The need to know

The need to know for the week ending 28th June 2024

The need to know from Reuters' global network of journalists

Global freight rises but shows signs of weakness in US

Global manufacturing activity and freight are showing signs of a recovery, after a downturn took hold in the second half of 2022 and lasted for most of 2023, which could support petroleum consumption and prices later in 2024.

Red Sea gives shipping an Uber-style price surge

Anyone who has tried to secure an Uber at a busy time of day will have experienced the ride-hailing app’s least appealing feature: surge pricing.

Singapore port congestion shows global ripple impact of Red Sea attacks

Congestion at Singapore's container port is at its worst since the COVID-19 pandemic, a sign of how prolonged vessel re-routing to avoid Red Sea attacks has disrupted global ocean shipping - with bottlenecks also appearing in other Asian and European ports.

Airbus cuts key targets and takes hefty Space charge

Airbus (AIR.PA) softened key industrial and financial targets and took a hefty 900-million-euro ($965 million) charge for its troubled space activities as Europe's largest aerospace group sought a clean slate approach to supply disruptions and commercial risks.

Five-week Quebec Safran strike adds to aircraft supply-chain woes

A five-week strike by Montreal-area Safran SA (SAF.PA) workers who make landing-gear components used in Boeing (BA.N) and Airbus (AIR.PA) jets shows no signs of resolution as planemakers say supply-chain snags are hampering production.

Boeing offers to buy Spirit Aero for $35/shr, Bloomberg News reports

Boeing (BA.N) has offered to acquire Spirit AeroSystems (SPR.N) in a deal funded mostly by stock that values its 737 fuselage supplier at about $35 per share, Bloomberg News reported on Monday, citing people familiar with the matter.

Australian wine sector a worrying case study for EU industries

Hit with Chinese tariffs, Australia's wine industry struggled to offset the impact of falling exports despite scrambling to build new markets, source grapes from elsewhere and seek government help, industry executives said.

Potential China action against EU pork may be double-edged sword for Brazil

China's potential imposition of anti-dumping measures on European Union pork imports, a disastrous scenario for the bloc, could benefit Brazil's exporters but also affect the country's ability to compete elsewhere, analysts and industry sources said.

Canada, inspired by EU and US, considers imposing import tariffs on Chinese EVs

Canada said on Monday it was considering whether to impose tariffs on China-made electric vehicles as it seeks to align itself with allies against what they see as a heavily subsidized Chinese industry.

Volvo to delay EX30's US shipments due to higher tariffs on Chinese imports

Volvo Cars (VOLCARb.ST) will postpone the U.S. deliveries of its EX30 electric vehicle as it focuses on expanding production of the compact SUV outside China in the wake of tariff hikes on exports from the country, a company spokesperson said on Wednesday.

Yemen's Houthis claim attacks on four vessels in Red Sea and Mediterranean

Yemen's Houthi militant group on Friday claimed responsibility for attacking a Liberia-flagged vessel in the Red Sea that a maritime agency said had survived five missiles, while also saying they targeted three other vessels including two in the Mediterranean.

Amazon to launch discount section with direct shipping from China, the Information reports

June 26 (Reuters) - (AMZN.O) plans to launch a section on its shopping site featuring cheap items that ship directly to overseas consumers from warehouses in China, the Information reported on Wednesday, citing slides shown to Chinese sellers.

FedEx stock leaps on upbeat profit target, possible freight unit sale

FedEx (FDX.N) shares jumped as much as 15% on Wednesday after the delivery giant reassured investors with a bullish annual profit forecast and said it is weighing whether to sell or spin-off its freight trucking business that one analyst valued at $30 billion.

China's retail outlook dims after mid-year shopping festival flop

Retailers in China face a daunting near-term future after a disappointing mid-year online shopping festival that has also clouded the recovery prospects of the world's second-largest economy.

China's industrial profits growth slows sharply in May

China's industrial profits rose at a sharply slower pace in May, official data showed on Thursday, underlining the struggles faced by the world's second-largest economy as weak domestic demand crimps overall growth.

China's factories seen extending activity declines in June: Reuters Poll

China's manufacturing activity likely contracted for a second month in June, a Reuters poll showed on Thursday, keeping alive calls for fresh stimulus after a string of recent indicators showed the economy struggling to get back on its feet.

German business sentiment unexpectedly darkens in June, Ifo says

German business morale unexpectedly fell in June amid increasing pessimism about the performance of Europe's largest economy, a survey of around 9,000 managers showed on Monday.

US inflation cools in May, boosting hopes of Fed rate cut

U.S. monthly inflation was unchanged in May as a modest increase in the cost of services was offset by the largest drop in goods prices in six months, drawing the Federal Reserve closer to start cutting interest rates later this year.

US core capital goods orders fall sharply in May

New orders for key U.S.-manufactured capital goods unexpectedly fell in May, suggesting that business spending on equipment weakened in the second quarter as borrowing costs remain elevated.

