The need to know
The need to know for the week ending 18th October 2024
The need to know from Reuters’ global network of journalists
German port operator HHLA sees cargo traffic ramping up ahead of US election
Freight trade is ramping up considerably in the run-up to the U.S. presidential election amid fears over rising protectionism in the world's biggest economy, the head of German logistics company HHLA (HHFGn.DE) said in a media interview published on Wednesday.
Trump suggests tariffs higher than 200% on vehicles from Mexico
Republican U.S. presidential candidate Donald Trump on Sunday suggested he could impose tariffs higher than 200% on vehicles imported from Mexico, saying his aim would be to prevent the selling of cars from Mexico into the United States.
India plans laptop import curbs to boost local manufacturing, sources say
India is expected to limit imports of laptops, tablets and personal computers after January, two government sources with direct knowledge of the matter said, a move to push companies such as Apple (AAPL.O) to increase domestic manufacturing.
ASML's lowered forecast suggests factory overcapacity, not chip doom
ASML's (ASML.AS) deep forecast cuts that sparked a global tech stock selloff signal overcapacity at chip factories rather than a slowdown in global semiconductor demand, analysts said.
Airbus, Boeing aircraft delivery delays not improving, IATA head says
Delivery delays from planemakers Airbus (AIR.PA) and Boeing (BA.N) are "massively frustrating" and are not yet getting better, the head of the global airline body IATA said on Wednesday.
Airbus planemaking chief frets over suppliers but sees no Boeing strike impact
Europe's Airbus (AIR.PA) swung the spotlight on major suppliers after a drop in September deliveries that its planemaking chief called "disappointing" on Friday, but sought to allay concerns over industrial contagion from a strike at rival Boeing (BA.N).
European airlines grappling with plane delivery delays
European airlines are grappling with delivery delays from planemakers Airbus (AIR.PA) and Boeing (BA.N), they said at a conference on Wednesday, although budget carrier Ryanair (RYA.I) noted the capacity constraints would be good for ticket pricing.
Boeing strike, Hurricane Helene weigh on US industrial production
U.S. industrial production fell in September, weighed down by a strike at Boeing (BA.N) and two hurricanes, including Helene.
India's industrial output contracts for first time in nearly 2 years
India's industrial output (INIP=ECI) contracted for the first time in nearly two years, partly hurt by weak mining activity and lower electricity generation, government data showed on Friday.
China's exports miss forecasts as lone bright spot fades
China's export growth slowed sharply in September while imports also unexpectedly decelerated, undershooting forecasts by big margins and suggesting manufacturers are slashing prices to move inventory ahead of tariffs from several trade partners.
US business inventories rise in August on retail stocks
U.S. business inventories increased in August, lifted by stocks at retailers, government data showed on Thursday.
Japan's exports fall for first time in 10 months on China, US slowdown
Japan's exports fell for the first time in 10 months in September, data showed on Thursday, a worry for policymakers as any prolonged weakness in global demand may complicate the central bank's path to exit years of ultra-easy monetary policy.
Rising La Nina to deepen US Plains drought, NOAA says
A developing La Nina is expected to bring warmer- and drier-than-normal weather to the central and southern U.S. Plains this winter, likely worsening a drought in the country's top winter wheat-producing area, the National Oceanic and Atmospheric Administration (NOAA) said on Thursday.
Train derailment creates latest supply chain hiccup for US-Mexico grain exports
Mexican rail consortium Ferromex and U.S. railroad company Union Pacific Corp said they have stopped issuing permits for some grain rail shipments moving through Eagle Pass, Texas, after a recent train derailment in Mexico closed the track.
Rains may have come too late for Brazil's coffee
Rain is falling across the coffee growing regions of top producer Brazil after one of the driest periods on record, but it may be too late for trees to fully recover before the new crop is harvested, say farmers and experts.
Hard to see Chinese EV price deal by end of October, says EU official
EU talks with Beijing on minimum import prices to avert the bloc's tariffs on China-built electric vehicles pose a "formidable challenge" as cars are complex products and because offers must be adequate and enforceable, a senior EU official said.
China-Europe rivalry heats up at Paris car show as EV tariffs loom
Chinese and European automakers went head-to-head at the Paris car show on Monday, with tensions running high as the EU gears up to impose hefty import tariffs on Chinese-made electric vehicles and the industry struggles with weak demand.
Britain has no plans for EU-style tariffs on Chinese EVs
Britain does not plan to follow the European Union in imposing tariffs on imports of electric vehicles from China as UK businesses have not raised a complaint to be investigated, British trade minister Jonathan Reynolds said on Monday.
