The need to know
The need to know for the week ending 27th September 2024
The need to know from Reuters’ global network of journalists
US ports extend delivery hours as strike threat looms
U.S. ports along the East and Gulf Coasts are extending delivery hours for importers as they rush to clear cargo ahead of a potential strike by dockworkers on Oct. 1.
US East Coast port employers file NRLB complaint against union as strike looms
Employers negotiating a labor contract at U.S. East and Gulf Coast ports on Thursday filed an unfair labor practice complaint against the union, saying those leaders refuse to resume talks ahead of the threatened Oct. 1 strike.
Shippers scramble for workarounds ahead of looming US East Coast port strike
U.S. companies that rely on East and Gulf Coast seaports have been importing early, shifting goods to the West Coast, and even putting cargo on pricey flights to hedge against a threatened Oct. 1 strike that could jam supply chains and reignite inflation ahead of the U.S. presidential election.
What we know about US East Coast port labor dispute and products affected
Some 45,000 union workers could walk off the job at seaports on the U.S. East and Gulf Coasts on Oct. 1, cutting off vital trade arteries just weeks ahead of the nation's presidential election.
White House monitoring US port talks, considering supply chain impacts
Officials from President Joe Biden's administration are monitoring labor talks but not trying to broker a labor deal to avert an Oct. 1 strike at U.S. East and Gulf Coast ports that handle roughly half of the country's ocean imports, administration officials said on Tuesday.
New US rule would require GM, Ford to halt imports of cars they build in China, official says
General Motors (GM.N) and Ford Motor (F.N) would need to stop importing vehicles to the U.S. from China under a proposed rule cracking down on Chinese software and hardware, a U.S. Commerce Department official told Reuters Monday.
China-EU trade spat’s next swipe may hit LVMH
Few Western corporate chieftains command as much attention in China as Bernard Arnault.
Fed's rate cut offers limited relief for US factories facing China competition
Drew Greenblatt loves that the Federal Reserve has cut interest rates.
Pepco turns to train, air freight to mitigate Red Sea disruption
European discount retailer Pepco Group (PCOP.WA) is using train and air freight options to mitigate ongoing Red Sea shipping disruption to ensure it has enough stock for the festive trading season.
US holiday spending on buy now, pay later to hit record due to debt-laden shoppers
U.S. shoppers are expected to spend a record $18.5 billion using third-party buy now, pay later (BNPL) services for holiday purchases in the last quarter of the year, according to projections by data firm Adobe Analytics released on Wednesday.
Brazil drought dries river and stops shipping on key grains corridor
A widespread drought in Brazil has halted the transport of grains through the Madeira river, an important northern waterway linking key croplands with the country's ports, regional port terminals association Amport said on Wednesday.
Israel says seaports stay open for business despite Lebanon conflict
Indonesia will improve supervision of its commodities sector after the U.S. Department of Labor said there was forced labour in the country's nickel industry, a senior manpower ministry official said on Friday.
Haiti key port closed to land access after gang attacks
Land access to a vital supply port in the Haitian capital of Port-au-Prince is being closed off after attacks by armed gangs, operator Caribbean Port Services (CPS) said on Thursday.
France's CMA CGM to acquire Brazil's top container terminal in $2 bln deal
French shipping giant CMA CGM plans to acquire port terminal operator Santos Brasil (STBP3.SA) in a deal that could reach $2 billion and give it control of South America's largest container terminal, it said on Monday.
Biden's car-tech ban is a powerful new weapon against Chinese EVs
The Biden administration's proposed ban on Chinese connected-car technology could prove its strongest weapon yet to fend off an onslaught of cheap Chinese electric vehicles that has upended the global auto industry.
China targets consensus with EU on EV tariff dispute through flexible pricing solutions
The Chinese commerce ministry said on Thursday that technical teams from China and the European Commission are actively negotiating a flexible price commitment solution over the electric vehicle tariff dispute.
War and weather weigh on economic growth again, says EBRD
War and extreme weather are weighing on economic growth in countries covered by the European Bank for Reconstruction and Development (EBRD), the bank said in a semi-annual report released on Thursday.
Samsung defends Indian wages as strike at plant enters third week
Samsung Electronics (005930.KS) workers at a factory in India's Tamil Nadu state are paid almost twice as much as employees in nearby companies, the South Korean group said on Tuesday, as a strike at the plant enters its third week.
Europe struggles to break Russia's titanium grip: Andy Home
Fans of Apple's (AAPL.O) titanium-cased iPhones can breathe easy.
Hack of Hezbollah devices exposes dark corners of Asia supply chains
The lethal hack of Hezbollah's Asian-branded pagers and walkie-talkies has sparked an intense search for the devices' path, revealing a murky market for older technologies where buyers may have few assurances about what they are getting.
EU deforestation ban creates a hazy trade future
The European Union’s drive to make its supply chain greener risks leading to a scorched-earth policy.
Volkswagen's labour clash spotlights Europe's car factory conundrum
Volkswagen's showdown with powerful labour leaders over how to tackle spiralling costs at underused German factories has triggered intense soul-searching about the root causes of the carmaker's problems.
