The need to know

The need to know for the week ending 5th July 2024

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The need to know from Reuters' global network of journalists

China-built EVs hit with duties in biggest EU trade case yet

The European Union will impose tariffs of up to 37.6% from Friday on imports of electric vehicles made in China, EU officials said, ratcheting up tensions with Beijing in Brussels' largest trade case yet.

EU lays out its China EV tariff calculations

The European Commission on Thursday published the findings of its nine-month investigation into China's electric vehicle market, giving insight into how it calculated tariffs and the evidence it collected to support its highest profile trade case.

Reaction to EU duties on China-built EVs

The European Union will impose provisional tariffs of up to 37.6% on imports of electric vehicles made in China from Friday, ratcheting up tensions with Beijing in the EU's largest trade case yet.

EU takes aim at China's Temu and Shein with proposed import duty, FT reports

The European Union is drawing up plans to impose customs duties on cheap goods bought from Chinese online retailers including Temu, Shein, and AliExpress, the Financial Times reported on Wednesday, citing three people briefed on the matter.

China unveils next steps in EU brandy probe as EV tariffs take effect

China announced the next step in its anti-dumping investigation into European brandy imports on Friday, ramping up tensions on the same day the European Commission's provisional tariffs on Chinese-made electric vehicles take effect.

Bird flu hits McDonald's breakfasts in Australia

Good luck getting a late-morning McMuffin in Australia.

Scientists wary of bird flu pandemic 'unfolding in slow motion'

Scientists tracking the spread of bird flu are increasingly concerned that gaps in surveillance may keep them several steps behind a new pandemic, according to Reuters interviews with more than a dozen leading disease experts.

Germany reports rare outbreak of H7N5 bird flu near Dutch border

Germany reported a rare outbreak of highly pathogenic H7N5 bird flu on a farm in the western part of the country, near the border with the Netherlands, the World Organisation for Animal Health (WOAH) said on Thursday.

Global factory activity has mixed performance in June, PMIs show

Manufacturing activity in Europe suffered a setback last month but Asian factories enjoyed solid momentum, offering policymakers some hope the region can weather the hit from soft Chinese demand, surveys showed.

Biden revoked 8 licenses for China's Huawei in 2024, document shows

The Biden administration has revoked eight licenses this year that had allowed some companies to ship goods to Chinese telecoms equipment giant Huawei, according to a document first reported by Reuters, as it seeks to pressure the resurgent company.

Red Sea disruptions to continue into Q3, Maersk CEO says

The coming months will be challenging for carriers and businesses, as disruptions to container shipping via the Red Sea continue into the third quarter, Danish shipping company Maersk (MAERSKb.CO) said on Monday.

Hapag-Lloyd CEO sees solid shipping demand driving up freight rates

Solid container shipping demand has driven up freight rates over the past two months, Hapag-Lloyd chief executive <HLAG.DE > Rolf Habben Jansen said in a call with reporters on Wednesday.

Maersk pulls out of bidding for Germany's DB Schenker, shares spike

Danish shipping group Maersk (MAERSKb.CO) said on Monday it is no longer interested in buying DB Schenker as integrating the logistics firm would pose too many challenges.

Exclusive: JD.com among possible bidders for British parcel company Evri, sources say

Chinese online retailer JD.com (9618.HK) has emerged as one of several companies exploring a potential bid for British parcel delivery company Evri, two people familiar with the matter said.

German car industry urges EU to drop tariffs on China-made cars

Germany's VDA auto association has urged the European Commission to drop its planned tariffs on China-made electric vehicles in a last-ditch effort to influence negotiations ahead of the tariffs which take effect on Thursday.

Germany launches electric truck charging network

The German government on Wednesday launched a project to build a nationwide fast-charging network for heavy-duty vehicles as Berlin aims to decarbonize the transport sector by 2045.

Polish freight company PKP Cargo to lay off about 30% of workforce

Poland's largest freight company PKP Cargo (PKPP.WA) plans to lay off up to about 30% of its employees, it said on Wednesday, as it seeks to escape its financial difficulties.

European firms sign flurry of deals as EU bolsters ties with Egypt

European firms are signing deals potentially worth over 40 billion euros ($42.85 billion) with Egyptian partners, the EU Commission chief told an investment conference in Cairo on Saturday, part of a drive to bolster Egypt's fragile economy.