Chinese carmaker GAC looks at making EVs in Europe as tariffs loom
Chinese state-owned carmaker GAC is exploring the manufacture of EVs in Europe to avoid EU tariffs, the general manager of its international business told Reuters on Sunday, joining a growing list of Chinese companies planning local production.
Chinese EV makers' plans to make cars in Europe
Some Chinese carmakers are looking to set up manufacturing and assembly plants in Europe, hoping to sell more lower-cost cars in the region to challenge European competitors amid slowing demand in China, the world's largest car market.
Elevated China steel exports set to persist, threaten to worsen trade friction
Chinese steelmakers, already exporting at near-decade high volumes, are set to keep pushing out shipments in 2025 to manage overcapacity and soft domestic demand, industry insiders and analysts say, threatening to worsen mounting trade frictions.
White House warns China using overproduction for global dominance
The United States will use restrictive tools like tariffs to push back against China's practice of making far more goods than it needs in order to dominate global markets, White House official Daleep Singh said on Thursday.
Bakers brace for costly Christmas as butter prices surge
Butter prices have rocketed in recent months, trading at record highs across Europe in bad news for bakers and pastry makers as they prepare for Christmas celebrations and already face high chocolate and sugar costs.
Australia cashes in on beef exports as US cattle herd shrinks
In a refrigerated room, around two dozen staff in hats, gloves and blue plastic aprons carve and pack carcasses into boxes within minutes of their slaughter.
Union slams wage offer for key German industries with threat of strikes
Germany's largest industrial union slammed a proposed pay rise for almost 4 million workers in key sectors on Tuesday as too little too late, teeing up difficult collective bargaining negotiations and possible strikes in Europe's largest economy.
Germany's Vay gets $37 million from EIB for remote-driven services in Europe
German remote-driving startup Vay said on Thursday it has received 34 million euros ($37 million) in funding from the European Investment Bank to roll out its remote-driven vehicle technology across Europe and expand its development team.
EV chipmaker Wolfspeed set to receive $750 million US chips grant
Wolfspeed (WOLF.N) is set to receive $750 million in government grants for its new North Carolina silicon carbide wafer manufacturing plant facility, the U.S. Commerce Department said Tuesday, sending the U.S. chipmaker's shares surging more than 30%.
Exclusive: Samsung delays taking deliveries of ASML chip gear for its new US factory, sources say
Samsung Electronics (005930.KS) has postponed taking deliveries of ASML (ASML.AS) chipmaking equipment for its upcoming factory in Texas as it has yet to win any major customers for the project, three people familiar with the matter said.
US startup Lyten to invest over $1 bln in Nevada lithium-sulfur battery factory
Silicon Valley startup Lyten announced on Tuesday its plan to build the world's first gigafactory for lithium-sulfur batteries in Reno, Nevada, as companies seek to capitalize on the demand for more affordable power sources for electric vehicles.
After Nevada lithium deal, GM eyes other sources for EV minerals supply
General Motors (GM.N) is eyeing further North American investments in lithium and other critical minerals used to build electric vehicles after boosting its investment in a Nevada mine to nearly $1 billion earlier this week, an executive said on Thursday.
Carmaker GM supports Mexico's push to strengthen regional supply chains
U.S. automaker General Motors said on Thursday that it fully supported the Mexican government's push to strengthen supply chains in the region, though it declined to "respond to speculation about future plans."
GM, Foxconn to swap imports to Mexico for local production, official says
U.S. automaker General Motors and Taiwanese tech giant Foxconn will announce plans to swap out imports to Mexico for production in the country later this month, the nation's deputy economy minister said on Wednesday.
Britain launches industrial plan ahead of investor summit
Britain on Sunday launched a first formal strategy for industry in seven years, as the new Labour government pledged greater stability and certainty for businesses on the eve of a major investment summit in London.
Germany must forge new policy to save its industry, says Scholz
German Chancellor Olaf Scholz said on Wednesday he would invite the country's top business associations and trade unions to a meeting in October on forging a new policy to save industry in Europe's largest economy.
India's high food prices curtail spending in early festive season, retailers say
Rising prices of edible oils and vegetables like onions and tomatoes have driven up grocery spending for Indian households ahead of the festival season, prompting some consumers to limit more expensive purchases like electronic items, retailers said.
Samsung says workers end strike at its southern Indian factory
Workers of Samsung Electronics' (005930.KS) Indian unit have decided to end a strike at its factory in the southern Indian state of Tamil Nadu, the company said on Tuesday, bringing to an end a labour protest that continued for more than a month.
