The need to know
The need to know for the week ending 1st October 2021
The need to know from Reuters’ global network of journalists
Fashion brands like Benetton are increasingly turning away from globe-spanning supply chains and low-cost manufacturing hubs in Asia, in a shift that could prove a lasting legacy of the COVID-19 pandemic.
Supply constraints thwarting global economic growth could still get worse, keeping inflation elevated longer, even if the current spike in prices is still likely to remain temporary, the world's top central bankers warned on Wednesday.
Global automakers could lose $210 billion in revenue this year because of supply chain disruptions, nearly double a forecast earlier this year, consulting firm Alixpartners said Thursday.
Gas station pumps ran dry in British cities on Monday and vendors rationed sales as a shortage of truckers strained supply chains to breaking point.
British Prime Minister Boris Johnson sought on Wednesday to quell public fears as panic-buying left fuel pumps dry across major cities, saying the government was making preparations to ensure supply chains were ready for the run-up to Christmas.
Britain’s decision to issue temporary visas for 5,000 foreign truck drivers is a short-term fix that will not solve an acute labour shortage that risks major disruption for retailers in the run-up to Christmas, business leaders have warned.
Britain’s biggest retailer Tesco plans to expand its use of a train service to bring goods from Spain into the country which helped it cut emissions and protect deliveries through a truck drivers’ shortage, its CEO told Reuters.
Britain's retail industry warned the government on Friday that unless it moves to alleviate an acute shortage of truckers in the next 10 days then significant disruption was inevitable in the run-up to Christmas.
The United States, Japan, India and Australia will work to improve the security of supply chains for critical technologies such as clean energy and to ease a global semiconductor shortage, said Australia's Prime Minister Scott Morrison.
Japan's factory output likely fell again in August as the country's manufacturing sector faced supply chain disruptions driven by a global chip shortage and the spread of the Delta coronavirus variant in Southeast Asia.
Nike Inc on Thursday cut its fiscal 2022 sales expectations and said it expects delays during the holiday shopping season, blaming a supply chain crunch that has left it with soaring freight costs and products stuck in transit.
Euro zone business growth was much weaker than expected this month as curbs to limit the Delta variant of coronavirus hit demand and already worsened supply-chain constraints pushed input cost rises to an over two-decade high, a survey showed.
Retailers, restaurants and providers of delivery services are scrambling to hire and retain workers ahead of the all-important holiday season as they wrestle with a tight U.S. labour market.
Cargo and air freight logistics firm ECU Worldwide is looking to raise funds and has appointed Jefferies Financial to evaluate options, its Mumbai-based parent Allcargo Logistics said on Tuesday.
Warehouses in Britain are having to pay up to 30% more to recruit staff after a chronic shortage of workers exacerbated pressure on already buckling supply chains and threatened to derail the run up to Black Friday and Christmas.
British clothing retailer Next raised its profit guidance for the fourth time in six months on Wednesday as shoppers flocked back following the easing of COVID-19 restrictions, but warned labour shortages could impact Christmas deliveries.
U.S. consumer confidence fell to a seven-month low in September as a relentless rise in COVID-19 cases deepened concerns about the economy's near-term prospects, fitting in with expectations for a slowdown in growth in the third quarter.
From elsewhere around the web:
“It’s unmanageable”: How the vinyl industry reached breaking point. [the New Statesman]
Costco to charter 3 vessels for Transpacific routes [Supply Chain Dive]
Maersk invests in Prometheus Fuels to utilise electro-fuels in shipping [Port Technology]
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