© Jordan Tan

On a call with analysts last week, FedEx executives acknowledged they needed a “crystal ball” to predict the impact of Brexit on their business.

However, they implied in their projections that GDP growth trends were far easier to predict domestically, where it generated over two-thirds of its global revenues in 2015.

Recently acquired TNT will add some $8bn of turnover, mainly from Europe, to FedEx’s $50bn top line, so the sales mix of the combined entity will change, but only a bit.

The integration of TNT, ...

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