The need to know
The need to know for the week ending 25th October 2024
The need to know from Reuters’ global network of journalists
Kuehne und Nagel eyes future growth in line with market
Swiss logistics group Kuehne und Nagel (KNIN.S) reported third quarter earnings which were slightly below market expectations on Wednesday although analysts and management pointed to better times ahead.
Maersk raises profit outlook on strong market
Danish shipping group A.P. Moller-Maersk (MAERSKb.CO) said on Monday it had raised its full-year forecasts on the back of strong third quarter results, robust demand and the continuing disruption to shipping in the Red Sea.
Hapag-Lloyd raises outlook on stronger-than-expected demand
International shipping company Hapag-Lloyd (HLAG.DE) raised its full-year earnings guidance on Thursday citing stronger-than-expected demand and higher freight rates.
UPS returns to profit, revenue growth ahead of crucial holidays; shares jump
United Parcel Service (UPS.N) reported better-than-expected quarterly profit and revenue on Thursday, ahead of the crucial peak holiday season, boosted by rebounding volume and effective cost controls and shares soared as much as 10% in early trading.
Norfolk Southern posts upbeat quarterly results on improving rail service, volumes
- U.S. railroad operator Norfolk Southern (NSC.N) reported third-quarter profit and revenue above Wall Street estimates on Tuesday, helped by strength in its merchandise and intermodal segments.
Union Pacific misses quarterly profit estimates despite price hikes, shares fall
U.S. railroad operator Union Pacific (UNP.N) missed Wall Street estimates for quarterly revenue and profit on Thursday, as an unfavorable business mix and reduced fuel surcharge revenue offset gains from higher shipments and price hikes.
India's Mahindra Logistics posts widened Q2 loss on higher expenses
India's Mahindra Logistics (MALO.NS) reported a seventh straight quarterly loss on Monday, hurt by higher freight and warehousing costs.
Truckmaker PACCAR misses margin estimate as costs weigh
PACCAR (PCAR.O) reported a gross margin that fell short of its own expectations on higher costs, sending the truckmaker's shares down 5.7% in morning trading on Tuesday.
Hurricanes to cut Florida's citrus crop to lowest on record
Early evaluations of the impact of hurricanes Helene and Milton in the citrus-growing area in Florida indicates production will fall further, likely to a record low, according to industry representatives and farmers.
Hurricane-related IV fluid shortage could hurt medical device makers
A shortage of intravenous (IV) saline fluids due to Hurricane Helene is forcing hospitals to defer non-urgent surgeries, and could hurt companies that make medical devices for elective procedures if the supply crunch persists, analysts said.
Boeing strike barrels on as workers reject wage deal
Boeing (BA.N) factory workers voted to reject a contract offer and continue a more than five-week strike on Wednesday, in a blow to new CEO Kelly Ortberg's plan to shore up the finances of the struggling planemaker.
US exporters race to ship soybeans as looming election stokes tariff worries
U.S. soybean export premiums are at their highest in 14 months, as grain merchants race to ship out a record-large U.S. harvest ahead of the U.S. presidential election and fears of renewed trade tensions with top importer China, traders and analysts said.
India's clampdown on Chinese products and investment
India and China have reached a deal on patrolling their disputed Himalayan frontier, aiming to resolve a four-year military stand-off, Indian Foreign Secretary Vikram Misri said on Monday.
China's exporters run for cover as US election nears
If Donald Trump wins next month's U.S. presidential election, Mike Sagan's toy-making company will halve its China supply chain within a year.
TSMC halts chip supply to customer after finding it in Huawei product, source says
Taiwan Semiconductor Manufacturing Co (2330.TW) has suspended shipments to a customer after it discovered that one of its chips supplied to the client ended up in a Huawei product, according to a Taiwan official familiar with the situation.
