The need to know
The need to know for the week ending 11th October 2024
The need to know from Reuters’ global network of journalists
Global supply chain pressures easing, New York Fed index shows
The resolution of a U.S. port strike is likely to keep global supply chain pressures on a calm footing, allowing for a continued slowdown in inflation, an index tracked by the New York Federal Reserve showed on Friday.
EIA slashes US, global oil demand forecasts for 2025
Global and U.S. oil demand growth next year will not meet prior forecasts due to weakening economic activity in China and North America, the U.S. Energy Information Administration (EIA) said on Tuesday in its Short-Term Energy Outlook report.
Global trade could climb 3% in 2025 if MidEast conflicts contained, WTO says
The World Trade Organization on Thursday nudged up its forecast for global trade volumes this year and said a further pick up to 3% growth was likely in 2025, assuming Middle East conflicts are kept in check.
Geopolitical strife could cost global economy $14.5 trln over 5 years -Lloyd's of London
The global economy could face losses of $14.5 trillion over a five-year period from a hypothetical geopolitical conflict which hits supply chains, insurance market Lloyd's of London (SOLYD.UL) said on Wednesday.
Drought blocks shipping in another grains corridor in northern Brazil
Brazilian port terminal group Amport said on Thursday that grains transport through the Tapajos waterway has come to a halt as a severe drought hit northern Brazil and lowered the river's water levels.
Rain-affected roads slow cocoa arrivals at Ivory Coast ports
Damage inflicted by heavy rains on roads in Ivory Coast's west, southwest and coastal regions is hampering the harvest, drying and transportation of cocoa beans to ports, exporters and buyers have told Reuters.
Online shopping returns to growth in Europe amid fierce competition
Recovering consumer confidence has boosted online shopping in Europe this year, industry group Ecommerce Europe said on Wednesday, while low-cost marketplaces like PDD Holdings' (PDD.O) Temu have heightened competition.
GXO Logistics explores sale after receiving takeover interest, source says
GXO Logistics (GXO.N), a provider of logistics services with a market value of roughly $6 billion, is exploring a potential sale after receiving takeover interest, according to a person familiar with the matter.
China targets brandy in EU trade tit-for-tat after EV tariff move
China imposed temporary anti-dumping measures on imports of brandy from the EU on Tuesday, hitting French brands including Hennessy and Remy Martin, days after the 27-state bloc voted for tariffs on Chinese-made electric vehicles (EVs).
China weighing raising tariffs on imported large-displacement fuel vehicles
China is studying measures such as raising tariffs on imported large-displacement fuel vehicles, the Chinese commerce ministry said on Tuesday.
Luxury goods unlikely to be next target of China's EU trade retaliation, analysts say
European luxury shares have slid on investor concerns that Hermes handbags and Dior slingbacks may be Beijing's next targets for retaliation, following the EU's decision to slap tariffs on China EVs, but analysts say such a move is unlikely.
Turkey imposes duties on China, Russia, India, Japan steel imports
Turkey imposed anti-dumping duties on some steel imports from China, Russia, India and Japan, an Official Gazette announcement said on Friday, with the highest tariffs on Chinese imports, boosting stocks of flat steel producers.
EU backing for China EV tariffs shows Berlin's waning influence
German Chancellor Olaf Scholz's rejection of EU tariffs on Chinese electric vehicles failed to stop fellow European Union members voting in favour, exposing how a divided Berlin is struggling to drive EU policy.
Carmakers don't plan immediate price changes to Chinese-made EVs after EU backs tariffs
The European Union's decision to press ahead with tariffs on China-made electric vehicles after a member states' vote on Friday is not expected to trigger immediate price changes for affected vehicles, carmakers said.
China files complaint against Turkey at WTO over electric vehicle tariffs
China has taken the first step in initiating a trade dispute with Turkey at the World Trade Organization over its tariffs on imports of electric vehicles, its diplomatic mission said in a statement on Tuesday.
GM halts vehicle production at two US plants due to Hurricane Helene
General Motors (GM.N) has temporarily halted truck and SUV production at two assembly plants in Texas and Michigan because of impacts to its suppliers due to Hurricane Helene, the automaker said Friday.
