The need to know
The need to know for the week ending 1st March 2024
The need to know from Reuters’ global network of journalists
CMA CGM caps logistics push with $5 bln Bollore deal
France's CMA CGM has completed a $5 billion takeover of Bollore Logistics, its biggest-ever acquisition, and said it had funds for more deals as it seeks to counter volatility in container shipping.
GXO outbids CEVA Logistics in battle for UK's Wincanton
U.S.-based warehousing firm GXO Logistics (GXO.N) on Thursday offered to buy UK peer Wincanton (WIN.L) for about 762 million pounds ($965 million), topping an offer by CEVA Logistics.
Persistent dry, hot weather worries Ivory Coast cocoa farmers
Dry weather and high temperatures continued last week in most of Ivory Coast's cocoa-growing regions, raising concerns for the size and quality of the April-to-September mid-crop, farmers said on Monday.
Most UK exporters hit by Red Sea disruption, survey shows
Most British exporters and manufacturers have felt an impact from disruption in the Red Sea caused by attacks on shipping by Yemen's Iran-aligned Houthi rebels, according to a survey.
Shipping group CMA CGM's earnings skid on Red Sea disruptions, weak consumer
CMA CGM (CMACG.UL), one of the world's largest container shipping groups, said on Friday that its core earnings dived 82.5% in the fourth quarter from a year earlier, capping a dismal year that saw disruptions to trade in the Red Sea and weak consumer demand.
Spain's ports see goods traffic rise as Red Sea crisis continues
The volume of goods moving through Spain's top ports rose by as much as 25% in January as attacks on shipping in the Red Sea caused companies to divert Europe-bound vessels around southern Africa instead.
Maersk warns Red Sea disruptions could last into second half of year
Maersk (MAERSKb.CO) has warned of disruptions to container shipping via the Red Sea dragging into the second half of the year and of heavy congestion and delays for U.S.-bound goods.4
Houthis say they will introduce military 'surprises' in Red Sea
Yemen's Houthis will introduce military "surprises" in their Red Sea operations, the Iran-aligned group's leader Abdul Malik al-Houthi said in a televised speech on Thursday.
Houthis say they can reassess Red Sea attacks if Israeli 'aggression' stops
Yemen's Houthis said on Tuesday they could only reconsider their missile and drone attacks on international shipping in the Red Sea once Israel ends its "aggression" in the Gaza Strip.
Diana Shipping's vessels avoiding Suez Canal due to Red Sea crisis
Diana Shipping (DSX.N) on Friday joined some of the world's largest shipping companies in avoiding the Suez Canal route following a spate of attacks on ships by Iran-backed Houthi militants in the Red Sea.
Reckitt says Red Sea attacks having 'small impact' on freight rates
Reckitt said on Wednesday that attacks on container vessels in the Red Sea had led to "a small impact" on ocean freight rates, and that it was "doing a little more air freighting".
BASF: Chinese imports into Europe are higher than ever
BASF (BASFn.DE) said competition from Chinese rivals shipping their products into European chemical makers' home markets is at unprecedented levels and disruptions of the Red Sea transport route only have a temporarily dampening effect.
WTO Ministerial Conference: Key issues at the Abu Dhabi meeting
Ministers from across the globe are convening at the World Trade Organization (WTO) Ministerial Conference in Abu Dhabi from Feb. 26-29 to try to set new rules for global commerce, including reforming its dispute system and cutting fishing subsidies.
India, South Africa block major investment deal at WTO talks
India and South Africa have filed a formal objection against an investment agreement at a World Trade Organization meeting in Abu Dhabi, blocking its adoption in a move that observers say could block hundreds of billions of dollars in investment.
US trade chief: 'Complex trade-offs' needed at WTO talks
U.S. Trade Representative Katherine Tai said on Friday breakthroughs were still possible in overnight negotiations at the World Trade Organization, but "complex trade-offs" would be needed even for less difficult topics such as fishing.
Republican US senator wants to hike tariffs on Chinese vehicles
Republican U.S. Senator Josh Hawley introduced legislation Wednesday to hike tariffs on Chinese vehicle imports as concerns mounted about the potential competitive impact on U.S. car companies.
EU countries block supply chain audit law at last hour
European Union countries blocked at a late stage on Wednesday new rules requiring large companies to check if their supply chains use forced labour or cause environmental damage, following vocal German opposition.
India imposes anti-dumping duty on flat steel imports from China, EU
India on Tuesday said it had imposed an anti-dumping duty on the import of some flat steel products from China and the European Union for five years to curb the influx of cheaper imports and help local producers.
