The need to know
The need to know for the week ending 29th December 2023
The need to know from Reuters’ global network of journalists
Red Sea shipping workarounds add costs, delays for suppliers, retailers
Toymaker Basic Fun's team that oversees ocean shipments of Tonka trucks and Care Bears for Walmart (WMT.N) and other retailers is racing to reroute cargo away from the Suez Canal following militant attacks on vessels in the Red Sea.
Ships rerouted by Red Sea crisis face overwhelmed African ports
Shipping companies sailing around the Cape of Good Hope to avoid Houthi attacks on the Red Sea face tough choices over where to refuel and restock, as African ports struggle with red tape, congestion and poor facilities, companies and analysts say.
Shipping firms impose extra fees as Red Sea attacks hit global trade
Some of the world's largest shipping firms, including Maersk (MAERSKb.CO) and CMA CGM, will impose extra charges after they re-routed ships in response to attacks on vessels in the Red Sea, as worries about disruption to global trade grow.
Hapag-Lloyd: will continue to divert vessels from the Suez Canal
Hapag-Lloyd (HLAG.DE) has decided to continue diverting its vessels around the Suez Canal for security reasons, a spokesperson for the German container shipper told Reuters on Friday, adding a next assessment would be made on Jan. 2.
Shipping firms take first steps towards Red Sea return
France's CMA CGM is increasing the number of vessels travelling through the Suez Canal, it said on Tuesday, joining Maersk (MAERSKb.CO) in returning to the area after U.S.-led efforts to prevent attacks.
Maersk to send almost all ships via Suez, schedule shows
Denmark's Maersk (MAERSKb.CO) will sail almost all container vessels travelling between Asia and Europe through the Suez Canal from now on while diverting only a handful around Africa, a Reuters breakdown of the group's schedule showed on Thursday.
US says Iran 'deeply involved' in Red Sea attacks on commercial vessels
Iran was "deeply involved" in planning operations against commercial vessels in the Red Sea and its intelligence was critical to enable Yemen's Houthi movement to target ships, the White House said on Friday.
Bulk carrier hits mine in Black Sea, two people injured, Ukraine says
A Panama-flagged bulk carrier that was heading to the River Danube port to load grain hit a Russian mine in the Black Sea, injuring two crew members, Ukrainian officials said on Thursday.
Poland close to being able to end Ukraine border blockade, says PM
Poland's government is getting close to ending a blockade by truckers of several border crossings with Ukraine, the prime minister said on Wednesday.
Trucks start crossing border after Polish farmers end blockade
Polish farmers have ended their blockade of one of the border crossings between Ukraine and Poland and the movement of lorries has been fully restored, the Ukrainian border service said on Sunday.
US durable goods orders surge in November on aircraft
Orders for long-lasting U.S. manufactured goods surged in November, boosted by aircraft bookings, but business spending on equipment appeared lackluster amid higher borrowing costs.
China's Dec factory activity likely contracted for third month - Reuters poll
China's manufacturing activity likely contracted for the third consecutive month, a Reuters poll showed on Thursday, weighed by soft demand for manufactured goods, a reading that would embolden calls for more policy support.
China's industrial profits post double-digit gains but recovery uneven
China's November industrial profits posted double-digit gains as overall manufacturing improved, although soft demand continued to constrain business growth expectations, emboldening calls for more macro policy support.
Not so 'Super' Saturday: Retailers dangle fewer discounts for inflation-weary shoppers
Last-minute shoppers looking for late deals ahead of Christmas may find smaller discounts and fewer items marked down at major retailers including Macy’s (M.N), Target (TGT.N) and Ulta Beauty , according to an analyst and two datasets measuring retailers' recent prices.
UK post-Christmas shopping provides some cheer for retailers
British shopper numbers at stores on Boxing Day rose from a year earlier, especially in London, research data showed on Wednesday, marking a strong start to the post-Christmas bargain-hunting spree.
India's Adani Green to raise $1.12 bln to expand renewable capacity
India's Adani Green Energy (ADNA.NS) on Tuesday said its key shareholders will invest 93.50 billion rupees ($1.12 billion) in the company to expand its renewable power capacity.
Mexico launches coast-to-coast passenger and cargo railway
Mexico on Friday launched operations on a train line that crosses the country's narrowest point from the Gulf coast to the Pacific Ocean, kicking off a flagship government project as the administration enters its last months in office.
US reopens Mexico rail crossings after closure sought to stem migration
The United States on Friday reopened two rail crossings between Texas and Mexico vital for exports, five days after their closure in response to increased migrant traffic, and new U.S. data showed migrant numbers at the southern U.S. border remained high last month.