China, Peru completed 'substantial negotiations' to upgrade FTA

China and Peru have achieved "substantial conclusion of negotiations" on the upgrading of a free trade agreement between both countries, Chinese state media said on Friday.

Amazon cuts free shipping minimum to $25

Amazon.com Inc said on Tuesday it cut the threshold for free shipping to $25 from $35, upping the ante against Wal-Mart Stores Inc in a hotly contested battle for ecommerce supremacy.

Boeing-Spirit: How jetmakers divided up the struggling supplier

Hashed out in three-way talks between plane giants and one of their key suppliers, Boeing's (BA.N) $4.7 billion deal to buy back Spirit AeroSystems (SPR.N) is a rare triangular deal born out of crisis.

Loophole on UK import duty should be closed, says Sainsbury's boss

A UK tax loophole that benefits foreign e-commerce platforms such as Shein should be closed, the boss of British supermarket Sainsbury's (SBRY.L) said on Tuesday.

China's SAIC Motor seeks European Commission hearing on EV tariffs

China's SAIC Motor (600104.SS) will request a hearing from the European Commission on the extra duties it faces, the company said on Friday, as the European Union's provisional tariffs on made-in-China EVs took effect.

Canada sets high bar for approving large M&A deals in critical minerals

Canada on Thursday put the mining industry on notice that any major deals targeting the country's producers of critical minerals would only be approved under "the most exceptional circumstances".

Nikola's hydrogen fuel cell truck deliveries surge in Q2, beating expectations

Nikola (NKLA.O) said on Tuesday deliveries of its hydrogen-fuel cell trucks surged 80% in the second quarter from the previous three months, signaling strong demand for the big rigs amid its shift away from battery-powered vehicles.

Focus: Amazon sidesteps carbon offset standard Bezos helped fund

Amazon (AMZN.O) has become the first company to sidestep a global standard for verifying carbon offsets that was developed by a non-profit funded largely by the U.S. technology conglomerate's founder and executive chair, Jeff Bezos.

Comment: How AI can help us turn our disposable economy into a circular one

The circular economy – this future utopia where waste is not wasted – has entered the business lexicon as we recognise the size of the problem we’ve created for the planet.

China's BYD opens EV factory in Thailand, first in Southeast Asia

China's BYD (002594.SZ) opened an electric vehicle plant in Thailand on Thursday, the automaker's first factory in Southeast Asia, a fast-growing regional EV market where it has become the dominant player.

German battery market challenged by dip in EV demand - ZVEI

Production and trade in Germany's battery sector this year hinge largely on whether a dip in the appeal of battery-electric cars can be overcome, trade group ZVEI said on Tuesday, after presenting positive figures for last year.

Italy seizes 84 million euros from GXO Logistics over alleged tax fraud

Italy's tax police have seized almost 84 million euros ($90 million) from GXO Logistics' (GXO.N) Italian unit following an investigation into alleged tax fraud, prosecution documents showed on Tuesday.

US trade deficit widens in May on weak exports

The U.S. trade deficit widened for a second straight month in May amid a decline in exports, indicating that trade likely remained a drag on economic growth in the second quarter.

Japan wholesale prices seen rising under cost-push inflation pressure: Reuters poll

Japan's wholesale prices likely accelerated in June, a Reuters poll showed on Friday, reflecting a mix of a weak yen, higher commodity import bills and rising transportation costs piling up cost-push inflation pressures on the trade-reliant economy.

UK shop price inflation weakest since October 2021, retailers say

Prices in British shops rose at the slowest pace in almost three years last month, according to industry figures that underscore how inflation has cooled even if Prime Minister Rishi Sunak is unlikely to see much benefit in this week's national election.

Oil traders expect large inventory draw in third quarter

Crude markets have exhibited an increasing disconnect this month between rising spot prices and calendar spreads on the one hand and swelling inventories on the other.

New shipping fuel requirements in Arctic risk worse oil spills, report says

The Arctic could face more severe environmental impacts from oil spills if shippers switch to very-low sulfur fuel oil (VLSFO) following new, restrictive fuel regulations in the region, the Arctic Council said in a statement on Monday.

