The need to know
The need to know for the week starting 25th November 2024
The need to know from Reuters’ global network of journalists
Chinese exporters to hike prices, renegotiate contracts after tax rebate cuts, sources say
Chinese exporters of a wide range of products from aluminium goods to used cooking oil and solar power gear will raise prices and renegotiate contracts to pass on the cost of Beijing's tax incentive cuts, traders and analysts said.
Exclusive: Inditex boosts fast fashion flights from India to avoid shipping delays
Zara owner Inditex (ITX.MC) has sharply increased its use of air freight to bring clothes from factories in India to its logistics hub in Spain to avoid shipping delays, according to trade data, industry experts, and investors.
Air freight costs jump from garment-producing countries
Average spot rates, in dollars per kilogramme, from April 2023 to Sept 2024
Uncertainty clouds holiday shopping season after mixed forecasts from Walmart, Target
Retailers are in for a mixed holiday season this year ahead of Black Friday and Christmas, marked by watchful consumers keeping big spending on a tight leash and vigilantly comparing prices on their mobile phones to look for the best deals on apparel, electronics and toys.
US consumer sentiment ticks up, shows post-election partisan flip
U.S. consumer sentiment ticked up for a fourth straight month in November, led by a big upswing in sentiment among Republicans following Donald Trump's victory in the presidential election.
US business activity gauge rises to 31-month high in November
A measure of U.S. business activity raced to a 31-month high in November, boosted by hopes for lower interest rates and more business-friendly policies from President-elect Donald Trump's administration next year.
Temu owner PDD misses revenue and profit estimates as consumers struggle
Discount e-commerce player PDD Holdings (PDD.O) fell short of market estimates for third-quarter revenue and profit on Thursday, as its low prices did not persuade cost-conscious consumers to spend as much as expected on its platforms.
Tech-wary Germans get hooked with online shopping habit
In only a few years, Germans have become a nation of online shoppers, with most now turning to devices to buy clothes, groceries and medicines in the wake of the COVID-19 pandemic.
Chamber of Commerce sees new US export crackdown on China, email says
The Biden administration is set to unveil new export restrictions on China as soon as next week, the U.S. Chamber of Commerce told members in a Thursday email.
Walmart, other US companies raise concerns over proposed Trump tariffs
Corporate executives were taking a wait-and-see approach to President-elect Donald Trump's vow to impose heavy tariffs on imports when he takes office in January, but many have raised concerns about the effect such levies will have on inflation.
EU, China close to agreement over EV import tariffs, leading MEP says
Brussels and Beijing are nearing a solution over tariffs on Chinese electric vehicle imports into the bloc, the chair of the trade committee of the European Parliament told a German broadcaster.
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.
Trade policy following Trump's 2024 election victory
International trade once again faces an uncertain landscape with another term of President-Elect Donald Trump as he prepares to become the United States' 47th president with a Republican-controlled Congress. While various industries are still realizing Trump's first term tariffs, new and higher tariffs are on the horizon, as well as more complex trade policies.
US bars more food, metal imports over China's alleged forced labor
The United States banned food, metals and other imports from about 30 more Chinese companies over alleged forced labor involving the Uyghurs, according to a government notice posted online on Friday.
China overtakes Germany in industrial use of robots, says report
China has overtaken Germany in the use of robots in industry, an annual report published by the International Federation of Robotics (IFR) showed on Wednesday, underscoring the challenges facing Europe's biggest economy from Beijing.
German industrial body expects 3% drop in production this year
German industry expects a 3% fall in production in 2024, the third year of decline, with no recovery in sight for 2025, the BDI industry body said on Friday.
VW union calls for Dec 1 strikes as wage talks stutter
Volkswagen's (VOWG_p.DE) union said it would recommend its members go on strike from Dec. 1 as talks over wages and factory closures with the carmaker's management failed to achieve a breakthrough on Thursday.
Bosch to cut hours for 10,000 workers in Germany
Robert Bosch (ROBG.UL), the world's largest car parts supplier, will reduce the working hours and pay of around 10,000 employees in Germany, going beyond previously announced reductions and in addition to thousands of job cuts announced on Friday.
Container shippers hedging green transition with dual-fuel vessel orders
Container shipping companies like Maersk (MAERSKb.CO), CMA CGM and COSCO (601919.SS) have ordered hundreds of new vessels in recent years meant to help their industry slash greenhouse gas (GHG) emissions to meet rising demand from customers and regulators around the globe.
Flour millers face supply crunch as wheat farmers tighten grip on stocks
Wheat growers in several exporting countries are reluctant to sell their crops with prices near four-year lows, traders, farmers and millers say, leaving flour makers with dwindling supplies and vulnerable to any potential upswing in prices.