Russia bans gasoline exports for 6 months from March 1
Russia on Tuesday ordered a six-month ban on gasoline exports from March 1 to keep prices stable amid rising demand from consumers and farmers and to allow for maintenance of refineries in the world's second largest oil exporter.
US diesel exports to Europe dip on plummeting refining output
A slump in U.S. refining activity and disruptions to global trade have tightened diesel supplies in recent weeks, dampening historically high U.S. diesel exports to Europe this month.
China's aviation fuel demand expected to rise 13% in 2024 - CNPC research
China's aviation fuel consumption is likely to expand 13.1% this year on a surge in passenger travel, but its crude oil imports may stay flat, according to forecasts by a research arm of state energy giant China National Petroleum Corp (CNPC).
Facing Chinese EV rivals, Europe's automakers squeeze suppliers on costs
LONDON, Feb 25 (Reuters) - Europe's automakers and their already-stretched suppliers face a tough year as they race to cut costs for electric models to counter leaner Chinese rivals which are bringing cheaper vehicles to challenge them on their home turf.
Chinese outbound investment in EVs likely set new record in 2023
Chinese outbound foreign direct investment along the electric vehicle value chain likely set a new record in 2023, a report from Rhodium Group showed, as western economies step up scrutiny of China's production-focussed, debt driven development model.
China's Feb factory activity likely contracted for fifth month
China's manufacturing activity likely contracted for a fifth straight month in February, a Reuters poll showed on Thursday, possibly increasing the clamour for further stimulus measures as factory owners struggle for orders both at home and abroad.
Japan factory output falls at the fastest pace in nearly 4 years
Japan's January factory output fell at the fastest pace since May 2020, government data showed on Thursday, as a production downturn in motor vehicles adds to concerns about the fragility of an economy that slipped into recession late last year.
Vietnam's exports, factory output fall in Feb but Red Sea impact limited
Vietnam's exports and industrial production in February fell significantly from a year ago, government data showed on Thursday, with economists attributing the drop to the Lunar New Year long holiday rather than to the Red Sea shipping crisis.
Vietnam plans union reform to avert trade woes, risking foreign firms' unease
Communist-ruled Vietnam is expected to ratify this year the UN convention for the free establishment of trade unions, UN officials and diplomats said, in a move meant to cut risks of trade disputes but likely leaving some foreign companies uneasy.
US economy on firmer footing heading into first quarter
U.S. economic growth in the fourth quarter was lowered slightly, but its composition was much stronger than initially thought, which bodes well for the near-term outlook even as activity got off to a weak start because of freezing temperatures.
South Korean February export growth beats forecasts on chip demand
South Korean export growth exceeded market forecasts in February, trade ministry data showed on Friday, expanding for a fifth successive month as a surge in semiconductor demand made up for a decline in vehicle sales.
Chile's SQM expects steady lithium prices in coming months amid supply glut
Chile's SQM (SQMA.SN), the world's second-largest lithium producer, expects stable lithium prices over the next three months and strong demand through the year, executives said in a call with analysts on Thursday.
US offers $710 million in loans for EV technology projects
The U.S. Energy Department said on Thursday it gave preliminary approval for nearly $710 million in loans to electric vehicle (EV) technology manufacturing ventures, although the Biden administration still has $221.8 billion in loan capacity to fund clean-energy projects.
China steers solar module export stream towards Asia
China maintained its dominant grip on the export of solar panels and modules in 2023, boosting global shipments by over a third from 2022's totals, according to data compiled by energy think tank Ember.
South African fashion retailers boost local production amid port delays
South African fashion retailers are ramping up local production and using alternative sea ports and air freight to mitigate the impact of congestion at traditional ports that has caused massive delays in stock deliveries, executives told Reuters.
Japan takes Taiwan's helping hand on long road to chip revival
Chipmaker TSMC (2330.TW) formally opens its first Japanese plant on Saturday, highlighting the Taiwanese firm's critical role in Tokyo's multi-billion dollar efforts to reboot its once-mighty semiconductor manufacturing industry.
Israeli battery tech startup Addionics to build $400 mln U.S. plant
Israeli battery technology company Addionics plans to build a $400 million U.S. factory to make copper anodes for electric vehicle batteries starting in 2027 to eventually supply enough for about 1 million EVs a year, it said on Monday.
Ocado pledges profit at pretax level in six years
Ocado (OCDO.L), the British online supermarket and technology group, reduced its annual loss and said it would make a profit at the pretax level in about five or six years.
Kroger, Albertsons $25 billion merger fraught with roadblocks
The U.S. Federal Trade Commission (FTC) said on Monday it was suing to block Kroger's (KR.N) near $25 billion purchase of rival grocer Albertsons (ACI.N) as it would eliminate "fierce competition."
