The need to know

The need to know for the week ending 19th May 2023

The need to know from Reuters’ global network of journalists

Reuters Events: US manufacturers can't shake that inflation feeling even as supply snarls ease

For Matthew Prange, it's easy to see why the inflation surge of the last two years has proven so difficult for the Federal Reserve to tame.

US supply chain woes shift and persist in 2023

The U.S. supply chain is healing from early pandemic shocks that sent shipping costs skyrocketing and squeezed supplies of everything from toilet paper to pasta, but more than three years later, material shortages and hiring woes linger.

US consumer spending appears solid early in second quarter

U.S. consumer spending appears to have increased solidly in April, with households boosting purchases at online retailers as well as spending more at restaurants and bars, signs of resilience in the face of growing headwinds to the economy.

Reuters Events: U.S. West Coast ports regain lost volume as competitive pressure mounts

Some U.S. importers who shifted cargo away from West Coast ports to rival gateways over fears that labor contract talks could disrupt shipments have begun bringing some of that volume back, even as those negotiations stretch into their 13th month, company supply chain executives said.

EU seeks to simplify customs system, tighten up on e-commerce

The European Commission proposed on Wednesday a reform of customs rules for the surge of incoming packages ordered online and to cope with increased environmental and labour standards and sanctions on imported goods.

Apparel makers in cyclone-hit Bangladesh consider rare, expensive airlifts for exports

Apparel makers in Bangladesh are considering rare bulk exports by air to Europe and the United States, as they race to meet deadlines and avoid cancellations after a cyclone delayed shipments, caused power cuts and disrupted production.

In the voyage to net-zero, which green shipping fuel will rule the seas?

Large vessels travelling between EU ports will have to pay for emissions from 2024

Comment: Now's the time for companies to spell out how they will turn climate goals into concrete action

This year, two simple words that pack a punch are going mainstream among the business community: transition plans.

Comment: Why Europe’s new reporting standards could be a game-changer for nature

This could be a year of singular importance in the history of international accounting. A new directive from Brussels provides a basis on which natural capital funding undertaken by corporations could ultimately be reflected as an asset on balance sheets.

The startups revving up green transport by unleashing the power of EV batteries

Lithium-ion batteries with reduced capacity given second life by German startup;enault plans Europe’s first closed-loop battery recycling system; investment flowing into sector, with U.S. government offering $2bn loan to battery recycling facility.

Amazon optimizes delivery network for speedier delivery, lower costs Inc (AMZN.O) said it has optimized its delivery network coming out of the COVID-19 pandemic, allowing it to increase delivery speeds and lower costs, while also reducing the ecommerce giant's carbon emissions.

U.S. Postal Service cracking down on rising mail theft

The U.S. Postal Service said on Friday it is taking steps to crack down on rising mail theft, robberies of carriers, change-of-address fraud and counterfeit postage.

Royal Mail owner sees return to profit after losses due to strikes

International Distributions Services (IDSI.L) is targeting a return to profit this financial year after its UK business Royal Mail made a 1 billion pound ($1.26 billion) loss last year, partly the result of strikes in a long-running pay dispute.

FedEx pilots vote in favor of strike in push for pay rise

Pilots of FedEx Corp's (FDX.N) air delivery unit on Wednesday voted "overwhelmingly" in favor of a strike if needed, the Air Line Pilots Association said as it enters the final stages of a contract negotiation with the company.

Germany's Deutsche Post wants postage stamp price increase

The price of a postage stamp in Germany must increase next year to cover rising costs, postal service operator Deutsche Post (DPWGn.DE) said on Tuesday.

EU car group backs Stellantis over post-Brexit trade rules

A European trade group for the car industry has called for an extension to the phase in of tougher post-Brexit trade rules for electric vehicle batteries, saying the supply chain was simply not ready.

Factbox: Amazon to Walmart, investors in India boost Modi ahead of vote

Indian Prime Minister Narendra Modi this week trumpeted a flurry of investmentby global companies as he tries to create more jobs ahead of a general election due in the first half of next year.

EU must build cutting-edge computer chips - industry chief Breton

EU industry chief Thierry Breton on Tuesday touted the European Chips Act passed last month, saying Europe must manufacture its own cutting-edge computer chips and not be relegated to a position on research or in building relatively older chips.

ON Semiconductor considers $2 billion investment in electric vehicle chip production

ON Semiconductor Corp (ON.O) is considering investing $2 billion in boosting production of silicon carbide chips that are widely used to help extend the range of electric vehicles, company executives said on Tuesday.

Tesla pushes limits of India’s electric-car dreams

Elon Musk is warming up to planting a big flag in India.  

Analysis: GM's 2025 EV output could be crimped by battery bottleneck

General Motors (GM.N) has said it will have the capacity to build 1 million electric vehicles in North America by 2025, but a slow ramp-up of its three U.S. battery plants could limit actual EV production to less than 600,000 at mid-decade, according to a forecast and analysis prepared for Reuters.

UK plans 1 bln pounds of semiconductor investment in new strategy

Britain announced 1 billion pounds ($1.26 billion) of investment for its semiconductor sector on Friday in a long-awaited strategy that aims to strengthen the domestic industry and chip supply chains.

Ukraine Black Sea grain deal extended for two months

The Ukraine Black Sea grain deal has been extended for two more months, in what U.N. Secretary-General Antonio Guterres hailed as "good news for the world," a day before Russia could have quit the pact over obstacles to its grain and fertiliser exports.

After enduring shortages, Britain to review horticulture and egg supply

Britain, grappling with a cost-of-living crisis and food inflation not seen for almost 50 years, will review its horticulture and egg supply chains after shoppers faced shortages, the government said on Tuesday.

Jet orders boom as airlines fear shortage

Planemakers can't build them but airlines can't stop buying them.

Small aerospace suppliers press for better protections against rising costs

The CEO of Canadian aerospace supplier Abipa International would not negotiate further when a potential customer recently pressed for additional price cuts on components used in areas like engines and landing gear.

Reuters Events: US railroads mostly on board with lawmakers' safety push, CSX chief says

U.S. freight railroads agree with most of federal lawmakers' efforts to make the industry safer following the fiery Norfolk Southern (NSC.N) train derailment in February, CSX Corp CEO Joe Hinrichs said on Wednesday.

Abu Dhabi's ADNOC looks to raise up to $607 mln from IPO of logistics unit

State oil giant Abu Dhabi National Oil Co (ADNOC) said on Tuesday it has set a price range for an initial public offering of its marine and logistics unit that could raise up to $607 million and could give ADNOC Logistics & Services (ADNOC L&S) an equity valuation of as much as $4.05 billion.

TuSimple to restructure US business, lay off 30% staff

TuSimple Holdings Inc (TSP.O) said on Thursday it will cut 30% of its workforce in the United States under a restructuring as the autonomous driving technology company looks to preserve its balance sheet amid a funding crunch in the sector.

G7 to vow diversifying of supply chains, filling bank regulatory gaps -draft

Finance leaders of the Group of Seven (G7) advanced economies set a year-end deadline for launching a new scheme to diversify global supply chains, and vowed to address regulatory gaps in the banking system, according to a final draft of their communique seen by Reuters.

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