The need to know
The need to know for the week ending 30th June 2023
The need to know from Reuters’ global network of journalists
Column: Global container freight stuck in doldrums
Global trade remained in the doldrums during the second quarter as China’s post-lockdown rebound proved slower than expected and was offset by continued weakness in North America and Europe.
Low water again hampers Rhine river shipping in Germany
Low water levels after recent dry weather are again preventing cargo vessels from sailing fully loaded on the Rhine river in Germany with surcharges added to the usual freight prices, commodity traders said on Wednesday.
China's factory activity seen contracting for third month in June: Reuters poll
China's factory activity likely contracted for a third straight month in June, albeit at a marginally slower pace, a Reuters poll showed on Thursday, underscoring the need for further policy stimulus to counter weak demand at home and abroad.
Nike's gloomy forecast puts spotlight on N America slowdown
Nike (NKE.N) forecast first-quarter revenue below Wall Street expectations on Thursday as cost-conscious consumers in North America cut back on sneaker and sports apparel purchases overshadowing a strong recovery in China.
China steel exports seen surging to seven-year high as home demand wilts
China is set to export the most steel this year since 2016, say analysts, as the weakening yuan and competitive prices help the world's biggest producer offload surplus metal due to weak demand at home.
Exclusive: US, Dutch set to hit China's chipmakers with one-two punch
The United States and the Netherlands are set to deliver a one-two punch to China's chipmakers this summer by further restricting sales of chipmaking equipment, part of the countries' ongoing effort to prevent their technology from being used to strengthen China's military.
Shipping emissions tax plan backed by some 20 countries at Paris summit
More than 20 countries and regional organisations have backed proposals for a levy on shipping industry emissions ahead of an International Maritime Organization (IMO) meeting next month, the French presidency said at the end of a Paris summit.
Chip industry globalisation under threat, says chief of China's YMTC
Geopolitics and the national security concerns of some countries are threatening the globalisation of the world’s chip industry and its future growth, the chairman and acting CEO of memory chipmaker Yangtze Memory Technologies (YMTC) said on Thursday.
Factbox: Japan ramps up efforts to strengthen its chip industry
Semiconductor materials maker JSR Corp's (4185.T) board will meet on Monday to discuss a potential multi-billion dollar buyout by a government-backed fund that would mark an acceleration of Japan's efforts to strengthen its chip industry.
TSMC sending more workers to speed up building of new Arizona plant
Taiwanese chipmaker TSMC (2330.TW) said on Thursday it is sending more workers from Taiwan to the U.S. state of Arizona to help build a massive $40 billion factory to ensure its "fast ramp up".
EU leaders to pledge de-risk from China and debate what this means
European Union leaders are set on Friday to commit to reducing the bloc's dependence on China and debate how to strike the balance between "de-risking" and engaging in areas such as climate change.
Republican lawmakers request postal service data on retailers' shipments from China
Republican leaders of two House committees are requesting United States Postal Service data on retailers' goods shipped from China under an exemption in U.S. trade law that excludes some packages worth $800 or less from tariffs.
PDD's Temu seeks U.S.-based compliance help amid scrutiny of China goods
E-commerce marketplace Temu is looking to hire a compliance officer based in the U.S., job ads showed, after lawmakers scrutinized the Chinese company for allegedly lax practices and policies related to blocking goods from the Xinjiang region.
Amazon raises investment in India to $26 billion by 2030
Amazon.com Inc (AMZN.O) said on Friday it will take its investments in India to $26 billion by 2030, adding $6.5 billion in new planned investments in an announcement made after CEO Andy Jassy met Prime Minister Narendra Modi in the United States.
U.S. antitrust regulator plans to target Amazon's online marketplace, Bloomberg reports
The U.S. antitrust regulator is planning to file a suit targeting Amazon.com's (AMZN.O) core online marketplace in the coming weeks, Bloomberg News reported on Thursday, citing documents and people familiar with the matter.
Bolivia taps China, Russia's Rosatom in bid to unlock huge lithium riches
Bolivia has signed lithium agreements with Russian state nuclear firm Rosatom and China's Citic Guoan Group, the South American country's government said on Thursday, as it looks to develop its huge but largely untapped resources of the battery metal.
UN agencies warn of impact if Black Sea grain deal ends
An end to the Black Sea grains deal would hit the Horn of Africa hard, aid officials said on Monday, warning that another hike in food prices would add to the tens of millions of people facing hunger.
Ukraine must be ready to export mostly via Danube ports, sea ports authority says
Ukraine must be ready to export grain almost exclusively via its Danube River ports because Russia is effectively blocking Black Sea shipments, the Ukrainian Sea Ports Authority said on Tuesday.
India's current account likely turned to surplus in Jan-March: Reuters poll
India's current account balance likely turned positive in January-March, marking the first quarterly surplus in nearly two years thanks to a narrower trade deficit and an increase in services exports, a Reuters poll found.
