The need to know
The need to know for the week ending 23rd August 2024
The need to know from Reuters’ global network of journalists
Canada moves to end rail shutdown quickly; CN workers to return to work
Workers at Canadian National Railway (CNR.TO) will begin returning to work on Friday, the Teamsters union said, hours after the Canadian government moved to end an unprecedented rail stoppage.
As Canada braces for rail stoppage, truckers scramble to meet demand
As Canada braced for a freight rail stoppage that could hit industries ranging from autos to agriculture, the trucking sector said it faced higher demand it could not meet.
Canada rail workers union to challenge government decision to refer dispute to labor board
The union representing workers at two major Canadian railways said on Friday they would challenge the constitutionality of a government decision to refer their labor dispute to a national board, even as some of their members returned to work.
Canada rail shutdown: key facts about the companies
Canada is seeing an unprecedented simultaneous stoppage at its two main freight rail operators that could inflict billions of dollars worth of economic damage.
Canada rail stoppage could cost C$341 mln per day, Moody's says
Canada's rail stoppage could cost over C$341 million per day, ratings agency Moody's said on Wednesday, hours before two major local freight rail operators were expected to lockout workers if a deal with the Teamsters union is not reached.
Indian port workers to go on strike to demand better wages, benefits
A group of Indian port workers' unions has called for a strike from Aug. 28 to demand immediate settlement of pay revisions and pension benefits, according to a note signed by its members.
FACTBOX What you need to know about China's widening probe of EU imports
China has widened its investigation into imported EU products, adding an anti-subsidy probe of cheese, milk and cream to anti-dumping checks on pork and brandy.
China opens anti-subsidy probe into EU dairy imports in pushback against EV tariffs
China opened an anti-subsidy probe into dairy imports from the European Union on Wednesday, stepping up tension with the bloc a day after Brussels published its revised tariff plan for China-made electric vehicles.
Reactions to China's anti-subsidy probe on EU dairy imports
China launched an anti-subsidy investigation into dairy imports from the European Union a day after the bloc's revised tariff plan for China-made electric vehicles.
Tesla to get lower EU tariff on its Chinese-made EVs
The European Union has slashed its planned extra tariff on Tesla (TSLA.O) electric vehicles imported from China by more than half, the bloc's executive said on Tuesday, following further investigations requested by the company.
China meets automakers to discuss import tariffs on large cars ahead of EU tariff vote
China's Commerce Ministry met with automakers and industry associations on Friday to discuss raising import tariffs on large-engined gasoline vehicles, sounding a warning as the European Union nears a tariff decision on Chinese electric cars.
Tanker adrift after multiple attacks in Red Sea, UK maritime agency says
A Greek-flagged tanker was adrift in the Red Sea on Wednesday after repeated attacks that started a fire on the vessel and caused the ship to lose power, the UK maritime agency said.
More collaboration needed as cocoa firms battle deforestation and child labour risks
In March 2024, the price of cocoa beans traded on the international market rose sharply, reaching $10,000 per tonne, more than three times the typical average price.
China's robot makers chase Tesla to deliver humanoid workers
China dominates the market for electric vehicles. Now it's chasing Tesla (TSLA.O) in the race to build battery-powered humanoids expected to replace human workers building EVs on assembly lines.
Walmart's exit raises questions about JD.com's future
E-commerce retailer JD.com needs to convince investors of its relevance amid a stagnant Chinese e-commerce market, aggressive price war and now, the departure of Walmart, its biggest shareholder.
US Postal Service seeks to save $30 billion over 10 years with delivery, other changes
The U.S. Postal Service said on Thursday it is aiming to implement changes that it estimates will save the agency roughly $30 billion over the next decade.
Final bids value Deutsche Bahn's Schenker at around 14 bln euros, sources say
Deutsche Bahn's logistics unit Schenker has received final bids from Danish transport firm DSV (DSV.CO) and a consortium led by CVC Capital Partners (CVC.AS), with each valuing the business at around 14 billion euros ($15.6 billion), two people familiar with the matter told Reuters.
EU approves German state aid for $11 billion TSMC chip plant
Taiwan's TSMC (2330.TW) on Tuesday launched a major new computer chip plant in Dresden, Germany, expected to be a key supplier to European industry and carmakers after the EU Commission approved 5 billion euros ($5.5 billion) worth of state aid.
