The need to know
The need to know for the week ending 6th September 2024
The need to know from Reuters’ global network of journalists
US East Coast ports union meets over wage demand, preps for possible strike
The International Longshoremen's Association union, representing 45,000 workers at major container ports from Texas to Maine, began two days of meetings on Wednesday to review wage demands and prepare for a potential strike on Oct. 1.
Acting US labor secretary encourages Boeing and workers to reach 'fair contract'
Acting U.S. Labor Secretary Julie Su on Wednesday encouraged Boeing and more than 30,000 of the planemaker’s factory workers to bridge a divide in negotiations and reach a fair contract, as a vote on a new deal looms on Sept. 12.
Colombia trucker protests threaten fuel supplies, state oil company operations
Protests by truckers in Colombia, who are angry at an increase in diesel prices, have cut off the country's biggest cities and are threatening fuel supplies, though the government insists the hike is fair.
Bangladesh garment industry short on cotton as floods worsen protest backlog
Garment factories in Bangladesh, one of the world's biggest clothing production hubs, are struggling to complete orders on time as flooding disrupts their cotton supplies - exacerbating a backlog caused by recent political turmoil.
FedEx invests in AI robotics company Nimble to boost its supply chain business
FedEx (FDX.N) said on Thursday it has invested in AI robotics and autonomous technology company Nimble to help scale up the delivery giant's Fulfillment unit which aids small and medium-sized businesses in fulfilling orders and managing inventory.
Volvo Trucks to launch electric truck with 600 km range
Sweden's Volvo (VOLVb.ST) will launch a long-range variant of its FH Electric truck, capable of covering up to 600 km (373 miles) on a single charge, its truckmaking arm said on Tuesday.
California issues draft regulations for operating autonomous trucks
The California Department of Motor Vehicles on Friday issued draft regulations on the operation of autonomous vehicles on highways, paving the way for self-driving trucks to commence long-haul deliveries.
US implements new controls on advanced technology alongside international partners
The United States on Thursday published new controls on advanced technology, including quantum computers, in line with restrictions imposed by international partners.
US safety commissioners call for investigation into Shein, Temu
Two leaders of the U.S. Consumer Products Safety Commission are calling for the agency to investigate e-commerce retailers Shein and Temu after "deadly baby and toddler products" were sold on both websites, according to a letter posted on the agency's website on Tuesday.
China hits Canada with anti-dumping probe on canola imports, Ottawa deeply concerned
China said on Tuesday it planned to start an anti-dumping investigation into canola imports from Canada, after Ottawa moved to impose tariffs on Chinese electric vehicles, lifting prices of domestic rapeseed oil futures to a one-month peak.
China warns Japan of retaliation over potential new chip curbs, Bloomberg reports
China has warned of severe economic retaliation against Japan if it further restricts sales and servicing of chipmaking equipment to Chinese firms, Bloomberg News reported on Monday, citing people familiar with the matter.
Maersk says impact from Red Sea attacks continues to intensify
The negative impact on maritime shipping and global supply chains from attacks in the Red Sea continues to intensify as traffic is rerouted away from the Suez Canal, Danish shipping company A.P. Moller-Maersk (MAERSKb.CO) said on Thursday.
US military says Yemen's Houthis attacked two crude oil tankers in Red Sea
Yemen's Iran-backed Houthi rebels attacked two crude oil tankers - the Saudi-flagged Amjad and the Panama-flagged Blue Lagoon I - in the Red Sea on Monday, the U.S. military said, calling the assaults "reckless acts of terrorism".
Amazon river levels fall due to lack of rain, hurting navigation
Last year's record drought in the Amazon and less than usual rainfall since caused river water levels to drop rapidly, hindering navigation by barges carrying grains for export and cutting off communities that depend on river transport.
Rain lifts Rhine river levels in Germany but ships still part loaded
Rain has raised water levels on the Rhine in Germany but most of the river remains too shallow for cargo vessels to sail fully loaded, commodity traders said on Wednesday, following a bout of dry weather in August.
