The need to know
The need to know for the week ending 14th July 2023
The need to know from Reuters’ global network of journalists
UPS strike could be costliest in US in a century, study says
A threatened U.S. strike at United Parcel Service (UPS.N) could be "one of the costliest in at least a century," topping $7 billion for a 10-day work stoppage, a think tank specializing in the economic impact of labor actions said on Thursday.
US producer prices barely rise in June; core PPI subsides
U.S. producer prices barely rose in June and the annual increase in producer inflation was the smallest in nearly three years, more evidence that the economy had entered a disinflation phase.
China's exports fall most in three years as global economy falters
China's exports fell last month at their fastest pace since the onset three years ago of the COVID-19 pandemic, as an ailing global economy puts mounting pressure on Chinese policymakers for fresh stimulus measures.
Like most American consumers, chances are your online purchases have increased since the pandemic. If you bought fast fashion or other lower value items made abroad, you may have wondered how is it possible that these goods are so cheap during times of tariffs and inflation?
Rare earths prices sink to lowest since 2020 as China ramps up supply
Prices for rare earths sank to their lowest since late 2020 this week as soft demand from green energy companies and the automotive sector combined with rising supply from top producer China, analysts said on Thursday.
EU Commission plans to make freight transport greener in new measures
The European Commission plans to cut red tape and crack down on greenwashing in the transport of freight in new measures aimed at lowering emissions in a sector which accounts for 30% of the European Union's carbon dioxide emissions.
Strike at Canada's Pacific ports ends with tentative, four-year deal
Dock workers at ports along Canada's Pacific coast and their employers accepted a tentative wage deal on Thursday, ending a 13-day strike that disrupted trade at the country's busiest ports and risked worsening inflation.
Focus: The manufacturing backlash: No factory in my backyard
Fred Chapman has a message for Ford Motor Co (F.N), which is planning to build a sprawling factory on the outskirts of this town to make batteries for electric cars and which promises to employ 2,500 people.
Members of Turkey's International Investors Association (YASED) are planning $7.1 billion of direct investment in Turkey in the next six months, Chairman Engin Aksoy said on Wednesday.
Thailand's investment pledges jump 70% in H1, China tops FDI
Thailand's investment applications between January and June jumped 70% from a year earlier, driven by foreign investors' projects in the electronics, food, and auto sectors, the government said on Monday.
Italy's luxury groups set aside rivalries to keep it local
Italy's luxury fashion groups, which for decades jealously guarded their independence, have started teaming up to protect their supply chains and the Italian roots of smaller companies, showing a new spirit of collaboration.
Foxconn dumps $19.5 billion Vedanta chip plan in blow to India
Taiwan's Foxconn has withdrawn from a $19.5 billion semiconductor joint venture with Indian metals-to-oil conglomerate Vedanta, it said on Monday, in a setback to Prime Minister Narendra Modi's chipmaking plans for India.
US EV market struggles with price cuts and rising inventories
The U.S. electric vehicle market is growing, but not fast enough during the latest quarter to prevent unsold EVs from stacking up at some automakers' dealerships or to allow Tesla to avoid new price cuts, according to analysts and industry data.
Italian government, Stellantis aim to boost production in Italy to 1 million vehicles
Fiat parent Stellantis (STLAM.MI) and the Italian government agreed on Monday to aim to increase annual automotive production in Italy to one million units, reversing a downward trend seen in recent years.
Siemens to spend 1 billion euros in Germany as Berlin warns about China
Siemens (SIEGn.DE) will spend 1 billion euros ($1.12 billion)on new factories and facilities in Germany, the engineering company said on Thursday, as Berlin published a strategy paper highlighting the economic and security risks of investing in China.
Chip wars: How ‘chiplets’ are emerging as a core part of China’s tech strategy
The sale of struggling Silicon Valley startup zGlue’s patents in 2021 was unremarkable except for one detail: The technology it owned, designed to cut the time and cost for making chips, showed up 13 months later in the patent portfolio of Chipuller, a startup in China’s southern tech hub Shenzhen.
EU and Belgium invest $1.6 billion in chip technology firm Imec
The European Union and Belgium's regional Flemish government will together invest 1.5 billion euros ($1.6 billion) in Belgian chip technology firm Imec, the Flemish government said on Friday.
Exclusive-BYD proposes $1 billion India plan to build EVs, batteries - sources
China’s BYD Co has submitted a $1 billion investment proposal to build electric cars and batteries in India in partnership with a local company, three people with direct knowledge of the plan told Reuters.
Tesla looking to make about half million EVs annually in India, Times of India reports
Tesla (TSLA.O) is discussing an investment proposal with the Indian government to set up a factory with an annual capacity to produce about half a million electric vehicles, the Times of India reported on Thursday, citing government sources.
Kia to invest $200 million in US plant, build EV9 SUV in 2024
Kia (000270.KS) said on Wednesday it will invest more than $200 million in its assembly plant in the U.S. state of Georgia to begin production of its electric EV9 SUV next year.
European firms look for footing in China-U.S. spat, French execs say
European firms are concerned they could get caught in the cross-fire of rising economic rivalry between the United States and China, with some officials at a French business conference also frustrated at Europe's slowness in crafting a response.
Japan to give Sumco $530 million to boost wafer capacity, Nikkei reports
Japan will give Sumco Corp (3436.T), a major maker of silicon wafers, a subsidy of up to 75 billion yen ($530 million) to fund additional capacity as part of efforts to bolster the country's semiconductor industry, the Nikkei newspaper reported on Tuesday.
