The need to know

The need to know for the week ending 9th November 2023

The need to know from Reuters’ global network of journalists

Hapag-Lloyd posts 77% drop in 9-month net profit, cuts outlook

German container shipper Hapag-Lloyd on Thursday posted a net profit of 3.2 billion euros ($3.43 billion) for the first nine months of 2023, down by 77% from a year earlier, and cut its forecasts for full-year earnings.

Maersk's woes signal slow-motion industry crash

Shipping giant A.P. Moller-Maersk (MAERSKb.CO) is battling choppier seas.

Workers are missing cog in US manufacturing gears

There’s a spanner in the freshly restarted U.S. manufacturing machine.

New US jobless claims edge down; continued claims on the rise

The number of Americans filing new claims for unemployment benefits edged down last week, signaling that layoffs remain low even as the still-strong job market shows some signs of cooling.

Japan's wages, consumer spending extend declines in test for BOJ policy

Japan's real wages slipped in September for an 18th month, while consumer spending extended a months-long decline, with rising prices squeezing households' purchasing power, and likely to add to pressure from labour groups for higher wage increases.

Easing supply chains fail to lift German engineering outlook - VDMA

The VDMA association still expects a production decline of 2% in real terms for German engineering companies in 2024, despite some improvement in supply chain problems, it said on Tuesday.

U.S. manufacturers stumble in setback for diesel demand: Kemp

U.S. manufacturers reported an unexpectedly widespread fall in business activity in October, postponing the sector’s exit from the prolonged downturn that began in late 2022.

China's imports unexpectedly grow

China's imports unexpectedly grew in October while exports contracted at a quicker pace, in a mixed set of indicators that showed the world's second-largest economy facing persistent risks despite a recent improvement in domestic demand.

German exports fall more than expected in September

German exports fell more than expected on the month in September, federal statistics office data showed on Friday, as weak global demand hurt exports.

UAW says GM outlines EV investment plans, will raise wages for US workers

The United Auto Workers union said its tentative contract deal with General Motors (GM.N) includes plans for investments around electric vehicles and will raise wages for thousands of U.S. hourly workers at units with lower wage tiers than at vehicle assembly operations.

How the UAW's drive to 'end tiers' will change GM

The United Auto Workers union's tentative contract deal with General Motors contains significant steps toward one of UAW President Shawn Fain's top goals: Ending wage "tiers" that divided UAW-GM workers into upper and lower pay classes.

Highlights of UAW's deals with Detroit Three automakers

Workers at Ford's (F.N) Chicago assembly plant have voted to ratify a proposed contract with the automaker, the United Auto Workers (UAW) union's local chapter said on Wednesday.

China promotes development of strategic rare earths sector

China, the world's largest supplier of rare earths, said it would coordinate the exploration, development, utilization and standardized management in the industry, the state broadcaster said on Friday, highlighting the importance Beijing attaches to the strategic mineral resource.

Western miners target China’s rare earth metals grip with premium prices

A handful of Canadian, German and Australian critical mineral explorers plan to command premium prices for key metals used in electric vehicles, promising quality and consistency in exchange for shifting reliance away from China, the dominant producer and price-setter.

Eyeing China, Biden and Latam leaders tighten economic bonds

U.S. President Joe Biden and leaders from Canada, Latin America and the Caribbean on Friday pledged to strengthen the Western Hemisphere's supply chains as Washington works to counter China and stem regional migration.

Insight: US solar panel manufacturing boom threatened by cheap imports

U.S. companies have announced plans to build dozens of solar panel factories across the country since last year when President Joe Biden’s signature climate law unleashed billions of dollars of subsidies, raising hopes a clean energy boom can provide tens of thousands of good paying jobs.

China will dominate solar supply chain for years -Wood Mackenzie

China will have more than 80% of the world's solar manufacturing capacity through 2026 and will be capable of satisfying annual global demand for much of the next decade, according to a report published on Tuesday.

Pressure grows on US Treasury to salvage trucking giant Yellow

Congressional pressure is growing on the U.S. Treasury to help salvage trucking giant Yellow from bankruptcy, from Republicans and Democrats alike, letters viewed by Reuters show.

Multinationals plan moves to minimise China risk, ECB survey shows

More than 40% of multinational firms surveyed by the European Central Bank expect to move production to politically friendlier countries in the coming years, with risk related to China cited as the main concern, a paper showed on Monday.

