The need to know
The need to know for the week ending 4th October 2024
The need to know from Reuters’ global network of journalists
US port strike ends leaving cargo backlog
U.S. East Coast and Gulf Coast ports began reopening late on Thursday after dockworkers and port operators reached a wage deal to settle the industry's biggest work stoppage in nearly half a century, but clearing the cargo backlog will take time.
Shipping stocks battered after US port strike ends
Shares in shipping companies fell heavily in Europe and Asia on Friday after workers and U.S. port operators agreed a deal to end a strike on the East and Gulf coast docks far sooner than expected.
EU executive to adopt tariffs on Chinese EVs after vote
The European Commission said on Friday it had received enough support from EU members to impose tariffs of up to 45% on Chinese electric vehicle imports in the bloc's highest profile trade case, but would continue to negotiate with Beijing.
2024 holiday shopping sales predictions
U.S. retailers are gearing up for a shorter-than-usual holiday shopping window this year, with price-conscious shoppers focused on deals and promotions around key events such as Black Friday and Cyber Monday.
Deutsche Bahn supervisory board narrowly clears sale of Schenker to DSV
Deutsche Bahn's (DBN.UL) supervisory board on Wednesday narrowly approved the sale of its profitable logistics business Schenker to Denmark's DSV (DSV.CO), batting away union opposition and pushback from rival bidder CVC (CVC.AS).
Denmark's DSV raises $5.5 billion for Schenker acquisition
Denmark's DSV (DSV.CO) said on Friday it had raised $5.5 billion in a share issue to partially finance its acquisition of Schenker, a deal that would make it the world's biggest logistics company.
Houthis' email alert to Red Sea ships: Prepare for attack, with best regards
On a warm spring night in Athens, shortly before midnight, a senior executive at a Greek shipping company noticed an unusual email had landed in his personal inbox.
Boeing suppliers fear long-term jobs hit from strike
Boeing's (BA.N) two-week-old strike has forced aerospace supplier Pathfinder Manufacturing to furlough 14 out of the company's 54 employees, and CEO Dave Trader fears he may need to send more home if the stoppage grinds on.
Global factory activity hit by economic uncertainty
Global factory activity weakened in September as soft demand and economic uncertainty pointed to a tough outlook, surveys showed, keeping policymakers under pressure to shore up fragile growth.
Explainer: What happens next as China-made EVs investigated by EU?
European Union members will vote on Friday on a European Commission proposal to impose tariffs on Chinese-made electric vehicles (EVs).
EU says it could continue China EV talks even after tariffs
The European Commission is willing to continue negotiating with China a potential deal to avert tariffs on Chinese electric vehicles even after such tariffs are imposed, a senior EU official said on Monday.
China files appeal to WTO on Canada's tariffs on EVs, metal products
China's commerce ministry said on Wednesday it has asked the World Trade Organization (WTO) to rule on Canada's imposition of steep tariffs on Chinese electric vehicles as well as steel and aluminum products.
US consumer spending resilient; inflation continues to abate
U.S. consumer spending increased slightly less than expected in August, but that did little to change expectations that solid economic growth persisted in the third quarter, while the annual rise in prices was the smallest in just over 3-1/2 years.
US factory orders unexpectedly fall in August
New orders for U.S.-manufactured goods unexpectedly fell in August, while business spending on equipment appears to have pulled back in the third quarter.
US auto sales could fall by 25,000 a year under rules barring Chinese vehicles
The Commerce Department said Friday that U.S. auto sales could drop by up to 25,841 vehicles a year and prices rise if proposed rules go ahead that would ban Chinese vehicles that connect to the internet and key Chinese software and hardware.
European carmakers warn on profits in the face of weak demand and rising costs
European carmaker Stellantis (STLAM.MI) on Monday joined bigger rival Volkswagen (VOWG_p.DE) and others in warning about the worsening outlook for auto demand and rising costs, wiping billions of euros off the sector's market value.
