The need to know
The need to know for the week starting 30th December 2024
The need to know from Reuters’ global network of journalists
Europe's embattled auto sector plans plant closures and layoffs
Automotive companies across Europe have announced plant closures and big layoffs as they struggle with weak demand, high costs, competition from China and a slower-than-expected transition to electric vehicles.
China to ramp up fiscal support for consumption next year
China will ramp up fiscal support for consumption next year by raising pensions and medical insurance subsidies for residents as well as expanding consumer goods trade-ins, its finance ministry said on Tuesday.
FedEx's trucking spin-off plan to fortify core business, boost industry
FedEx's (FDX.N) decision to spin off its freight trucking unit will strengthen that business while allowing the parcel delivery giant to better tackle challenges in its core operations, analysts said on Friday.
Bird flu drives US egg prices to all-time highs before Christmas
U.S. wholesale egg prices are shattering records as an accelerating outbreak of bird flu in laying hens slashes supplies while shoppers buy more to bake Christmas cookies and other holiday treats.
VW reaches union deal to cut 35,000 German jobs after gruelling talks
Volkswagen (VOWG_p.DE) on Friday announced sweeping changes to its German operations, including more than 35,000 future job cuts and sharp capacity reductions in a last-gasp deal between Europe's top carmaker and unions to avert mass strikes.
ESG Watch: COP29 leaves electric vehicle industry stuck in the slow lane
Road vehicles are responsible for 15% of global energy-related emissions and are a crucial piece of the decarbonisation puzzle. You would expect them to be front and centre of the COP U.N. climate conference process.
Critical metals will be a key battleground in US-China trade war
It's clear that critical minerals will be China's weapon of choice in its escalating trade war with the United States.
Electric dreams turn into a nightmare for battery metals
It's been a brutal year to be in the battery metals business.
Honda, Nissan tie-up requires something neither can spare: time
Honda (7267.T) and Nissan (7201.T) expect big benefits from their potential merger to create the world's third-largest auto group but intense competition from China raises questions about whether they can make it work in time.
Biden launches new Chinese chips trade probe, will hand off to Trump
The Biden administration announced on Monday a last-minute trade investigation into older Chinese-made "legacy" semiconductors that could heap more U.S. tariffs on chips from China that power everyday goods from autos to washing machines to telecoms gear.
Trump previews combative foreign policy with threats to Panama, Greenland
Donald Trump's surprise threat to retake control of the Panama Canal and his expansionist declaration that the United States should own Greenland signals that the incoming U.S. president will pursue a foreign policy unbound by diplomatic niceties.
Canada to impose more tariffs on Chinese imports in new year
Canada plans to impose tariffs on a slew of Chinese products from as early as next year, the government's fiscal update showed, as part of its wider investigation into imports from the country.
Exclusive: China's state importer books US soy purchases as tariff threat looms
China's Sinograin has bought nearly 500,000 metric tons of U.S. soybeans this week for shipment in March and April, paying more for U.S. supplies for state reserves rather than buying cheaper Brazilian beans, two U.S. traders familiar with the deals said.
China extends EU brandy anti-dumping investigation by three months
China's commerce ministry said on Wednesday it would extend its anti-dumping investigation into brandy originating from the European Union by three months, less than the full extension allowed under its previous guidance.
China investigates beef imports as oversupply squeezes prices
China will launch an investigation into beef imports, the commerce ministry said on Friday, as the world's biggest meat importer and consumer grapples with an oversupplied market that has sent domestic prices to multi-year lows.
China to cut import tariffs on some recycled copper and aluminium raw materials
China will reduce import tariffs on ethane and certain recycled copper and aluminium raw materials from next year, the government said on Saturday.
Comment: To make fashion sustainable, we need to bring manufacturers in from the cold
Multi-stakeholder initiatives, or MSIs, are increasingly crucial to moving the needle on complex global problems such as pollution, climate change and human rights violations.
India gears up for a potential trade deal as Trump targets China, say government sources
India is preparing to offer tariffs cuts on some farm and other goods mainly imported from the U.S., aiming to clinch a broader trade and investment deal once president-elect Donald Trump takes charge, government and industry sources in New Delhi said.
