The need to know
The need to know for the week ending 24th November 2023
The need to know from Reuters’ global network of journalists
Houthis seize ship in Red Sea with link to Israeli company
Israel said on Sunday that Yemen's Houthis had seized a British-owned and Japanese-operated cargo ship in the southern Red Sea, describing the incident as an "Iranian act of terrorism" with consequences for international maritime security.
Two ships divert course away from Red Sea area after vessel seized by Houthis
Two commercial ships that diverted their course in the Red Sea and Gulf of Aden were connected to the same maritime group whose vessel was seized by Yemen's Houthis, according to shipping data and British maritime security company Ambrey.
Seized Galaxy Leader ship in Yemen's Hodeidah port area -owner
The Galaxy Leader commercial ship was "illegally boarded by military personnel via a helicopter" on Nov. 19 and is now in the Hodeidah port area in Yemen, the vessel’s owner said on Monday.
Branding’s corporate titans face moment of truth
Consumer goods titans have a branding problem. The likes of $296 billion Nestlé (NESN.S), $41 billion Kraft Heinz (KHC.O), $118 billion Unilever (ULVR.L) and $42 billion Danone (DANO.PA) are seeing sales volumes decline for the first time this century.
'Dupes' clothing, perfume craze lures holiday shoppers as major brands fret
Lauren Maginness is a fan of Lululemon (LULU.O). But the 31-year-old product marketer in New York City is increasingly supplementing her activewear with less-pricey brand duplicates she picks up through e-commerce site Amazon.com (AMZN.O).
Britain's Black Friday shoppers go second-hand in hunt for value
As Black Friday kicks off the holiday shopping season, retailers and manufacturers anticipate a growing number of British consumers will be hunting for refurbished and pre-owned bargains to save cash and shop more sustainably.
In market share battle, FedEx and UPS target retail returns
As FedEx (FDX.N) and United Parcel Service (UPS.N) battle for market share in a delivery demand downturn, they are expanding returns services aimed at helping retailers slash the cost of sending back shoes, apparel and other goods.
Temu, Shein far lag Amazon as online holiday shopping ramps up
Upstart online retailers Temu.com and Shein are drawing millions of window-shoppers to their websites this holiday season, but they far lag market leader Amazon.com where it counts - turning those visits into actual sales.
Amazon's logistics workers in Spain plan Cyber Monday walk-outs
Spanish union CCOO on Monday called on 20,000 warehouse and delivery workers at Amazon's (AMZN.O) local unit to stage a one-hour strike on each shift on Nov. 27, a date known by retailers as 'Cyber Monday', and the same on the following day to demand better wages and working conditions.
German union Verdi calls for strikes at Amazon on Black Friday
German trade union Verdi has called on members to go on strike at five Amazon (AMZN.O) distribution centres across Germany on Black Friday, it said in a statement on Thursday.
German industrial projects in steel, chips, batteries at risk from court ruling -sources
German industrial projects in jeopardy after a court ruling wiped 60 billion euros from the federal budget include chip factories, decarbonised steel production, and expanding the battery supply chain, two government sources said on Monday.
German court ruling could cost Intel billions of euros in subsidies - state minister
The negative court ruling on German finances last week could cost Intel billions of euros in subsidies for planned chip-making plants in the state of Saxony-Anhalt, the state economy minister was quoted as saying by magazine WirtschaftsWoche.
Lilly to build $2.5 billion Germany plant as obesity drug demand soars
Eli Lilly (LLY.N) will build its first plant in Germany in the western town of Alzey for 2.3 billion euros ($2.5 billion), the U.S. drugmaker said on Friday, as the sector scrambles to meet soaring demand for new diabetes and obesity therapies.
Stellantis, CATL plan factory in Europe to make cheaper EV batteries
Stellantis (STLAM.MI) plans to build an electric vehicle (EV) battery plant with China's CATL (300750.SZ) in Europe, its fourth one in the region, as the European carmaker seeks to make cheaper batteries and more affordable EVs.
Chinese-Slovak venture signs deal for battery plant in Slovakia
China's Gotion High Tech (002074.SZ) and Slovak partner InoBat have signed a memorandum to build an electric vehicle (EV) battery plant in Slovakia, the Slovak Economy Ministry said on Thursday.
UK startup AEM raises $29 mln to scale up rare earth, copper free EV motors
UK startup Advanced Electric Machines (AEM) has raised 23 million pounds ($29 million) to scale up production of its electric vehicle motors that contain no rare earths or copper so are entirely recyclable.
Western lithium, graphite miners boost prices for ESG-friendly supply
Western lithium and graphite miners have started charging the electric vehicle (EV) supply chain higher prices for their material, meeting demand for environmentally-friendly and consistent supply that is not linked to China.
Less than 30% of Japanese firms plan China expansion - survey
The number of Japanese firms planning to expand in China has fallen to less than 30% for the first time, according to a survey published on Tuesday, with economic slowdown, increasing competition and geopolitical tension putting many off.
Malaysia, Vietnam electronics face closer US scrutiny over China forced labour
Electronics worth a year-high $74 million, such as solar panels and microchips mostly from Malaysia and Vietnam, were denied entry in the United States in September or were checked for components from forced labour in China, official data show.
