The need to know
The need to know for the week ending 1st November 2024
The need to know from Reuters’ global network of journalists
US shippers avoid East Coast ports on risk of second strike
U.S. shippers are steering clear of East and Gulf Coast ports amid worries the 45,000 dockworkers at those trade hubs will go on strike again if their union leader does not land a new contract with employers by a Jan. 15 deadline.
Striking Boeing workers to vote on 38% pay rise deal on Monday
Striking Boeing (BA.N) workers on the U.S. West Coast will vote on an improved contract offer on Monday, which includes a 38% pay rise over four years and a bigger signing bonus, their union said on Thursday.
EU slaps tariffs on Chinese EVs, risking Beijing backlash
The European Union has decided to increase tariffs on Chinese-built electric vehicles to as much as 45.3% at the end of its highest profile trade investigation that has divided Europe and prompted retaliation from Beijing.
Exclusive: China tells carmakers to pause investment in EU countries backing EV tariffs, sources say
China has told its automakers to halt big investment in European countries that support extra tariffs on Chinese-built electric vehicles, two people briefed about the matter said, a move likely to further divide Europe.
Port of Montreal workers at two terminals start new strike, employer group says
Unionized workers started an unlimited strike at two terminals of the port of Montreal on Thursday amid stalled talks on a new labor contract, the employers' association said.
Maersk sees no Suez Canal return until 'well into 2025' due to Red Sea threat
A.P. Moller-Maersk (MAERSKb.CO) expects strong demand for shipping goods around the world to continue in the coming months, but sees no return to sailing through the Suez Canal until 2025 due to the threat of Red Sea attacks.
Biden announces $3 bln investment for US ports
U.S. President Joe Biden on Tuesday announced a $3 billion investment from his Inflation Reduction Act to improve the country's port infrastructure.
US nonprofit to spend $250 mln on electric trucks to lease at California ports
U.S. nonprofit Climate United on Tuesday announced a plan to spend up to $250 million to buy as many as 500 electric semi trucks over three years in what it called the biggest single order of those zero-emissions trucks in the country so far.
CH Robinson tops third-quarter results estimates on higher pricing in ocean services
C.H. Robinson (CHRW.O) beat Wall Street estimates for third-quarter profit and revenue on Wednesday, helped by the logistics firm's efforts to reduce costs and higher pricing in its ocean services business.
DHL cuts earnings outlook on weak B2B volumes
DHL (DHLn.DE) cut its guidance for 2024 earnings before interest and taxes (EBIT) on Wednesday, citing continuously weak business-to-business mail volumes and lower-than-expected margins in its air freight forwarding business.
Amazon's improving retail sales boost Q3 profit, revenue beats estimates
Amazon.com (AMZN.O) on Thursday posted third-quarter profit and sales above Wall Street estimates, helped by favorable retail sales, sending its shares up 5.7% after the closing bell.
European Commission to launch investigation into Temu, Bloomberg reports
The European Commission is set to launch an investigation into Chinese online retail platform Temu over whether it is in breach of rules meant to prevent the sale of illegal products online, Bloomberg News reported on Wednesday, citing unnamed sources.
Bricks over clicks as shops come back into fashion in Europe
The rise of online shopping has led to swathes of store closures, casting doubt over the future of retail malls and high streets, but in Europe there are signs that shops are back in vogue and are important for helping to drive online sales.
Global economy set to cruise at a solid 3% growth rate next year, Reuters poll finds
Global economic growth will maintain its robust pace next year as major central banks implement a series of interest rate cuts against the backdrop of a strong U.S. economy, according to a Reuters poll of around 500 economists.
CEOs leave Davos to game out 2024 geopolitical scenarios
Business leaders in Davos say they are increasingly turning to scenario planning to safeguard supply chains and lessen the potential hit from unexpected geopolitical crises.
China's manufacturing activity expands for the first time in six months
China's manufacturing activity expanded for the first time in six months and services picked up in October, indicating that Beijing's latest stimulus measures are helping the battered economy turn a corner.
US consumer spending beats expectations in September
U.S. consumer spending increased slightly more than expected in September, putting it and the economy on a higher growth trajectory heading into the final three months of the year.
Safran in major engine repair capacity expansion as demand soars
French jet engine maker Safran (SAF.PA) set out plans on Tuesday to invest more than 1 billion euros ($1.1 billion) and hire 4,000 people worldwide to "radically scale up" its maintenance network as the aviation industry tackles congested repair shops.