Amazon says exports from India-based sellers to cross $5 bln in 2024
Amazon Inc (AMZN.O) expects to help Indian exporters sell about $5 billion worth of small-ticket items through its platform this year in markets such as the United States and Britain, up from nearly $3 billion in 2023, a company official said.
Recent news that Dutch investment group ASN Impact Investors is divesting from fast-fashion brands because of their failure to meet its new, tougher sustainability criteria will not come as a huge surprise.
Investor pressure on Nike builds over garment workers' rights
Investor pressure on Nike (NKE.N) is building ahead of Tuesday's annual shareholder meeting, with Norway's sovereign wealth fund pledging to back a resolution demanding the company consider ways it can improve working conditions at garment factories.
Soy grown illegally on Brazil's tribal lands finds its way to global markets
Farm cooperatives in Brazil that supply some of the world's biggest multinational agricultural firms are buying soybeans grown illegally on Indigenous reservations in the country, according to tribal leaders and court records, despite the companies' public pledges to respect the land rights and resources of Indigenous peoples.
Volkswagen warns time running out as it clashes with workers over cuts
Volkswagen (VOWG_p.DE) has "one, maybe two" years to turn its main car brand around, its finance chief said on Wednesday, as the auto giant weighs its first ever plant closures in Germany and its powerful unions threaten a fight. Leaders of India and Singapore sign deal to cooperate on semiconductors
Which Volkswagen factories in Germany could be affected by layoffs?
Volkswagen (VOWG_p.DE) said it plans to end its job security programme - which has been in place since 1994 and prevents job cuts until 2029 - as it faces pressure from Asian competitors.
Volkswagen's German battery plant to stay at half capacity amid cost pressures
Volkswagen's (VOWG_p.DE) PowerCo battery subsidiary will build just one of two planned production lines at its Salzgitter plant in Germany for now, its works council said, as the sector adjusts to slowing demand for electric vehicles.
China’s global battery ram will be hard to stop
China’s electric cars have zoomed into a new era of battery-powered driving.
Mercedes-Benz plans to jointly invest $2 bln in China, local media reports
Mercedes-Benz (MBGn.DE) has plans to jointly invest over 14 billion yuan ($1.97 billion) in China with local partners to enrich local vehicle lineups, state-backed digital newspaper The Paper reported on Wednesday.
Souring mood in German auto sector sets gloomy tone for VW labour talks
Business sentiment in the German automotive industry slid deeper into negative territory in August, according to a survey, providing a gloomy backdrop to labour talks due to start on Wednesday at Volkswagen over its ambitious cost-cutting drive.
Toyota cuts 2026 global EV output plans by a third, Nikkei reports
Japan's Toyota Motor (7203.T) has slashed its electric vehicle production plans for 2026 by a third, the Nikkei business daily reported, becoming the latest automaker to roll back electric car plans as EV sales momentum wanes.
Stellantis to invest $385 mln in Argentine plant
Automaker Stellantis (STLAM.MI) will invest $385 million in its plant in the province of Cordoba, Argentina, between 2025 and 2030, the firm's South America head Emanuele Cappellano said on Thursday.
Japan to give up to $2.4 bln in new support for domestic EV battery production
Japan will hand out more subsidies for electric-vehicle battery production, pledging as much as $2.4 billion in support for related projects by Toyota Motor (7203.T) and other major companies, as it seeks to strengthen its battery supply chain.
Exclusive: Volkswagen's CUPRA 'at risk' from planned EU tariffs, says brand CEO
An electric vehicle made in China and designed in Spain by Volkswagen's (VOWG_p.DE) CUPRA brand would be "wiped out" if the European Commission followed through with planned import tariffs of 21.3% on the vehicle, the brand's CEO told Reuters.
Israel's Tower Semiconductor, Adani plan $10 bln chip project in India
Israel's Tower Semiconductor (TSEM.TA) and Adani Group will invest 839.47 billion rupees ($10 billion) for a semiconductor project in India's western state of Maharashtra, its chief minister said in a post on X on Thursday.
