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UPS raises dividend to 62 cents from 57 cents

ATLANTA (AP) -- United Parcel Service Inc., the world's biggest package-delivery company, said Thursday that it will raise its quarterly dividend to 62 cents from 57 cents.

That's an increase of 8.8 percent. It is payable March 12 to shareholders of record on Feb. 25.

The company also reauthorized its stock repurchase program, which is worth a total of $10 billion. On Jan. 31 UPS said it plans to buy back $4 billion in stock in 2013, up from its previous plan of $1.5 billion.

And UPS said John Thompson won't stand for re-election to its board of directors. Thompson has been on the board since 2000, and his term expires in May. He is CEO of Virtual Instruments Corp. and former chairman and CEO of computer security and data storage company Symantec Corp.