The need to know

The need to know for the week ending 9th September 2022

The need to know from Reuters’ global network of journalists

With U.S. railroad shutdown threatening, industry counts the cost

A railroad strike or lockout could cost the U.S. economy $2 billion per day in output, threaten supplies of food and fuel, and stoke already red-hot inflation, according to an industry report released on Thursday.

EXCLUSIVE Deutsche Bahn's Schenker logistics business up for sale - sources

The German government has agreed in principle with Deutsche Bahn (DBN.UL) to sell the rail operator's Schenker logistics business, government and company sources told Reuters on Thursday.

German haulage industry could be hit as AdBlue maker runs down stock

Supplies of exhaust cleaning fluid in Germany needed to keep diesel vehicles on the road, were thrown into doubt on Wednesday as one of the country's largest makers of AdBlue said its stock was almost gone after it halted production due to high gas prices.

EU Commission seeks emergency powers on supply crisis with threats of fines

The European Commission is seeking emergency powers to force companies to make key products and stockpile goods in a crisis or else face fines, according to an EU document seen by Reuters on Friday.

German economy minister under fire as German companies sound alarm on energy prices

German Economy Minister Robert Habeck faced a backlash on Wednesday for saying he could imagine parts of the economy stopping production due to rising energy prices that German firms say are threatening their existence.

CMA CGM expects shipping slowdown after another strong quarter

Weakening consumer spending is curbing shipping demand and freight rates, transport giant CMA CGM said on Friday as it reported another jump in quarterly profits.

UPS to hire over 100,000 seasonal workers to deal with holiday rush

United Parcel Service (UPS.N) said on Wednesday it would hire more than 100,000 holiday workers in 2022, in line with last year, to deal with a surge in packages.

Macy's predicts another early start to holiday season shopping

Macy's Inc (M.N) expects another early start to holiday season shopping this year, a contrast to a prediction from Best Buy Co Inc (BBY.N) that highlights the uncertainty among U.S. retailers in forecasting inflation-driven shopping behavior.

Amazon staff at UK warehouse 'ready to strike' over pay, says union

Amazon (AMZN.O) staff at a warehouse in Coventry in central England are willing to strike over pay, a union said on Friday, in the latest labour dispute involving the U.S. e-commerce giant's British workers.

Honda to slash output by up to 40% at Japan plants due to supply snag

Honda Motor Co (7267.T) said on Thursday it would reduce car output by up to 40% at two Japanese plants for the rest of the month due to ongoing supply chain and logistical problems.

U.S. firms see tentative progress on inflation and labor supply, Fed says

U.S. firms reported economic activity was unchanged in July through late August, with further softening expected over the next year even as they saw some tentative greenshoots in the ongoing battle against labor shortages and price pressures, a Federal Reserve report showed on Wednesday.

U.S., Indo-Pacific countries launch trade talks shunning tariff cuts

Economic ministers from the United States and 13 Indo-Pacific countries launched negotiations on Thursday on Washington's first major pan-Asian trade engagement effort in nearly a decade, but this time any deal will not cut tariffs.

Tesla considering lithium refinery in Texas, seeks tax relief

Tesla Inc (TSLA.O) is considering setting up a lithium refinery on the gulf coast of Texas, as it looks to secure supply of the key component used in batteries amid surging demand for electric vehicles.

India's Tata group in talks with Wistron to assemble iPhones, Bloomberg reports

Indian conglomerate Tata Group is in talks with Taiwanese supplier Wistron Corp (3231.TW) to establish a joint venture to assemble Apple's (AAPL.O) iPhones in India, Bloomberg News reported on Friday.

Mercedes-Benz and Rivian plan JV to make electric vans in Europe

Mercedes-Benz Vans (MBGn.DE) and Rivian (RIVN.O) are planning a joint venture to produce electric vans in a factory in Poland, Hungary or Romania within the next few years, Mercedes-Benz Vans said on Thursday, sending Rivian shares up more than 5%.

British port workers plan two-week strike from Sept. 19

More than 560 dockworkers at the Port of Liverpool, one of Britain's largest container docks, will go on strike from Sept. 19 to Oct. 3 over pay, the Unite union said on Friday, adding to a summer of industrial unrest caused by soaring inflation.

China's trade falters as demand wanes at home and abroad

China's exports and imports lost momentum in August with growth significantly missing forecasts as surging inflation crippled overseas demand and fresh COVID curbs and heatwaves disrupted output, reviving downside risks for the shaky economy.

China's Aug auto sales jump 32% with strong EV demand

China's auto sales reached 2.38 million units in August, increasing 32.1% from a year ago, as they extended a recovery led by electric vehicles (EV) whose sales have been boosted by government incentives.

Russia's auto sales in Aug down 62.4% year on year, AEB says

New car sales in Russia in August fell 62.4% from a year earlier, after a drop of 74.9% in July, the Association of European Businesses (AEB) said on Tuesday.

Uber partners with Nuro in push for autonomous food, grocery delivery

Uber Technologies Inc (UBER.N) said on Thursday it has partnered with start-up Nuro to test food delivery via unmanned vehicles in some U.S. locations, expanding its tie-ups with companies focused on building self-driving machines.

Transport group CMA CGM launches $1.5 bln energy fund

French transport giant CMA CGM [RIC:RIC:CMACG.UL] is creating a five-year investment fund of 1.5 billion euros ($1.5 billion) aimed at accelerating its energy transition in shipping and logistics, it said on Sunday.

Ukraine sailor permits seen crucial for grain exports, global shipping

Ukraine's decision to allow its seafarers to leave the country despite wartime restrictions will free up vital manpower for both Ukrainian grain exports and the wider global shipping industry, industry figures told Reuters.

FedEx Ground head faces contractor group's no-confidence vote

A former FedEx Corp (FDX.N) delivery contractor on Tuesday called for a no-confidence vote by contractors against FedEx Ground Chief Executive John Smith, escalating a conflict with the parcel delivery firm.

EXCLUSIVE EU, U.S. step up Russian aluminium, nickel imports since Ukraine war

The European Union and United States have ramped up buying key industrial metals from Russia, data showed, despite logistical problems spurred by the war in Ukraine and tough talk about starving Moscow of foreign exchange revenue.

Even with U.N. deal, Ukraine faces long haul to shift grain mountain

Too few ships are arriving in Ukraine to quickly clear mountains of grain built up over months of war despite a U.N.-backed sea corridor, threatening to drive up global food prices and leave the country's cash-strapped farmers struggling to plant crops.

Teamsters union launches new division for Amazon employees

The International Brotherhood of Teamsters, one of the largest U.S. labor unions, said on Tuesday it had launched a new division to focus on unionizing employees of Inc (AMZN.O).

Shipping project explores ways to cut methane emissions from industry

A coalition of companies including oil major Shell and no. 1 container line MSC on Tuesday launched an initiative to explore ways to cut climate-warming methane emissions from ships, which pose a major risk to industry efforts to go greener.

South Africa halts orange exports to EU over fungal disease

South Africa, one of the world's biggest citrus exporters, will voluntarily stop shipments of valencia oranges to the European Union (EU) from areas affected by a fungal disease, the citrus growers' association said on Wednesday.

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