Every country needs an Inflation Reduction Act
Lawmakers in South Korea blasted the U.S. Inflation Reduction Act as a betrayal.
Exclusive: US securities regulator signals it may curb climate rule ambitions
U.S. Securities and Exchange Commission (SEC) officials have told lobbyists and corporate executives in recent days that the agency's long-anticipated climate rules may scale back some of the most demanding greenhouse gas emissions disclosure requirements that it had proposed.
China's Nio, Changan Auto to jointly develop battery-swapping EVs
Nio (9866.HK) said on Tuesday it would partner with Changan Automobile (000625.SZ) to develop battery-swapping electric vehicles, in an attempt by the loss-making Chinese EV maker to ease costs.
China plans pilot projects to boost use of biodiesel
China will launch a series of pilot projects to spur domestic production and consumption of biodiesel, the National Energy Administration (NEA) has said, beefing up environmental efforts in an area where the country lags other big economies.
Hybrid vehicle sales surge in China, posing fresh threat to foreign automakers
As EV makers in China wage an intense price war to prop up slowing demand, Chinese brands with strong hybrid lineups are emerging as winners, attracting consumers with vehicles with long range that can cost less than gasoline cars.
Indonesia's American EV dreams shunted into the slow lane
Indonesian President Joko Widodo has made no secret of his ambition to leverage the country's vast nickel resources to become an Asian hub for manufacturing electric vehicles (EV).
EU to ban sale of tankers to Russia to curb shadow fleet growth
The European Commission is proposing to ban the sale of tankers for crude oil and petroleum products to Russia to prevent Moscow bypassing western sanctions on Russian oil with a shadow fleet of ships, a proposal by the Commission showed.
GS Caltex sells its first bio-marine gasoil bunker in Singapore
GS Caltex Singapore Pte Ltd said on Monday it has sold its first cargo of biofuel-blended marine gasoil to Maersk Oil Trading (MOT) at the world's largest bunker hub Singapore as it seeks to expand into lower carbon fuels.
Nissan invests $1.4 bln to build two new EV models in Britain
Nissan (7201.T) said on Friday it would pump 1.12 billion pounds ($1.4 billion) into its British plant to build electric versions of two models, offering a boost to the country's auto industry and a prime minister desperate to attract foreign investment.
Panama port blockade keeps supplies from First Quantum mine, company says
A ship with supplies for Canadian miner First Quantum's unit in Panama was unable to dock as local boats blocked off access to the key port, the company said in a statement to Reuters on Friday.
Tesla union pressure increases in Sweden as dockworkers escalate strike
Dockworkers in Sweden pledged on Friday to refuse to offload Tesla (TSLA.O) cars at any of the country's ports as they expanded their industrial action in sympathy with Tesla workers' demands for collective bargaining agreements.
Automakers with non-union workforce race to bump pay after UAW's record deals
Car companies with production facilities in the United States are bumping up pay for their non-union workers after the United Auto Workers (UAW) secured record wage hikes and benefits for union workers at the Detroit Three automakers.
US lawmakers raise concerns over Chinese self-driving testing data collection
A bipartisan group of U.S. lawmakers raised alarm about Chinese companies collecting and handling sensitive data while testing autonomous vehicles in the United States, according to letters seen by Reuters on Thursday.
RSPO to launch new palm oil tracing system in 2024
The Roundtable on Sustainable Palm Oil (RSPO) said on Tuesday it is developing a new system to trace the origin and environmental credentials of the commodity in response to demands by global buyers for proof of sustainability beyond certification.
Ukraine's farmers pin hopes on export corridor as war cost mounts
Ukraine's efforts to revive sea exports in defiance of Russia's military blockade have given a glimmer of hope to a teetering farm sector in which loss-making producers are abandoning some land in one of the world's biggest grain belts.
Hungary gets Ukrainian truck queues as protests clog Polish, Slovak crossings
Hungary's main border crossing with Ukraine saw long queues on Wednesday, the customs authority said, with haulers re-routing from crossings in Poland and Slovakia amid blockades there as truckers seek restrictions on Ukrainian drivers.
Euro zone business activity fell again in November
The downturn in euro zone business activity eased in November but remained broadbased, suggesting the bloc's economy will contract again this quarter as consumers continue to rein in spending, a survey showed.
Maersk enters deal for half a million tonnes of green methanol annually
COPENHAGEN, Nov 22 (Reuters) - Maersk (MAERSKb.CO) on Wednesday announced it had entered into the shipping industry's first large-scale agreement for green methanol from China's Goldwind (002202.SZ), and said production of green methanol was high on the political agenda in China.
BHP train drivers to start 'restrained' industrial action on Friday
Around 400 train drivers for BHP's (BHP.AX) Western Australian iron ore division will begin industrial action late this week after rejecting an offer that they said fell short on working schedules, a union representative told Reuters on Monday.
Turkish ship with 12 crew missing in Black Sea
A Turkish cargo ship with 12 crew members on board went missing off the country's Black Sea coast amid a storm on Sunday and authorities have been unable to make contact with them since, local authorities said.
Supply problems set to hit Volkswagen's Skoda unit - Handelsblatt
Volkswagen's Skoda unit expects some delays in the production of its Enyaq electric models during November and December due to supply bottlenecks, German business daily Handelsblatt reported on Friday.