EU leaders want more green industry in Europe, draft shows

European Union leaders will call this week for a greater focus on manufacturing green technologies in Europe, as competition to produce electric cars and wind turbines heats up with China and the United States, a draft statement showed.

Global carbon removal market could reach $100 billion/yr from 2030-35, report says

The global market for carbon dioxide (CO2) removal credits could reach up to $100 billion a year between 2030 and 2035 from $2.7 billion last year if barriers to its growth are addressed, a report by management consultancy Oliver Wyman said on Thursday.

The complexity of transforming rare earths from mine to magnet

The EU will struggle to meet ambitious goals for rare earths in new legislation designed to boost domestic output of critical minerals and reduce dependence on China.

Recycling to kick in as long-term solution to EU rare earths challenge

EU companies are gearing up to take advantage of the huge potential for recycling to supply critical rare earths for the bloc's green transition, but it will take time before there is enough supply of old EVs and wind turbines to process.

Heavy lift required to solve cement's carbon conundrum

An hour’s drive south of the Norwegian city of Stavanger, high in the mountains above Jossingfjorden, a sea of crushed rock has swallowed up a whole valley.

Can the shipping industry chart a course that delivers for the planet?

Perhaps you’re drinking coffee or eating an avocado while you read this. Or maybe you have just bought a new pair of trainers.

Walmart Canada adds Nikola's hydrogen fuel cell-powered electric semi-truck to fleet

Nikola (NKLA.O) said it has delivered a hydrogen fuel cell powered electric semi-truck to Walmart Canada (WMT.N), making it the first major retailer in the country to add it to its fleet.

Toblerone still sold in Russia even as Mondelez nixed imports

Russians are still indulging in foreign-made Toblerone chocolate, according to internal sales documents seen by Reuters, showing the difficulty of U.S. manufacturer Mondelez's (MDLZ.O) plan to isolate its business in the country from its global operations.

Silicon Box picks Italy's Piedmont region for $3.4 bln chip plant

Singapore-based semiconductor firm Silicon Box has picked the town of Novara, in the industrialised northwestern region of Piedmont, for its new multi-billion-euro chip factory in Italy, the industry ministry said on Friday.

Foxconn to invest $383 mln in Vietnam circuit board plant, says state media

Foxconn Singapore has been awarded a licence to invest $383 million in a factory to produce printed circuit boards in Vietnam, state media reported on Monday.

UK's Segro buys three logistics warehouses in Netherlands for $237 mln

June 27 (Reuters) - Britain's Segro (SGRO.L) has acquired three fully leased logistics warehouses in the Netherlands for 222 million euros ($237.4 million), the warehousing group said on Thursday.

Oil prices to stay steady as China demand woes offset Mideast risks

Oil prices will not change much in the second half of 2024 as concerns around demand from China and prospects of higher supply from key producers counter risks from geopolitical tensions, a Reuters poll indicated on Friday.

NTSB says Boeing could lose 737 MAX probe status if it violates rules again

The National Transportation Safety Board warned Boeing (BA.N) on Thursday it could lose its status as a party to the probe into a 737 MAX mid-air blowout after it violated rules by providing non-public information to media and speculating about possible causes.

Volkswagen-Rivian deal: How VW's $5 billion bet on EV maker came about

A few camouflaged Audis arrived secretly from Germany early this year at a facility of electric-vehicle maker Rivian (RIVN.O) in California, where some 30 engineers stripped the electronics and fitted them with the U.S. startup's harnesses and modules.

South Korea's exports to rise for ninth month on chip, US demand: Reuters poll

South Korea's exports are expected to have risen for a ninth consecutive month in June, with semiconductor sales to the U.S. leading the increase, although the growth rate likely slowed on calendar effects, a Reuters poll showed on Thursday.

Stellantis could axe UK production unless government acts on EVs

Stellantis (STLAM.MI) could halt its UK production unless the government does more to boost demand for electric vehicles (EVs) to help it comply with regulations requiring automakers to sell more EVs, the company's top UK executive said on Tuesday.

China hopes for EV tariff deal with EU that suits both sides

China hopes negotiations will lead to a "mutually acceptable solution" with the European Union on preliminary tariffs on Chinese electric vehicles (EV) scheduled to take effect on July 4, its commerce ministry said on Thursday.

Carmakers SAIC and Volkswagen sign energy technology cooperation agreements

China's SAIC Motor (600104.SS) and German carmaker Volkswagen (VOWG_p.DE) have signed several energy technology cooperation agreements related to their SAIC Volkswagen joint venture in China.

EV supply chain data provider Benchmark Mineral buys smaller peer Rho Motion

Benchmark Mineral Intelligence, a UK-based provider of critical minerals pricing and data, said it had bought smaller peer Rho Motion in a deal that will make it one of the world's largest sources of market information for the electric vehicle supply chain.


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