US new vehicle sales fall in Q3 on fewer selling days, inflationary headwinds
Top U.S. automakers reported a fall in their third-quarter sales on Tuesday, hurt by fewer selling days and weaker consumer spending amid inflationary challenges and higher interest rates.
Amazon plans to hire 250,000 workers for the holidays, same as last year
Amazon plans to hire 250,000 transportation and warehouse workers this holiday shopping season, the same number as last year as e-commerce spending is expected to outpace overall holiday sales in the final quarter of 2024, the company said on Thursday.
Focus: MercadoLibre, Latam's Amazon.com rival, rides high with AI, loans, drones
When Wagner Dias and his wife Mariana needed a loan to grow their children's clothes business, the Brazilian entrepreneurs turned to Argentina's MercadoLibre Inc (MELI.O), the online platform they use to sell their products.
FACTBOX Why India's easing of export curbs is important to global rice trade
India has removed most of the export curbs it imposed on rice shipments in 2023 with immediate effect, as above-average monsoon rains are expected to boost crop yields amid overflowing stocks in state granaries.
Outgoing Daimler Truck CEO sees no recovery in China and Germany
A recovery in Chinese and German truck markets will not come quickly, Martin Daum, the outgoing CEO of the world's biggest truck maker Daimler Truck (DTGGe.DE), told a press event late on Tuesday.
Uber ties up with Avride for food deliveries, robotaxi rides
Uber Technologies (UBER.N) said on Thursday it was partnering with autonomous technology startup Avride for food deliveries and robotaxi services, as the ride-hail major rapidly extends its network of self-driving technology partners.
Toyota says built extra stock in anticipation of US port strikes
Toyota Motor North America (7203.T) said on Tuesday it had built extra inventory of vehicles and parts ahead of the U.S. port strikes, which began earlier in the day. Union Pacific says FXE issuing some US-Mexico grain shuttle permits
Union Pacific says FXE issuing some US-Mexico grain shuttle permits
Union Pacific Corp (UNP.N) said on Wednesday that Ferromex (FXE), the Mexican railroad it interchanges with, has resumed issuing permits for grain shuttle trains at the U.S.-Mexico border crossing at Eagle Pass, Texas.
US port strike throws spotlight on big union foe: automation
A strike by dockworkers on the U.S. East Coast and Gulf Coast that disrupted much of the nation's ocean shipping this week ended on Thursday, but a key issue driving labor unrest across the continent - the growing use of automation - was unresolved.
Apple may need to turn to China after Indian Tata plant fire, sources say
Extensive damage from a fire at Tata Group's Apple (AAPL.O) iPhone component plant in southern India could hamper production ahead of a festive season sales surge, an industry watcher and a source said, forcing the U.S. firm's suppliers to arrange critical parts from China or elsewhere.
China's CATL says small impact from battery plant blaze, no casualties
China's CATL said a "relatively small" number of products were affected by a fire at its battery factory in southeastern Fujian province and the impact on production and operations was expected to be limited.
EU proposes to delay landmark anti-deforestation law by 12 months
The European Commission said it would propose delaying implementation of a law banning the import of commodities linked to deforestation by a year on Wednesday, following calls from industries and governments around the world.
REUTERS IMPACT Unilever strikes climate deals with Walmart and others to meet sustainability goals
Unilever (ULVR.L) is working on sustainability deals with its top 10 retail customers, including Walmart (WMT.N), aimed at cutting greenhouse gas emissions and minimising waste in its supply chain, the consumer giant's CEO said on Monday.
Comment: Nature loss is a strategic risk for companies. Here’s what to do about it
With six of nine planetary boundaries now breached, few deny that nature is in crisis. But many still need to wake up to the fact that nature is everyone’s business.
Cocoa traceability rates fail to improve as EU deforestation law looms
The volume of cocoa in Ivory Coast and Ghana that can be fully traced did not increase last year, a major UN-backed report has found, raising questions about how the world's top two cocoa growers will comply with a new EU law banning the import of commodities linked to deforestation.
