The need to know
The need to know for the week starting 2nd November 2024
The need to know from Reuters’ global network of journalists
Trump's tariffs could cost carmakers up to 17% of combined core profits, S&P says
European and American carmakers are set to lose up to 17% of their combined annual core profits if the U.S. imposes import tariffs on Europe, Mexico and Canada, S&P Global said in a report on Friday, warning of potential credit downgrades.
US Black Friday spending in stores and online rose 3.4% year-over-year, data show
Black Friday spending in U.S. retail stores was muted this year in contrast to a more robust rise online, as bargain-hungry Americans skipped stores in favor of their phones and laptops, according to data from Mastercard and other data providers.
Coffee prices at 47-year high on Brazil crop concerns
Coffee prices settled lower on Friday after hitting the highest in nearly half a century during the session, buoyed by tightening supplies as next year's crop in top grower Brazil struggles to recover fully from this year's drought.
US targets China's chip industry with new restrictions
The United States on Monday launched its third big crackdown in three years on China's semiconductor industry, curbing exports to 140 companies, including chip equipment maker Naura Technology Group (002371.SZ), among other moves.
US retailers aim to cash in on Cyber Monday with steep online discounts
After lackluster spending at U.S. stores on a deals-heavy Black Friday, retailers are pulling out all the stops with steep promotions and discounts on their websites and apps to entice people to buy holiday gifts and other merchandise after the long Thanksgiving weekend.
Thanksgiving mobile shopping soars as buyers snap up online deals
U.S. holiday shoppers have big plans to use small screens for a head start this year on Thanksgiving Day, and retailers have spent weeks priming them, touting pre-Black Friday online discounts for everything from TVs and toys to Bluetooth speakers.
Threatened by climate change, Panama Canal has big plans to combat drought
The lush river valleys of El Zaino y La Arenosa in western Panama, home to hundreds of families that eke out a living farming, fishing and raising cattle, could soon be submerged by a massive man-made reservoir designed to ensure the viability of the Panama Canal in the face of a changing climate.
Trump likely to turn to tested trade law tools in his tariff offensive
U.S. President-elect Donald Trump is widely expected to again turn to a favorite legal tool to underpin threatened tariffs on imports from Mexico, Canada and China: the International Emergency Economic Powers Act, one of several legal avenues to impose his broader tariff agenda.
Weather permitting, UPS, FedEx poised for on-time US holiday gift deliveries
The weak demand bedeviling package delivery companies like United Parcel Service (UPS.N) and FedEx (FDX.N) promises to be great news for online U.S. shoppers who want quick, on-time holiday gift delivery.
Trump's tariff pledge spells trouble for auto and tech companies
President-elect Donald Trump on Monday pledged tariffs on the United States' three largest trading partners - Canada, Mexico and China - detailing how he will implement campaign promises that could trigger trade wars.
Exclusive: Latest US strike on China's chips hits semiconductor toolmakers
The U.S. will launch on Monday its third crackdown in three years on China's semiconductor industry, curbing exports to 140 companies including chip equipment maker Naura Technology Group (002371.SZ), among other moves, said two people familiar with the matter.
New US solar tariffs on Southeast Asia to raise prices, cut profit margins
A new round of U.S. solar panel import tariffs on Southeast Asian producers is expected to raise consumer prices and cut into producer profit margins, but was largely anticipated by industry, analysts said.
Why Mexico’s global trade sweet spot may turn sour
The last time Donald Trump was in the White House, Mexico’s economy did surprisingly well. The Spanish-speaking country, and global CEOs who have rebuilt their supply chains around it, will be hoping that the U.S. president-elect’s initial hostility once again amounts to nothing. That looks too optimistic.
B&Q owner Kingfisher well stocked for Christmas as early shipping pays off
B&Q and Castorama owner Kingfisher (KGF.L) said it was well stocked with Christmas products, thanks to a strategy of building up inventory early to mitigate the risk of supply chain disruption.
Comment: In the race to reduce emissions we need to be playing by the same rules
As consumers, we naturally tend to interact with products without any detailed thought about how they were produced.
Cocoa firms pour money into Ghana in bid to avert more losses
International buyers of Ghana's cocoa have made at least half a billion dollars of upfront payments to state marketing board Cocobod, according to Reuters' calculations, in a dash to secure supplies and avoid another season of heavy losses.
Brazil grain barge shipping returns as Amazonian drought subsides
Transportation of soybeans and corn on barges along the Brazilian Amazon's Tapajos River, which had been suspended in early October due to dry weather, resumed at 50% capacity this week, operators said on Wednesday.