Chinese electric vehicle investment plans in Thailand
Chinese electric vehicle manufacturers are pouring into Thailand, having committed to invest $1.44 billion in production facilities in Southeast Asia's biggest automaking hub that has long been dominated by Japanese companies.
India's industrial output rose 5.2% in May
India's industrial output (INIP=ECI) rose 5.2% year-on-year in May, data from the Ministry of Statistics showed on Wednesday.
Amazon Prime Day sales rise as deep discounts tempt inflation-hit shoppers
Amazon.com's (AMZN.O) Prime Day two-day shopping event saw U.S. online sales rise nearly 6% to $6.4 billion from a year ago on its first day, as heavy discounts lured bargain-hunting customers who splurged on appliances and toys, Adobe Analytics data on Wednesday showed.
Ukrainian Railways creates new freight operator for Europe
State-owned Ukrainian Railways has set up a new freight operator to operate in Europe to improve trade and logistical connections, Ukrainian Deputy Prime Minister Oleksandr Kubrakov said on Thursday.
Rain to raise Rhine river levels in Germany; north still too shallow
Water levels on the river Rhine in Germany are rising after heavy rain in southern regions but are still too shallow in northern and central areas for cargo vessels to sail fully loaded, commodity traders said on Wednesday.
Shopify to launch AI assistant for merchants
Canadian ecommerce firm Shopify said on Wednesday it would soon launch an artificial intelligence assistant for merchants on its platform, the latest technology company to roll out such a feature.
India's Swiggy acquires LYNK Logistics, to enter retail distribution segment
India's Swiggy on Thursday said it will acquire LYNK Logistics, a retail distribution company in the fast-moving consumer goods (FMCG) space, marking the food-delivery company's entry into the retail business-to-business (B2B) segment.
Zara founder Ortega buys US warehouse for $109 million
Amancio Ortega, the founder of Zara-owner Inditex, has bought a warehouse in Los Angeles for $109 million as part of a continued drive to invest in logistics real estate in the U.S., his investment firm Pontegadea said on Wednesday.
Amazon workers at UK warehouse to strike during Prime Day event
Nearly 900 Amazon (AMZN.O) workers at a warehouse in Britain will stage a strike for three days in the coming week over a pay dispute, labour union GMB said on Saturday.
German logistics firm sennder renews $2.5 billion joint venture with Poste Italiane
German digital freight forwarder sennder is renewing its joint venture (JV) with Poste Italiane (PST.MI) with the aim of generating 2.3 billion euros ($2.5 billion) in revenue over the next 10 years, sennder CEO David Nothacker said on Wednesday.
Toyota targets Europe, China in hydrogen sales pivot
Toyota Motor (7203.T) will focus on selling hydrogen-powered trucks and cars in Europe and China, as part of a push to sell 200,000 of these vehicles by 2030, executives said on Tuesday.
Brands put brakes on bioplastics over biodiversity and recyclability concerns
Consumer concerns about plastic pollution have led many brands to look at bio-based alternatives.
Chemicals of concern: Overhaul urgently needed to fix 'failed' plastic recycling systems
Recycling is promoted as a solution to the plastics crisis engulfing humanity, but despite all the pledges to use more recycled material, it still only makes up a tiny fraction of the feedstock for plastics manufacture, and just 9% of plastics are ultimately recycled.
Analysis: Decades of US corn export dominance fade as Brazil seizes top supplier crown
U.S. corn export dominance is fading in an increasingly competitive global marketplace as Brazil, aided by a new supply agreement with China, is set to out-ship the U.S. for just the second time ever this season.
Business leaders left in limbo by rate hike impact lag
An unusually long lag in the time interest rate hikes are taking to feed through to the economy has left corporate leaders guessing whether to prepare for a hard or soft landing.
Column: Global tin stocks at two-year highs after LME squeeze
The amount of tin sitting in London Metal Exchange (LME) warehouses has more than doubled in the space of a month.
Global PC shipments decline eases in Q2, Apple outperforms on MacBook Air demand, research firm says
The decline in global personal computer shipments slowed in the second quarter, with Apple outperforming the market with a 51% jump thanks to strong demand for its recently launched 15-inch MacBook Air, data from research firm Canalys showed.
Canada probes Nike, Dynasty Gold over alleged use of forced labor in China
Canada's corporate ethics watchdog launched separate investigations into Nike Canada (NKE.N) and Dynasty Gold (DYG.V) to probe allegations that they used or benefited from forced Uyghur labor in their supply chains and operations in China.
US lawmakers question Techtronic's Milwaukee Tool on alleged links to forced labor
A bipartisan group of U.S. lawmakers asked the Milwaukee Tool unit of Hong Kong-based Techtronic Industries to examine whether its products had links to forced labor, citing a recent media report that some were made by Chinese prisoners.
Daimler Truck sees revenue growing as it focuses on autonomous vehicles
Daimler Truck (DTGGe.DE) expects revenues to grow as much as 60% between 2025 and 2030, top management of the truck and bus maker told investors on Tuesday.
Bosch ups investment in hydrogen, begins fuel-cell power module production
German auto supplier Bosch will invest almost 2.5 billion euros ($2.8 billion) in hydrogen fuel cell technology from 2021 to 2026 and expects to generate roughly 5 billion in sales from it by 2030, the company said on Thursday.
Chip wars: How ‘chiplets’ are emerging as a core part of China’s tech strategy
The sale of struggling Silicon Valley startup zGlue’s patents in 2021 was unremarkable except for one detail: The technology it owned, designed to cut the time and cost for making chips, showed up 13 months later in the patent portfolio of Chipuller, a startup in China’s southern tech hub Shenzhen.