The need to know
The need to know for the week ending 20th September 2024
The need to know from Reuters’ global network of journalists
Port strike on US East Coast would spark supply-chain glitches from outset, shipping firm exec says
A threatened Oct. 1 strike by dockworkers at ports on the U.S. East Coast and Gulf of Mexico would immediately disrupt the flow of goods in the country, the North America chief executive of French container carrier CMA CGM (CMACG.UL) said on Wednesday.
DSV to create global logistics giant with $15.9 billion Schenker takeover
Denmark's DSV (DSV.CO) has agreed to buy Schenker, the logistics arm of German state rail operator Deutsche Bahn, for 14.3 billion euros ($15.85 billion) in a deal that would make it the world's biggest logistics company.
Red Sea insurance costs soar as Houthi shipping threats loom, sources say
The cost of insuring a ship through the Red Sea has more than doubled since the start of September and some underwriters are pausing cover as the risk of attack from Yemen's Houthis on commercial vessels increases, industry sources said.
Exclusive: US retailer holiday hiring set to be lower than last year
U.S. retailers will hire fewer seasonal workers this holiday season than last year due to a softer labor market and tighter consumer spending heading into the crucial shopping period, according to a report by Challenger, Gray & Christmas provided exclusively to Reuters.
Target to hire 100,000 seasonal employees, launches early holiday promotions
Target (TGT.N) said on Monday it would employ about 100,000 seasonal workers this holiday season, in line with the last three years, even as inflation-weary shoppers are expected to stay frugal during the key shopping period.
US consumer sentiment climbs to four-month high; import prices drop
U.S. consumer sentiment rose to a four-month high in September amid expectations that inflation will continue moderating over the next year and household incomes improve, but views on the labor market weakened against the backdrop of slower job gains.
Halloween shoppers hunt for early deals while total spending eases, survey shows
Consumers started shopping for Halloween decor and costumes well before October this year, taking advantage of special events, even though overall spending has decreased from last year's record high, data from the National Retail Federation (NRF) showed on Thursday.
US holiday sales to grow 3% again with promotions in focus, Mastercard forecasts
U.S. retail sales are expected to rise 3.2% in the holiday season as companies look to deals to attract thrifty shoppers during a shorter-than-usual shopping window this year, a Mastercard forecast showed on Thursday.
Amazon raises pay of US hourly workers in fulfillment, transport ops
Amazon.com (AMZN.O) is raising the pay of its fulfillment and transportation staff in the United States by at least $1.50 an hour and handing out free Prime memberships as benefits, it said on Wednesday.
Macy's to hire more than 31,500 employees for holiday season
Macy's (M.N) said on Thursday it will hire more than 31,500 full and part-time employees for the upcoming holiday season - fewer than last year - as the U.S. department store gears up for a busy shopping period.
Daimler Truck eyes half of Europe sales from EVs in 2030
Daimler Truck (DTGGe.DE), one of the world's biggest commercial vehicle makers, aims for half of its European sales to come from electric trucks in 2030, the head of its Mercedes-Benz Trucks unit, Karin Radstrom, said on Monday.
Daimler Truck to start series production of fully-electric heavy truck
Daimler Truck (DTGGe.DE) will start producing its first fully-electric heavy truck Mercedes-Benz eActros 600 in November this year, the bus and truckmaker said on Sunday.
Truckmakers say they are ready to go electric, but what about charging?
Major manufacturers, such as Daimler Truck (DTGGe.DE) and Traton (8TRA.DE), displaying their trucks at a transportation fair in Hanover this week say they are ready to go electric, but their e-trucks will not sell without massive investments in charging infrastructure.
Stellantis faces unprecedented UAW strikes a year after national walkout
The United Auto Workers union is eying multiple U.S. strikes against French-Italian carmaker Stellantis (STLAM.MI) about a year after a national walkout cost the Detroit Three automakers billions of dollars and idled 50,000 workers.
Boeing strike poses challenge to MAX targets, supply chain, CFO says
A strike beginning Friday by more than 30,000 of Boeing's U.S. West Coast factory workers will make it harder for the planemaker to meet a 737 MAX production target and stabilize its supply chain, CFO Brian West said on Friday.
EU says deadline for Chinese EV price offers has passed
The European Commission said on Monday that the deadline for Chinese electric vehicle makers to make price commitments as a way of averting tariffs had passed, with no possibility to revise their offers after they were all rejected.
EU, China boost efforts to avert electric-vehicle tariffs, EU says
The European Commission and China agreed to intensify efforts to avert EU import tariffs on China-built electric vehicles and could re-examine a minimum-price deal previously rejected by the EU, the Commission said on Thursday.