EBRD sees global resurgence in protective industrial policies
A global resurgence in industrial policies that aim to boost or protect domestic interests threatens international cooperation and could hurt poorer countries in particular, the European Bank for Reconstruction and Development said in an annual report.
Analysts react to Trump's threat of North American tariffs
Financial analysts and business leaders on Tuesday reacted to a threat from U.S. President-elect Donald Trump to impose 25% tariffs on top trade partners Mexico and Canada when he takes office for a second term in January in a move that could trigger a trade war.
Exclusive: China's Hesai to halve lidar prices next year, sees wide adoption in electric cars
China's Hesai Group , the world's largest maker of lidar sensors for autonomous driving, said it plans to slash the price of its key product by half next year which should lead to far wider adoption of the technology in electric cars.
Europe's embattled auto sector plans plant closures and layoffs
A slew of automotive companies have recently announced plant closures and big layoffs in Europe as they struggle with weak demand, high production costs, competition from Chinese rivals and slower-than-expected electric vehicle transition.
Nine Volkswagen plants on strike as worker rift with management deepens
Workers at nine Volkswagen car and component plants across Germany started two-hour strikes on Monday, bringing assembly lines to a halt as labour and management clash over the future of Europe's biggest carmaker.
German union warns of Thyssenkrupp standoff, Ford action over job and plant cuts
Germany's largest union threatened a lengthy standoff with Thyssenkrupp Steel (TKAG.DE) over job cuts on Wednesday and promised action over layoffs at Ford (F.N), adding to a wave of industrial strife hitting the country.
EU approves 1.9 bln euro state aid for DB Cargo, subject to restructuring plan
The European Commission has approved 1.9 billion euros ($2.01 billion) in state aid for German rail freight operator DB Cargo, a subsidiary of Deutsche Bahn (DBN.UL), the European Union said on Friday.
Britain to launch consultation on electric vehicle transition
Britain will launch a consultation on changing its zero-emission vehicle mandate but will stick to a 2030 deadline for phasing out new petrol and diesel car sales, Prime Minister Keir Starmer's spokesperson said on Tuesday.
Rivian gets $6.6 billion conditional loan approval to build Georgia EV plant
Rivian (RIVN.O) said on Monday it has received conditional approval for a loan of up to $6.6 billion from the U.S. Department of Energy to build the electric vehicle maker's production facility in Georgia.
BYD asks suppliers to cut prices as China auto war intensifies
Chinese automaker BYD (002594.SZ) is asking its suppliers to cut their prices, in a sign that a brutal price war in the world's largest auto market is set to escalate.
How Trump's Mexico tariffs could hurt Europe's auto industry
Donald Trump's pledge to slap tariffs on imports to the U.S. from Mexico could be more damaging for European car makers like Volkswagen and Stellantis and their suppliers than any direct tariffs on EU goods, according to data, analysts and experts.
US targets scrap to close the critical minerals gap
The United States hasn't had a tin smelter since 1991. That year marked the closure of the Longhorn plant in Texas, which was built with federal funds in 1942 to reduce the country's import dependency at a time when tin cans quite literally fed the war effort.
Trade tariffs make it harder to keep prices low, IKEA executive says
Tariffs planned by U.S. President-elect Donald Trump will make it harder for IKEA to keep prices low, the chief financial officer of the world's biggest furniture retailer told Reuters on Wednesday.
Foxconn says global presence to shield it from Trump tariffs
Taiwan’s Foxconn (2317.TW) said on Wednesday it expects any impact of new tariffs from U.S. President-elect Donald Trump to hit it less than its rivals, citing its global manufacturing footprint.
GM and other US automakers would take big hit from Trump tariffs
U.S. President-elect Donald Trump's plan to slap a 25% tax on all imports from Mexico and Canada could strike the bottom lines of U.S. automakers, especially General Motors (GM.N), and raise prices of SUVs and pickup trucks for U.S. consumers.
VW buckles after years of pressure to sell up in Xinjiang
Volkswagen (VOWG_p.DE) will sell its operations in China's Xinjiang, it said on Wednesday, after years of mounting pressure to abandon its presence in a region where rights groups have documented abuses against the Uyghur population.
US auto sales set to rise in November amid steeper discounts, report shows
New vehicle sales in the U.S. are projected to have risen 6.7% in November from a year earlier, driven by higher discounts to clear elevated inventory, according to a joint report by industry consultants J.D. Power and GlobalData on Wednesday.