Stellantis CEO follows Chinese route to avoid EV tariff 'trap'
Stellantis (STLAM.MI) wants to adopt the low-cost mindset of Chinese EV makers despite the European and U.S. tariffs CEO Carlos Tavares lambasts as anticompetitive, but the world's No. 4 automaker must navigate trade barriers on both sides of the Atlantic if it wants to succeed.
South Korean battery maker SK On to cut jobs amid challenging EV market
South Korean battery maker SK On said on Thursday it plans to introduce voluntary redundancy programmes aimed at cutting its workforce, as the company seeks to improve efficiency and remain competitive in a challenging electric vehicle market.
Northvolt to axe 1,600 jobs as Europe's EV hopes stall
Northvolt plans to cut 1,600 jobs at its base in Sweden, or about a fifth of its global workforce, as Europe's biggest hope in the electric vehicle battery market struggles with production problems, sluggish demand and competition from China.
Italian unions call strike at Stellantis on Oct. 18 over falling production
Italian unions have called a one day strike on Oct. 18 for metal workers at Stellantis (STLAM.MI) and its local suppliers to protest against the automaker's falling production in the country, the head of the UILM union said on Tuesday.
China urges US to stop 'unreasonable suppression' of its firms in latest auto row
China urged the United States on Wednesday to stop "unreasonable suppression" of its companies, in response to U.S. proposals to ban Chinese software and hardware in vehicles on its roads due to national security concerns.
White House touts $1 billion fund to help auto suppliers retool for EVs
Investment firm Monroe Capital LLC said on Monday it plans to launch a fresh fund of up to $1 billion to provide loans for smaller auto suppliers as the industry shifts from gasoline-powered to electric vehicles.
Turkey cracks down on hybrid car imports as it seeks Chinese investment
Turkey's trade ministry imposed strict conditions on the import of plug-in hybrid vehicles from some countries, including China, according to a notice published in the Official Gazette on Friday.
China targets Canada's tariffs with anti-discriminatory probe
China has launched an anti-discriminatory investigation against restrictive measures taken by Canada including additional tariffs on Chinese electric vehicles, steel and aluminum products, its commerce ministry said on Thursday.
Trump says he will put 100% tariffs on every car coming across Mexico border
Republican presidential candidate Donald Trump said on Tuesday that he will put a 100% tariff on every car coming into the United States across the Mexican border if he wins the Nov. 5 election against Democratic Vice President Kamala Harris.
Teamsters ends strike at BorgWarner's New York plant after members approve contract
Union workers represented by Teamsters at BorgWarner's (BWA.N) New York state plant approved a four-year contract with the auto parts maker, bringing an end to a two-week strike, both parties said on Tuesday.
UAW members at Ford's River Rouge tool and die unit reach tentative agreement
The United Auto Workers union said on Wednesday its members representing Ford's (F.N) tool and die unit in the River Rouge Complex reached a tentative agreement with the company, one day ahead of its strike deadline.
Canada's Unifor union ratifies two-year contract with General Motors
Unifor members at the CAMI Assembly and Battery Assembly plants in Ontario have ratified a two-year contract with General Motors (GM.N) that achieves significant pay increases, the Canadian labor union said on Sunday.
US urges freight railroads to guarantee paid sick leave for all
The Biden administration on Wednesday called on three major freight railroads to guarantee paid sick leave for all workers, saying 10,000 employees do not have the benefit.
Unifor initiates labor negotiations with Canadian National Railway
Unifor said on Monday it has initiated labor negotiations with Canadian National Railway (CNR.TO), representing more than 3,600 workers.
Schaeffler to implement job cuts after Vitesco merger, reports WirtschaftsWoche
German machine and car parts maker Schaeffler (SHA_p.DE) is to implement job cuts as part of its merger with German EV components maker Vitesco (VTSCn.DE), the firm's CEO Klaus Rosenfeld told German business weekly WirtschaftsWoche on Thursday.
Volkswagen digs in as workers threaten strikes over plant closures
Volkswagen(VOWG_p.DE) flatly rejected union demands after the first round of bitterly contested talks ended without agreement on Wednesday, as workers at Europe's largest automaker threatened strikes against layoffs and possible plant closures.
EU challenges China's dairy product probe at WTO
The European Commission launched a challenge at the World Trade Organisation (WTO) on Monday against China's investigation into EU dairy products, initiated after the European Union placed import tariffs on Chinese electric vehicles.
Exclusive: German institutes expect economy to contract again in 2024, say sources
Germany's leading economic institutes have downgraded their forecast for 2024 and now see Europe's largest economy shrinking by 0.1%, people familiar with the figures from the autumn joint economic forecast told Reuters on Tuesday.
US core capital goods orders rise in August
New orders for key U.S.-manufactured capital goods unexpectedly rose in August, though business spending on equipment appears to have lost momentum in the third quarter.
OECD sees global growth stabilising at 3.2% this year
Global growth is in the process of stabilising as the drag from central bank rate hikes fades and falling inflation boosts households' incomes, the OECD said on Wednesday, marginally raising its outlook for this year.