Baxter bringing back hurricane-hit IV supply facility in stages
Baxter International (BAX.N) is bringing its hurricane-hit IV manufacturing facility in North Carolina back online in stages, with a goal of restoring 90% to 100% of customer needs by the end of the year, the company said on Wednesday.
Indonesia asks Apple, Google to block China's Temu to protect small merchants
Indonesia has asked Alphabet's (GOOGL.O) Google and Apple (AAPL.O) to block Chinese fast fashion e-commerce firm Temu in their application stores in the country so it cannot be downloaded, a minister said on Friday.
Temu told by EU to give info on steps it is taking against illegal product sales
The European Commission said it had sent a request for information to shopping website Temu under the Digital Services Act (DSA), asking Temu for information on steps it was taking to stop illegal products being sold on its platform.
Aviation industry urges steps to prevent unapproved parts from airplane use
A report issued by an aviation industry coalition on Wednesday called for new steps to help prevent future unapproved parts from entering the aviation supply chain.
Boeing files unfair labor practice charge against striking union
Boeing (BA.N) said late on Thursday it had filed an unfair labor practice charge with the National Labor Relations Board against the union representing its striking U.S. West Coast factory workers, accusing the leaders of not bargaining in good faith.
Boeing delivers 33 jets in September as strike weighs on output
Boeing (BA.N) said on Tuesday it delivered 33 jets in September, down from 40 plane deliveries in August, as a strike mid-month by around 33,000 U.S. West Coast factory workers weighs on output.
Lower Airbus deliveries put focus on 'challenging' target
Airbus (AIR.PA) deliveries fell 9% in September to 50 jets compared with the same month last year, the European planemaker said on Wednesday, rekindling a debate over the strength of its industrial goals as suppliers struggle to keep up with demand.
Airbus faces pressure over supplies from Spirit Aero, sources say
Airbus (AIR.PA) is facing concerns over supplies of key structural parts for its largest and smallest jets from Spirit AeroSystems (SPR.N), part of a cascade of supply chain problems challenging growth in deliveries, several industry sources said.
Foxconn building Nvidia superchip facility in Mexico, executives say
Foxconn (2317.TW) is building in Mexico the world's largest manufacturing facility for bundling Nvidia's (NVDA.O) GB200 superchips, a key component of the U.S. firm's next-generation Blackwell family computing platform, senior executives at the Taiwanese company said on Tuesday.
Thailand approves $400 mln investment by Continental AG to expand tyre facility
Thailand's Board of Investment said on Wednesday it had approved a $400 million investment by tyre-maker Continental (CONG.DE) to expand its existing facility in the country, which is the world's second largest tyre producer after China.
Spain grants $146 million subsidy to Stellantis for potential EV battery plant
Spain has granted automaker Stellantis (STLAM.MI) a 133 million euro ($146 million) subsidy for its potential battery-making plant near the northeastern city of Zaragoza, Industry Minister Jordi Hereu said on Tuesday.
Exclusive: Northvolt in talks for about 200 million euros in funding, sources say
Northvolt is in talks with investors and lenders to secure about 200 million euros ($218 million) in short-term funding, three sources familiar with the matter said, as the Swedish maker of batteries for electric vehicles seeks to stabilise its finances.
AMD sees next AI chip in mass production later this year
Advanced Micro Devices said on Thursday it plans to start mass production of a new version of its artificial-intelligence chip called the MI325X in the fourth quarter of the year, as it seeks to bolster its presence in a market dominated by Nvidia.
Smaller US trade deficit supports strong economic growth estimates for third quarter
The U.S. trade deficit narrowed sharply in August as exports increased to a record high, suggesting trade could have little or no impact on economic growth in the third quarter.
China's exports likely slowed further in September as global demand cools
China's exports are likely to have risen at the slowest pace in five months in September, suggesting manufacturers are no longer rushing out orders ahead of tariffs from several trade partners and that global demand for Chinese goods is softening.
