The need to know
The need to know for the week ending 7th July 2023
The need to know from Reuters’ global network of journalists
What people are saying about China's chipmaking export controls
China will control exports of some metals used in the semiconductor industry, ramping up a technology war with the United States and potentially causing more disruption to global supply chains.
US targets China over semiconductors
U.S.-China tensions over semiconductors began with the Trump administration's trade war and have ratcheted up under President Joe Biden's leadership as Washington looks to undercut Beijing's efforts to build its high-tech industry.
Factbox: Companies respond to China's curbs on gallium and germanium exports
China said on July 3 it would restrict exports of two metals used in semiconductors and electric vehicles, escalating a technology war with the United States and potentially causing more disruption to global supply chains.
Global factory output slumps as weak demand weighs
Global factory activity slumped in June, business surveys showed on Monday, as sluggish demand in China and in Europe clouded the outlook for exporters.
UPS, Teamsters accuse each other of walking away from contract talks
The Teamsters Union said on Wednesday United Parcel Service "walked away" from negotiations over a new contract, a claim the shipping giant denied, lobbing its own accusation that the union had stopped negotiating.
New York Fed data shows underlying inflation may be slower than thought
New data from the New York Federal Reserve shows underlying inflation may have slowed faster than the headline measures that have kept U.S. central bank officials poised for further interest rate increases.
Battling Brexit, some British firms turn to invest in Europe
Sick of customs delays and extra bureaucracy since Britain left the European Union, Farrat, a small manufacturer on the edge of Manchester, is ramping up investment to compensate - in Germany.
International miners set to benefit as China curbs germanium exports
Big miners, including Congo's state-backed Gecamines, Russia's Rostec and Dutch company Nyrstar (NYR.BR), could secure significant business from China's curbs on exports of gallium and germanium, and some are readying to boost production.
Explainer: Inside the opaque world of minor metals pricing
China's abrupt announcement this week that it will restrict exports of some germanium and gallium products from Aug. 1 is expected to disrupt global supply chains for semiconductors.
China's chipmaking export curbs 'just a start', Beijing adviser warns before Yellen visit
China's export controls on metals used in semiconductors are "just a start", an influential Chinese trade policy adviser said on Wednesday, as Beijing ramps up a tech fight with Washington days before a visit from U.S. Treasury Secretary Janet Yellen.
CIA's Burns: U.S. needs to de-risk and diversify away from China
Central Intelligence Agency Director William Burns said on Saturday that decoupling from China would be foolish given the deep economic interdependence so the United States should try to diversify its supply chains.
Beijing's curbs on niche metal exports threaten China supply glut
China faces a growing surplus of two strategic metals if Beijing restricts exports, industry players said, weighing on domestic prices even as overseas prices of the thinly traded minerals jumped this week.
German industry urges reduced dependency after China export controls
German industry on Tuesday warned that Europe must become more self-reliant in the hunt for raw materials needed for cleaner, more digital economies, after China caused alarm by announcing restrictions on some metals used for semiconductors.
Pentagon has strategic germanium stockpile but no gallium reserves
The Pentagon holds a strategic U.S. stockpile for germanium but currently has no inventory reserves for gallium, a spokesperson said on Thursday, after China announced export restrictions on the two metals used in semiconductors.
US new vehicle sales rise on strong demand, better supply
New vehicle sales in the United States for top global automakers rose in the second quarter on improving supply and strong demand, signaling that rising interest rates have not yet had a meaningful impact on purchases.
Panasonic needs four more EV battery plants, executive says
The battery arm of Japan's Panasonic (6752.T) will need to build four more factories to reach its target for a sharp boost in annual capacity of batteries for electric vehicles by 2031, its technology chief told Reuters.
Canada agrees up to C$15 billion in incentives for Stellantis-LGES battery plant
Canada is willing to dole out up to C$15 billion ($11.3 billion) in production incentives for a Stellantis-LG Energy Solution (LGES) (STLAM.MI), electric vehicle battery plant, trumping a record deal with Volkswagen as Ottawa competes with Washington to woo major clean-tech projects.
India can aim lower in its chip dreams
India’s semiconductor dreams are facing a harsh reality.
EU, Japan to deepen chip cooperation, Breton says
The European Union (EU) will deepen cooperation with Japan on semiconductors, industry chief Thierry Breton said on Monday, as countries move to strengthen control over a technology vital for the defence, electronic and automotive sectors.
