The need to know
The need to know for the week starting 18th November 2024
The need to know from Reuters’ global network of journalists
US East Coast, Gulf Coast port union and employers still at odds over automation
The union representing 45,000 East Coast and Gulf Coast dockworkers and a group representing employers held a new round of contract talks this week but failed to make significant progress on the critical issue of automation, the two sides said on Wednesday.
Canada moves to end labor disputes at ports, cites economic damage
Canada on Tuesday moved to end labor disputes at the country's biggest ports, including Vancouver and Montreal, citing economic damage and the potential for driving away trading partners.
Canada's labour board orders operations to resume at Montreal port
Canada's Industrial Relations Board (CIRB) ordered a resumption of operations at the Port of Montreal from Saturday morning, the port's employers association said, after the federal government stepped in and directed the labour board to end port disputes.
Hapag-Lloyd CEO expects shipping volume strength to continue
Hapag-Lloyd's (HLAG.DE) CEO said on Thursday he expects continued strength in container shipping volumes, which are driven by global demand for transporting goods and seen as a proxy for trade and a health barometer for the world economy.
Amazon, IKEA join other ocean cargo shippers to boost demand for new green fuels
Amazon.com and IKEA, in alliance with about three dozen other companies that depend on ocean freight, will invite shipping firms for the first time to bid on a contract in January to move their cargo on vessels powered by near-zero emissions e-fuels like e-methanol.
Exclusive: Amazon developing driver eyeglasses to shave seconds off deliveries, sources say
Amazon (AMZN.O) is developing smart eyeglasses for its delivery drivers to guide them to, around and within buildings, as it tries to smooth the final stretch of an order's journey to a customer's home, five people familiar with the matter said.
China's Singles' Day wraps up super-sized sales event with volume, shopper growth
China's largest e-commerce company Alibaba Group (9988.HK) said it recorded "robust growth" in sales and a "record number" of shoppers over this year's Singles' Day sales period, a weeks-long event that ended at midnight on Monday.
China's Alibaba misses quarterly revenue estimates, beats on profit
Alibaba Group Holding (9988.HK) missed analysts' estimates for second-quarter sales on Friday, as persistent economic uncertainty sapped consumer spending in China and weighed on the e-commerce group's domestic business.
China's JD.com misses revenue estimates as consumption weakness lingers
Chinese e-commerce group JD.com (9618.HK) missed market estimates for quarterly revenue on Thursday, as a persistent slowdown in the world's second-largest economy pressured consumers to keep a tight hold on their purse strings.
InPost launches international delivery for eight EU countries
Parcel locker company InPost (INPST.AS) has launched an international delivery service for eight countries in Europe, the company said in a press release on Wednesday.
Poland's Allegro sees earnings decline in Q4, shares drop
Poland's biggest e-commerce platform Allegro (ALEP.WA) expects its earnings to decline in the fourth quarter, dragged down by losses abroad and slower growth at home, it said on Thursday, hitting its shares
Shopify delivers upbeat holiday forecast as AI draws merchants, shares surge
Shopify (SHOP.TO) forecast fourth-quarter sales growth above estimates, as a focus on employing AI-powered tools in its e-commerce services pulled in more merchants ahead of the crucial holiday season, sending its shares up 25% on Tuesday.
German regulator sets stamp price guidelines, shrugging off DHL protest
Germany's network regulator confirmed its guidelines for the pricing of postage stamps on Monday, refusing to go beyond its proposed ranges despite protest by the national operator Deutsche Post, owned by logistics group DHL (DHLn.DE).
US Postal Service warns it must continue cost cuts or risk bailout
The U.S. Postal Service said on Thursday it must continue to cut costs and boost revenue or risks requiring a government bailout to help the organization avoid financial collapse.
India to summon Amazon, Flipkart executives as regulatory scrutiny grows, source says
India's financial crime agency will summon Flipkart and Amazon (AMZN.O) executives as it steps up an investigation into alleged foreign investment law violations, days after raiding some of the e-commerce firms' sellers, a senior government source said.
Vietnam says Temu, Shein must register with government or be blocked
Vietnam said Chinese online retailers Shein and Temu need to register with the government before the end of November or it will block their internet domains and apps from being used in the country.
COP29 countries endorse global carbon market framework
Countries at the two-week COP29 climate summit gave the go-ahead on Monday to carbon credit quality standards which are critical to launching a U.N.-backed global carbon market that would fund projects that reduce greenhouse gas emissions.
Global CO2 emissions to hit record high in 2024, report says
Global carbon dioxide emissions, including those from burning fossil fuels, are set to hit a record high this year, pulling the world further off course from averting more destructive climate extremes, scientists said on Wednesday.
German economy to underperform euro zone until 2026, EU forecasts
The German economy will continue to significantly underperform average growth in the euro zone until 2026, the forecasts of the European Commission showed on Friday.
