The need to know
The need to know for the week ending 2nd September 2022
The need to know from Reuters’ global network of journalists
U.S. manufacturing grew steadily in August but factory activity in China, the euro zone and Britain fell as Russia’s war in Ukraine and China’s zero COVID-19 curbs continued to hurt businesses, surveys showed on Thursday, although there were indications cost pressures were starting to ease.
U.S. manufacturing grew steadily in August as employment and new orders rebounded, while a further easing in price pressures strengthened expectations that inflation has likely peaked.
British manufacturing output and new orders fell by the most in more than two years in August in the face of deepening uncertainty about surging inflation and the risk of recession at home and abroad, a survey showed on Thursday.
South Korea's exports grew at a faster annual pace in July as robust demand from the United States offset weak sales to China, though the trade and broad economic outlook was clouded by slowing global growth amid rapidly rising borrowing costs.
China's factory-gate inflation eased in July to a 17-month low, defying global cost pressures as slower domestic construction weighed on raw material demand, although consumer price increases hit a two-year high as pork supplies tightened.
Canadian manufacturing activity contracted in August for the first time since the early stages of the COVID-19 pandemic, amid stronger declines in output and new orders, and the first drop in employment in two years, data showed on Thursday.
Mexico's manufacturing sector contracted for a second consecutive month in August as weaker demand conditions, inflation and input shortages hindered growth for factories in Latin America's second largest economy, a survey showed on Thursday.
Chinese e-commerce giants are looking to cash in on American shoppers. Shares of Alibaba (9988.HK) challenger Pinduoduo (PDD.O) rose 15% after smashing earnings expectations. The $84 billion company’s march to foreign lands against worsening global political headwinds is a telling sign of a limited runway to grow at home.
Africa-focused e-commerce firm Jumia Technologies has partnered with drone-delivery startup Zipline to deliver household items to remote areas of Ghana, the companies said on Thursday.
Amazon.com Inc (AMZN.O) introduced a new service on Wednesday to help its sellers store bulk inventory and ease distribution to tackle supply-chain issues, the company said in a blog post.
Hong Kong's Cathay Pacific Airways Ltd (0293.HK) said on Thursday that the peak season for air cargo this year may not be as strong as last year because of supply chain snags, the impact of inflation on consumer demand and China's COVID-19 policies.
Unions and freight railroads said on Monday they have struck contract deals covering 15,000 workers after U.S. President Joe Biden named an emergency board to help reach agreements.
Americans may leave their end-of-year holiday gift buying as late as possible, Best Buy Co Inc (BBY.N) executives said on Tuesday, as cost-conscious consumers seek the best deals in a return to pre-pandemic shopping habits.
Rising demand for electric vehicles (EV) around the world is encouraging automakers such as Tesla Inc (TSLA.O), Volkswagen (VOWG_p.DE) and Stellantis NV (STLA.MI) to step up efforts to secure raw materials needed for making batteries.
Electric vehicle maker Polestar said on Thursday that its revenue nearly doubled in the first half of 2022 on soaring demand and that it may have to raise its prices further if material costs continue to rise.
Chip designer Nvidia Corp (NVDA.O) this week said the United States told it to restrict exports to China of two computing chips for artificial intelligence work, the latest move in a broader government effort to hamper China's access to the most sophisticated semiconductors.
Factories in Europe’s energy-intensive ceramics industry are changing shift patterns and upgrading their furnaces as companies seek to survive an eye-watering rise in costs.
Japan's Honda Motor Co (7267.T) will build a new $4.4 billion lithium-ion battery plant for electric vehicles in the United States with Korean battery supplier LG Energy Solution Ltd (373220.KS), the two companies said on Monday.
Japan needs over $24 billion in investment from both the public and private sectors to develop a competitive manufacturing base for batteries used in areas such as electric vehicles (EVs) and energy storage, the industry ministry said on Wednesday.
Tug boats refloated an oil tanker that was briefly stranded in Egypt's Suez Canal late on Wednesday after to a technical fault with its rudder, the Suez Canal Authority (SCA) said.
A.P. Moller-Maersk (MAERSKb.CO) said on Monday it has agreed to sell its 30.75% stake in Russian port operator Global Ports Investments (GLPRq.L) to Russia's largest container operator Delo Group, which also owns a 30.75% stake in the firm.
South Africa’s Transnet said on Wednesday it had agreed to resolve its legal disputes over procurement contracts with the local unit of China’s CRRC Corp, clearing the way for the supply of critical spare parts for its rolling stock.