China's SAIC doubles down on European expansion with EV plant plan
China's SAIC Motor (600104.SS) is working on the site selection to build a plant in Europe to produce electric vehicles, the company said on Tuesday, as it presses ahead with it expansion in the region.
Oil settles lower as economic jitters outweigh supply cuts
Oil prices settled down 1% on Monday as worries about a slowing global economy and possible U.S. interest-rate hikes outweighed supply cuts announced for August by top exporters Saudi Arabia and Russia.
Column: Europe adds aluminium to its critical raw materials list
European Union (EU) countries have added aluminium to the list of minerals and metals covered by the Critical Raw Materials Act (CRMA).
How is extreme weather testing China's climate resilience?
Dramatic swings between extreme heat and intense rainfall are testing China's ability to cope with increasingly wild weather, as high temperatures challenge power grids and water security while floods ruin crops and threaten urban populations.
Column: Crop Watch: Conditions jump after widespread rains
Critical rainfall came at the end of last week for many Crop Watch fields in the heart of the Corn Belt, notably upping crop conditions, though a couple of locations remain light on moisture.
Focus: South African food producers warn of higher prices as infrastructure crumbles
South African food producers, among the biggest on the continent, are spending hundreds of millions of rand mitigating prolonged rolling power blackouts, water supply issues and crumbling infrastructure.
Nike's gloomy forecast puts spotlight on North 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.
Canada port strike may add to inflation concerns ahead of rate decision
The Canadian dock workers strike is another factor for the Bank of Canada (BoC) to consider ahead of its policy announcement next week because the longer it drags on, the greater the risk of supply-chain disruptions that fuel inflation, economists said.
Amazon's iRobot deal in EU antitrust crosshairs
Amazon's (AMZN.O) $1.7 billion acquisition of robot vacuum cleaner maker iRobot (IRBT.O) may reduce competition and strengthen Amazon's position as online marketplace provider, EU antitrust regulators warned on Thursday.
Rain raises Rhine river water in Germany, north still too shallow
Water levels on the river Rhine in Germany have risen after rain but are still too low in northern and central areas for cargo vessels to sail fully loaded, commodity traders said on Monday.
Explainer: Why U.S. labor unions are gaining leverage in contract talks with big employers
U.S. union workers are finding more solid footing during contract negotiations with employers as a tight labor market allows employees to flex more bargaining power.
Blaze aboard ship docked at New Jersey port kills two firefighters
Two New Jersey firefighters were killed and five injured while battling an intense blaze overnight on a cargo ship packed with hundreds of vehicles docked at Port Newark, officials said on Thursday.
UN chief urges net zero emissions agreement for shipping by 2050
United Nations Secretary-General Antonio Guterres on Monday called for agreement to reach net zero greenhouse gas emissions by 2050 at crunch shipping talks in London this week and urged decarbonisation efforts to move faster.
Fashion industry driving demand for green shipping, Maersk says
Fashion brands are a key driver of demand for green shipping fuels, according to shipping group Maersk (MAERSKb.CO), as the sector faces pressure from consumers and regulators to reduce their climate footprint.
Brazil's Lula says Mercosur looking for 'win-win' trade deal with EU
Brazilian President Luiz Inacio Lula da Silva said on Tuesday that the Mercosur bloc of Brazil, Argentina, Paraguay and Uruguay wants its trade agreement with the European Union to be a "win-win" situation.
Startup e-commerce platform Temu expands to Japan
Ultra low-cost e-commerce platform Temu, owned by PDD Holdings (PDD.O), has started selling to Japan, marking its first foray into the Asian market.
Amazon rolls out first European Rivian vans in Germany
E-commerce giant Amazon (AMZN.O) will deploy its first European vans from U.S. electric vehicle (EV) maker Rivian (RIVN.O) in Germany over the coming weeks as part of long-term plans to electrify its transportation network, it said on Tuesday.
China extends squeezed-out foreign pharmaceuticals firms an olive branch
China's Commerce Minister told foreign pharmaceuticals firms they can expect "more development opportunities" during a roundtable on Wednesday, his ministry said, as drugmakers bemoan government procurement policies pricing them out of the market.
Brazil offers tax advantages via e-commerce compliance program
Brazil's Finance Ministry will exempt companies participating in a new tax compliance program from paying federal taxes on e-commerce purchases up to $50, it announced on Friday.