Central Europe to feel impact of any US tariff hit to Germany
If U.S. President-elect Donald Trump delivers on a pledge to hit European imports with tariffs, Hungary will feel the effects "exponentially" because of its German trade links, a top business leader said on Thursday.
Euro zone economy seen hit early next year by Trump tariffs, say economists: Reuters poll
The euro zone economy will be hit with tariffs from the incoming U.S. Trump administration early next year, according to a majority of economists polled by Reuters, all but ensuring a series of interest rate cuts from the European Central Bank.
US executives weigh risks from proposed Trump tariffs
Top executives at many U.S. companies are preparing for the impact from President-elect Donald Trump fulfilling his campaign promise of raising tariffs, a move that could disrupt supply chains and worsen inflationary pressures.
Trump trade policy seen as wild card for US soybean farmers
American farmers are worried that President-elect Donald Trump's sweeping tariff plans will curb their access to top soy buyer China, but tariffs could also lure companies to build more U.S. crushing plants, hungry for domestic supplies.
US finalizes $6.6 billion chips award for TSMC ahead of Trump return
The U.S. Commerce Department said Friday it has finalized a $6.6 billion government subsidy for Taiwan Semiconductor Manufacturing Co's U.S. unit for semiconductor production in Phoenix, Arizona.
New BYD and BMW car plants in Hungary to start production in H2 2025
Car plants under construction by Chinese BYD and Germany's BMW (BMWG.DE) are expected to start production in Hungary in the second half of 2025, which could help boost the country's economy, Prime Minister Viktor Orban's chief of staff said on Thursday.
Global EV sales up 35% in October, Europe ekes out a gain
Global sales of fully electric and plug-in hybrid vehicles rose 35% in October from the same month last year, led by a 54% jump in sales in China, market research firm Rho Motion said on Wednesday.
Exclusive: Toyota aims to ramp up China production
Toyota aims to make at least 2.5 million vehicles a year in China by 2030, three people said, an overhaul that will see it bring its Chinese sales and production operations closer together and allow local executives a freer hand in development.
Euro zone industrial production falls more than expected in Sept
Euro zone industrial production fell more than expected in September with Germany suffering the biggest fall among the bloc's largest nations, indicating than a long-expected recovery could be even further delayed.
Solid US retail sales in October underscore economy's resilience
U.S. retail sales increased slightly more than expected in October as households boosted purchases of motor vehicles and electronic goods, suggesting the economy kicked off the fourth quarter on a strong note.
US industrial production sags in October amid continued drag from Boeing strike, hurricanes
U.S. industrial production fell for a second straight month in October, continuing to be depressed by hurricanes and a strike by factory workers at Boeing (BA.N), but a rebound is likely in November as the drag from these factors lifts.
US import prices unexpectedly rise in October
U.S. import prices unexpectedly rose in October amid higher prices for fuels and other goods, the latest indication of lack of progress lowering inflation in recent months.
Goods from China boosted U.S. ocean imports in October, Descartes said
Shipments from China helped U.S. imports of containerized goods exceed 2.4 million 20-foot equivalent units (TEUs) for the fourth consecutive month in October, trade data supplier Descartes Systems Group (DSG.TO) said on Monday.
Rising US producer prices add to signs of fading disinflation
U.S. producer prices picked up in October, lifted by higher costs for services like portfolio management and airline fares, another sign that progress towards lower inflation was stalling.
China consumer prices rise at slowest pace in 4 months, despite stimulus
China's consumer prices rose at the slowest pace in four months in October while producer price deflation deepened, data showed on Saturday, even as Beijing doubled down on stimulus to support the sputtering economy.
India's industrial output up 3.1% y/y in September
India's industrial output (INIP=ECI) rose 3.1% year-on-year in September, backed by manufacturing activity, government data showed on Tuesday.
Japan's economy slows in Q3 on tepid capex; consumption picks up
Japan's economy expanded by an annualised 0.9% over the July-September quarter, government data showed on Friday, slowing from the previous three months due to tepid capital spending though an unexpected pickup in consumption added a bright spot.
India tightens vehicle entry restrictions as Delhi's air pollution worsens
India said on Sunday that it would tighten restrictions including on construction activities and vehicle movements in New Delhi and surrounding areas from Monday to combat worsening air quality.
China to cut or cancel export tax rebates for products including aluminium
China's finance ministry said on Friday it would reduce or cancel export tax rebates for a wide range of commodities and other products, effective Dec. 1.
New alumina supplies in 2025 poised to rupture record price rally
New capacity for converting bauxite into alumina due online next year is set to ease tight supplies and potentially halt a record-breaking price rally of the material used to make aluminium.