Exclusive: LG Energy Solution, India's JSW discuss $1.5 bln battery venture, sources say
South Korea's LG Energy Solution is in talks with India's JSW Energy to manufacture batteries for electric vehicles and renewable energy storage in a joint venture that would need an investment of over $1.5 billion, two sources told Reuters.
US graphite miners ask Washington to impose 920% tariff on Chinese rivals
North American graphite miners asked the U.S. government on Wednesday to impose a tariff as high as 920% on Chinese suppliers of the battery metal in order to counter what they describe as Beijing's "malicious trade practices."
US finalizes up to $6.75 billion in chips awards for Samsung, Texas Instruments, Amkor
The U.S. Commerce Department said on Friday it was finalizing an award of up to $4.745 billion to South Korea's Samsung Electronics (005930.KS) and up to $1.61 billion for Texas Instruments to expand chip production.
US finalizes $458 million award to SK Hynix for US chips packaging facility
The U.S. Commerce Department on Thursday finalized an award to SK Hynix (000660.KS) of up to $458 million in government grants to help fund an advanced chip packaging plant and research and development facility for artificial intelligence products in Indiana.
US finalizes $406 million chips subsidy for Taiwan's GlobalWafers
The U.S. Commerce Department said on Tuesday it has finalized $406 million in government grants to Taiwan's GlobalWafers (6488.TWO) to significantly increase production of silicon wafers in the United States.
Trump threatens EU with tariffs over oil and gas imports
U.S. President-elect Donald Trump said on Friday the European Union should step up U.S. oil and gas imports or face tariffs on the bloc's exports that include goods such as cars and machinery.
Luxury labels bulk up on lower-priced goods to appeal to middle-class shoppers
Confronting a broad decline in demand for their usual fare, including $3,000-and-up handbags and $4,000-and-up cashmere jackets, major marketers of designer and luxury merchandise are broadening their product lines to emphasize scarves, belts, wallets and home goods priced at $500 and under.
EU Parliament gives final approval to deforestation law delay
The European Parliament gave its final approval on Tuesday to a one-year delay of Europe's landmark deforestation law, which from Dec. 2025 will ban the import of beef, soy and other goods linked to the destruction of forests.
Toyota to build plant to produce EVs in China, Nikkei reports
Toyota Motor (7203.T) has decided to build a new factory to produce electric vehicles in China, the Nikkei business daily reported on Monday.
Trump and Tesla will turbocharge self-driving race
In 2025, a competition to master assisted and autonomous driving will begin in earnest. Carmakers like Tesla (TSLA.O) are chasing a market that McKinsey reckons could be worth $400 billion by 2035. But the benefits may prove elusive.
US new vehicle sales set to rise 7.3% in December, report says
U.S. new vehicle sales are expected to rise 7.3% in December, aided by deeper discounts from automakers and dealers, industry consultants J.D. Power and GlobalData said in a joint report on Thursday.
European car sales fall in November, led by France and Italy, ACEA says
New car sales growth in Europe turned negative again in November, after showing a meagre growth in October, weighed by sharp declines in France and Italy, and a stagnation in Germany, industry data showed on Thursday.
UK car manufacturing hits 44-year low in November, industry data shows
UK car manufacturing hit its lowest November output since 1980, as the industry grapples with the shift to zero-emission vehicles and rising costs, according to data released Friday by the Society of Motor Manufacturers and Traders (SMMT).
Honda aims to double hybrid car sales by 2030 as 'bridge' to EV era
Honda Motor (7267.T) aims to double its global hybrid car sales to 1.3 million vehicles annually by 2030 from 2023 levels, providing a "bridge" until fully electric vehicles become more widespread, the Japanese automaker said on Wednesday.
Toyota global production down for 10th month despite rising sales
Toyota Motor's (7203.T) global production decreased for a 10th straight month in November, the Japanese carmaker said on Wednesday, although its worldwide sales grew for the second consecutive month on solid demand in the United States and China.
How does Stellantis plan to revive its Italian production?
