The need to know

The need to know for the week ending 12th August 2022

The need to know from Reuters’ global network of journalists

Royal Mail warns of FY loss if four days of strikes go ahead

Aug 10 (Reuters) - Royal Mail (RMG.L) warned on Wednesday that it could post a loss in the UK for the full-year 2022-23, if four days of strike called by the Communications Workers Union (CWU) in August and September went ahead.

PostNL cuts profit forecast, plans price increases to cope with higher costs

Aug 8 (Reuters) - Dutch postal company PostNL (PTNL.AS) on Monday cut its 2022 earnings outlook for the second time this year and said it would raise prices in 2023 to combat soaring costs and waning e-commerce volumes.

Workers at UK's container port Felixstowe plan 8-day strike over pay

LONDON, Aug 5 (Reuters) - More than 1,900 workers at Britain's biggest container port Felixstowe plan eight days of strikes later this month due to discontent over pay, union Unite said, threatening supply chains if final talks with the employer fail.

U.S. works with firms in supply chains to ease port congestion

WASHINGTON, Aug 10 (Reuters) - The U.S. Transportation Department (USDOT) said on Wednesday a supply chain pilot data-sharing project aimed at easing bottlenecks at congested U.S. ports has begun exchanging data and doubled in size.

Hapag-Lloyd more than trebles H1 net profit, sees economic uncertainty

FRANKFURT, Aug 11 (Reuters) - German container shipper Hapag-Lloyd (HLAG.DE) on Thursday posted a net profit of 8.7 billion euros ($8.94 billion) for the first half of 2022, more than three times as much as a year earlier, but said war in Ukraine and the coronavirus crisis somewhat clouded its prospects.

Global container fleet to grow more than demand - Hapag-Lloyd CEO

FRANKFURT, Aug 11 (Reuters) - Global growth in container fleets through new orders and building activity will outstrip shipping demand from next year and ease current market tightness, the chief executive of Hapag-Lloyd (HLAG.DE) said in an analyst call on Thursday. read more

FedEx unit to test Ford's electric vans for parcel delivery

Aug 9 (Reuters) - FedEx Office will pilot Ford Motor Co's (F.N) electric vans to pickup and deliver parcels in some regions, the unit of FedEx Corp (FDX.N) said on Tuesday, as part of the delivery giant's move to cut its fleet's tailpipe emissions.

Low Rhine water levels another drain on Germany's economy

BERLIN/LOBITH, Netherlands, Aug 10 (Reuters) - Already bracing for recession and winter energy shortages, German businesses are grappling with the lack of another precious commodity: rain.

Column: U.S. manufacturing activity shows signs of peaking

LONDON, Aug 9 (Reuters) - U.S. manufacturing production probably peaked during the second quarter, though the data are noisy and conflicting, and a turning point may not become obvious until September or October.

China's exports gain steam but outlook cloudy as global growth cools

BEIJING, Aug 7 (Reuters) - China's export growth unexpectedly picked up speed in July, offering an encouraging boost to the economy as its struggles to recover from a COVID-induced slump, but weakening global demand could start to drag on shipments in coming months.

Mazda seeks to reduce dependence on Chinese supplies after COVID lockdowns

TOKYO, Aug 12 (Reuters) - Japan's Mazda Motor Corp (7261.T) said on Friday it would ask its parts suppliers to increase stockpiles in Japan and produce components outside China after COVID-19 lockdowns in Shanghai destabilised supply and hampered production.

South Africa and Botswana to improve rail freight links

JOHANNESBURG, Aug 5 (Reuters) - South Africa and Botswana have agreed to fund the improvement and extension of rail links between the countries in a bid to boost trade and better connect Botswana to export markets, South African state-owned logistics firm Transnet said on Friday.

First foreign-flagged ship arrives in Ukraine since February, awaits grain load

Aug 6 (Reuters) - A foreign-flagged ship arrived in Ukraine on Saturday for the first time since the war started in February, and will be loaded with grain, Ukrainian Infrastructure Minister Oleksandr Kubrakov said.

African e-commerce firm Jumia says it is past peak losses, shares jump

Aug 10 (Reuters) - African e-commerce firm Jumia Technologies said on Wednesday it was past peak losses and would focus on promotions, marketing and cost cutting in its quest towards profitability, driving its shares up 16% despite a wider quarterly loss.

World's biggest Amazon warehouse raises fears over toxic air

Warehouses in California's Inland Empire are mushrooming in tandem with the nation's e-commerce habit, angering local residents.

Shopify merchant growth falters as weak consumer spending hits businesses

Aug 8 (Reuters) - Businesses stung by rising costs and lower consumer spending are shying away from Shopify's platform, creating a roadblock in its plan to fix past missteps in overestimating e-commerce demand.

Miners face supply chain overhaul to meet U.S. EV credit deadline

Aug 11 (Reuters) - Miners will struggle to expand operations in the United States in record time to meet a deadline for sourcing key minerals domestically or from select countries as set out by a bill likely to be passed on Friday, companies and industry watchers said.

Continental expects stronger demand after 'hurricane' headwinds in Q2

BERLIN, Aug 9 (Reuters) - Continental (CONG.DE) expects higher auto production in the second half of the year as supply chains and semiconductor availability improve, the company said on Tuesday, after reporting a heavy second-quarter loss.

UPS to buy Italy's Bomi Group to grow healthcare logistics business

Aug 8 (Reuters) - United Parcel Service Inc said on Monday it would buy Italy-based healthcare logistics firm Bomi Group to bolster its capability in delivering medicines that require cold storage.

Daimler Truck to keep prices high, sees strong 2023

BERLIN, Aug 11 (Reuters) - Daimler Truck (DTGGe.DE) will keep prices high even if certain costs begin to fall in order to compensate for lower margins since last year, the truckmaker said on Thursday, forecasting demand will remain strong into 2023 despite fears of recession.

European retailers turn off lights, cut opening hours to save energy

LONDON, Aug 10 (Reuters) - As energy bills mount and the threat of rationing increases, some European retailers are turning off lights and considering shorter opening hours this winter.

Chip and carmaker CEOs meet ahead of Biden signing

WASHINGTON (Reuters) - The heads of chipmakers GlobalFoundries and Applied Materials and carmakers Ford Motor and General Motors Co were to meet at a closed-door summit with U.S. government officials on Monday to discuss administration plans to invest in semiconductors.

POLL Turkish factory activity seen expanding 6.7% in June

ISTANBUL, Aug 5 (Reuters) - Turkey's industrial production is seen expanding 6.7% annually in June, continuing a strong two-year run despite rampant inflation and an ailing currency, a Reuters poll showed on Friday.

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