EU plans Sept 25 vote on raising tariffs on EVs from China, Bloomberg News reports
The European Union is aiming to hold a vote to introduce definitive tariffs on electric vehicles imported from China on Sept. 25, Bloomberg News reported on Friday, citing people familiar with the plan.
UAW members at Ford's River Rouge tool and die unit set strike deadline
The United Auto Workers (UAW) union said on Wednesday it has set a strike deadline at Ford's (F.N) tool and die unit in the River Rouge Complex over local contract issues.
US locks in steep China tariff hikes, some industries warn of disruptions
The Biden administration on Friday locked in steep tariff hikes on Chinese imports, including a 100% duty on electric vehicles, to boost protections for strategic industries from China's state-driven industrial practices.
Labor rights seeing increased enforcement throughout global supply chains
U.S. protection of labor rights in international trade has existed for almost 100 years under Section 307 of the Tariff Act of 1930 (19 U.S.C. § 1307).
US manufacturing output rebounds in August
Production at U.S. factories surged in August amid a rebound in motor vehicle output, but data for the prior month was revised lower, suggesting that manufacturing continued to tread water.
Downbeat China factory output, retail sales add to urgency for stronger stimulus
China's industrial output growth slowed to a five-month low in August, while retail sales and new home prices weakened further, bolstering the case for aggressive stimulus to shore up the economy and help it hit its annual growth target.
UK's embattled manufacturers see brighter days, Make UK/BDO survey shows
British manufacturers grappling with falling output and fading growth in new orders see better days ahead, helped by a more stable political environment after the landslide election win for the Labour Party, a survey showed on Monday.
FedEx quarterly profit disappoints as demand for speedy delivery wanes
FedEx (FDX.N) reported a steep quarterly profit drop and lowered its full-year revenue forecast on Thursday after its customers continued to trade down from speedy, pricey delivery to cheaper, slower options.
Explainer: How DSV grew into the world's biggest logistics firm
DSV (DSV.CO) is on the verge of becoming the world's biggest logistics firm after agreeing to buy Schenker, the logistics arm of German state rail operator Deutsche Bahn, for 14.3 billion euros ($15.85 billion).
US to award $3 billion to 25 projects for battery manufacturing sector
The U.S. Energy Department said Friday it plans to award $3 billion to 25 battery manufacturing sector projects in 14 states as the Biden administration works to shift the supply chain away from China.
Brazil's Amazon drought disrupts residents' lives
Severe droughts across Brazil's Amazon rainforest region are drastically altering residents' lives as mobility is hampered by record-low levels on upper stretches of the Amazon River.
Shanghai braces for direct hit from Typhoon Bebinca
Shanghai halted transportation links, recalled ships and shut tourism spots including Shanghai Disney Resort on Sunday as it braced for Typhoon Bebinca, in what could be the strongest tropical cyclone to hit the Chinese financial hub since 1949.
Central Europe experiencing worst floods in at least two decades
Central Europe is experiencing the worst floods in at least two decades, with a trail of destruction from Romania to Poland and and the deaths of at least 23 people so far.
Argentina grains ships load less cargo as river levels hit near-record lows
Huge grains ships loading up with soy and corn at Argentina's major inland river ports around Rosario are taking on less cargo as water levels drop to near record lows due to a major drought upstream in Brazil, pushing up costs and transport times.
Exclusive: Ghana lost 160,000 tons of cocoa to smuggling in 2023/24 season, Cocobod official says
Ghana has lost more than a third of its 2023/24 cocoa output to smuggling, a top official from the cocoa marketing board (Cocobod) told Reuters, as low local prices and payment delays push some farmers to sell to increasingly sophisticated trafficking rings.
How migrant workers suffered to craft the 'Made in Italy' luxury label
"Made in Italy: shame in Italy," a handful of migrant labourers who had travelled from Italy's famed leatherware region Tuscany chanted last week in Geneva outside the flagship store of luxury accessory maker Montblanc, holding placards with the slogan.
The Brazilian farmers who are trying to keep the world in its coffee habit despite climate change
Marcelo Montanari likes to say he was born under a coffee tree. In the four generations that his family has farmed coffee in Brazil after emigrating from Italy 130 years ago, the Motanaris had to relocate four times, when farming became unviable for either political or climate reasons.
Green group sues Tyson Foods for allegedly false climate claims
An environmental group is suing Tyson Foods (TSN.N) for allegedly misleading consumers by saying it will reach net-zero emissions by 2050 and marketing climate-friendly beef without meaningful plans to achieve those goals.