China’s new hobbies create a spending mirage
China’s new hobbies will be bad news for most retailers.
India to offer $4-$5 bln in incentives for electronics production, weaning off China
India will offer up to $5 billion in incentives to companies to make components locally for gadgets from mobiles to laptops, two government officials said, in a bid to bolster the burgeoning industry and wean off supplies from China.
Amcor to buy Berry Global in $8.4 billion deal to create packaging powerhouse
Switzerland-based Amcor Plc (485.F), on Tuesday agreed to buy U.S. peer Berry Global (BERY.N) for $8.43 billion in an all-stock deal, creating a consumer and healthcare packaging giant with combined revenues of $24 billion.
Business seeks details in face of mixed COP29 climate messages
COP29 deals on finance and carbon markets could lead to billions more dollars flowing around the business world if countries next year can deliver climate plans with clear policies for markets and investment.
Hennessy workers strike as France's Macron urges Xi to drop China cognac tariffs
Hennessy staff extended a strike on Wednesday over its plans to bottle cognac in China to circumvent import tariffs, after French President Emmanuel Macron urged his Chinese counterpart Xi Jinping to lift the duties.
EU widens sanctions on Iranian shipping firms
The European Union has widened its sanctions against Iran over Tehran's support of Russia in its war with Ukraine, the European Commission said on Monday.
to a notice on the ministry website.
From Australia to Israel, Adani Group projects span the globe
Two major Adani Group projects in Kenya were scuttled after its founder Gautam Adani was indicted by U.S. prosecutors over his alleged role in a $265 million bribery scheme - allegations that his conglomerate has denied.
Italy's antitrust watchdog probes MSC unit's purchase of Moby
Italy's antitrust authority said on Monday it had opened an investigation into the acquisition of 49% of Italian ferry company Moby by MSC's Shipping Agencies Services (SAS) for allegedly restricting competition.
Cambodia's flagship canal in hot water as China funding dries up
At a ceremony in August, Cambodia's leader Hun Manet knelt to receive blessings from saffron-robed monks as fireworks and balloons heralded the breaking of ground for a canal he hopes will transform his country's economic fortunes.
Nissan to cut or transfer about 1,000 jobs in Thailand, sources say
Nissan Motor (7201.T) will cut or transfer about 1,000 jobs in Thailand as it shrinks production in Southeast Asia, part of its recently announced global workforce reduction plan, two sources familiar with the matter told Reuters on Friday.
DHL cargo plane crashes as it nears Lithuania airport, killing one
A DHL (DHLn.DE) cargo plane crashed as it came into land at Lithuania's Vilnius airport early on Monday, skidding into a house and killing one person on the aircraft.
Mexico warns about Trump tariff impact on U.S. companies
Mexico's top economy officials on Tuesday downplayed concerns about trade talks with Donald Trump's administration, saying the potential impact on American companies could give the incoming U.S. president second thoughts about levying massive tariffs.
Automakers urge Trump to preserve EV tax credits, boost self-driving cars
A group representing major automakers including General Motors (GM.N), Toyota Motor Corp (7203.T), and Volkswagen (VOWG_p.DE) urged President-elect Donald Trump to retain key tax credits for electric vehicle purchases and take steps to speed deployment of self-driving cars.
Alibaba combines e-commerce arms to tackle growing competition
Alibaba Group will integrate its domestic Chinese and international e-commerce platforms into a single business unit run by one leader for the first time, the company said in a stock exchange filing on Thursday.
Trump 2.0 won't reverse Biden's critical minerals push
Donald Trump has described the Inflation Reduction Act (IRA) as a "green scam" and vowed to repeal it after he returns to the White House in January.
US finalizes $1.5 billion chips award for GlobalFoundries to expand production
The U.S. Commerce Department said Wednesday it has finalized a $1.5 billion government subsidy for GlobalFoundries (GFS.O) to expand semiconductor production in Malta, New York and Vermont.
US alleges car parts factory in Mexico violates North America trade pact
The U.S. has alleged workers at a French-owned auto parts plant in Mexico were denied the right to collective bargaining in violation of a North America trade agreement and asked Mexico to investigate.
Northvolt crisis may be make or break for Europe's EV battery ambitions
Northvolt's financial collapse deals a blow to Europe's plan to set up its own battery industry to power electric cars, stirring a debate about whether it needs to do more to attract investment as startups struggle to catch up with Chinese rivals.
Sweden's Northvolt files for bankruptcy, in blow to Europe's EV ambitions
Northvolt, the Swedish maker of battery cells for electric vehicles, said on Thursday it has filed for Chapter 11 bankruptcy protection in the U.S., dealing a blow to Europe's hopes that its most developed battery player would reduce Western car makers' reliance on Chinese rivals.
