Fedex stock down 0.7pc after airline bans

NASDAQ:Fedex stock slumped 0.4pc after the airline industry said it would ban flights from the US to countries where it said there is a high risk of a terrorist attack.

The airline industry’s latest travel ban for airlines was issued in response to the March 1 shootings in Paris that killed 130 people.

The ban bans US airlines from flying to the United Arab Emirates, Saudi Arabia, Bahrain, Kuwait, Qatar, Oman, Omani territory and Bahrain.

The US Federal Aviation Administration said in a statement on Tuesday that the ban would not apply to flights from other countries that are not on the list.

The decision comes after a string of deadly attacks on airlines by Islamic extremists.

The Federal Aviation Authority said in the statement that the US government has a duty to protect the security of our people and we are working with airlines to implement the new restrictions.

It added that the safety of all people is our top priority.

Fedex, the world’s largest carrier by volume, said it has already temporarily halted its flights to the UAE, and will begin to resume flights from Monday.

It said in an online statement: “We have taken the step of temporarily suspending our operations to the Emirates in response in part to the recent terror attacks.

We have resumed our normal business operations.”

Shares in US-listed FedEx fell 0.5pc.

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