Cameroon farmers turn to vigilantes and amulets to stop cocoa theft
Rising cocoa prices driven by global production shortfalls have led to increased thefts of the commodity in farms in Cameroon, farmers and authorities say, forcing farmers to turn to machete-armed vigilantes, and amulets to stop thieves.
US to unveil first of two decisions on more solar tariffs
U.S. trade officials this week may impose new tariffs on solar panels from four Southeast Asian nations that American manufacturers have complained employ unfair subsidies that make U.S. products uncompetitive.
J&J to invest over $2 billion for new manufacturing facility in North Carolina
Johnson & Johnson (JNJ.N) said on Tuesday it will invest more than $2 billion to build a new manufacturing facility in Wilson, North Carolina, aiding production of new therapies.
Nikola's hydrogen-powered truck deliveries to dealers rise 22% in Q3
Nikola's (NKLA.O) wholesale deliveries of hydrogen-powered electric trucks jumped 22% in the third quarter from the previous three-month period, the company said on Wednesday, signaling steady demand for its big rigs.
Sodium ion set to impact thriving US battery market
In August, Natron Energy announced plans for a 24 GW sodium-ion battery factory in North Carolina, scaling up its production capacity by 40 times. The $1.4 billion facility would be supported by a North Carolina Job Development Grant, the company said.
Turkey in final stages of investment talks with China car maker Chery, official says
Turkey is in the final stages of talks on a possible investment by Chinese car maker Chery, an official said, as Ankara seeks to deepen its ties with Chinese car makers after reaching an investment deal with China's BYD earlier this year.
Sweden hopes for Volvo Cars deal if EU approves tariffs on Chinese EVs
Sweden hopes that Volvo Cars (VOLCARb.ST) can agree a deal with the European Commission to limit the impact if tariffs on imported Chinese electric vehicles are passed in a vote by the EU on Friday.
Study Group has a sobering message for copper bulls: Andy Home
Copper has rallied hard this week as China's pledged stimulus package has rekindled investor enthusiasm.
ADM to idle Iowa soy facility during record US harvest
Archer-Daniels-Midland Co (ADM.N) is idling its only soybean processing plant in Iowa for weeks in the thick of a record U.S. harvest, the grain merchant told Reuters, tightening supplies of soymeal fed to livestock.
US awards up to $510 mln to boost domestic production of protective gear
The Biden administration has granted up to $510 million to boost the domestic production of personal protective equipment (PPE) such as isolation gowns to restock the Strategic National Stockpile (SNS) in preparation for future public health emergencies, it said on Thursday.
Amazon hit with US labor board complaint over 'joint employment' of drivers
Amazon.com (AMZN.O) has been accused by a U.S. labor board of illegally refusing to bargain with a union representing drivers employed by a contractor, the agency announced on Wednesday.
US issues $2 billion electric vehicle tax rebates since Jan 1, Treasury says
The U.S. government has issued $2 billion in advance point-of-sale consumer electric vehicle (EV) tax credit payments since Jan. 1 covering more than 300,000 vehicles, the Treasury said on Tuesday.
PepsiCo to buy tortilla-chip maker Siete Foods for $1.2 billion
PepsiCo (PEP.O) will buy Siete Foods parent Garza Food Ventures for $1.2 billion, the Frito-Lay owner said on Tuesday, beefing up its snacking portfolio amid a shift to private-label brands among cost-conscious consumers.
Rivian lowers annual production forecast due to parts shortage
Rivian (RIVN.O) said on Friday it slashed its full-year production forecast and delivered fewer vehicles in the third quarter than analysts had expected, as the startup grapples with a parts shortage and slowing growth in electric-vehicle demand.
Aston Martin drops 28% after profit warning on supply chain, China woes
Aston Martin (AML.L) warned of lower annual profit and cut its production forecast on Monday on supply chain challenges and dogged weakness in China, sending shares as much as 28% lower and raising questions around its future ambitions.