Daily Finance--As economies around the globe fall flat off the face of the earth, commerce withers, and oil prices plummet, FedEx and UPS have taken a curious course: They're raising prices. UPS says it is raising shipping rates at its North American freight division this month, by 6.9%. On Monday, FedEx decided to follow suit, cheekily announcing a six-point-eight percent (what a bargain!) increase in the amount it charges at FedEx Freight. On one hand, this is probably good news for folks who invest in companies that compete with FedEx and UPS -- less-than-truckload-weight shippers such as YRC Wolrdwide , Con-way, and Old Dominion Freight Line . These shippers now have the option of grabbing market share by undercutting their rivals' just-increased prices, or grabbing extra profit margin by falling in line with the higher prices. It seems a battle could be in the works. On the other hand, though, it does seem a bit strange that FedEx and UPS think the moment the global economy implodes is the precise best time to raise their own prices ... the more so when you consider that both companies are already going gangbusters, in terms of profits. read more!