German government plans billions of euros in new chip subsidies, Bloomberg News reports
The German government is preparing billions of euros of new investments into the country's semiconductor industry, Bloomberg News reported on Thursday.
Maersk could use 15-20% alternative fuels for its fleet in 2030
Alternative fuels could account for up to a fifth of A.P. Moller-Maersk's (MAERSKb.CO) marine fuel consumption in 2030 as part of its goal to reach net zero by 2040, a senior company executive said on Thursday.
Britain seeks views on including shipping in carbon market from 2026
Britain has called for views on changes to its emissions trading system (ETS) that could see the shipping sector join its carbon market from 2026.
China to extend tariff exemptions for some US products to 2025
China will extend tariff exemptions for the import of some U.S. products until Feb. 28, 2025, the Customs Tariff Commission of the State Council said on Friday.
Trump tariffs would harm all involved, US trade partners say
Officials from Mexico, Canada and China and major industry groups warned that U.S. President-elect Donald Trump's threat of hefty tariffs on goods would harm the economies of all involved, cause inflation to spike and damage job markets.
Countless discarded bags float on the canal running through Minh Khai village, whose narrow streets are clogged with tall heaps of plastic waste spilling out from villagers' front yards and stacked near furnaces where non-recyclable scrap is burned.
Sanofi announces its biggest China investment deal amid China-EU trade tensions
Sanofi plans to invest around 1 billion euros ($1.05 billion) to build a new insulin production base in Beijing, which will mark the French drugmaker's largest single investment in China, the company said on Monday.
US suspends Mexican cattle imports after New World screwworm case
The United States has temporarily paused imports of Mexican cattle after a case of New World screwworm (NWS) was identified at the lakeside town of Catazaja in southern Chiapas state, the Mexican government said on Sunday.
China's scrap copper imports set to slump over US trade worries, analysts say
China's imports of scrap copper are set to slump as some traders have suspended buying from the United States, the top supplier, due to worries about rising trade tensions under a Donald Trump presidency, analysts said.
Vietnam parliament moves to curb tax breaks favouring e-commerce giants
Vietnam's parliament on Tuesday approved changes to a tax law to require local operators of foreign e-commerce platforms to pay Value-Added Tax (VAT), while calling on the government to scrap a tax exemption for low-cost imported goods.
Adani charges highlight broader India solar risks
The U.S. indictment of Gautam Adani has thrown a spotlight onto the rolling risks of India’s solar industry.
UK car output drops for eighth straight month in October, data shows
British car production experienced its eighth consecutive month of decline in October, as factories continued efforts to retool for making the next generation of zero-emission vehicles, according to industry data released on Thursday.
Toyota's global output declines for ninth straight month in October
Toyota Motor's (7203.T) global output dropped for a ninth consecutive month in October, dragged lower by big falls in production in the United States and China but the decline was mild compared to previous months.
India to expand EV manufacturing incentives after Tesla disappointment, source says
India plans to expand electric vehicle incentives to automakers building models at existing factories in the country, instead of limiting the benefits to automakers willing to build new plants, a person with direct knowledge of the matter said.
Nissan October production down globally except in Mexico, but Trump tariff threat looms
Nissan Motor (7201.T) said on Thursday its global production fell for a fifth straight month in October, led by downshifts at most of its manufacturing hubs except for Mexico.
India's Adani to pump further $1.2 bln into Kerala deep-sea port
Adani Group's ports business will invest an extra $1.2 billion in a long-delayed deep-sea facility in India's southern state of Kerala, its local government said on Thursday.
Marine fuel supplier Peninsula targets global LNG bunkering
Peninsula is working on building a global liquefied natural gas (LNG) bunkering business to help shippers reduce emissions while renewable fuels are still being developed, its CEO told Reuters.
Big steelmakers failing to make the switch to renewables, survey shows
The world's biggest steelmakers are falling behind in the shift towards low-carbon production, with some still entirely dependent on fossil fuels for their energy, a survey of 18 leading firms showed on Friday.
Cactus pear is a crop with potential in Italy's parched south and beyond
Global warming, drought and plant disease pose a growing threat to agriculture in Italy's arid south, but a startup founded by a former telecoms manager believes it has found a solution: Opuntia Ficus, better known as the cactus pear.
Asia likely to benefit from cheaper Canadian, Mexican oil if Trump imposes tariffs
Oil producers in Canada and Mexico will likely be forced to reduce prices and divert supply to Asia if U.S. President-elect Donald Trump imposes 25% import tariffs on crude imports from the two countries, traders and analysts said.
