The need to know
The need to know for the week ending 8th December 2023
The need to know from Reuters’ global network of journalists
Saudi Arabia urges US restraint as Houthis attack ships in Red Sea
Saudi Arabia has asked the United States to show restraint in responding to attacks by Yemen's Houthis against ships in the Red Sea, two sources familiar with Saudi thinking said, as Riyadh seeks to contain spillover from the Hamas-Israel war.
War risk insurance rates edge up after surge in Red Sea ship attacks
War risk insurance premiums edged up for Red Sea voyages after three vessels were attacked in the area on Sunday and fears grow over worsening perils for commercial shipping, maritime and insurance sources said on Monday.
Maersk introduces surcharge on Israel shipments to cover insurance
Shipping group A.P. Moller-Maersk (MAERSKb.CO) said on Thursday it will introduce a risk surcharge next year on container shipments to Israel to cover rising insurance premiums due to the security situation.
US looks to shut China out of its battery supply chain
The Biden administration has unveiled plans to exclude Chinese entities from receiving any of the generous tax credits available for investing in the U.S. electric vehicle (EV) supply chain.
German firms diversify in Asia to reduce China risk - survey
Nearly half of German companies operating in China are taking measures to reduce the risk of doing business there largely due to growing geopolitical tensions, according to a new survey by the German Chamber of Commerce in China.
China's exports grow for first time in 6 months in relief for factories
China's exports grew for the first time in six months in November, suggesting factories in the world's second-largest economy are attracting buyers through discount pricing to get over a prolonged slump in demand.
US manufacturing mired in weakness, economy heading for slowdown
U.S. manufacturing remained subdued in November, with factory employment declining further as hiring slowed and layoffs increased, more evidence that the economy was losing momentum after robust growth last quarter.
China's factory prices slow further as manufacturing, commodities cool
China's April producer price inflation cooled more than expected in a sign manufacturing activity may be losing momentum along with other sectors of the economy as domestic demand remains muted and the government cracks down on financial risks.
German manufacturing downturn eased in November - PMI
The downturn in Germany's manufacturing sector, which accounts for about a fifth of the country's economy, eased in November, a survey showed on Friday.
Canadian factory downturn deepens as new orders hit 15-month low
Canada's manufacturing sector contracted for a seventh straight month in November as global industrial weakness weighed on output and new orders, and despite an increase in hiring, data showed on Friday.
China-Russia trade hits $218 bln in Jan-Nov, completing goal planned to reach in 2024
China-Russia trade hit $218.2 billion during January-November, Chinese customs data showed on Thursday, achieving the goal that had been set by the two countries in 2019 a year ahead of schedule.
Chinese e-commerce platform Temu drawing shoppers from US dollar stores
Temu, the fast-growing Chinese e-commerce platform selling $4 home decor and $10 shirts, is successfully taking on U.S. dollar stores including industry leader Dollar General (DG.N), according to the latest market share data.
Alibaba dips on MS downgrade as PDD grabs spot of most valuable Chinese e-commerce firm
U.S.-listed shares of Alibaba Group Holding declined on Friday following a Morgan Stanley downgrade on concerns over slower turnaround in its key businesses, hours after PDD raced past its rival to become the most valuable Chinese e-commerce firm.
Renault to slash production costs for cars, expand in Turkey
Renault (RENA.PA) said on Thursday it aims to cut the production costs of its cars by as much as 50% in the next four years including by increasing the use of digital and artificial intelligence technology.
South Africa throws troubled Transnet $2.5 bln lifeline
South Africa handed Transnet a 47 billion rand ($2.5 billion) lifeline on Friday, which it said would help the state-owned rail and ports firm meet its immediate debt obligations.
India to be world's third-largest economy by 2030 -S&P Global Ratings
India will remain the fastest-growing major economy for at least the next three years, setting it on course to become the world's third-largest economy by 2030, S&P Global Ratings said in a report.
US imposes fresh sanctions over shipment of Russian oil above price cap
The United States on Friday imposed additional sanctions related to the price cap on Russian oil, targeting three entities and three oil tankers as Washington seeks to close loopholes in the mechanism designed to punish Moscow for its war in Ukraine.
COP28 summit: Global dairy companies join alliance to cut methane
Six of the world's largest dairy companies will soon begin disclosing their methane emissions as part of a new global alliance launched at the United Nations climate summit in Dubai on Tuesday.
Exclusive: Boeing signals two-month delay to 737 production ramp-up, sources say
Boeing (BA.N) has signaled to suppliers that plans to ramp up production of its bestselling 737 narrowbody jetliner will move about two months more slowly than originally anticipated, according to two people with knowledge of the matter.
Safran warns against over-promising as aerospace supply remains tight
The head of French jet engine maker Safran (SAF.PA) said global supply chains are still struggling to shake off a series of external shocks and warned against setting unrealistic industrial targets as aviation tackles rising travel demand.
Amazon, fighting consumer lawsuit, says 'guaranteed' delivery has limits
Amazon.com (AMZN.O) has asked a U.S. judge to dismiss a proposed nationwide consumer class action accusing the e-commerce giant of failing to meet its stated "guaranteed" delivery for some purchases.
