The need to know
The need to know for the week ending 16th June 2023
The need to know from Reuters’ global network of journalists
Tentative US West Coast port contract deal reached, union and employers say
The Longshore union and employers of 22,000 dockworkers at U.S. West Coast ports on Wednesday said they have reached a tentative deal on a new six-year contract, ending 13 months of talks and easing supply chain worries.
U.S. trade chief Tai calls for more diverse, resilient supply chains
U.S. Trade Representative Katherine Tai on Thursday will call for continued work to redesign global supply chains to emphasize resilience and a more diverse set of economies producing steel, aluminum and other goods.
Logistics sector mulls how to keeping on trucking in a net-zero future
As the focus of decarbonisation efforts switches from power generation to transportation, on the roads one sector stands out as needing urgent action.
Macron unveils plans to relocate production of key drugs to France
PARIS, June 13 (Reuters) - President Emmanuel Macron on Tuesday unveiled plans to relocate the production of key medicines to France to tackle shortages of imported products, ranging from antibiotics to paracetamol, that came into focus during the COVID epidemic.
Pfizer expects to run out of some antibiotic supply for children soon
Pfizer (PFE.N) has warned that a drug used to treat syphilis and other bacterial infections in children could run out by the end of June because it has had to prioritize versions made for adults due to a spike in syphilis infections in that population.
Siemens to spend $2.2 bln to ramp up global production
Siemens (SIEGn.DE) will spend 2 billion euros ($2.2 billion) on a new global investment plan, the German engineering group said on Thursday, to make its operations more resilient against supply chain disruptions and geopolitical tensions.
Shipping tax could yield $100 billion climate windfall
The shipping industry emits 2.9% of the world's greenhouse gases. It has also largely escaped taxation because what happens on the high seas is not in the jurisdiction of any single government.
Growing interest in methanol bunkering by global players
Denmark's Maersk (MAERSKb.CO) said on Monday it has secured fuel for the world's first container vessel able to run on carbon-neutral methanol for its inaugural journey.
Column: Global distillate stocks low despite industrial slowdown
Global distillate fuel oil cracks have strengthened slightly over the last month as inventories have not risen as much as expected given the scale of the manufacturing and freight downturn across the major economies.
Analysis: Heatwave lays bare Vietnam's structural electricity woes
Vietnam is battling electricity cuts caused by a heatwave that has exposed structural and bureaucratic problems limiting available power to half of installed capacity and crimping efforts to unlock $15.5 billion in global climate funding.
China e-commerce shipments would lose US tariff exemption under proposed law
A bipartisan group of U.S. lawmakers planned to introduce a bill on Wednesday to eliminate a tariff exemption widely used by e-commerce sellers to send orders from China to U.S. shoppers, one of the sponsors said.
China's economy slows in May, more stimulus expected
China's economy stumbled in May with industrial output and retail sales growth missing forecasts, adding to expectations that Beijing will need to do more to shore up a shaky post-pandemic recovery.
German wholesale prices drop sharply in May
Germany's wholesale prices decreased by 2.6% on the year in May, the sharpest drop in nearly three years, according to data released on Wednesday, in a sign that inflation in Europe's largest economy will continue to ease.
Tumbling exports feed worker unrest in world's factory China
Strikes at Chinese factories have surged to a seven-year high and are expected to become more frequent as weak global demand forces exporters to cut workers' pay and shut down plants, one rights group and economists say.
In China's lithium hub, mining boom comes at a cost
Down a steep dirt road from the Baishi Huashan lithium mine in southern China, trucks laden with silvery grey ore rumble towards a cluster of smelters in the valley below that have sprung up to cash in on the electric vehicle battery boom.
Price war: Amazon excludes rival Temu from competitive price checks
Amazon is excluding its new competitor Temu from its price searching algorithm that checks if products sold on its platform are competitive with rivals, saying the site doesn't meet its standards.
Alibaba aims to expand local business in Europe, president says
Alibaba Group (9988.HK) will make Europe top priority as it focuses on building local businesses and online platforms outside China, the president of the e-commerce giant said on Thursday.
TikTok to invest billions of dollars in Southeast Asia to boost e-commerce business
Short video app TikTok, owned by China's ByteDance, said on Thursday it would invest billions of dollars in Southeast Asia over the next few years, as it doubles down on the region amid intensifying global scrutiny over its data security.
Japan exports grow unexpectedly on solid car sales, global demand still uneven
Japan's exports grew unexpectedly in May on robust car sales, though the rate of expansion slowed to a crawl as inflation and rising interest rates bit into global demand, highlighting a patchy recovery in the world's third-largest economy.
Amazon workers at UK warehouse vote for six more months of strike
UK labour union GMB said on Wednesday that Amazon.com's (AMZN.O) Coventry warehouse workers had voted for six more months of strike over a pay dispute, after they staged a walkout earlier in the day.
Explainer: How France secured a fall in food prices
French Finance Minister Bruno Le Maire said last week he had secured a pledge from 75 top food companies to cut prices on hundreds of products next month to reflect a fall in raw material costs.
Biden vetoes bill that would negate EPA heavy truck pollution cuts
U.S. President Joe Biden on Wednesday vetoed a measure approved by Congress that would overturn his administration's sharp new limits on emissions from heavy-duty trucks responsible for significant soot and smog.
Exclusive: Investors may exit consumer goods firms over EU deforestation law
As a new European Union zero-tolerance deforestation law looms, several major investors told Reuters they are concerned about their exposure to the issue, with some saying they could quit consumer goods makers with "risky" supply chains.
Lockheed Martin collaborates with GlobalFoundries to secure defense chip supply
Chipmaker GlobalFoundries (GFS.O) and missile manufacturer Lockheed Martin (LMT.N) on Monday announced their partnership to secure domestic semiconductor supply for defense systems.
Self-driving truck company Einride expands into Norway
Swedish electric self-driving truck company Einride expects to reduce CO2 emissions in Norway by 2,100 tonnes over the coming three years as it partners up with Scandinavia's leading postal service, PostNord, the company said on Wednesday.
Tesla's China expansion hits speed bump amid industry overcapacity
Tesla's (TSLA.O) ambitious plan to boost auto production in Shanghai, its most valuable plant globally, hinges on China's approvals to develop 70 hectares (172 acres) of former farmland that is currently overgrown with wildflowers.
Ford, GM see strong US consumer demand for vehicles
New vehicle demand from U.S. retail and commercial customers is outpacing expectations, two top Detroit auto executives said on Thursday.
Japan to give Toyota $841 mln support for domestic EV battery output
Japan will give Toyota (7203.T) up to $841 million in subsidies for the automaker's investment in domestic production of batteries used in electric vehicles (EVs), Industry Minister Yasutoshi Nishimura said on Friday.
Volkswagen passenger cars targets 10 billion euros of efficiency gains
Volkswagen's (VOWG_p.DE) passenger car brand will implement savings and cost-cutting measures amounting to 10 billion euros ($10.83 billion) by 2026 to hit a return on sales target of 6.5%, a spokesperson said on Wednesday.
Avolon says $4 trillion needed to transform global jet fleet
Global aviation needs $4 trillion over the next 20 years to fund new commercial deliveries and transform the world's fleet to reduce emissions, leasing firm Avolon said on Tuesday.
Column: Iron ore dances between China stimulus optimism and soft economic reality
Iron ore is engaging in a familiar dance of flitting between hopes of more and effective economic stimulus in China, and the reality that the rebound in the world's second-biggest economy is sputtering.