U.S. customer activity boosting transatlantic shipping, Hapag-Lloyd says
Transatlantic container shipping volumes into the United States are rebounding, the head of Hapag-Lloyd (HLAG.DE) said on Monday, boosted by restocking and a rush to fill up inventories amid a risk of possible strike action at U.S. ports.
China's rare copper export boom signals more than weak demand
A rare burst of Chinese exports has deflated bull spirits in the copper market, with funds dumping long positions and prices down by 16% from the record highs seen in May.
Cobalt supply tsunami hits the market of last resort
Someone delivered 23 metric tons of cobalt to London Metal Exchange warehouses last month.
US oil export gains slow as output, global demand turn tepid
U.S. crude oil export gains should plateau in 2024 after years of strong growth, with domestic output expected to increase by the smallest amount since the pandemic at a time when global oil demand remains sluggish.
Amazon must face D.C.'s antitrust lawsuit, appeals court rules
An appeals court in Washington, D.C. revived the district's lawsuit against Amazon.com Inc (AMZN.O) on Thursday, saying it plausibly claimed the online retailer's pricing policies illegally stifle competition.
Volvo wins order for 300 electric trucks from DSV
Sweden's AB Volvo (VOLVb.ST) said on Thursday it had received an order for 300 electric trucks from Danish logistics firm DSV (DSV.CO).
Volvo picks Monterrey for $700 mln Mexico truck plant
STOCKHOLM, Aug 23 (Reuters) - Sweden's AB Volvo (VOLVb.ST) has picked Monterrey in northern Mexico as the site for its new North American heavy-duty truck factory and expects construction to cost $700 million, it said on Friday.
Food brands and investors scramble to stave off risk of stranded assets
The food system is big business, but a significant – and growing – chunk of that business is at risk from the impacts of climate change.
China's BYD plans car plant in Karachi as part of Pakistan entry
Chinese electric vehicle giant BYD (002594.SZ) on Saturday announced plans to open a car production plant in Pakistan, where it will also start selling three models through a partnership with Mega Motors.
Sporting goods retailer Decathlon to invest $111 mln in India expansion plan
French sporting goods retailer Decathlon said on Wednesday that it will invest 100 million euros ($111 million) in India over the next five years to expand its store count and manufacturing in what is one of its key markets.
China and Vietnam sign 14 deals from rail to crocodiles after leaders meet
China and Vietnam signed 14 documents spanning cross-border railways to crocodile exports on Monday, after Chinese President Xi Jinping met with Vietnam's new leader To Lam in Beijing.
Poland and Hungary become key new drivers of Europe's solar growth
Electricity generation from solar farms is growing faster in Central and Eastern Europe than in any other European region, vastly exceeding the growth rates seen in both wealthier and sunnier parts of the continent.
Chinese EV maker BYD eyes state incentives for Mexico plant
Chinese electric vehicle maker BYD (002594.SZ) has narrowed its list of finalists for the location of a manufacturing plant in Mexico down to three states and is reviewing a range of proposed incentives from them, the firm's country head said on Wednesday.
Volkswagen's battery targets not 'set in stone', battery chief tells FAS
Volkswagen's (VOWG_p.DE) goal of building 200 gigawatt hours of battery capacity by 2030 is not "set in stone" and the carmaker will monitor how demand for electric vehicles (EVs) develops, its batteries chief told German newspaper FAS on Friday.
Ford slows EV plans, delaying pickup and axing three-row SUV, to cut costs
Ford Motor (F.N) on Wednesday said it was killing a planned three-row electric SUV and pushing back a new electric version of its best-selling pickup, the F-150, the latest delay by the U.S. automaker as it focuses on cutting costs to stimulate demand.
Battery maker Northvolt to shift R&D from California to Sweden
Battery maker Northvolt will shut down and shift development of lithium-metal battery technology from California to its R&D hub in Vasteras, Sweden, the company said on Tuesday.
Italian minister gives Stellantis ultimatum over EU funds for planned gigafactory
Italy's industry minister said on Thursday he expected "within hours" a firm commitment by Stellantis (STLAM.MI) over its plan to build a battery-making plant in the country, otherwise the government would move public funds for the project elsewhere.
VW to receive lower rate on Cupra Tavascan under planned EU tariffs, source says
Volkswagen (VOWG_p.DE) is due to receive a lower tariff of 21.3% on its Cupra Tavascan, produced by the company's SEAT subsidiary in China, under planned duties by the European Commission on China-made cars, a source close to the matter said on Tuesday.
