The need to know

The need to know for the week ending 30th August 2024

The need to know from Reuters’ global network of journalists

Red Sea insurance nearly doubles after attacked oil tanker appears to leak oil

The cost of insurance for ships sailing through the Red Sea has nearly doubled after Yemen's Houthis attacked a tanker that appears to be leaking oil, with environmental fears growing for trade route, industry sources said on Wednesday.

As salvage starts, no oil spilling from tanker set ablaze by Houthis in Red Sea

As salvage operations began on an abandoned Greek-flagged oil tanker with deck fires still burning from Houthi rebel attacks, the EU's Red Sea naval mission Aspides said on Thursday that no oil spill has been detected.

Canada to impose 100% tariff on Chinese EVs, including Teslas

Canada, following the lead of the United States and European Union, said on Monday it would impose a 100% tariff on imports of Chinese electric vehicles and announced a 25% tariff on imported steel and aluminum from China.

China fires latest warning signal with antimony controls

China's announcement of antimony export restrictions has added fuel to a red-hot market and opens another potential flash-point with the West for control of critical minerals.

China's probes on EU products following EV tariffs

China has opened an anti-subsidy probe into imported dairy products from the European Union, stepping up tension with the bloc a day after Brussels released its revised draft decision related to tariffs on China-made electric vehicles.

Shares of European spirits makers jump as China drops provisional brandy measures

Shares in French spirits makers Remy Cointreau (RCOP.PA) and Pernod Ricard (PERP.PA) rallied on Thursday after China's commerce ministry said it will not immediately impose provisional anti-dumping measures on brandy imported from the European Union.

Walmart unveils new marketplace seller services for holiday boost

Walmart (WMT.N) said on Tuesday it would provide marketplace sellers its services to handle transportation of their goods from Asia directly to its U.S. warehouses, as well as fulfill orders and manage returns from any e-commerce website, in a new approach to bolstering its marketplace business ahead of the holiday season.

Norfolk Southern reaches agreements with four labor unions

Norfolk Southern (NSC.N), in partnership with BNSF Railway, said on Friday it has reached tentative, five-year collective bargaining agreements with four labor unions.

Canadian rail decision is a win for companies, union leader says

A decision obliging more than 9,000 Canadian rail workers to stay on the job is a win for the railways and could impact bargaining in other federally regulated sectors like aviation, the head of a Canadian rail workers' union told Reuters.

US rails cancel embargoes after Canada work stoppage ends

U.S. railroads Norfolk Southern (NSC.N) and BNSF Railway on Monday said all embargoes associated with the potential Canadian work stoppage stand canceled and affected rail traffic has resumed, putting an end to an unprecedented service disruption in the movement of goods across the border.

Low water hampers Rhine river shipping in Germany

Low water levels after recent dry weather are preventing cargo vessels from sailing fully loaded on the Rhine river in Germany, with surcharges added to the usual freight rates, commodity traders said on Thursday.

Exclusive: India's monsoon expected to be prolonged, threatening ripe crops, sources say

India's monsoon rains are likely to be prolonged into late September this year due to the development of a low-pressure system in the middle of the month, two weather department officials told Reuters.

As Japan rice shortage bites, farmers test heat-resistant crops

Grappling with a rice shortage after extreme weather ravaged last year's crop, Japan is hoping new heat-resistant varieties of its staple food can help stave off future supply shocks.

Argentine farmers eye pivot to soy on corn plague fears, rain outlook

Argentine farmers are likely to plant more soybeans in the current 2024/25 season, trimming the area dedicated to corn after that crop's last harvest was hit by a devastating insect plague and with rain forecasts looking rosier for soy.

Romanian government plans drought insurance scheme for farmers

The Romanian government plans to approve an insurance system for agricultural land as part of a series of measures to help farmers whose crops have been ravaged by drought, Agriculture Minister Florin Barbu said on Wednesday.