India's factory activity growth hits three-month low, PMI shows
India's manufacturing activity growth eased to a three-month low in August as demand softened significantly, a private-sector survey showed on Monday, casting another shadow over the otherwise robust economic outlook.
China's weak factory PMI raises pressure for consumer stimulus
China's manufacturing activity sank to a six-month low in August as factory gate prices tumbled and owners struggled for orders, an official survey showed on Saturday, pressuring policymakers to press on with plans to direct more stimulus to households.
US manufacturing mired in weakness; construction spending falls
U.S. manufacturing contracted at a moderate pace in August amid some improvement in employment, but a further decline in new orders and rise in inventory suggested factory activity could remain subdued for a while.
Euro zone August factory activity stuck in a rut, PMI shows
Euro zone manufacturing activity remained mired in contraction in August, a survey showed on Monday, with the data suggesting a recovery could be some way off as demand fell at its sharpest pace this year.
UK factories report strongest month since 2022, PMI shows
British factories had their strongest month in more than two years in August as demand at home offset a fall in exports, according to a survey published on Monday that added to signs of momentum in the economy.
US job openings hit 3-1/2-year low as labor market eases
U.S. job openings dropped to a 3-1/2-year low in July, suggesting the labor market was losing steam, but the reduction on its own is probably not enough to warrant a half-percentage-point interest rate cut by the Federal Reserve this month.
Downturn in German manufacturing accelerates, PMI shows
The downturn in Germany's manufacturing sector, which accounts for about a fifth of Europe's biggest economy, continued to gather pace in August, a survey showed on Monday.
South Korea exports extend gains to 11th month, growth slows
South Korea's exports rose for an 11th straight month in August, but the pace of growth was weaker than the previous month and market expectations as demand for computer chips slowed, while auto sales remained sluggish.
Canada swings to July trade surplus as imports and exports fall
Canada posted a lower-than-expected trade surplus of C$684 million ($505 million) in July as imports fell faster than exports, while the June balance was revised to a deficit from a surplus, Statistics Canada data showed on Wednesday.
French factory activity contracts in Aug at fastest pace since Jan, PMI shows
France's manufacturing activity contracted at its fastest pace since January in August, as output and new orders fell sharply, a survey showed on Monday.
German industrial orders unexpectedly rise in July
German industrial orders unexpectedly rose in July, but the increase was flattered by some large orders, making economists doubtful the sluggish sector was on the cusp of a sustained upturn.
US allows increased production of Takeda's ADHD drug and its generics to address shortage
The U.S. Drug Enforcement Administration has increased the production limit for Takeda Pharmaceutical's (4502.T) ADHD drug Vyvanse and its generic versions by about 24% to address the ongoing shortage of the copies in the United States.
DSV promises billion-euro investment in bidding war for Deutsche Bahn's Schenker
Denmark's DSV (DSV.CO) is promising a billion-euro investment if it wins the bidding war for Deutsche Bahn's logistics unit Schenker against a consortium led by CVC Capital Partners (CVC.AS), sources close to the negotiations have told Reuters.
Blackstone buys stake in $1.2 billion European logistics fund
Private equity giant Blackstone (BX.N) has agreed to buy an 80% stake in a European warehouse portfolio run by landlord Burstone (BTNJ.J), the latest push by the U.S. investment manager into warehouses that have boomed alongside the rise of e-commerce.
Segro to buy Tritax EuroBox in $1.44 bln European warehousing deal
British warehouse owner Segro (SGRO.L) will buy Tritax EuroBox (EBOX.L) in a deal valuing the European logistics real estate firm at about 1.10 billion pounds ($1.44 billion) including debt, the companies said on Wednesday.
Semiconductor body calls for EU 'Chips Envoy', more support
Europe's main computer chip industry group ESIA called on the European Union on Monday to speed up aid, draw up a revamped "Chips Act 2.0" support package and name an envoy to champion the sector.
