UPS cuts 12,000 jobs as lacklustre results weigh on share price ...Middle East

NEW YORK: US parcel delivery giant UPS plans to cut 12,000 jobs worldwide in the face of difficult business conditions, it said on Tuesday, reported dpa news. The job cuts - around 2.5 per cent of its global workforce of around 500,000 employees - are intended to save US$1 billion, group chief executive Carol Tomé said on a conference call. The future of truck logistics company Coyote, which UPS only acquired in 2015, is also up in the air. A sale is being looked at for the subsidiary, which is suffering from the sharp drop in transport prices following a coronavirus boom.Last year, UPS missed its repeatedly lowered revenue target due to lower shipment volumes while significant wage increase

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