Water profiteers thrive in Sicily as drought intensifies

A drought on the Italian island of Sicily has become so severe that many residents of the city of Caltanissetta have been without running water for two months, leading to handsome profits for unauthorised private sellers.

Selling Deutsche Bahn's Schenker to DSV would cost thousands of jobs, labour union warns

German labour union Verdi warned Deutsche Bahn in a positioning paper on Thursday against selling its logistics unit Schenker to Danish bidder DSV (DSV.CO), fearing thousands of job losses.

Indian port workers call off strike, agree new wage deal

Nearly 20,000 workers across major Indian ports, who had threatened to go on an indefinite strike from Wednesday, called off their walkout late on Tuesday, after agreeing to a new five-year deal.

Lego to replace oil in its bricks with pricier renewable plastic

Toymaker Lego said on Wednesday it was on track to replace the fossil fuels used in making its signature bricks with more expensive renewable and recycled plastic by 2032 after signing deals with producers to secure long-term supply.

Cameroon to share cocoa location data to meet EU environment rules

Cameroon’s cocoa and coffee association on Wednesday signed agreements with six cocoa exporters to roll out a platform that will provide plantations' location data to comply with an impending EU regulation on deforestation-free products.

U.S. targets 105 Russian and Chinese firms for aiding Russian military

The United States on Friday added 105 Russian and Chinese firms to a trade restriction list over their alleged support of the Russian military as Washington seeks to keep up pressure on Moscow's war effort in Ukraine.

India set to hold more talks over import curbs on steelmaking raw material

India will hold wider consultations with steel companies before imposing curbs on imports of low ash metallurgical coke, used in steelmaking, a source with direct knowledge of the matter told Reuters.

Indian solar panels face US scrutiny for possible links to China forced labor

U.S. Customs and Border Protection has detained nearly $43 million in shipments of electronics equipment from India since October under a 2022 law banning goods made with forced labor, according to agency data, representing a new focus for the trade enforcement agency.

China robots conference spotlights the changing face of humanoids

As China seeks to race ahead in humanoid robot development, its supply chains showcased cheaper and innovative parts at the world robot conference in Beijing, but some executives warn the industry has yet to improve product reliability.

Samsung SDI finalizes deal with GM to build $3.5 bln joint EV battery factory in US

South Korea's Samsung SDI (006400.KS) said on Wednesday it has completed an agreement with General Motors (GM.N) to build a joint electric vehicle (EV) battery factory in the U.S. state of Indiana.

China's factory activity seen extending declines in Aug

China's factory activity likely shrank for a fourth month in August, a Reuters poll showed on Friday, reinforcing the need for officials to direct more stimulus towards households and less to building projects.

High-tech manufacturing spurs China's July industrial profit growth

China's industrial profits grew faster in July buoyed by high-tech manufacturing, even as sluggish domestic demand weighed on the recovery in the world's second-largest economy.

US clean energy jobs growth rate double that of overall jobs, report says

Jobs in the U.S. clean energy industry in 2023 grew at more than double the rate of the country's overall jobs, and unionization in clean energy surpassed for the first time the rate in the wider energy industry, the Energy Department said on Wednesday.

Surging grocery prices in focus as US tries to stop Kroger deal

The U.S. Federal Trade Commission argued in federal court on Monday that Kroger's (KR.N) $25 billion merger with rival grocer Albertsons (ACI.N) is bad for shoppers in a case that highlights growing alarm over surging grocery prices.

UK shop prices dip for first time in nearly 3 years, survey shows

British shop prices fell in annual terms this month for the first time since October 2021, pushed down by summer sales of clothes and household goods, a survey showed on Tuesday.

US second-quarter economic growth revised higher on consumer spending

The U.S. economy grew faster than initially thought in the second quarter amid strong consumer spending, while corporate profits rebounded, which should help to sustain the expansion.