Chinese body says EU draft on EV tariffs lacks objectivity, fairness
The European Union's draft findings from an anti-subsidy investigation into Chinese electric vehicles (EV) lack objectivity and fairness, a Chinese industry body said on Wednesday.
Germany's auto industry calls for stricter climate targets for fuel suppliers
Germany needs to go beyond the European Union's guidance on fuels if it wants to achieve its 2045 goal of climate-neutral road traffic, auto association VDA said on Wednesday.
Siemens picks Toyota's Vanderlande as buyer for logistics unit, sources say
Siemens (SIEGn.DE) has chosen Toyota's Vanderlande as a buyer for its airport logistics unit Siemens Logistics, three people familiar with the bidding process told Reuters on Thursday.
Harris' plan to fight price gouging: what is the legal framework?
As Vice President Kamala Harris focuses on price gouging in her presidential campaign, state laws and laws proposed by her colleagues in the Senate show potential paths for a crackdown on high prices.
Trump pledges to end pollution rule, block steel merger
Republican presidential candidate Donald Trump pledged on Monday to rescind a Biden administration rule limiting power plant pollution and reiterated a promise to block Nippon Steel's (5401.T) planned purchase of U.S. Steel (X.N).
Germany's Deutsche Bahn seen cutting DB Cargo aid after EU probe
BERLIN, Aug 22 (Reuters) - Germany's state-owned Deutsche Bahn could be prevented from financially supporting its loss-making freight operator DB Cargo following a decision by EU competition regulators, the subsidiary said on Thursday.
Shein reveals child labour cases as it steps up supplier audits
Fast fashion retailer Shein found two cases of child labour at its suppliers last year, it said in its 2023 sustainability report, as it stepped up audits of manufacturers in China to assuage criticisms of its low-cost business model ahead of a planned flotation.
Alphabet's Waymo robotaxi unit doubles its paid rides in three months
Alphabet's (GOOGL.O) Waymo said on Tuesday it had doubled its paid rides to 100,000 per week in just over three months as the autonomous ride-hailing firm expanded its areas of service and allowed more people to ride its robotaxis.
GM's Cruise to offer robotaxis on Uber's platform from next year
Cruise will offer its autonomous vehicles on ride-hailing platform Uber (UBER.N) starting next year, the companies said on Thursday, as the General Motors-backed (GM.N) robotaxi firm attempts a comeback.
Japan looks to boost seafood exports to new markets after Chinese ban, trade body says
Japan is ramping up promotional efforts to boost seafood exports to more destinations in Asia, the U.S., and Europe as it seeks to fill a sales gap left by a year-long Chinese import ban, the head of the Japan External Trade Organization said.
US energy storage surge will reward market-savvy developers
U.S. utility-scale battery deployment is surging as developers seek to secure tax credits introduced in the 2022 Inflation Reduction Act and capitalise on falling battery costs.
Japan's July export growth lags expectations, volumes fall again
Japan's exports rose at a slightly slower pace than expected in July and shipment volumes extended their declines, data showed on Wednesday, adding to some doubts about the outlook for an economy that has only just started to pick up the recovery pace.
U.S. consumer price growth unchanged for July
U.S. consumer prices did not rise in July due to a sharp drop in the cost of gasoline, delivering the first notable sign of relief for Americans who have watched inflation climb over the past two years.
Euro zone retail sales fall as expected in August
Euro zone retail sales fell in August, data showed on Thursday, pointing to a weakness in consumer demand and underlining expectations of an approaching recession.
US jobless claims, business activity keep economy on gradual cooling path
The number of Americans filing new applications for unemployment benefits ticked up in the latest week, but appeared to be steadying near a level consistent with a gradual cooling of the labor market that should set the stage for the Federal Reserve to kick off interest rate cuts next month.
India business activity extends robust growth streak in August, PMI shows
India's business activity extended its robust growth streak in August as a stronger services industry offset a slight slowing in manufacturing expansion, according to a survey that indicated price pressures also were easing.
Japan's Aug factory activity declines slow, PMI shows
Japan's factory activity shrank in August amid subdued demand although the pace of decline slowed, while the service sector expanded, showing upbeat conditions in some industries, a business survey showed on Thursday.