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...Christian a chance to hold the Holy Grail. Prepared for the court of Emperor Wanli of the Ming dynasty by Matteo Ricci, a Jesuit missionary in Beijing, the map places China at the center of the world, just where Chinese scholars thought (and think) appropriate. It was purchased last year by the James Ford Bell Trust from a Japanese collector and will move to permanent display at the University of Minnesota after its sojourn in Washington. (See 25 Asian experiences...
...doubt UPS shareholders are relieved after two of the hardest years in the 102-year-old firm's history. Indeed, only four months ago, the $45 billion company disclosed a 43% drop in third-quarter profit, and 2008 likewise saw staff reductions, shuttered facilities and deep cost controls...
...real growth engine will probably be its international business, which saw double-digit profit growth last year. Overseas, UPS networks include exclusive ground service throughout Europe. In Asia, it has acquired regional carriers, opened an air hub in Shanghai and broken ground on another in Shenzhen, China. "FedEx and DHL have dominated Asia so far," says David Ross, an analyst for Stifel Nicolaus. "But FedEx isn't as strong in Europe, and DHL doesn't do the U.S. UPS doesn't have those gaps...
...escaped this recession unscathed. Revenue last year shrank by about $6 billion from 2008, forcing widespread belt-tightening. Just last month, despite the improved outlook, Davis revealed a major restructuring that included 1,800 management and administrative layoffs. Two weeks later, on Feb. 8, he announced plans to furlough at least 300 of the company's 2,800 pilots. These cuts come on the heels of a 4% reduction in UPS's 408,000-strong global workforce...
This precision will most likely prove to be UPS's best tool as it absorbs a major industry shift--the rapid rise of e-commerce. Residential delivery this year will account for about a third of domestic shipping, up from 20% in 1997, according to the investment bank Morgan Stanley. Meeting this new demand is vital for UPS, which generates roughly 60% of its revenue from the U.S. small-package market...