World Bank urges India to boost labour-intensive exports for jobs
India should focus on labour-intensive exports to boost employment, The World Bank said on Tuesday, noting that the country's manufacturing industry has not fully seized opportunities from China's exit from these sectors.
India's steel ministry backs industry's demand to raise tariffs
India's steel minister will try to convince the finance ministry to raise tariffs on steel imports, he said on Wednesday, to protect domestic mills from a rise in cheaper imports from countries such as China.
Exclusive: US fears Nippon bid for U.S. Steel could hit vital steel supplies
Nippon Steel's (5401.T) proposed $14.9 billion takeover of U.S. Steel (X.N) would create national security risks because it could hurt the supply of steel needed for critical transportation, construction and agriculture projects, the U.S. said in a letter sent to the companies and seen by Reuters.
EU to tighten hydrogen subsidy rules after China concerns
The European Commission is working on tighter rules to ensure EU funding for hydrogen projects benefits European companies, after local industries raised concerns over cheap Chinese imports, the EU's head of climate change policy said on Monday.
FACTBOX From apartheid to Gaza, consumer boycotts have hit major companies over the years
Global companies including Anheuser-Busch InBev (ABI.BR), Coca-Cola (KO.N) and Target (TGT.N) have suffered hits to sales and, in some cases, reputations, after shoppers boycotted their products or services over the years.
Leaders of India and Singapore sign deal to cooperate on semiconductors
The leaders of India and Singapore on Thursday signed an agreement to partner and cooperate in semiconductors, in a deal aimed at giving Singaporean firms a greater role in supply chains in the Indian market, the two countries said.
Ethanol push turns India into corn importer, shaking up global market
A push by India to make more corn-based ethanol has turned Asia's top corn exporter into a net importer for the first time in decades, squeezing local poultry producers and scrambling global supply chains.
Europe's luxury stocks drop on China concerns
Shares in some big European luxury goods companies fell sharply on Thursday, with traders citing growing concerns over slowing demand in the key Chinese market following the latest signs of a weakening in the world's No. 2 economy.
Japan's Seven & i rejects Couche-Tard's $38.5 bln takeover offer
Japanese retail giant Seven & i Holdings (3382.T) said on Friday it had turned down Canada's Alimentation Couche-Tard's (ATD.TO) $38.5 billion cash bid, rejecting an offer that would be the largest-ever foreign buyout of a Japanese company.
Amazon challenges US labor board's structure in lawsuit over union election
Amazon.com (AMZN.O) sued a U.S. labor board on Thursday, accusing it of illegally interfering in a union election at a New York City warehouse and claiming the agency's structure violates the U.S. Constitution.
Eli Lilly signs manufacturing deal for rheumatoid arthritis drug in Africa
Eli Lilly (LLY.N) will license the manufacturing know-how for its rheumatoid arthritis treatment to Egypt's Eva Pharma, the companies said on Wednesday, to help localize the drug's production in Africa.
Alibaba's China e-commerce platforms to accept Tencent's Wechat Pay
Chinese e-commerce giant Alibaba's (9988.HK) domestic platforms Taobao and Tmall will begin accepting payments from Tencent's WeChat pay, Alibaba said in a statement on Wednesday.
Zinc concentrates squeeze but there's no shortage of metal
Global zinc mine production continues to slide and the raw materials squeeze is now starting to bite, particularly in China.
India's Adani Ports to ink $185 mln Astro Offshore deal in branch-out bid
Adani Ports and Special Economic Zone (APSE.NS) said on Friday it will buy a majority stake in an offshore support vessel operator for $185 million, expanding its fleet and diversifying beyond port operations.
Zimbabwe turns to private firms to boost freight rail volumes
Zimbabwe's state-owned railway operator has opened its network up to private players, including a unit of South Africa's Grindrod (GNDJ.J), as it seeks to boost freight volumes that had collapsed after decades of underinvestment, an official said.