Italian steel plant launches trial to use hydrogen to cut emissions

Italian gas grid operator Snam (SRG.MI), steel pipe maker Tenaris (TENR.MI) and green technology firm Tenova are trialling the use of hydrogen fuel at a Tenaris steel plant in northern Italy in a bid to cut emissions, they said on Wednesday.

How China's EV battery makers stack up in energy storage

China's EV battery giants CATL and BYD are eyeing the growing market for stationary energy storage.

German environmental authorities approve Tesla site expansion

Environmental authorities in the German state of Brandenburg, where Tesla has its gigafactory, have approved the U.S. electric vehicle maker's application to expand its Gruenheide plant, another hurdle cleared in the carmaker's growth plans.

Biggest EU lawmaker group wants 2035 combustion car ban revised, draft shows

The European People's Party, the biggest lawmaker group in the European Parliament, will seek to weaken the bloc's planned 2035 phase-out of CO2-emitting cars, a draft document showed.

German industry turns to solar in race to cut energy costs

For months, Philip Matthias tried to convince his father to install solar panels on their company's roof in the eastern German state of Thuringia, aiming to cut electricity costs and carbon emissions at the metal products factory.

Germany could import up to 100 TWh of green hydrogen via pipelines by 2035, study shows

Germany could cover up to 100 terawatt-hours (TWh) of its annual energy needs with imports of green hydrogen via pipelines from neighbouring countries by the mid-2030s, covering a significant share of its projected demand, a study showed on Thursday.

Hydrogen sector asks EU to help local firms compete with China

European manufacturers of hydrogen equipment have urged the European Union to step in to help the industry compete with cheaper Chinese producers, in a letter seen by Reuters on Monday.

Hyundai Motor, LG Energy Solution launch Indonesia's first EV battery plant

South Korea's Hyundai Motor Group and LG Energy Solution (LGES) on Wednesday inaugurated Indonesia's first battery cell production plant for electric vehicles with an annual capacity of 10 Gigawatt hours (GWh) of battery cells.

China designates pilot areas for 'vehicle-road-cloud integration' for smart cars

China's industry ministry has selected 20 localities, including Beijing and Shanghai, as participants in a pilot programme for application of "vehicle-road-cloud integration" for intelligent connected vehicles.

France's Eramet targets November production start at Argentina lithium plant

France's Eramet (ERMT.PA) aims to start production at its new Centenario lithium plant in Argentina in November and ramp up to 24,000 metric tons of battery grade lithium by mid-2025, it said on Wednesday after starting the final test phase at the plant.

China's BYD forms European partnership with France's Ayvens

Ayvens (AYV.PA), the car leasing unit of French bank Societe Generale (SOGN.PA), and Chinese electric vehicles company BYD (1211.HK) announced on Tuesday a partnership for the European market.

Varta engages with Porsche over investment in lithium-ion battery unit

German battery maker Varta (VAR1.DE) on Thursday said it is in talks with Porsche (P911_p.DE) over a potential investment in its large-format lithium-ion battery business, V4Drive.

Airbus deliveries rose 2% in first half, sources say

Airbus (AIR.PA) delivered a preliminary total of around 67 airplanes in June, bringing the total for the first half of the year to around 323 aircraft, up 2% from the same period last year, industry sources said on Monday.

Renault's EV unit Ampere teams up with LGES, CATL on battery technology

Renault's (RENA.PA) electric vehicle unit Ampere said on Monday it would include lithium iron phosphate (LFP) technology in its plans to mass produce EVs, teaming up with LG Energy Solution (LGES) (373220.KS) and CATL (300750.SZ) to build a supply chain in Europe.

Germany to examine security, competition impact of Chinese wind turbine deal

Germany's economy ministry will look "very closely" into a deal to supply Chinese-made wind turbines for an offshore project in Germany's North Sea, saying on Wednesday questions of critical infrastructure and competition must be addressed.

Rising Chinese aluminium output pressures alumina supply

China's production of primary aluminium is closing in on last year's record highs as previously idled capacity ramps up in Yunnan province.

ArcelorMittal shelves plan to close South African steel plant

ArcelorMittal's (ACLJ.J) South African division has decided against shutting its steel plant in the KwaZulu-Natal province and is working on a plan to make it viable, it said on Tuesday, more than six months after announcing its closure.

 

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