[mkjan]

Package delivery company FedEx Corp slashed its quarterly earnings forecast on Friday, blaming surging fuel prices.

FedEx said it now expects to report a profit of $1.45 to $1.50 per share for its fourth fiscal quarter ending May 31, lower than its prior forecast of $1.60 to $1.80 per share.

The company, based in Memphis, Tennessee, said that since it made its fourth-quarter profit forecast in March its estimated fuel costs for the period have risen by $100 million, or 7 percent.

"While we have dynamic fuel surcharges in place, they cannot keep pace in the short-term with rapidly rising fuel prices," Alan Graf, chief financial officer, said in a statement. "This revised outlook assumes no additional increases to the current fuel price environment and no further weakening of the company."

FedEx shares, which had closed at $90.37 on the New York Stock Exchange, tumbled $2.67, or 3 percent, to $87.70 in after-hours trading.

[ASQR]

Pakistan is country which has lots of resources and yet it cannot explore them, cause self interest groups work on their agenda and think that "What is in it for me".