South Korea's robust economic activity in May paints brighter quarter
South Korea's factory production jumped unexpectedly in May, led by cars and chips, official data showed on Friday, while retail sales and facility investment also rose in an encouraging sign for a slowly recovering economy.
Column: Global exchange copper stocks sink to 15-year lows
There's a renewed scramble for copper sitting in London Metal Exchange (LME) warehouses.
Biden administration aims $2 billion in grants at US electric vehicle transition
President Joe Biden's administration on Wednesday said it intends to invest $2 billion from last year's Inflation Reduction Act to accelerate domestic manufacturing of electric vehicles and resuscitate plants that are struggling.
India's govt lists 30 critical minerals in clean energy push
The Indian government said on Wednesday that it had listed 30 minerals, including nickel, titanium, vanadium and tungsten as critical to drive its clean energy push.
Column: China, Japan joined at the hip in FX war
Japan and China may be signaling that they want their currencies to stop weakening too much, but the reality is depreciating exchange rates will help give Asia's economic giants the inflation and competitive edge both are currently seeking.
Mexico's Nuvocargo snags $36.5 million in investment tied to US-Mexico trade
Mexican shipping startup Nuvocargo announced on Tuesday it had raised $36.5 million in a new round led by QED Investors, as nearshoring offer new trade opportunities between Mexico and the U.S.
Prologis to buy industrial properties from Blackstone for $3.1 billion
Prologis Inc (PLD.N) said on Monday it has agreed to buy 14 million square feet of industrial properties from real estate funds affiliated with Blackstone (BX.N) for $3.1 billion in an all-cash deal.
China's JD.com to open grocery stores by merging 7Fresh, other units
Chinese e-commerce giant JD.com (9618.HK) plans to open retail grocery stores through the merger of its 7Fresh supermarket unit with other business lines such as its group-buying arm Pinpin, a company spokesperson said on Monday.
Analysis: With U.S. labor tight, union workers make bolder contract demands
Workers at aerospace supplier Spirit AeroSystems (SPR.N) were the latest U.S. union employees to reject a contract their leaders negotiated with their employer, joining freight railroad employees, airline pilots and others who are growing more fed up with stagnant pay, high healthcare costs, scanty sick time and uncertain scheduling.
Explainer: Why the wind power industry has hit turbulence
Problems in Siemens Energy's (ENR1n.DE) wind turbine division that could cost more than a billion euros ($1.09 billion) to fix have shaken investor confidence in the wider industry and last week prompted a sell-off in wind companies' shares.
Offshore wind in Europe needs urgent factory aid to hit targets
Europe's commitment to accelerate renewable energy deployment and strengthen energy security presents significant supply chain challenges in the coming years.
From indoor farming to alternative proteins: the entrepreneurs looking to feed the world
Plant-based foods, vertical farming, active packaging, robotics in agriculture, even remote farm control systems using satellites: the list of technologies that promise to feed the world as well as mitigate climate change is ever-growing.
Nestle ramps up Nigeria raw material sourcing to reduce foreign-exchange exposure
Food giant Nestle's (NESN.S) businesses in Nigeria and other African countries are ramping up sourcing of local raw materials like starch and turmeric, a move that may help reduce foreign exchange exposure that has been a headache for the sector.
Belgium's ABEE plans 1.4 billion euro battery plant in Romania, mayor says
Belgian group Avesta Battery & Energy Engineering (ABEE) is planning a 1.4 billion euro ($1.53 billion) battery plant in Romania's Galati, creating up to 8,000 jobs, the city's mayor said on Tuesday.
UK's surging shop price inflation slows in June, survey shows
British shop price inflation slowed this month, offering a bit of respite for households hit by a surge in the cost of living and higher borrowing costs, a survey showed on Tuesday.
Zoox headcount grows as Amazon's self-driving unit expands testing in Vegas
Amazon.com Inc's (AMZN.O) self-driving vehicle unit Zoox has grown its headcount by about 16% at a time when access to capital is tight and other large companies have exited the autonomous driving sector.
Stellantis signs deal with Kuniko for supply of battery materials
Stellantis (STLAM.MI) has signed an offtake and equity investment agreement with Australia-listed Kuniko (KNI.AX), the latest of a string of deals aiming to give the carmaker stable supply of key materials for vehicle batteries.
PwC and KPMG fined over Eddie Stobart Logistics audit
Britain's accounting watchdog said on Thursday it had fined PwC and KPMG, two of the world's top four auditors, for "serious" failings in their auditing of Eddie Stobart Logistics (ESL) company in 2017 and 2018.
Toyota's May global sales jump as parts supply shortage eases
Japanese automaker Toyota Motor (7203.T) on Thursday reported a 10% jump in global sales for May from a year earlier, benefiting from growth at home and other key markets on a recovery in the supply of chips and other parts.