Egypt announces $35 billion UAE investment on Mediterranean coast
Egypt said on Friday it had signed a deal with the United Arab Emirates to develop a prime stretch of its Mediterranean coast that would bring $35 billion of investments to the indebted country over the next two months.
Chinese automaker BYD looking for Mexico plant location, executive says
Chinese electric vehicle maker BYD (002594.SZ) is looking for a location in Mexico to set up a factory aimed at boosting the company's share of the local market, BYD Americas CEO Stella Li told Reuters on Wednesday.
Anglo American takes delivery of final LNG dual-fuelled ship
Anglo American PLC (AAL.L) has taken delivery of its tenth and final dual-fuelled bulk carrier powered by liquefied natural gas (LNG), the company said on Wednesday.
Alibaba's South Asian e-commerce giant Daraz announces layoffs in memo
Alibaba-owned e-commerce platform Daraz Group has announced layoffs across the group to "adopt a more streamlined and agile structure", acting Chief Executive Officer James Dong said on Tuesday in an internal memo to employees reviewed by Reuters.
FAA gives Boeing 90 days to develop plan to address quality issues
Boeing must develop a comprehensive plan to address "systemic quality-control issues" within 90 days, the head of the U.S. Federal Aviation Administration said Wednesday, after a mid-air emergency last month sparked renewed safety concerns.
Toyota extends shutdown of two production lines after emission test irregularities
Toyota Motor (7203.T) has extended until March 1 the shutdown of two production lines at two manufacturing plants run by Toyota group companies in Japan, it said on Friday.
Italy talks to Tesla, Chinese carmakers in search for second auto producer
Italy has been in talks with Tesla (TSLA.O) and three Chinese carmakers as it tries to attract another manufacturer and reach an annual output target of 1.3 million vehicles, the industry minister said on Wednesday.
Indian logistics firm Shadowfax raises $100 mln in TPG-led funding round
Indian logistics firm Shadowfax on Tuesday said it raised $100 million in a funding round led by U.S. private equity firm TPG (TPG.O) to extend last-mile delivery services.
US logistics firm Airspace expands in Asia, partners with Qualcomm
Feb 29 (Reuters) - Airspace Technologies, a U.S. logistics startup that specializes in transporting time-sensitive cargo, on Thursday said it is expanding operations in Asia and working with Qualcomm (QCOM.O) and other semiconductor firms.
US utility-scale solar installation hit all-time high in 2023, research group says NEW YORK, Utility-scale solar projects in the United States added a record 15 gigawatts (GW) of capacity in 2023, up 60% from the year prior and marking an all-time high, according to data from environmental research group Kayrros.
New York sues meatpacking giant JBS over climate claims
JBS (JBSS3.SA), the world's largest beef producer, was sued on Wednesday by New York state's attorney general, which accused it of misleading the public about its impact on the environment in order to boost sales.
UK retailers report sales slump eased in February, CBI says
The pace of a sales decline for British retailers eased in February and a measure of inflation dropped to its weakest in nearly three years, according to industry figures which echoed official data published earlier this month.
UK shop prices rise at slowest pace since March 2022, trade group says
Prices in British shops rose at the slowest pace in nearly two years this month, the British Retail Consortium (BRC) said on Tuesday, adding to signs of easing inflation pressures that will be welcomed by the Bank of England (BoE).
German consumer sentiment stabilizes at low level in March, finds GfK
BERLIN, Feb 27 (Reuters) - German consumer sentiment is expected to stabilize at a low level in March as households are confronted with great uncertainty due to constantly rising prices and a weaker outlook for Europe's largest economy, a survey showed on Tuesday.
Japan Jan retail sales rise 2.3% yr/yr
Japanese retail sales rose 2.3% in January from a year earlier, government data showed on Thursday, marking a 23rd straight month of increase.
PostNL forecasts 2024 profit below expectations on growing wage bill
Dutch postal company PostNL (PTNL.AS) said on Monday 2024 operating profit will fall below expectations, as higher wages drive up costs and muted domestic volumes weigh on parcel growth, sending its shares down more than 4% in early trading.
Germany to allow carbon transport, sub-seabed storage, minister says
Germany will change its carbon dioxide storage law to allow carbon capture and off-shore storage for certain industrial sectors as Europe's biggest economy aims to become carbon neutral by 2045, Economy Minister Robert Habeck said on Monday.
Poland mulls wider ban on Ukrainian food imports as farmers warn of more protests
Polish Prime Minister Donald Tusk said on Tuesday he could not rule out widening a national ban on imports of Ukrainian grains to other products if the European Union does not act to protect the bloc's markets.