Stellantis unveils technology to support flexible EV production, delays Ram electric pickup
Stellantis (STLAM.MI) said on Tuesday it will deploy a new vehicle system that will support assembly of gasoline, hybrid and electric models, but in a sign of how turbulent the electric-vehicle transition is, the automaker also delayed production of Ram electric pickup trucks.
Ford to cut European jobs as EV shift, Chinese rivals take toll
Ford (F.N) said it would cut around 14% of its European workforce on Wednesday, blaming losses in recent years due to weak electric vehicle demand, poor government support for the EV shift and competition from subsidized Chinese rivals.
Exclusive: In high-wage Germany, Volkswagen's labour costs outstrip the competition
As Volkswagen (VOWG_p.DE) and unions gear up for the next round of talks over wages and plant closures in Germany, company and industry data reviewed by Reuters show that the automaker spends a higher proportion of sales on labour costs than major rivals.
Tesla gains on report Trump's team planning federal self-driving vehicle regulations
Tesla (TSLA.O) shares rose more than 5% on Monday after Bloomberg News reported that President-elect Donald Trump's transition team was planning to set up federal regulations for autonomous vehicles.
Auto sector scrambles to retool workforce for electric and automated future
The car industry is changing.
Airbus CEO strikes more upbeat note on CFM engine supplies
Airbus (AIR.PA) CEO Guillaume Faury on Tuesday voiced increasing confidence over engine supplies that have been hampering jet deliveries, telling Reuters that CFM International should be able to supply enough units but it would be "very tight".
Honda hopes to double EV driving range with solid-state batteries, R&D chief says
Honda Motor (7267.T) aims to double the driving range of its electric cars by the late 2020s when they start to adopt all-solid-state batteries, a new type of power source under development, the head of its research unit said on Wednesday.
Global offshore wind industry poised to miss big targets as obstacles mount
After a year of canceled projects, broken turbines, and abandoned lease sales, the global offshore wind industry no longer has much chance to hit the lofty targets set by governments in the U.S., Europe and elsewhere, marking a setback for efforts to fight climate change.
Brazilian meatpacker JBS agrees to invest $2.5 bln in Nigeria, build six factories
Brazilian meatpacker JBS (JBSS3.SA) said on Thursday it has signed a memorandum of understanding with Nigeria's government for a $2.5 billion investment plan in the African country, including the building of six new factories.
Ecommerce logistics startup Locad raises $9 mln in new funding
Ecommerce logistics startup Locad said on Wednesday it has raised $9 million as it aims to expand in Saudi Arabia and the United Arab Emirates in the fourth quarter.
China's export tax bombshell rocks aluminium market
China's announcement that it will end tax rebates on exports of aluminium semi-manufactured products caused market mayhem on Friday and may have major long-term ramifications for the global aluminium supply chain.
China finalises stricter investment guidelines for solar manufacturing
China's industry ministry on Wednesday finalised investment guidelines for solar photovoltaic (PV) manufacturing projects in an effort to rein in overcapacity, according
BYD says it will launch new generation of blade batteries next year
China's electric vehicle giant BYD (002594.SZ) said it will launch a new generation of blade batteries in 2025, Chinese state media CGTN reported on Saturday.
US plans to reduce Intel's $8.5 billion federal chips grant below $8 billion - New York Times
The U.S. government plans to reduce Intel Corp's (INTC.O) preliminary $8.5 billion federal chips grant to less than $8 billion, the New York Times reported on Sunday citing unnamed sources.
Japan exports rebound on China chipmaking demand but Trump tariff risks loom
Japan's exports expanded faster than expected in October, led by a pick-up in chip equipment demand in China, though fears persist over potential U.S. protectionist trade policies that could hamper future shipments.
Euro zone business activity falls sharply in November, survey shows
Euro zone business activity took a surprisingly sharp turn for the worse this month as the bloc's dominant services industry contracted and manufacturing sank deeper into recession, a survey showed on Friday.
Skills shortage hobbles India's clean energy aspirations
India's ambitious plan to expand domestic manufacturing is coming up short in the solar industry which is grappling with inadequate government funding and a skills shortage, potentially jeopardising its clean energy targets, industry leaders said.
Japan's factory activity extends declines on sluggish demand, PMI shows
Japan's factory activity contracted for the fifth straight month in November due to sluggish demand caused by worries over China's economic slowdown and persistent cost pressures, a private-sector survey showed on Friday.
South Korea Nov 1-20 exports rise 5.8% year-on-year
South Korea's exports for the first 20 days of November rose 5.8% from a year earlier, customs agency data showed on Thursday.