Updates from FedEx, Micro Focus and First Property Group

FedEx snaps up TNT express for $4.8bn meanwhile the CBI claims UK economy is on the up

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savings, tax, stockmarket, pensions, cash, investment FTSE 100, FedEx, Micro FocusThe FTSE 100 was closed yesterday though US markets were open. Microsoft shares surged more than 3% helping the Dow Jones to close higher on Monday, up 117.6 points to 17,880 while the Nasdaq saw a 30-point gain to 4,917.3. However Friday's US jobs numbers were weaker than expected: just 126,000 new roles were created in March, the lowest number since the end of 2013; about half the number expected.

Elsewhere South Korea's Samsung says quarterly profits dipped 30.5% to $5.4bn. Meanwhile, back in the UK, the CBI claims the UK economy is growing faster than expected.

We start the week with FedEx planning to snap up TNT Express. The US courier player wants to buy its Dutch rival for $4.8bn - all-cash - at a 30% premium over TNT's current value. The agreed offer is €8 per ordinary TNT share. The move should help FedEx expand faster in Europe.

"This transaction allows us to quickly broaden our portfolio of international transportation solutions to take advantage of market trends," said FedEx chief executive Frederick Smith in a statement.

FedEx currently employs more than 300,000 staff worldwide while TNT Express employs around 65,000. The takeover hopes, so FedEx claims, to avoid "significant redundancies".

Next,Micro Focussays it has continued to trade in line with previous guidance - combined full year revenues of $1,330m and combined full year underlying adjusted EBITDA of $500 million - on a constant currency basis.

It says when comparing spot exchange rates at 27 February 2015 to the average exchange rate experienced in the six months to 31st October 2014, the GBP is 7.4% weaker against US$, the Euro is 15.7% weaker and the Japanese Yen 13.0% weaker.

"If this spot exchange rate was used," it says, "to restate the pro-forma full year numbers on a constant currency basis then pro-forma full year revenues would reduce from c. $1,330 million to $1,240 million and Underlying Adjusted EBITDA would reduce to c. $470 million."

We finish with AIM-listed FirstProperty Group; it claims its trading and profit before tax for the year to 31 March 2015 should be in line with market expectations.

Cash at the year-end was some £12 million, the majority of which is available for investment it claims and of which some £3 million is held by Fprop Opportunities.

"These earnings," says CEO Ben Habib, "which are mainly derived from new investments we have made, should comfortably exceed the lost fee income resulting from the expiry, in August this year, of the fund management contract with USS."

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