Afternoon Coffee: Freightos Acquires WebCargoNet, Office Depot to Partner with Fedex

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Online freight marketplace Freightos has acquired Spain’s WebCargoNet to help expand its database of air, ocean and land freight rates. The acquisition would create the world’s largest database with hundreds of millions of international and domestic rates and routes, the company said in a press release.

Office Depot announced it would partner with FedEx for shipping services at the retailer’s more than 1,500 stores starting in September. The move is part of a plan to compete with rival Staples after a failed merger attempt earlier this year. Office Depot will still use UPS, the company’s prior retail shipping partner, for its internal supply chain.

Positive news about the U.S. job market lifted consumer confidence to an 11-month high in August, according to Reuters. The optimism among consumers adds to a steady stream of upbeat data, including consumer spending, residential construction and durable goods order reports, that illustrate a stabilizing recovery after missteps earlier this year.

And finally, oil prices dropped to a two-week low following reports that U.S. stockpiles have increased more than projected. All eyes are on OPEC as speculation mounts that it could reach an accord on limiting output, which could boost oil to a net gain for the month of August.

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