Mexican businesses warmed by glow of 'nearshoring' dawn

Mexican businesses, particularly those linked to real estate and construction, are counting on investment from so-called "nearshoring" to boost profits and economic growth, especially in industrial zones near the U.S. border.

Intel shelves planned chip operation expansion in Vietnam - source

Intel (INTC.O) has shelved a planned investment in Vietnam that could have nearly doubled the U.S. chipmaker's operation there, one person briefed on the plans said, in a blow to the country's growing ambitions in the chips industry.

Taiwan's land squeeze pits advanced chips against ancestral temples

Wearing rain ponchos and holding photos of their ancestral temples near Hsinchu, Taiwan's semiconductor capital, 40 residents braved lashing winds in early October to protest plans to take their rural land for cutting-edge chip production.

Siemens, Ericsson warn EU cybersecurity rules may disrupt supply chains

Electronics makers Siemens (SIEGn.DE), Ericsson (ERICb.ST) and Schneider Electric (SCHN.PA), along with industry group DigitalEurope warned on Monday that onerous proposed EU rules targeting cybersecurity risks of smart devices could disrupt supply chains on a scale similar to during the pandemic.

Race to finish Indo-Pacific trade deals hit snags ahead of APEC summit

The United States is aiming to show that its key Asian economic initiative is making progress as Pacific Rim leaders gather in San Francisco next week, but significant holes remain on trade-related chapters, according to people familiar with the talks.

Malaysia launches system to ease transactional data management along palm oil supply chain

Malaysia, the world’s second-largest producer of palm oil, on Wednesday launched a system to facilitate management of transactional data along the supply chain of the commodity.

Daimler Truck expects to feel inflationary heat in 2024

Daimler Truck said on Tuesday it expects a slight decline in the heavy duty truck market in North America and Europe next year, with inflationary pressures continuing to have an impact.

Europe's record gas stocks start to pressure prices

Europe's record gas inventories continue to climb even higher as a warm start to autumn delays the onset of heating demand while high prices discourage industrial use and encourage continued imports.

EU asks Alibaba's AliExpress for details on measures against illegal products

The European Commission on Monday ordered Alibaba's (9988.HK) AliExpress to provide information on how it tackles illegal products, such as counterfeit goods, sold on its platform by Nov. 27 or face an investigation that could result in fines.

Amazon punished its own sellers to limit Walmart's reach, FTC says Inc (AMZN.O) punished its own sellers to limit Walmart's reach as Walmart got into e-commerce, according to the Federal Trade Commission (FTC).

Russian mine fire turns up the heat on zinc supply

The fire at the Ozerny mine in Russia has been extinguished but it has heated up the zinc market.

UK online fashion retailer Boohoo defends supplier treatment after BBC probe

British online fashion retailer Boohoo (BOOH.L) defended its treatment of suppliers on Monday after the BBC said it had seen evidence of staff pressuring suppliers to drive prices down, even after deals had been agreed.

Inter IKEA says prices coming down as profits more than double

Inter IKEA's annual profit more than doubled as cost pressures eased, the owner of the world's biggest furniture brand said on Friday, allowing it to cut prices and predict more reductions in the months ahead.

Japan's efforts to foster chip sector are 'impressive' - research org head

Japan’s efforts to regain its position as a leading manufacturer of chips are “impressive”, the head of a leading chip research organisation said on Thursday.

Polish truckers block Ukraine border crossings over loss of business

Polish truckers blocked roads to three border crossings with Ukraine on Monday, authorities said, to protest against what they see as government inaction over a loss of business to foreign competitors during Russia's war on Ukraine.

Ukraine, Poland discuss trucker border protests

Ukrainian Infrastructure Minister Oleksandr Kubrakov and his Polish counterpart have discussed Polish trucker protests at the Ukrainian border, his ministry in Kyiv said on Thursday, adding that it would not compromise on licenses for Ukrainian drivers.

Comment: Why investing in climate action and reporting are priorities for sustainable business

With sustainability increasingly climbing up corporate agendas, decision-makers are navigating two primary disruptions: the pressure to decarbonize their operations; and the regulatory need to report, according to Reuters Impact Global Sustainability Survey 2023.