Singapore Post to divest Australia business for $505 million
Singapore Post (SPOS.SI) said on Monday it is selling its Australian business, Freight Management Holdings, to private equity firm Pacific Equity Partners for a cash consideration of A$775.9 million ($505.4 million).
Germany's green hydrogen ramp-up reliant on public money, E.ON says
The development of a green hydrogen market in Germany still depends to a large extent on public spending, utility E.ON (EONGn.DE) said on Friday.
Malaysia urges Chinese firms to avoid using it to dodge U.S. tariffs
Malaysia has urged Chinese companies to refrain from using it as a base to "rebadge" products to avoid U.S. tariffs, its deputy trade minister said on Monday, amid increasing export restrictions and concerns of a U.S.-China trade war.
US farm groups want Trump to spare their workers from deportation
U.S. farm industry groups want President-elect Donald Trump to spare their sector from his promise of mass deportations, which could upend a food supply chain heavily dependent on immigrants in the United States illegally.
Indonesia, Canada sign comprehensive economic partnership
Indonesia and Canada on Monday signed a Comprehensive Economic Partnership Agreement (CEPA) that aims to strengthen economic ties between the two G20 members, three years after negotiations began.
GM to sell its stake in Michigan battery plant to LG Energy Solution
General Motors (GM.N) said Monday it will sell its stake in its joint venture battery plant in Lansing, Michigan, to partner LG Energy Solution (373220.KS) as the Detroit automaker trims its electric vehicle plans.
Chinese food delivery giant Meituan beats quarterly revenue estimates
China's largest food delivery firm Meituan (3690.HK) posted a bigger-than-expected 22.4% rise in third-quarter revenue on Friday, defying sluggish Chinese consumption.
Nornickel sees new technologies sustaining China's palladium demand
Russian metals giant Nornickel believes that new technologies it is developing, including for the synthesis of hydrogen, will create demand for palladium in China equal to up to 15% of current consumption, a top executive told Reuters.
Exclusive: Logistics provider GLP is considering a Hong Kong listing in 2025
Logistics company GLP is considering a Hong Kong listing that could happen as early as next year, eight years after the Singapore-incorporated firm was taken private by an investor group, three sources with direct knowledge of the matter said.
Takealot boosts logistics with new distribution centre in South Africa's Durban
Takealot, South Africa's biggest pure-play online retailer, on Wednesday opened its third distribution centre in the coastal province of KwaZulu-Natal, as it seeks to offer faster deliveries in the country's second most populated region.
US manufacturing contraction slows in November, outlook uncertain
U.S. manufacturing contracted at a moderate pace in November, with orders growing for the first time in eight months and factories facing significantly lower prices for inputs.
China's Nov manufacturing activity seen expanding for second month: Reuters poll
China's factory activity likely expanded modestly for a second straight month in November, adding to a string of recent data suggesting that a blitz of stimulus is finally trickling through and giving producers in the world's No.2 economy a much needed boost.
European factories struggled last month as China's perked up ahead of Trump tariffs
Manufacturing activity fell sharply across Europe last month and a further decline in demand dashed hopes for an imminent turnaround, whereas in China factories extended their recovery and U.S. producers saw new order growth for the first time in eight months, surveys showed.
India factory growth softened in November on high inflationary pressures, PMI shows
India's factory growth cooled in November yet maintained a strong pace, leading to significantly improved optimism despite demand easing a bit due to higher price pressures, a business survey found.
Japan's factory activity falls at fastest pace in 8 months, PMI shows
Japan's factory activity shrank at the fastest pace in eight months in November as soft demand prompted firms to trim production, a private-sector survey showed on Monday.
UK manufacturing PMI sinks to 9-month low as orders dry up
A gauge of British manufacturing activity released on Monday pointed to the sharpest contraction in nine months, as orders from domestic and foreign customers fell and ongoing supply chain disruption pushed up costs.
South Korea export growth slows to 14-month low as US demand weakens
South Korea's export growth slowed for a fourth-straight month in November, to the weakest level in 14 months, as shipments to the United States and China fell amid tariff uncertainty, trade data showed on Sunday.
Thailand's exports beat forecast in October, to exceed 2024 target
Thailand's exports (THCEX=ECI) grew in October at the fastest pace in three months, beating analysts' forecasts, as the commerce ministry anticipated strong final-quarter growth would see its full-year target surpassed.