Mexico warns US ban on Chinese car tech could hurt automotive industry
The Mexican government on Monday raised concerns about the Biden administration's proposal to prohibit key Chinese software and hardware in connected vehicles on American roads due to national security concerns.
Porsche staff to join wave of strikes in key German industries
Porsche AG (P911_p.DE) staff at the German carmaker's site in Stuttgart will join a wave of strikes in key German industries on Tuesday, said IG Metall union's local branch, as part of national action planned to push for higher pay. Ford to halt production of F-150 Lightning EV pickup trucks for six weeks
VW labour chief sounds alarm on mass layoffs and three German plant closures
Volkswagen (VOWG_p.DE) plans to shut at least three factories in Germany, lay off tens of thousands of staff and shrink its remaining plants in Europe's biggest economy as it plots a deeper-than-expected overhaul, the company's works council head said on Monday.
Maersk to buy bio-methanol shipping fuel from China's LONGi
Danish shipping group A.P. Moller-Maersk (MAERSKb.CO) said on Wednesday it has signed a long-term deal for the supply of bio-methanol to its vessels from China's LONGi Green Energy Technology (601012.SS) from 2026.
Zero-carbon ammonia for shipping faces cost, safety challenges
At one of the world's biggest bulk export ports in Western Australia, shippers safely completed the first transfer of ammonia from one vessel to another last month, a key test for its adoption as a marine fuel in the push for cleaner energy.
Which companies back ammonia-fuelled ships to help cut emissions?
The shipping industry is looking into ammonia as an alternative fuel for powering ships, amid other ongoing plans to cut carbon emissions and achieve net-zero by 2050. read more
Swiss companies set sights on India as $100 bln trade pact promises more opportunities
Investments in India by Swiss companies such as engineering group ABB (ABBN.S) and transport firm Kuehne+Nagel (KNIN.S) are on the rise, with a $100 billion regional trade deal expected to further open it up to businesses long geared towards China.
Vietnam, UAE sign comprehensive economic partnership agreement
The United Arab Emirates and Vietnam have signed a comprehensive economic partnership agreement (CEPA), the first free-trade agreement Vietnam has established with a Middle East country, the Vietnamese trade ministry said in a statement on Tuesday.
TSMC suspended shipments to China firm after chip found on Huawei processor, sources say
Taiwan Semiconductor Manufacturing Company (2330.TW) suspended shipments to China-based chip designer Sophgo after a chip it made was found on a Huawei AI processor, according to two people familiar with the matter.
Remy to raise cognac prices in China to offset tariffs
Remy Cointreau (RCOP.PA) will raise cognac prices in China to help mitigate the impact of tariffs imposed by Beijing on European Union brandy amid a trade dispute, its finance chief told investors on Friday.
Alphabet's Waymo closes $5.6 bln funding to expand autonomous ride-hailing service
Alphabet's (GOOGL.O) self-driving unit, Waymo, said on Friday it had closed a $5.6 billion funding round led by the Google parent, as it looks to expand its autonomous ride-hailing service.
Toyota, NTT to make $3.3 bln R&D investment for AI self-driving, Nikkei reports
Toyota Motor (7203.T) and Japan's Nippon Telegraph and Telephone (NTT) (9432.T) will invest 500 billion yen ($3.26 billion) in research and development to create artificial intelligence software to improve self-driving, Nikkei reported on Tuesday.
China's steel demand will likely flatten in 2025, says industry official
Steel demand in China, the world's largest producer and consumer, will likely flatten or dip slightly in 2025, industrial officials said, warning mounting risks facing steel exports due to growing trade frictions.
Sluggish demand, supply glut worries to weigh on oil in 2025
Concerns around demand from top consumer China, prospects of higher supply from key producers and easing geopolitical risks are likely to weigh on oil prices this year and next, a Reuters poll indicated on Thursday.
China's Sept industrial profits post steepest fall of the year
China's industrial profits plunged in September, recording the steepest monthly decline of the year, official data showed on Sunday, as policymakers ramp up stimulus to revitalise economic growth.
US core capital goods orders solid; business equipment spending a touch cooler
New orders for key U.S.-manufactured capital goods increased more than expected in September, though business spending on equipment probably slowed marginally in the third quarter.
