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News Summary: UPS 1Q profit rises 7 percent

The Associated Press

PARCEL PROFIT: United Parcel Service Co.'s first-quarter profit rose 7 percent to $1.04 billion, beating analysts' forecast.

GIFTS KEEP GIVING: The company says it was helped by a spillover of holiday spending into January as people made purchases with gift cards or returned gifts they didn't want.

CHEAPER SHIPPING: UPS' international air freight business continues to suffer from shippers saving money by opting for slower but cheaper deliveries.