Maersk to invest more than $500 mln to boost South-East Asia supply chain
Danish shipping company Maersk (MAERSKb.CO) on Monday said it will invest more than $500 million to expand its supply chain infrastructure in South-East Asia.
Coffee trader Mercon runs out of credit, files for bankruptcy
Mercon Coffee Group, one of the world's largest coffee traders, has filed for bankruptcy protection in the U.S. due to what it defined as "exceptionally challenging operating environment," according to a document seen by Reuters.
Slovak truckers interrupt Ukraine border blockade, mull next steps
Slovak truckers interrupted a blockade of the country's sole freight border crossing with Ukraine on Monday night after four days, but remain on alert and will decide on further steps later on Tuesday, the chief of a hauliers' association said.
Ukraine December road food exports fall 30.6% amid Polish drivers' strike
Ukraine's shipments of food by road decreased 30.6% in the first four days of December amid difficulties on the Polish border caused by a drivers' strike, brokers said on Wednesday.
Suez Canal traffic uninterrupted after ship suffers fault - canal authority
A container ship collided with a floating bridge in the eastern lane of the Suez Canal on Wednesday but the passage of ships through the waterway was not interrupted, the Suez Canal Authority (SCA) said.
With soy and lithium trade in the balance, Argentina's Milei has a China conundrum
Argentina's President-elect Javier Milei has a China conundrum.
Zara expands second-hand platform to 14 European countries
Spanish fashion retailer Zara is expanding its service to sell, repair or donate second-hand clothes in several European countries from Dec. 12, the company said on Tuesday, as the market for used apparel grows.
Oil drops to 6-month low on weak economic outlook, high U.S. supply
Oil prices fell on Thursday to six-month lows, as investors worried about sluggish energy demand in the United States and China while output from the U.S. remains near record highs.
Fear of cheap Chinese EVs spurs automaker dash for affordable cars
The rise of inexpensive Chinese electric vehicles has upped the pressure on legacy automakers who have turned to suppliers, from battery materials makers to chipmakers, to squeeze out costs and develop affordable EVs quicker than previously planned.
US self-driving industry seeks federal support, cites China risk
The U.S. Transportation Department needs to support the development of autonomous vehicles, a coalition of groups representing the industry warned on Thursday, saying the nascent industry risks losing out to competitors like China.
EU proposes delay to EV trade rules with UK to avoid tariffs
The EU on Wednesday proposed a three-year delay to tightening rules that would have led to import tariffs being imposed from next year on many electric vehicles (EVs) traded with Britain.
GM hydrogen unit to supply fuel cells for Autocar's heavy vehicles
General Motors' (GM.N) and Autocar Industries have agreed to jointly develop hydrogen-powered heavy vehicles powered by the No.1 U.S. automaker's fuel cell unit Hydrotec, the two companies said on Thursday.
EV charging growth plans slowed by EU's power grid problems
Electric vehicle drivers hoping to top up their batteries at one of Repsol's (REP.MC) 1,600 Spanish charging stations might well be disappointed, with nearly half lying dormant because they have no power connection.
Renault to invest $379 mln to produce new hybrid engine SUV in Brazil
Renault's (RENA.PA) Brazilian unit will invest 350 million euros ($379.12 million) to produce a new hybrid engine C-SUV car for distribution in Latin America, the French carmaker said on Tuesday.
Exclusive: China EV maker Nio to spin off its battery production unit
Chinese electric vehicle maker Nio (9866.HK) plans to spin off its battery manufacturing unit, according to two people with knowledge of the matter, as part of the efforts by the company to turn profitable, reduce costs and improve efficiency.
US offshore wind warnings pile pressure on 2024 auctions
The fate of several U.S. offshore wind projects hangs in the balance after soaring costs prompted developers to cancel offtake contracts and write down billions of dollars.
US solar industry poised for slower growth next year after record-setting 2023 - report
The United States is expected to add a record 33 gigawatts (GW) of production capacity this year, up 55% compared with new capacity in 2022, but growth is expected to slow in 2024 amid economic challenges, a report published on Thursday showed.
Cathay Pacific chooses Airbus over Boeing for freighter order
Hong Kong's Cathay Pacific Airways (0293.HK) said on Friday it has placed a firm order to purchase six Airbus (AIR.PA) A350 freighters with a list price of $2.71 billion, as it replaces its ageing Boeing (BA.N) 747 cargo jets.
UPS fires about 35 newly organized US workers, Teamsters union says
The Teamsters union that represents U.S. workers at United Parcel Service (UPS.N) on Thursday said it would respond to the firing of about 35 newly organized workers at the delivery company by filing unfair labor practice charges and potentially striking.
To feed its own people, Brazil embarks on long road to turn its back on intensive agriculture
In the Brazilian Amazon, the forest holds an immense variety of ingredients for a nutritious meal, such as fish, fruits, nuts and vegetables.
Brightoil awaits restructuring plan as business shifts to shipping e-commerce
Brightoil Petroleum Holdings Ltd could receive a restructuring proposal from Chinese banks in the third quarter while it sells assets to pay off debt and shifts to becoming a shipping e-commerce platform, a company official said on Friday.