Jun 7, 2019

FedEx cuts express shipping contract with Amazon

Photo: Joe Raedle/Getty Images

FedEx announced on Friday it will not be renewing its domestic shipment contract for express shipping with Amazon, the Washington Post reports.

The big picture, Axios' Erica Pandey writes is that the company's decision to cut ties with Amazon comes as the e-commerce giant is quickly building its own logistics capabilities. Amazon, which used to be just a customer for big shippers like UPS and FedEx, is emerging as a competitor and may soon start taking market share.

Details:

  • Amazon accounted for less than 1.3% of FedEx’s revenue last year — or approximately $850 million to $900 million, according to an estimate from Sanford C. Bernstein & Co. analyst David Vernon
  • FedEx said it's not worried about Amazon fleshing out its own shipment system, but FedEx and UPS stocks have suffered since the tech giant started developing new logistics initiatives, per the Post.

Go deeper: The race to dominate the $1.5 trillion business of moving stuff

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Making sense of the UN's climate conference coronavirus delay

Illustration: Sarah Grillo/Axios

The scuttling of November's pivotal UN climate conference is the starkest sign yet of how coronavirus is throwing a wrench into efforts to combat global warming. But like the wider relationship between the coronavirus and climate initiatives, the ramifications are ... complicated.

Driving the news: UN officials announced Wednesday that the annual summit to be held in Glasgow, Scotland, is postponed until some unknown time next year.

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Global: Total confirmed cases as of 9 a.m. ET: 952,171 — Total deaths: 48,320 — Total recoveries: 202,541Map.
  2. U.S.: Total confirmed cases as of 9 a.m. ET: 216,722 — Total deaths: 5,137 — Total recoveries: 8,672Map.
  3. Stimulus updates: Social Security recipients won't need to file a tax return to receive their checks.
  4. Jobs update: 6.6 million people filed for unemployment last week, a staggering number that eclipses the record set on March 26.
  5. Health updates: The Trump administration won't reopen enrollment for ACA marketplaces this year.
  6. National updates: The Grand Canyon closed after a resident tested positive for coronavirus.
  7. World update: Israeli Prime Minister Benjamin Netanyahu re-entered self-quarantine after his health minister tested positive for coronavirus.
  8. What should I do? Answers about the virus from Axios expertsWhat to know about social distancingQ&A: Minimizing your coronavirus risk.
  9. Other resources: CDC on how to avoid the virus, what to do if you get it.

Subscribe to Mike Allen's Axios AM to follow our coronavirus coverage each morning from your inbox.

The weirdest NBA draft ever

Table: Axios Visuals

The 2020 NBA draft was already shaping up to be the weirdest draft in years, and now that the coronavirus pandemic has disrupted the sports world, it could be the weirdest draft ever.

Why it matters: While most drafts have a clear hierarchy by the time April rolls around, this draft does not. There's no reliable No. 1 pick, almost every top-10 prospect has a glaring weakness and the global sports hiatus has shrouded the whole class in mystery.

Go deeperArrow40 mins ago - Sports