European companies cut jobs as economy sputters

Elevated levels of inflation and the impact of the war in Ukraine have forced companies across Europe to freeze hiring or cut jobs.

German economy shrank by 0.1% in Q2, statistics office confirms

The German economy shrank by 0.1% in the second quarter of 2024 compared with the previous three-month period, the statistics office reported on Tuesday, confirming preliminary data.

India's June qtr GDP growth likely slowed on reduced government spending

India's economic growth is expected to have slowed in the April-June quarter due to reduced government spending during the national elections and stalling consumption.

ECB hurry may owe much to deepening EU-China trade

While there has been a lot of talk about the West's strategic decoupling from China's sputtering economy, Europe's direct trade links with Beijing have actually been deepening.

Toyota and BMW to upgrade fuel cell alliance, Nikkei Asia says

Toyota Motor Corp (7203.T) and BMW (BMWG.DE) are set to upgrade their partnership in fuel cell vehicles, Nikkei Asia reported on Tuesday.

China's PDD suffers $55 bln market cap wipeout after flagging an uncertain market

China's PDD Holdings (PDD.O) missed market estimates for quarterly revenue on Monday, and downbeat comments from executives about China's domestic e-commerce competition and the firm's global outlook sent its shares down more than 28%.

Two Republicans want Pentagon to add Chinese battery maker CATL to restricted list

Two top Republican lawmakers on Wednesday asked the U.S. Defense Department to add Chinese battery maker CATL (300750.SZ) to a restricted list of companies allegedly working with Beijing's military.

Argentina official says lithium, copper to drive metal exports to $10 billion by 2027

Argentina's mining exports will more than double to around $10 billion in 2027 from some $4 billion this year, the country's Mining Secretary Luis Lucero told Reuters, driven by a spate of lithium projects coming online and a nascent push into copper.

Fortescue sets out to meet strong Chinese demand for green iron

Australia is positioned to meet strong demand from China for green iron, Fortescue (FMG.AX) said on Wednesday as it readies a pilot plant to begin production of the product using renewable energy next year.

Kumba to invest further $428 mln in iron ore processing plant upgrade

South Africa's Kumba Iron Ore (KIOJ.J) will invest an additional 7.6 billion rand ($428 million) in processing technology that will treble premium quality production at its Sishen mine, it said on Thursday.

Linde to invest $2 bln in Canada to supply hydrogen to Dow's Alberta plant

Industrial gases firm Linde said on Tuesday it would invest more than $2 billion to build a clean hydrogen facility for supplying to Dow's (DOW.N) Path2Zero production complex in Alberta, Canada.

Lufthansa's Discover seeks to operate as many flights as possible during 4-day strike

Lufthansa Group's (LHAG.DE) Discover Airlines will seek to operate as many flights as possible during a four-day strike starting on Tuesday, the subsidiary said on Monday.

Maersk says ocean shipping's zero-emissions push needs government support

The Alette Maersk was the first container vessel powered by low-carbon methanol fuel to cross the Pacific Ocean - a milestone in the shipping industry's effort to reduce its climate impact.

EU faces lawsuits over emissions rules, 'green' label for planes

Environmental campaigners have taken the European Commission to court, seeking to force Brussels to upgrade its emissions rules for 2030 and, in a second case, scrap rules that label some planes as climate-friendly investments.

Fire at Rivian's Illinois plant damages multiple EVs, no injuries reported

A fire broke out at a parking lot at Rivian Automotive’s manufacturing facility in Normal, Illinois late on Saturday damaging many of its electric vehicles, the U.S. startup said on Sunday.

Texas is sued over anti-ESG law

Texas was sued on Thursday by a nonprofit whose members support environmentally-friendly policies, and which seeks to block a state law targeting businesses that support reduced reliance on fossil fuels.

EV firm Lotus Tech slashes annual deliveries forecast as EU, US tariffs weigh

EV firm Lotus Technology slashed its deliveries forecast for the year by more than 50% on Wednesday, citing uncertainty posed by new tariffs in the United States and the European Union.