Grupo Mexico buys 60% of two companies involved in US-Mexico trade
A Grupo Mexico Transportes unit has acquired 60% stakes in two firms providing maritime transportation services of railroad cars between the United States and Mexico, the company said on Tuesday.
Abu Dhabi Ports Group to operate Egypt's new Safaga terminal
Egypt signed an agreement with Abu Dhabi Ports Group on Wednesday for the operation and maintenance of a multipurpose terminal at Safaga port, a cabinet statement said.
JD.com wins antimonopoly lawsuit against Alibaba
Chinese online retailer JD.com (9618.HK) said on Friday that it won a lawsuit against rival Alibaba (9988.HK), which was fined 1 billion yuan ($140.68 million) for monopolistic practices.
GCC-South Korea sign free trade deal in boost to Gulf-Asia economic ties
The Gulf Cooperation Council (GCC) signed a free trade agreement with South Korea on Thursday, its second trade deal this year, as the six-member bloc intensifies efforts to boost investment ties with major economic partners in Asia.
India aims to attract investors from Germany, UK and Korea under new EV policy - official
India is looking to bring in potential investors from foreign countries, including Germany, Britain and South Korea under its new electric vehicle (EV) policy, an Indian government trade official told reporters on Thursday.
Israel grants Intel $3.2 billion for new $25 billion chip plant
Israel's government agreed to give Intel (INTC.O) a $3.2 billion grant for a new $25 billion chip plant it plans to build in southern Israel, both sides said on Tuesday, in what is the largest investment ever by a company in Israel.
US offshore wind poised for success next year after turbulent 2023
The U.S. offshore wind industry is eying a brighter 2024, with work expected to start on several projects following a year marked by stalled developments and billions of dollars in write-offs.
China aims to build more than half the world's cleaner-fuel ships by 2025
China has set itself the goal of producing more than half of the world's ships powered by cleaner fuels by 2025, in guidelines published by the industry ministry on Thursday.
US unveils clean hydrogen plan, nuclear power role uncertain
The U.S. proposed rules on Friday for how energy companies can access billions of dollars in tax credits for producing low-carbon hydrogen using new clean energy sources but left thorny issues, such as how nuclear power could benefit, uncertain.
CVC, EMMA Capital to acquire Czech package firm Zasilkovna
A consortium of fund CVC Capital Partners and investor Jiri Smejc's EMMA Capital will acquire Czech package delivery company Zasilkovna, the groups said on Friday.
Toyota's Daihatsu to compensate lower-tier suppliers for suspended production
Toyota Motor's (7203.T) small-car unit Daihatsu Motor said on Thursday it would compensate lower-tier contractors in its supply chain to cushion the blow from an indefinite production stoppage after revelations last week of a wider safety scandal.
Japan automakers to invest $4.3 bln in Thailand over 5 years -Thai govt
Major Japanese auto manufacturers will invest 150 billion baht ($4.34 billion) in Thailand over the next five years, a Thai government spokesperson said on Monday, supporting the Southeast Asian country's transition to making electric vehicles.
Toyota's global output surges to record in November on strong demand
Toyota Motor's (7203.T) global production jumped 11% in November to a record level, bouncing back from last year's supply chain disruptions and benefiting from robust demand both in Japan and overseas.
BYD has obtained conditional testing license for level 3 autonomous driving on high-speed roads
Chinese electric vehicle giant BYD (002594.SZ), said on Wednesday it has obtained a conditional testing license for level 3 (L3) autonomous driving on high-speed roads.
South Africa's Transnet reports $87 mln half-year loss
South Africa's state-owned logistics firm Transnet on Friday reported a 1.6 billion rand ($87 million) loss in the six months to Sept. 30 on the back of declining rail, port and pipeline volumes amid higher costs.
OPEC faces declining demand and shrinking market share in early 2024
OPEC is facing weakening demand for its crude in the first half of 2024 just as its global market share declines to the lowest since the Covid-19 pandemic on the back of output cuts and member Angola's exit, according to Reuters calculations and data from forecasters.
US buys 3 million barrels of oil for strategic reserve
The United States has finalized contracts to purchase three million barrels of oil to help replenish the Strategic Petroleum Reserve (SPR) after the largest sale in history last year, the U.S. Department of Energy said on Tuesday.
Russian factory activity expands at fastest pace in seven years in December
Activity in Russia's manufacturing sector expanded at its fastest pace in almost seven years in December, a business survey showed on Friday, though new export orders contracted for the second month running.