UK factory export orders fall at fastest pace since Dec 2020
British manufacturers reported the fastest fall in export demand this month since December 2020, just before Britain left the European Union's single market, the Confederation of British Industry said on Monday.
Euro zone business activity unexpectedly contracts in September, PMI shows
Euro zone business activity contracted sharply and unexpectedly this month as the bloc's dominant services industry flatlined while a downturn in manufacturing accelerated, a survey showed on Monday.
China's industrial profits suffer biggest slump this year, adds to economic woes
China's industrial profits swung back to a sharp contraction in August for their biggest decline this year, official data showed on Friday, adding to a recent spate of bleak business readings that point to mounting pressure on the economy.
Japan's Sept factory activity slips, PMI shows
Japan's factory activity eased in September due to softer production, although further expansion in the service sector supported overall business momentum, a survey showed on Tuesday.
Exclusive: Indian refiners cancel palm oil contracts on duty hike, price rise
Indian refiners cancelled 100,000 metric tons of palm oil purchases for delivery between October and December, as New Delhi's move to raise import duties amid a rally in overseas prices prompted them to book profits, five trade officials told Reuters.
Russia expands Baltic ports as it eyes new grain markets
Russia, the world's leading wheat exporter, is expanding its Baltic Sea ports as it aims to boost agricultural exports by 50% by 2030 while reducing dependence on traditional Black Sea routes, officials and executives said.
Indonesia says forced labour claims to spur improved commodity sector supervision
Indonesia will improve supervision of its commodities sector after the U.S. Department of Labor said there was forced labour in the country's nickel industry, a senior manpower ministry official said on Friday.
India's manufacturing incentives progress amid efforts to cut China imports
India's cash incentives to boost domestic manufacturing have attracted over $17 billion of investment since the 2020 launch of the production-linked scheme, a government official said on Wednesday, amid efforts to reduce imports from China.
Intel and US to finalise $8.5 bln in chips funding by year-end, FT reports
Intel (INTC.O) and the U.S. government will likely finalise $8.5 billion in direct funding for the chipmaker before the end of the year, the Financial Times reported on Friday, citing people familiar with the discussions.
Samsung plans to invest $1.8 bln more in Vietnam for OLED manufacturing
South Korea's Samsung Display Co plans to invest $1.8 billion for a factory in northern Vietnam to produce OLED displays for automobiles and technology equipment, the Southeast Asian country said on Sunday.
JLR to pump 500 mln pounds to upgrade EV factory
Jaguar Land Rover (JLR) will invest 500 million pounds ($669.6 million) to support parallel production of electric vehicles at its Halewood facility as part of its electrification strategy, the British luxury carmaker said on Thursday.
China backs establishment of a national recycling group
China's state planner said on Monday it supports the establishment of a national resources recycling group as part of its efforts to improve recycling in various industries.
DHL on track in 2024, CFO says as shares rise after planned overhaul
DHL (DHLn.DE) is on track to meet its 2024 operating profit forecast, its Chief Financial Officer Melanie Kreis said on Tuesday, after the logistics giant announced an overhaul that would make its German parcel business a standalone entity.
Deutsche Post has no plans to divest letter mailing amid parcel unit overhaul, says CEO
Deutsche Post (DHLn.DE) has no plans to divest its letter mailing business, Chief Executive Tobias Meyer said after the logistics giant announced on Monday it would overhaul the group's structure and make its German parcel business a standalone legal entity.
DHL unhappy with German regulator's postage price plans
DHL (DHLn.DE) said it was astonished at guidelines set out by the German regulator on Wednesday allowing it to increase postage stamp prices for private customers by an average of 10.48% from 2025 to the end of 2026, saying this fell short.
Mercedes-Benz to accelerate autonomous driving on German autobahns
Mercedes-Benz (MBGn.DE) said its cars equipped with its automated driving system will be upgraded to drive autonomously at up to 95 kilometres per hour on German motorways in certain conditions.
Canadian rare earth recycler Cyclic Materials raises $50 mln from BMWi, Hitachi Ventures
Cyclic Materials, a recycler of critical metals such as the rare earths used to manufacture magnets for electric vehicles and wind turbines, has raised 53 million U.S. dollars from investors including BMWi and Hitachi Ventures.
JLR, Altilium to test EV batteries made with recycled materials
British recycling firm Altilium and Jaguar Land Rover (JLR) will build and test battery cells made using recycled materials from old Jaguar i-Pace electric vehicles in a pilot project to demonstrate recycled battery production is possible at scale.
Toyota cheated on forklift engine emissions, lawsuit in US claims
Toyota (7203.T) has been sued in a proposed U.S. class action accusing the Japanese automaker of emissions cheating in nine engines for its forklift trucks.
ASML supplier NTS Group opens Singapore plant
NTS Group, a Dutch-based maker of "mechatronic" equipment used by semiconductor firms including neighbouring giant ASML (ASML.AS), on Friday opened a major new assembly and manufacturing plant in Singapore.
Toyota global output falls for 7th straight month in August
Toyota Motor's (7203.T) global production fell 11% in August, declining for a seventh straight month, dragged lower by a typhoon and a certification scandal in Japan and a pause in output for two sport utility vehicles in the United States.