Marsh, Tokio Marine Kiln launch port disruption insurance amid shipping chaos
Broker Marsh and Lloyd's underwriter Tokio Marine Kiln (TMK) have set up business interruption insurance for ports to provide cover against growing trade disruption risks such as threats to shipping in the Red Sea, executives involved said.
India to buy more second-hand vessels to raise container capacity
India will purchase more second-hand vessels to add to the country's container shipping capacity, two senior shipping officials said on Thursday after talks with multiple ministries to cut transportation costs and increase exports.
Amazon drivers join Teamsters in New York, union says
Hundreds of delivery drivers for e-commerce giant Amazon.com (AMZN.O) have joined the International Brotherhood of Teamsters, seeking improved wages, working conditions and safety standards, the labor union said on Monday.
Volkswagen's Audi looks for investor for Brussels plant
Volkswagen's (VOWG_p.DE) Audi is looking for an investor for its struggling Brussels plant, the premium brand's production director Gerd Walker said on Tuesday.
Volkswagen plans stop to production at jointly-owned China plant
Volkswagen (VOWG_p.DE) is planning to stop production at one of its combustion engine car plants in China, a person with direct knowledge of the matter said, in a sign of carmakers' struggles to manage overcapacity in the world's biggest car market.
German economy minister offers help to Volkswagen to avoid site closures
German Economy Minister Robert Habeck said on Friday that he wants to help Volkswagen (VOWG_p.DE) get through this period of cost-cutting without site closures.
EU car sales at 3-year low in August, EV sales plunge 44%
New car sales in the European Union fell 18.3% in August to their lowest in three years, dragged down by double-digit losses in major markets Germany, France and Italy and sliding electric vehicle (EV) sales, auto industry body data showed on Thursday.
Coca-Cola plans to invest $1 billion in Nigeria operations, presidency says
Coca-Cola plans to invest $1 billion in its Nigeria operations over the next five years, the country's presidency said after a meeting between President Bola Tinubu and senior executives of the soft drinks maker on Thursday.
Nickel market no longer afraid of losing Russian supply
Russian president Vladimir Putin's suggestion that Moscow should consider capping exports of nickel in retaliation for Western sanctions has been greeted with a collective shrug by the market.
Tin supply chain tightens after key mine's long absence
It's been just over a year since the Man Maw tin mine in Myanmar, one of the world's largest sources of the strategic metal, halted production.
Metals-rich Kazakhstan seeks niche in battery supply chain
Kazakhstan aims to boost output of metals needed for electric vehicle (EV) batteries and is issuing hundreds of new exploration licences to attract fresh investment in the sector, the country's industry minister told Reuters.
Intel awarded up to $3 bln from US for national security related chip production
The Biden Administration on Monday awarded Intel Corp (INTC.O) up to $3 billion from the CHIPS and Science Act to develop a "Secure Enclave" for microelectronics, which are a critical component to a wide range of weapon systems and other national security products.
Italy to reallocate EU funds earmarked for Stellantis gigafactory
Italy's government will reallocate some 200 million euros ($223 million) in European Union funds it had previously earmarked for a project led by Stellantis (STLAM.MI) to build a battery-making plant in eastern Italy, officials said on Tuesday.
Canadian union, GM reach tentative agreement
Canadian labor union Unifor said on Wednesday it has reached a tentative agreement with General Motors (GM.N) for workers at automakers' plant in Ingersoll, Ontario.
Ford says to restart India production for exports after two-year gap
Ford Motor (F.N) said on Friday it plans to restart manufacturing at its factory in the southern Indian state of Tamil Nadu, two years after it ended production in India, the world's third-largest car market.
Canadian union, GM reach agreement for Ontario plant workers
Unifor reached a tentative agreement with General Motors (GM.N) early Wednesday over wages and job security for workers at its Ingersoll, Ontario plant, the Canadian labor union said.
Samsung India strike puts spotlight on powerful Indian labour group
A labour strike in India that has disrupted production at a Samsung plant has put the spotlight on a politically-backed worker group which quietly mobilized employees of the South Korean company and now plans to extend its efforts in the country's electronics sector.
Samsung sues Indian labour union over strike as dispute escalates
Samsung Electronics' Indian unit has sued members of a labour union that has led a strike for 11 days at its only India home appliances plant in the southern state of Tamil Nadu, escalating tensions with its workers, legal papers show.
BNSF Railway reaches tentative agreement with SMART union
Berkshire Hathaway-owned (BRKa.N) BNSF Railway said on Thursday it has reached a tentative agreement, for a five-year deal, with the International Association of Sheet Metal, Air, Rail and Transportation Workers (SMART) union.
