FedEx buys JV partner

US company FedEx has expanded its China presence with a US$400 million buyout of its domestic joint venture partner DTW Group, the Wall Street Journal reported. The buyout will double FedEx's China work force to 6,000 and put it in control of the venture's facilities in 89 locations. FedEx said China is the world's second-largest domestic air-cargo market, and it expects the industry to expand more than 10% a year through 2023.