Indian wheat prices hit record high on strong demand, supply crunch
Indian wheat prices have jumped to a record high due to strong demand, limited supplies, and a delay in the government releasing stocks from its warehouses to augment supplies, industry officials said on Tuesday.
Chip powerhouse Taiwan calls for economic partnership deal with EU
Taiwan President Lai Ching-te called on Monday for the signing of an economic partnership agreement with the European Union, saying it would boost cooperation in semiconductors and that as democracies the two sides should be working together.
Hapag-Lloyd keeps recently raised outlook despite 9-month profit drop
German container firm Hapag-Lloyd (HLAG.DE) on Thursday posted a 47% drop in net profit for the first nine months of 2024 but retained its recently raised earnings outlook for the full year, citing higher transport volumes driven by demand.
China's Chery to delay Barcelona production start to Q4 2025, Spanish partner says
Chinese carmaker Chery will delay the start of vehicle production in Spain to the fourth quarter of 2025, an executive at its Spanish partner Ebro said on Thursday, about a year behind a previous schedule.
Yemen's Houthis say they attacked 'vital target' in Israel's Eilat
Yemen's Houthi forces attacked "a vital target" in Israel's Red Sea port city of Eilat with a number of drones, the Iran-aligned group's military spokesperson Yahya Saree said on Saturday.
Ship off Yemen reports missile fell into Red Sea nearby, UK maritime body says
A ship passing through the Red Sea 25 nautical miles west of Al-Mukha, Yemen, reported on Sunday that a missile had splashed into the sea nearby, the United Kingdom Maritime Trade Operations (UKMTO) agency said.
UK's Integrals Power shipping EV battery materials to automakers for tests
UK startup Integrals Power said on Tuesday it has started shipping its lithium iron phosphate (LFP) and lithium manganese iron phosphate (LMFP) cathode materials to automakers and battery makers for tests that could lead to major orders for EVs within six months.
In South America, Trump already losing a trade battle with China
In South American copper giant Peru, the incoming Donald Trump White House will find itself already on the losing side in a trade battle with China, part of a bigger power realignment around the resource-rich region in Washington's backyard.
Exclusive: Trump's transition team aims to kill Biden EV tax credit
President-elect Donald Trump's transition team is planning to kill the $7,500 consumer tax credit for electric-vehicle purchases as part of broader tax-reform legislation, two sources with direct knowledge of the matter told Reuters.
Starting Latin America trip, Xi Jinping opens huge port in Peru funded by China
Chinese President Xi Jinping launched a week-long diplomatic blitz of South America on Thursday by inaugurating a massive deep-water port in Peru, a $1.3 billion investment by Beijing as it seeks to expand trade and influence on the continent.
Alphabet's Waymo opens autonomous ride-hailing service to all in Los Angeles
Alphabet's (GOOGL.O) Waymo said on Tuesday its autonomous ride-hailing service, Waymo One, is now available to everyone in Los Angeles, a sign of rapid growth and adoption of the technology.
MSC subsidiary takes final regulatory hurdle for HHLA takeover
HHLA (HHFGn.DE) said on Friday that a subsidiary of Swiss-based MSC had received all regulatory approvals for a voluntary public takeover offer of the German port operator.
UK regulator to start in-depth probe into GXO's $962 mln Wincanton deal
Britain's competition regulator said on Thursday it referred GXO Logistics' (GXO.N) acquisition of UK peer Wincanton to an in-depth investigation after the U.S.-based warehousing firm did not present remedies for competition concerns.
US forecaster sees 57% chance of La Nina developing between now and December
There is a 57% chance of La Niña emerging from now to December, and it is expected to persist through January to March 2025, a U.S. government forecaster said on Thursday.
Airbus defends free trade amid growing tariff jitters
European planemaker Airbus (AIR.PA) defended free trade on Tuesday as the aerospace industry faces a growing cluster of economic tensions.
Asia's airlines blame supply chain woes for disrupted operations
Asia-Pacific travel demand has recovered from the pandemic, but earnings at the region's airlines are under pressure from supply chain problems disrupting operations and exposing them to strengthening consumer protection rules, industry executives say.
Embraer sees Chinese role in strengthening supply chain, executive says
Brazilian planemaker Embraer (EMBR3.SA) said on Wednesday at China's largest air show in Zhuhai that it planned to focus on strengthening its supply chain, with Chinese companies able to play a role.
Lenovo plans global factory expansion as Q2 results beat; eyes AI growth
Lenovo (0992.HK) will further diversify its supply chain and plans to open more manufacturing facilities outside China amid global geopolitical uncertainty, Chairman Yang Yuanqing said.
Exclusive: Crisis-hit EV battery champion Northvolt struggles to hit production targets
Embattled green tech player Northvolt has missed some in-house targets and has curtailed production at its battery cells plant in northern Sweden, according to internal company documents and company sources, underscoring the challenge of ramping up output.