Trump presidency could deal heavy blow to Germany's flagging economy
Germany would be the big loser if a Trump presidency sparked a tit-for-tat trade war between the United States and Europe, with Germany's previously much-envied industrial strength potentially becoming an acute vulnerability.
Canada firms can request temporary relief from tariffs on China EVs, metals
Canadian firms can request a temporary remission of tariffs on the imports of Chinese electric vehicles, steel and aluminum products, the finance ministry said on Friday.
Biden's precise industrial policy may soon mutate
Joe Biden’s industrial policy legacy depends on who replaces him.
China's Singles' Day sales festival fails to inspire consumers
China's largest shopping event is underway but most merchants and retail analysts expect flat or at best, tepid sales growth, noting consumers are still very much dispirited by the country's economic woes.
Global food giants deepen price cuts to tempt China's wary shoppers
International companies such as Danone (DANO.PA) and Nestle (NESN.S) have deepened price cuts or are seeking to boost online shopping volumes to win over China's increasingly reluctant customers, executives said.
China's booming grey markets add woes to luxury brands
China's second-hand and grey markets for luxury goods are booming, as price hikes from luxury brands in a weak economy are prompting some shoppers to look for cheaper ways to buy them, deepening concerns for the likes of LVMH (LVMH.PA).
Shift to electric vehicles will have far-reaching impact, IMF says
The global transition toward electric vehicles will have "far-reaching" impacts on investment, production, international trade and employment, the International Monetary Fund said on Tuesday as part of its update to global economic growth forecasts.
Hybrids top petrol power for first time in EU new car sales, ACEA says
Hybrids overtook petrol-powered vehicles in EU new car sales for the first time in September, industry data showed on Tuesday, accounting for 32.8% of the total, data from Europe's auto industry body showed.
Electric vehicles prove a bumpy ride for battery metals
Electric vehicles (EVs) were supposed to supercharge demand for metals such as lithium, nickel and cobalt.
LNG-fuelled trucking accelerates in Asia, denting diesel demand
Trucking fleets in China are embracing cleaner-burning liquefied natural gas (LNG) for fuel, a trend neighbouring India wants to emulate, accelerating a decline in diesel demand and rattling suppliers to the world's biggest oil importer.
Stellantis to launch fleet of EVs fitted with Factorial solid-state batteries
Carmaker Stellantis will launch by 2026 a demonstration fleet of vehicles fitted with solid-state batteries from U.S. startup Factorial, the two companies said on Wednesday.
Indonesia to export EV battery material to US next month, minister says
Indonesia plans to export nickel-based material used to make electric vehicle batteries to the United States next month, its energy minister said on Friday.
Wolfspeed shelves plans to build chip factory in Germany
Wolfspeed (WOLF.N) has shelved plans to build a semiconductor factory in Ensdorf, Germany, due to slower electric vehicle adoption, the U.S. chipmaker said on Wednesday.
US autonomous truck startup Outrider raises $62 mln to scale up
U.S. self-driving truck firm Outrider said on Thursday it had raised $62 million from investors to scale up autonomous truck services in distribution yards for customers in e-commerce, manufacturing and other industries.
How AI can help the food sector to meet new deforestation rules
The sustainability of food and beverage companies is under increasing legislative and public pressure. With forest destruction responsible for about 15% of total greenhouse gas emissions, and agriculture driving 70-80% of deforestation, responsibility to act sits squarely with the sector.
Argentina's lithium hunters scale back as EV shift slows
The Argentine salt flats in South America's "lithium triangle" have been one of the busiest sites for ventures racing to extract the battery metal needed to power the global shift to electric vehicles. Now firms are hitting the brakes.
Biden administration approves ioneer's Nevada lithium mine
The U.S. Interior Department on Thursday gave final approval to ioneer's (INR.AX) Rhyolite Ridge lithium mine in Nevada, the first domestic source of the battery metal to be permitted by President Joe Biden's administration and one that will become a key supplier to Ford (F.N) and other electric vehicle manufacturers.