Canadian National Railway relocates operations from tourist town Jasper due to wildfire threat
Canadian National Railway (CNR.TO) will relocate its operations from Jasper, a town in the province of Alberta, to Hinton, about 100 kilometers away, said the Teamsters Canada Rail Conference in a statement.
China, Europe aim to resolve differences over investigation of Chinese EVs, Xinhua reports
China's Commerce Minister Wang Wentao and the European Commission's Valdis Dombrovskis expressed political will to resolve differences over the European Union's ongoing anti-subsidy investigation into Chinese EVs during a meeting in Brussels, Xinhua said on Thursday.
China's online retailers Shein, Temu in focus as US aims to plug trade "loophole"
The Biden administration said on Friday it was moving to curb low-value shipments entering the U.S. duty-free under the $800 "de minimis" threshold that has been exploited by Chinese e-commerce firms such as Shein and PDD Holdings' (PDD.O) Temu.
Exclusive: India accuses Samsung, Xiaomi of colluding with Amazon, Flipkart
Samsung, Xiaomi and other smartphone companies colluded with Amazon and Walmart's (WMT.N) Flipkart to exclusively launch products on the e-commerce firms' Indian websites in breach of antitrust laws, according to regulatory reports seen by Reuters.
Europe’s CO2 fines undermine carmakers’ progress
Europe’s carmakers are asking for help on the bloc’s carbon emissions rules, which imply steep fines starting next year. Governments can help the industry swerve the crunch relatively easily, but the bigger question is whether politicians are willing to do what’s necessary to help hit ambitious long-term electric-vehicle goals.
Recent strength in US soy sales not enough to lift export prospects
The United States is coming off one of its worst soybean export seasons in recent memory, with shipments rivaling those from a few years ago when the No. 2 exporter was locked in a trade war with top buyer China.
China forgoes US corn despite slowdown in Brazilian shipments
China’s corn imports have eased in recent months, coinciding with lighter shipments from its new favorite supplier Brazil.
China dairy farms swim in milk as fewer babies, slow economy cut demand
China is awash in unwanted milk as falling birth rates and cost-conscious consumers have cut demand even as dairy farms expanded in recent years, forcing smaller farmers out of business and squeezing shipments into the world's top importer.
Operation to tow stricken tanker and avert spill starts in Red Sea
The operation has started to tow a Greek-registered oil tanker stranded in the Red Sea after an attack by Houthi militants last month, a shipping source told Reuters on Saturday.
Coffee growers look to postpone EU deforestation requirement
The world's top coffee body is set to request that the European Union postpone a requirement that imported beans come from areas not linked with deforestation, the group's head said on Wednesday.
Analog Devices, Tata Group in talks to make semiconductors in India
Analog Devices (ADI) (ADI.O) and Indian salt-to-aviation conglomerate Tata Group have signed a pact to explore making semiconductor products in India, the U.S. chipmaker said on Wednesday.
Union Pacific expects revenue to grow faster than volumes over next three years
U.S. railroad Union Pacific (UNP.N) said on Thursday it expects its revenue to grow faster than volumes over the next three years, outpacing the market.
USTR to take comments on tariff hikes for Chinese polysilicon, wafers, tungsten
The U.S. Trade Representative's office said on Thursday it will accept public comments starting on Monday on its plans for steep tariff increases on Chinese polysilicon, silicon wafers and tungsten products.
US sues Singaporean owner of cargo ship that wrecked Baltimore bridge
The U.S. Justice Department on Wednesday filed a civil claim seeking $103 million from the two Singaporean companies that owned and operated the container ship that in March toppled the Francis Scott Key Bridge in Baltimore, killing six people and paralyzing a major transportation artery for the U.S. Northeast.
Weak demand for low-carbon products hampers green investment, COP28 initiative says
Weak demand for green products is curbing needed investment of up to $700 billion in low-carbon projects in heavy-emitting industries such as aluminium, steel and cement, an initiative launched at last year's United Nations Climate Summit says.
China's weak steel, strong iron ore imports shaped by prices
China's steel and iron ore sectors are in an apparent state of disconnect, with steel output trending weaker but imports of the key raw material remaining firm.
Waymo in talks with Hyundai Motor to produce self-driving taxis, media report says
Alphabet's Waymo (GOOGL.O) is in talks with South Korea's Hyundai Motor (005380.KS) to outsource manufacturing of its self-driving vehicles, South Korean newspaper, Electronic Times, reported.