Continental hikes car market forecast, warns on 2024 outlook

Germany's Continental (CONG.DE) expects a strong fourth quarter for its automotive business and higher growth in the global auto market this year than previously forecast, but said its outlook for next year is slightly more conservative.

Tesla raises wages 4% for German workers amid union pressure, WSJ reports

Tesla's (TSLA.O) management in Germany late last week informed 11,000 workers they will receive a 4% wage raise effective in November, The Wall Street Journal reported on Sunday, where unions have previously said they earn below the industry average.

Rivian raises production target amid broader EV demand fears

Rivian Automotive (RIVN.O) raised its production forecast for the full year by 2,000 vehicles to 54,000 units on the back of sustained demand for its trucks and SUVs on Tuesday, sending its shares up 4% in volatile after-hours trading.

Tesla to build 25,000-euro car in Germany - source

Tesla (TSLA.O) plans to build a 25,000-euro ($26,838) car at its factory near Berlin, a source with knowledge of the matter said on Monday, in a long-awaited development for the electric vehicle maker which is aiming for mass uptake of its cars.

GM, Stellantis invest in EV magnet startup in move to reduce China reliance

General Motors (GM.N) and Stellantis (STLAM.MI) said on Wednesday they will invest in startup Niron Magnetics, part of a plan to develop electric-vehicle magnets without rare earths as the automotive industry aims to curb its reliance on China.

Brazil says EU deforestation rules hamper Mercosur trade deal negotiation

Brazilian officials said on Wednesday new legislation enacted by the European Union to ban the import of goods linked to deforestation was complicating negotiations of a trade deal with South America's Mercosur bloc.

Russia's Putin talks wheat, fertiliser and logistics in Kazakhstan

Russian President Vladimir Putin called for the development of wheat and fertiliser cargo transport routes in Asia during a visit to Kazakhstan on Thursday, as Moscow seeks to forge new export routes due to Western sanctions.

China's COFCO, Modern Farming Group sign 'deforestation free' soybean deal

China's state-run food group COFCO International and Modern Farming Group, which makes milk products, have signed an agreement "to supply and accept soybeans" coming from sustainable areas of production in Brazil, the world's top supplier of the oilseed.

European "photonics" chip companies call for $4.5 bln in EU funding

Executives from a group of Europe's largest "photonic" computer chip companies have called on the European Union to support the growing industry with 4.25 billion euros ($4.54 billion) in funding to help it compete with rivals in Asia and the United States.

Fisker in talks with five carmakers for production capacity partnership

U.S. electric vehicle startup Fisker (FSR.N) is negotiating with five carmakers over a partnership to secure additional production capacity for its vehicles, its Chief Executive Henrik Fisker said on Thursday.

Exclusive: China makes largest US soy purchases in months -traders

China booked its largest single-day U.S. soybean purchases in at least three months on Tuesday, traders said, offering a glimmer of hope for the most valuable U.S. farm export after overseas sales of the 2023 harvest had fallen well behind the normal pace.

China EV maker BYD to build first Europe plant in Hungary, Frankfurter Allgemeine Sonntagszeitung reports

Chinese electric vehicle giant BYD (002594.SZ), plans to build its first European car factory in Hungary, a German newspaper reported on Saturday.

China's e-commerce platforms not doing enough on climate -Greenpeace

China's top e-commerce platforms have made insufficient effort to steer consumers onto a more sustainable path that would help protect the environment and combat climate change, environment group Greenpeace said on Thursday.

Belgium's Bpost posts Q3 beat, reinstates previously-withdrawn EBIT guidance

Belgium's Bpost (BPOST.BR) posted EBIT above consensus and reinstated its previously-withdrawn 2023 core profit forecast on Thursday, taking into account recent updates on compliance reviews for its services to the Belgian state.

Aurubis to invest about $700 million to build smelter in US

Europe's biggest copper smelter Aurubis (NAFG.DE) will invest around $700 million to build a smelter for complex recycling materials in North America, the company said on Wednesday.

Putin approves transfer of state-owned shares in shipping company to Rosatom

President Vladimir Putin signed on Wednesday a decree transferring to Russia's state nuclear power company Rosatom state-owned shares of the Far Eastern Shipping Company, parent company of transportation group Fesco (FESH.MM).

comments powered by Disqus