The need to know
The need to know for the week ending 1st September 2023
The need to know from Reuters’ global network of journalists
The U.S. trucking industry may begin to see an uptick in freight demand in the back half of the year after grappling with another quarter of lower profits due to a slump in package volumes, company executives and analysts said.
"We wouldn't even consider buying a robot right now," said Nancy Kleitsch, chief financial officer of ICON Injection Molding, a maker of plastic components in Phoenix.
Volkswagen's (VOWG_p.DE) Autoeuropa factory in Portugal will suspend production between Sept. 11 and Nov. 12 due to a shortage of auto parts from a Slovenian supplier affected by recent floods in the country, the workers' commission said on Thursday.
Roughly 27% of tests performed on shoes and garments collected by U.S. Customs and Border Protection in May showed links to cotton from China’s Xinjiang region, which has been banned because of concerns over forced labor, according to documents obtained by Reuters under the Freedom of Information Act.
U.S. trade has shifted away from China due to policies enacted by the Biden and Trump administrations, but U.S. reliance on China-linked supply chains has not necessarily been reduced and consumers have faced higher costs, according to new research presented on Saturday at a Federal Reserve economic symposium.
FedEx Corp (FDX.N) said on Tuesday it would increase shipping rates and customs clearance service fees on imports from Jan. 1, 2024 as the parcel delivery company aims to boost its profitability.
The British government will delay imposing full post-Brexit import controls on goods from the European Union by a further three months, it said on Tuesday, pushing the start date back to January 2024.
The United Auto Workers (UAW) union on Friday said members voted overwhelmingly in favor of authorizing a strike at the Detroit Three automakers if agreement is not reached before the current four-year contract expires on Sept. 14.
Hyundai Motor's (005380.KS) unionised workers have won permission to go on strike, the union said on Monday, raising the probability of the company's first wage-related industrial action in five years.
U.S. Commerce Secretary Gina Raimondo said U.S. companies have complained to her that China has become "uninvestible," pointing to fines, raids and other actions that have made it risky to do business in the world's second-largest economy.
Record levels of government debt, geopolitical tensions that threaten to split the global trading system, and the likely persistence of weak productivity gains may saddle the world with a slow-growth future that stunts development in some countries even before it starts.
Russia, one of the world's biggest oil producers, has faced shortages of fuel crucial for gathering the harvest in some parts of its southern breadbasket and the situation may get worse in coming months, market sources told Reuters.
A chronic shortage of engineers in Vietnam is emerging as a major challenge to the growth of its semiconductor industry and to U.S. plans of fast-tracking the Southeast Asian nation as a chips hub to hedge against China-related supply risks.
Republican attorneys general from 16 U.S. states asked the Securities and Exchange Commission to audit China-founded fast-fashion retailer Shein's supply chain for the use of forced labor ahead of its potential initial public offering.
At least 30 commercial ships dropped anchor on Wednesday around Gabon's waters after military officers said they had seized power in the Central African country, according to data and maritime sources.
has allowed traders to ship out their non-basmati white rice cargoes sitting at ports due to a sudden ban on exports of the category, a government order said late on Tuesday.
PDD Holdings (PDD.O) beat second-quarter revenue estimates on Tuesday, as its discount e-commerce platform Pinduoduo attracted price-conscious customers in China and its international shopping site, Temu, continued its rapid growth.
Across India's malls and high streets, the mood at fashion shops is sombre - foot traffic is down, sales are low and many brands are embarking on steeper-than-usual discounts for longer-than-usual periods of time.
The U.S. expanded the restriction of exports of sophisticated Nvidia (NVDA.O) and Advanced Micro Devices (AMD.O) artificial-intelligence chips beyond China to other regions including some countries in the Middle East.
In Western countries we’re buying more clothes than ever and keeping them for less time. It has become a major problem and the numbers are scary.
German unemployment rose more than expected in August, showing the first cracks in what had been until now a very resilient labour market.
South Korea's exports likely fell in August for an 11th consecutive month, a Reuters survey showed on Wednesday, as economic recovery in top export market China continues to stutter.
China's manufacturing activity turned in another soft performance in August, contracting for a fifth straight month, and adding to the view that the world's second-largest economy is struggling to reignite growth.
Oil futures climbed about 1% to a one-week high on Friday as U.S. diesel prices soared, the number of oil rigs dropped and a fire broke out at a refinery in Louisiana.
Japan's factory output fell more than expected in July, signalling a rocky start to the second half of the year for manufacturers as worries mount over growth in China and the global economy.
Hyundai Motor Group (005380.KS) and LG Energy Solution (373220.KS) will boost their joint investment in a Georgia battery manufacturing plant by $2 billion and add 400 additional jobs, the companies and the state said Thursday.
The administration of U.S. President Joe Biden on Wednesday moved to extend mandatory overtime pay to 3.6 million salaried workers, going even further than an Obama-era rule that was struck down in court.
France's finance minister said he had struck a deal with food retailers and suppliers to step up the fight against inflation, but singled out Unilever (ULVR.L), Nestle (NESN.S) and PepsiCo (PEP.O) as being among companies which he said were not "cooperating" with the agreement.
Chinese startup Inceptio expects the number of trucks in China using its driver-assist technology will quadruple by mid-2024 from around 600 currently, and also plans to begin sales overseas next year.
U.S. dockworkers ratified a six-year contract that improved pay and benefits for 22,000 employees at 29 ports stretching from California to Washington State, the International Longshore and Warehouse Union (ILWU) said on Thursday.
Ukrainian farmers are not expected to reduce the area of winter wheat they sow for the 2024 harvest despite higher logistics costs due to the wartime export crisis, a senior farming official told Reuters on Tuesday.
Dubai-owned ports giant DP World [RIC:RIC:DPWRD.UL] will invest around $510 million to build a new container terminal at the Kandla port in the Indian state of Gujarat, its group chairman said on Friday.
European new car registrations jumped 15.2% in July, the 12th consecutive month of growth as the auto industry recovers from pandemic-related supply chain issues, data from the European Automobile Manufacturers Association (ACEA) showed on Wednesday.
Nickel smelters in top producer Indonesia are making rare purchases of ore from the Philippines to ease tight supplies, people familiar with the matter said, upending trade flows of the raw material and pushing up costs across the supply chain.
Toyota Motor (7203.T) will restart operations at its assembly plants in Japan on Wednesday, after a production system malfunction brought domestic output to a halt at the world's biggest-selling automaker.
Toyota Motor (7203.T) was ramping back production at its Japan-based factories on Wednesday after a computer system processing orders for vehicle parts broke down on Tuesday, forcing the closure of 14 assembly plants.
Chinese automaker BYD (002594.SZ) said on Monday its electronics unit has struck a deal with U.S.-based manufacturer Jabil Inc (JBL.N) to buy its mobile electronics manufacturing business in China for 15.8 billion yuan ($2.2 billion).
Redwood Materials said on Tuesday it had raised more than $1 billion in new funding as the battery materials firm, founded by former Tesla (TSLA.O) executive JB Straubel, seeks to expand its operations in the United States.
Intel (INTC.O) will invest $1.2 billion in Costa Rica over the next two years, the company said in a press release on Wednesday.
Norfolk Southern (NSC.N) said it has restored all rail systems after the U.S. railroad operator experienced a hardware-related outage that affected its operations earlier on Monday.