not budge.
Amazon's representative said in an email statement, "We respect FedEx's decision and thank them for their role serving Amazon customers over the years."
The change comes at a time when Amazon is aggressively investing in its own in-house network of shipping and delivery services. It recently launched a new program called Delivery Service Partners, which lets entrepreneurs run their own local delivery truck business with Prime logos.
The company has also been buying up cargo planes and trucks, while creating new services that streamline its truck deliveries. In its 2018 annual financial filing, Amazon listed "transportation and logistics services" among its group of competitors for the first time.
FedEx has often downplayed the competitive risk from Amazon. During a call with analysts in September, FedEx's executive vice president, Rajesh Subramaniam, said Amazon's new delivery service "should not be confused as competition with FedEx." In 2016, as media reports suggested Amazon was getting serious about building its own delivery service, FedEx's former executive vice president, T. Michael Glenn, said it would be a "daunting task requiring tens of billions of dollars" to build and replicate FedEx's existing delivery network.