German industrial orders slump more than expected in August
German industrial orders fell significantly more than expected in August, adding to signs that manufacturing in Europe's largest economy will not recover in the coming months.
German industrial output rises more than expected in August
German industrial production rose by a larger than expected 2.9% in August from the previous month thanks to an increase in automotive industry output, the federal statistics office said on Tuesday.
Vietnam quarterly growth hits two-year high on exports, investment
Vietnam reported its strongest economic growth in two years in the quarter to end-September, as strong exports and industrial production and rising foreign investment offset the effects last month of Asia's strongest typhoon so far this year.
Argentina to cut red tape for some imports
Argentina's government announced it will implement some measures to streamline and simplify trade operations in the country.
Exclusive: Unilever overhauling European homecare supply chain, executive says
Unilever (ULVR.L) is spending over 150 million euros ($165 million) to revamp its European homecare business' supply chain, a senior executive told Reuters, aiming to make up for years of underperformance and tap into young, post-pandemic shoppers.
China is oversupplying lithium to eliminate rivals, US official says
Chinese lithium producers are flooding the global market with the critical metal and causing a "predatory" price drop as they seek to eliminate competing projects, a senior U.S. official said on a visit to Portugal that has ample lithium reserves.
Rivian applies for federal loan to restart Georgia EV factory construction
Rivian Automotive (RIVN.O) has applied for a federal loan to enable the construction of its electric vehicle factory in Georgia, according to a filing by the U.S. Department of Energy.
EU deforestation law delay brings losses to most vigilant
Companies that have paid to source agricultural produce that complies with the European Union's anti-deforestation law would lose out if the EU decides to delay implementing the legislation by a year, industry groups and traders said.
Can regenerative agriculture save Southeast Asia’s rainforests from palm oil?
Environmentalists might call it karma. An industry that has completely altered the landscape of much of rural Indonesia and Malaysia, unleashing millions of tonnes of carbon as monoculture plantations have replaced tropical forests, is itself suffering from the impacts of climate change.
UAW workers at Stellantis vote in favor of strike authorization at LA parts center
The United Auto Workers union said on Friday that members at Stellantis' (STLAM.MI) Los Angeles parts distribution center voted in favor of authorizing a strike if the carmaker failed to settle grievances with the union over investments in the U.S.
Ukraine says Russian missiles strike two Black Sea grain vessels
A Russian missile hit a Palau-flagged vessel in Ukraine’s southern port of Odesa on Monday, killing a Ukrainian national and injuring five crew members in the second such attack in as many days, officials said.
Houthis strike tanker off Yemen, causing minor damage and no injuries
A Liberia-flagged tanker was struck twice with missiles and drones in the Red Sea on Thursday morning, in an attack claimed by Iran-aligned Houthi militants.
Tail-end of Hurricane Kirk hits Europe, threatens floods in France
The remnants of Hurricane Kirk churned across western Europe on Wednesday, ripping up trees in Spain and Portugal and drenching France.
BNSF Railway ratifies 5-year agreement with SMART-MD
Berkshire Hathaway-owned (BRKa.N) BNSF Railway said that the members of International Sheet Metal, Air, Rail and Transportation union's railroad, mechanical and engineering department have voted to ratify a five-year agreement with the company on Friday.
Renewable energy to fall short of UN goal to triple by 2030, IEA says
Renewable energy sources are set to meet nearly half of all electricity demand by the end of the decade, but to fall short of a U.N. goal to triple capacity to reduce carbon emissions, an International Energy Agency (IEA) report showed on Wednesday.
Peninsula expands supply of conventional and alternative marine fuels
Global marine fuel supplier Peninsula is expanding its presence in Middle East markets for conventional bunker fuels, while ramping up the supply of alternative fuels in other regions, a senior executive said.
Rio Tinto's real prize: Arcadium's lithium extraction technology
Rio Tinto's (RIO.L)(RIO.AX) $6.7 billion buyout of Arcadium (ALTM.N) will give it a suite of lithium filtration technologies that are poised to revolutionize how the metal is produced for the electronics and electric vehicle industries.