Carmaker Stellantis (STLAM.MI) on Tuesday announced a plan to revitalise its output in Italy during a meeting with Industry Minister Adolfo Urso and representatives of suppliers and trade unions, drawing a line under months of fraught relations between the government and Fiat-maker Stellantis.
China's CATL launches EV chassis, flagging safety as top selling point
China's CATL (300750.SZ), the world's largest electric vehicle battery maker, on Tuesday launched a new EV chassis that it says can withstand a 120-kph (75-mph) frontal impact without catching fire or exploding, as it touts safety as a key selling point.
Exclusive: Brazil yanks temp work visas for China's BYD after trafficking claims
Brazil has stopped issuing temporary work visas for BYD (002594.SZ), the Ministry of Foreign Affairs said on Friday, in the wake of accusations that some workers at a site owned by the Chinese electric vehicle producer had been victims of human trafficking.
US goods trade gap widens in November
The U.S. goods trade deficit widened more than expected in November on a rebound in imports, clouding the picture over whether trade might add to economic growth this quarter for the first time in a year.
China's Dec manufacturing activity seen expanding for third month: Reuters poll
China's factory activity likely expanded for a third straight month in December, offering a glimmer of optimism to officials trying to steady the world's No. 2 economy as they brace for further U.S. trade tariffs under a second Trump administration.
China's steel sector is not as gloomy as it appears
China's steel output fell in November from October, seemingly another sign of the struggles in the world's biggest producer of the key metal for construction and manufacturing.
China's November industrial profits narrow decline but 2024 likely worst year in decades
China's industrial profits fell at a slower clip in November, official data showed on Friday, but the annual decline in earnings this year is expected to be the worst in over two decades due to persistently soft domestic consumption.
Japan's factory activity shrinks at slower pace, PMI shows
Japan's factory activity shrank at a slower pace in December as declines in production and new orders eased, a private-sector survey showed on Monday, edging closer to stabilisation after recent falls.
Brace! Risks stack up for the global economy in 2025
No sooner had the global economy started to put the aftermath of the COVID-19 pandemic behind it than a whole new set of challenges opened up for 2025.
US manufacturing output rebounds less than expected in November
U.S. manufacturing production rebounded less than expected in November as the boost from motor vehicle output was partially offset by persistent weakness in the aerospace industry, despite the end of a crippling strike by factory workers at Boeing.
Singapore Post names new CFO in executive overhaul after whistleblower report
Singapore Post (SPOS.SI) appointed Isaac Mah, the current CFO of its Australia business, as group finance chief, the company said on Sunday, a week after dismissing three senior executives, including its CFO, over mishandling a whistleblower report.
Italian police search couriers in tax and labour probe into Amazon, SDA and GLS
Italy's tax police on Tuesday searched the headquarters of nine courier companies for alleged false invoices benefiting ecommerce and logistics giants Amazon (AMZN.O), SDA and GLS, according to a search order reviewed by Reuters.
Amazon hit with lawsuit over sales to US retail liquidation company
Amazon.com (AMZN.O) is facing a new lawsuit from a major U.S. retail liquidation firm that claims it was overcharged for buying up products in bulk from Amazon warehouses around the country.
US government sues Walmart, Branch Messenger over delivery driver 'junk fees'
The U.S. consumer finance watchdog accused Walmart (WMT.N) and the workforce payments company Branch Messenger on Monday of forcing more than a million delivery drivers into using accounts that cost them more than $10 million in junk fees.
Germany’s Mosel River still closed to shipping in new year for lock repairs
The Mosel River in Germany will remain closed to cargo shipping in January despite the success of a temporary lock helping to free vessels trapped on the river after an accident, navigation authorities said on Thursday.
Vietnam to start construction of new railway linking with China by end-2025
Vietnam will start building a new railway from its largest northern port to the border with China by the end of next year, Prime Minister Pham Minh Chinh said.
Stellantis extends stoppage at Fiat 500 plant until Jan. 20
Automaker Stellantis said on Friday a pause in production of its electric Fiat 500 city car will be extended by another couple of weeks until Jan. 20, confirming the expectations of trade unions.