Thai industrial sentiment hits 27-month low in Sept on weak demand
Thailand's industrial sentiment index dropped to its lowest level in 27 months in September due to soft domestic demand, the impact of floods and a strong baht , the Federation of Thai Industries (FTI) said on Wednesday.
African online retailer Jumia to exit South Africa and Tunisia
Africa-focused e-commerce retailer Jumia Technologies will close its South African online fashion retailer Zando and its Tunisian operations by the end of the year to sharpen its focus on its other markets, the CEO told Reuters.
LVMH investors jittery over anaemic China demand for European designer goods
Investors in French luxury group LVMH (LVMH.PA) are eager for signs that China's new fiscal stimulus measures can finally pull wealthy and middle-class Chinese shoppers out of their funk, inspiring them to splash out on $4,300 designer leather handbags ahead of Singles Day, China's largest annual shopping spree.
Tesla gets green light from German authorities for first stage of plant expansion
Tesla (TSLA.O) came one step closer to achieving its planned doubling of capacity at its plant near Berlin on Tuesday when the local environment ministry granted approval for it to build another large hall.
US solar, storage growth clipped by labor shortages
As U.S. solar and storage activity soars, labor supply is struggling to keep up.
China imports record amount of lead after Shanghai squeeze
China's imports of refined lead surged in August with the country set to be a net importer of the battery metal for the first time since 2020.
DP World's UK port investment is going ahead, minister says
Port and logistics firm DP World is going ahead with a 1 billion pound ($1.3 billion) investment in its London Gateway port, Britain's government said on Sunday after reports last week that the company had paused the project in protest.
InPost buys remaining stake in Britain's Menzies for $79 mln
Parcel locker company InPost (INPST.AS) said on Tuesday it has bought out all the stake it did not already own in British logistics company Menzies Distribution, as it scales up its operations in the country.
Approval of Poste Italiane stake sale document temporarily halted
Poste Italiane (PST.MI) said on Thursday the approval of its share offering document by market watchdog Consob had been temporarily suspended, pending decisions regarding the times and the conditions of the sale by the Economy Ministry.
Railroad firm CSX misses profit estimates on sluggish coal volumes
U.S. railroad operator CSX (CSX.O) reported third-quarter profit below Wall Street estimates on Wednesday, as lower coal volumes offset benefits from stronger pricing, sending its shares down 3.4% in after the bell trade.
KKR to launch sale of Goodpack, valued at around $1.8 billion, sources say
KKR & Co (KKR.N) is set to launch the sale of Singapore-based Goodpack in a deal that could value the provider of shipping containers and logistics services at around $1.8 billion, people with knowledge of the matter said.
J.B. Hunt beats third-quarter profit on improved intermodal volumes
U.S. trucking firm J.B. Hunt Transport Services (JBHT.O) reported third-quarter profit above Wall Street estimates on Tuesday, helped by improving volumes in its largest segment, intermodal.
Exclusive: In West Bank, Pepsi and Coke bottlers face can and sugar shortage
PepsiCo (PEP.O) and Coke bottlers in the West Bank are running out of cans and sugar, blocked by the prolonged closure of a Jordan border crossing, managers of two soda-bottling plants in the occupied Palestinian territory said.
AB Volvo profit misses forecast and expects flat truck sales next year
Swedish truck maker AB Volvo (VOLVb.ST) forecast stagnant demand next year and posted a bigger-than-expected slide in quarterly adjusted earnings on Friday, after reduced freight and construction activity limited vehicle sales.
BYD tells EU to 'stay away' from tariffs as it expands European supply chain
Chinese EV giant BYD on Monday slammed the EU's planned tariffs on Chinese-made EVs but said it planned to make almost all the cars it sells in Europe locally, joining a string of Chinese carmakers accelerating plans for manufacturing in the region.
Yellen says high US tariff wall 'deeply misguided', would raise prices
U.S. Treasury Secretary Janet Yellen will say on Thursday that walling off the U.S. economy as proposed by Republican presidential candidate Donald Trump would be "deeply misguided," raising prices for American consumers and making U.S. companies less competitive.
Nestle flags shopper uncertainty around US election
Nestle (NESN.S) on Thursday said shopper "concerns around the election" in the United States are putting further pressure on demand in its biggest market by creating consumer uncertainty.
Zara owner Inditex launches fund to finance textile innovation
Zara owner Inditex has launched a fund to invest around 50 million euros ($54.75 million) in innovation projects, mainly in the textile sector.
Indonesia, Malaysia, EU work on guide for smallholders on EU deforestation rules
Indonesia, Malaysia and the European Union will formulate a practical guide to EU deforestation rules (EUDR) for smallholders by November, an intergovernmental group representing palm oil producers said on Friday.