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Execs Worry, Slowing World Economy

Written by Staff Writer

GOLDA growing list of companies from FedEx to BMW are warning about the world economy -CNBC
"With an ongoing trade war between the U.S. and China, Brexit uncertainty weighing on Europe and the U.K., and new weakness out of Japan, a group of business leaders say it’s harder than ever to rake in profits. This week, top executives at FedEx, BMW, UBS and others described bleak global business conditions while discussing quarterly results. Fitch Ratings also 'aggressively' cut its forecast for the year.

The head of UBS was the latest to blame the world’s backdrop for weaker-than-expected results. Chief executive Sergio Ermotti told a conference in London Wednesday that it 'one of the worst first-quarter environments in recent history,' Reuters reported. 'Slowing international macroeconomic conditions and weaker global trade growth trends continue, as seen in the year-over-year decline in our FedEx Express international revenue,' FedEx Corp. Chief Financial Officer Alan B. Graf, Jr. said in the firm’s quarterly earnings report....Samsung also joined in on Wednesday. 'We are expecting many difficulties this year such as slowing growth in major economies and risks over global trade conflicts,' Samsung Co-Chief Executive Kinam Kim said."