J.D. Power cuts U.S. EV sales forecast to 9% as growth slows

U.S. electric vehicle (EV) sales are expected to reach just 9% of the market this year, consulting firm J.D. Power said in a report on Wednesday, lowering its previous forecast of 12%.

EU new car sales flat in July as battery-electric slumps, industry body ACEA says

New car sales in the European Union rose 0.2% in July, slowed by declines in France and Germany, while battery-electric vehicles continued to lose market share, data from Europe's auto industry body showed on Thursday.

Exclusive: Tesla asked Canada for lower tariff on China-made EVs, government source says

Before Canada said this week it was imposing a 100% duty on Chinese-made electric vehicles, Tesla (TSLA.O) approached Ottawa and asked for a lower tariff on its autos, a Canadian government source said on Wednesday.

Toyota global output falls for 6th straight month in July

Toyota Motor (7203.T) said on Thursday its global production slipped for a sixth straight month in July, hurt by declines in markets such as China and Thailand, though the fall was smaller than the previous month's double-digit drop.

US gasoline prices lower this year ahead of Labor Day, EIA says

U.S. gasoline prices were substantially lower than last year heading into the weekend of the Labor Day federal holiday on Monday, which ends the U.S. summer driving season, the U.S. Energy Information Administration (EIA) said on Thursday.

Global IT outage in July exacerbated California fuel storage issues, says storage broker

Last month's CrowdStrike IT outage that grounded scores of flights created new problems for California's fuel market, forcing U.S. traders to store jet fuel destined for the state on waterborne tankers, storage broker The Tank Tiger told Reuters this week.

US awards $521 million in grants to boost EV charging network

The Biden administration said Tuesday it is awarding $521 million in grants to build out electric vehicle charging and deploying more than 9,200 EV charging ports.

Philip Morris to invest $232 million to expand ZYN production at Kentucky plant

Philip Morris International (PM.N) said on Tuesday it would invest $232 million to expand production capacity for ZYN nicotine pouches at its Ownesboro, Kentucky plant, to meet the strong demand.

US to award HP $50 mln for semiconductor tech project

The U.S. Commerce Department said Tuesday it plans to award $50 million to HP (HPE.N) to support the expansion and modernization of an existing company facility in Oregon that will boost key semiconductor technologies.

US requests probe of alleged labor rights denial at Pirelli facility in Mexico

The United States said on Friday it had asked Mexico to review alleged worker rights violations at tire maker Pirelli's (PIRC.MI) facility in Silao de la Victoria city, the 26th U.S. labor complaint in Mexico under a 2020 trade pact.

How does PDD stack up against other big China e-ecommerce firms?

Shares of China's biggest e-commerce companies - Alibaba (9988.HK), JD.com (9618.HK) and PDD Holdings (PDD.O) - were dumped earlier this week on worries about pressure on their margins after low-price vendor PDD pledged to invest more for offering discounts.

Food delivery giant Meituan defies China consumer pullback with revenue beat

Chinese food delivery giant Meituan (3690.HK) posted a bigger than expected 21% rise in second-quarter revenue on Wednesday, defying a slowing Chinese economy.

Cybercrime and sabotage cost German firms $300 bln in past year

Cybercrime and other acts of sabotage have cost German companies around 267 billion euros ($298 billion) in the past year, up 29% on the year before, according to a survey published on Wednesday.

South Korea to advance EV battery certification scheme after fires

South Korea's government and ruling party have agreed to move up an electric vehicle battery certification programme, the party said on Sunday, as authorities seek to alleviate public safety concerns after a series of fires involving EVs.

Wary of Trump, US minerals projects rush to close government loans

U.S. miners and battery recyclers are rushing to close government loans worth billions of dollars before January out of concern that former President Donald Trump would, if reelected, block funding needed to boost American output of critical minerals for the energy transition.

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