US plans $825 mln investment for New York semiconductor R&D facility
The Biden administration on Thursday announced an $825 million investment in a new semiconductor research and development facility in Albany, New York, aiming to boost high-tech manufacturing and reduce reliance on foreign technology.
Spanish truckers call off strikes demanding earlier retirement
Spain's truck drivers have called off a series of strikes that were set to begin on Oct. 28 to demand earlier retirement with better conditions, trade union CCOO said on Friday.
DoorDash forecasts strong fourth quarter, bets on demand for online delivery
DoorDash (DASH.O) forecast fourth-quarter core profit above estimates on Wednesday, as the online delivery firm bets on more consumers using the platform to order groceries to beauty products during the holiday period.
Swiggy IPO gets bids of $15 bln from big investors like Norges, Fidelity, sources say
Big investors including Norway's sovereign wealth fund Norges and Fidelity have placed bids worth more than $15 billion in Swiggy's India IPO, 25 times the $605 million portion reserved for such investors, four sources told Reuters on Thursday.
Putin to examine Black Sea shipping proposals from Turkey's Erdogan
Russian President Vladimir Putin said his Turkish counterpart, Tayyip Erdogan, had proposed reviving contacts on Black Sea shipping but that he had not yet had time to study the documents.
Abandoned copper mines embraced as fast track to boost output
In the race to secure copper for the clean energy transition and artificial intelligence applications, a range of companies are firing up abandoned assets once seen as financial liabilities to fast-track significant volumes of supply.
Polestar says Biden proposal would 'effectively prohibit' sale of its cars in US
Polestar said on Monday that a proposed Biden administration rule to bar the use of Chinese vehicle hardware and software would "effectively prohibit" the automaker from selling vehicles in the United States, including cars made in the U.S.
Italy to cut automotive industry support by around $5 billion
Italian Prime Minister Giorgia Meloni plans to cut by some 4.6 billion euros ($5 billion) the funds set aside to support the country's automotive industry between 2025 and 2030, the text of next year's budget showed, triggering widespread criticism.
Toyota worldwide output drops for 8th straight month in September
Toyota Motor (7203.T) said on Wednesday its worldwide production fell for an eighth straight month in September, as both sales and output declined in its two biggest markets, the United States and China.
EV maker Nikola posts bigger-than-expected quarterly loss, shares fall
Nikola (NKLA.O) reported a bigger-than-expected quarterly loss on Thursday as the company continues to grapple with high costs related to the production ramp up of its fuel-cell electric truck, sending the EV maker's shares down more than 5%.
Ford to halt production of F-150 Lightning EV pickup trucks for six weeks
Ford Motor (F.N) will halt production of its F-150 Lightning electric vehicle pickup trucks for six weeks from Nov. 18 to Jan. 6, the Dearborn automaker said on Thursday.
BorgWarner trims annual sales forecast on expectations of lower vehicle production
Auto parts supplier BorgWarner (BWA.N) lowered its full-year sales forecast on Thursday on expectations of lower vehicle production as the industry comes under pressure from consumers cutting back on purchases.
German car industry transformation could cost 186,000 jobs by 2035, study finds
The transformation of the German car industry could lead to 186,000 jobs losses by 2035, of which roughly a quarter have already occurred, a study commissioned by the VDA auto industry association released on Tuesday showed.
Brazil fines meat packers $64 million for buying cattle from deforested Amazon land
Brazil's environmental protection agency IBAMA has imposed 365 million reais ($64 million) in fines on cattle ranches and meat packers, including the world's largest JBS SA (JBSS3.SA), for raising or buying cattle on illegally deforested land in the Amazon.
Many roadblocks delay journey to zero carbon world
The task of decarbonising the global economy can be split into three parts: electrify as many activities as possible; use low-carbon processes when that's not possible; and make electricity in ways that do not spew out greenhouse gases.
PepsiCo, retailers share purchase data to improve sales forecasting, exec says
PepsiCo (PEP.O), which is overhauling some of its top brands like Lay's potato chips as shoppers look for cheaper options, is increasingly sharing data with major retailers and in return getting coveted information on shoppers' purchases, a PepsiCo executive said in an interview this week.
USDA September soy crush estimated at 187.4 million bushels, analysts say
The U.S. soybean crush likely rebounded in September to 5.623 million short tons, or 187.4 million bushels, analysts surveyed by Reuters estimated ahead of a monthly U.S. Department of Agriculture report due on Friday.