US extends semiconductor tax breaks to some solar factories
The Biden administration said on Tuesday it would extend a semiconductor manufacturing tax break to producers of solar wafers, thin silicon slices used to make solar panels that are primarily produced in China.
Forvia clinches new supply deals with China's BYD and Xiaomi, shares jump
French car part supplier Forvia (FRVIA.PA) has secured new deals with Chinese automakers BYD (002594.SZ) and Xiaomi (1810.HK), it said on Monday, sending its shares up nearly 10%.
US set to award Hemlock Semiconductor $325 million for polysilicon production
The U.S. Commerce Department said Monday it plans to award $325 million to Hemlock Semiconductor to significantly expand production capacity of semiconductor-grade polysilicon as it seeks to shift the chips supply chain.
Peru's Chinese-built mega port to soft launch in late November with Shanghai route
Peru's massive Chancay port, which authorities hope will become a major shipping hub for South America-Asia trade, will ship two container ships a week beginning late next month, an executive for port operator Cosco Shipping said on Friday.
GE Aerospace's struggle with supply constraints hits jet engine deliveries
GE Aerospace (GE.N) said on Tuesday it was still wrestling with supply-chain constraints that have led to a decline in jet engine deliveries and are weighing on its revenue, sending its shares down 8%.
Honeywell sales projections fall short due to ongoing supply-chain disruptions
Honeywell projected annual sales below Wall Street expectations and missed quarterly revenue estimates on Thursday as the industrial giant struggles with persistent supply-chain disruptions and weakness in its industrial automation business.
Comment: Certification is key to ensuring that steel doesn’t cost the Earth
In today’s unpredictable world, one constant remains: the challenge of climate change. And at its centre sits the energy challenge.
Romanian government to approve railroad funding for Black Sea port of Constanta
Romania's government will approve on Wednesday a plan to upgrade rail infrastructure in the Black Sea port of Constanta to create a second railroad access point, part of wider investments in the port triggered by Russia's war in Ukraine.
China boosts export controls on dual use items, state media says
Chinese Premier Li Qiang has signed a decree of the State Council to unveil regulations on export control of so-called dual use items, which will take effect on Dec. 1, 2024, state news agency Xinhua said on Saturday.
South African click-and-collect firm Pargo considers continent-wide expansion
South African click-and-collect company Pargo is exploring an expansion into the rest of Africa, its CEO said in an interview, betting on e-commerce growth on the continent.
Reuters Events: Ram brand CEO says Mexico truck plant expansion is 'relief valve'
Stellantis (STLAM.MI) is expanding its truck plant in Mexico as a "relief valve" for a U.S. truck factory expected to reach capacity in the future, Chrysler and Ram brand CEO Christine Feuell said on Tuesday on the sidelines of a Reuters event in Detroit.
Xiaomi's automobile plant expansion to be completed in mid-2025, report says
Chinese smartphone maker Xiaomi Corp is expected to complete the construction of an expansion of its electric vehicle factory in mid-2025, according to government-backed Chinese media on Wednesday.
Euro zone business activity stuck in a rut, survey shows
Euro zone business activity stalled again this month, remaining in contractionary territory as demand from both home and abroad fell despite firms barely increasing their prices, a survey showed on Thursday.
India's business activity grows at faster clip in Oct, PMI shows
Growth in India's business activity picked up slightly in October after softening last month, led by stronger demand in the manufacturing sector, according to a survey that also showed job creation rose at the fastest pace since February 2006.
US business activity rises in October; price pressures easing
U.S. business activity increased in October amid strong demand, and firms raised prices for goods and services at the slowest pace in nearly 4-1/2 years, indicating that the economy started the fourth quarter in solid shape.
Japan's factory activity dips for 4th straight month, PMI shows
Japan's factory activity contracted for the fourth straight month in October on subdued demand and weak orders, a private-sector survey showed on Thursday.