The need to know
The need to know for the week ending 21st October 2022
The need to know from Reuters’ global network of journalists
U.S. import prices post third straight monthly decline in September
U.S. import prices dropped for a third straight month in September, pulled down by falling costs for petroleum products and a strong dollar, suggesting that imported inflation pressures were subsiding as global supply chains improve.
Column: Global manufactured freight has started to fall
Global freight volumes have begun to fall as overall consumer and business spending slows and the composition rotates from merchandise back to services after the pandemic.
U.S. container imports tumble as supply stress gives way to slack
After more than two years of surging demand, the volume of container imports coming through U.S. ports has tumbled sharply, raising questions about where a sector once tracked as a supply-chain stress point will hit bottom.
Supply chain data eases, giving some hope for U.S. inflation relief
The supply chain pressures that were so instrumental to driving up U.S. inflationary pressures at the onset of the coronavirus pandemic are waning.
U.S. retailers fill store shelves with leftover holiday inventory
The Ghost of Christmas Past haunts U.S. store shelves, sales floors and stockrooms this year.
Union Pacific cuts volume growth forecast on worker shortage, intermodal weakness
Union Pacific Corp (UNP.N) on Thursday cut its annual volume growth forecast, as the U.S. railroad operator struggles with staffing shortages and weakness in intermodal demand amid a shift in consumer spending to experiences from goods.
Restricting exports of sensitive technology to China
On Oct. 7, the U.S. Department of Commerce's Bureau of Industry and Security (BIS) issued an interim final rule aimed at restricting export of sensitive technology to the People's Republic of China (PRC), specifically with respect to advanced computing, supercomputing, and semiconductor capabilities.
Column: Diesel’s gloomy message for the global economy
Global shortages of middle distillates such as diesel, gas oil and heating oil are intensifying rather than easing – making it more likely a relatively severe slowdown in the business cycle will be necessary to rebalance the market:
Traders divert Europe-bound diesel to U.S. in race to re-stock
Traders are diverting Europe-bound tankers carrying diesel to the U.S. East Coast as the two regions battle for supplies amid an acute shortage and soaring prices.
A haulage firm finds itself on the sharp end of France's refinery strike
Three weeks into a strike by French refinery and fuel depot workers over pay, truck driver Antonio Perreira has a new job remit: sitting in line for diesel.
Shallow Mississippi River to persist as dry winter hits U.S. South - NOAA
Low water levels on the Mississippi River are likely to persist this winter as drier-than-normal weather is expected across the southern United States and Gulf Coast, U.S. government forecasters said on Thursday.
Explainer: What is Indonesia's proposed tin export ban about?
Indonesia, the world's biggest exporter of refined tin, is planning to ban exports of the metal to attract investment in processing it domestically, although the government said the timing had yet to be decided.
Uganda says coffee exports down 14% yr/yr due to drought
Uganda's coffee exports declined last month due to the impact of a drought affecting many growing areas across the country, the state-run sector regulator said.
Indonesia e-commerce group Blibli plans up to $528 mln IPO next month
Indonesian e-commerce group Blibli, backed by of one of the country's biggest conglomerates Djarum Group, plans to launch an initial public offering next month to raise as much as 8.17 trillion rupiah ($528.29 million), the company said.
Dubai courier firm Aramex buys Florida e-commerce company MyUS for $265 mln
Dubai-listed courier firm Aramex (ARMX.DU) said on Wednesday it had bought Florida-based e-commerce company Access USA Shipping LLC (MyUS) for about $265 million in an all-cash deal.
Terawatt plans electric truck charging stations from LA to El Paso
Terawatt Infrastructure will develop a U.S. network of charging stations for medium and heavy trucks along Interstate 10 between Los Angeles and El Paso, Texas, the electric vehicle charging startup said on Thursday, anticipating a significant increase in electric truck traffic along that largely desert corridor.
S.Africa's Sasol declares force majeure for some items because of strike
South African petrochemical firm Sasol (SOLJ.J) on Thursday declared force majeure on the supply and export of certain products because of a strike at state-owned logistics firm Transnet.
UK beer delivery drivers to strike for five days in pay dispute
About 1,000 GXO (GXO.N) drivers in Britain will take strike action over five days from the end of the month in a dispute over pay, the Unite union said on Tuesday, warning of disruption to beer deliveries.
U.S. boosts EV purchases, but faces supply chain hurdles
The U.S. government has significantly boosted purchases of electric and plug-in hybrid vehicles but faces supply chain hurdles, the White House said, as it looks to meet President Joe Biden's aggressive zero-emission purchasing goals.
Getinge cuts 2022 sales target as supply chain, China concerns build
Swedish medical equipment maker Getinge (GETIb.ST) cut its 2022 sales outlook on Wednesday as supply chain disruptions and China's COVID-19 restrictions add uncertainty, even as its third-quarter revenue beat market expectations.
EXCLUSIVE Korean auto giant Hyundai investigating child labor in its U.S. supply chain
Hyundai Motor Co (005380.KS), Korea's top automaker, is investigating child labor violations in its U.S. supply chain and plans to "sever ties" with Hyundai suppliers in Alabama found to have relied on underage workers, the company's global chief operating officer Jose Munoz told Reuters on Wednesday.
Consumer giants are winners as shoppers swallow price hikes
Nestle (NESN.S) and Procter & Gamble , the world's two biggest consumer firms, reported better-than-expected sales on Wednesday, as shoppers continued to pay more for goods like Nescafe coffee and Gillette razors despite record inflation.
EXCLUSIVE Automakers to double spending on EVs, batteries to $1.2 trillion by 2030
The world's top automakers are planning to spend nearly $1.2 trillion through 2030 to develop and produce millions of electric vehicles, along with the batteries and raw materials to support that production, according to a Reuters analysis of public data and projections released by those companies.
Biden awards $2.8 billion to boost U.S. minerals output for EV batteries
The Biden administration said on Wednesday it is awarding $2.8 billion in grants to boost U.S. production of electric vehicle batteries and the minerals used to build them, part of a bid to wean the country off supplies from China.
EXCLUSIVE China's CATL slows battery investment plan for U.S., Mexico-sources
Chinese battery giant CATL (300750.SZ) has slowed its planning for investment in battery plants in North America on concern that new U.S. rules on sourcing battery materials will drive costs higher, two people with knowledge of the matter said.
EV startup Arrival to focus on U.S. market to rein in costs
Arrival SA said on Thursday it would restructure its business to focus on the U.S. market, seeking to capitalise on the Inflation Reduction Act incentives and a larger addressable market as the electric-vehicle startup strives to cut costs.
U.S. corn, soy exports lag normal autumn pace amid river shipping woes
U.S. soybean exports are trailing their normal autumn pace despite rising supplies from an accelerating harvest, as low river levels have slowed the flow of grain barges to export terminals, according to U.S. Department of Agriculture (USDA) data issued on Monday.
Some EU countries want billion-euro chip plan to also fund current chips
Some EU countries want the bloc's billion-euro chip plan to fund the production of current cutting edge chips and not just first-of-its kind chips proposed by the European Commission, according to an EU document seen by Reuters.
China showed 'significant' Q3 rebound but faces challenges - state planner
China's economy showed a significant rebound in the third quarter and employment was largely stable, even amid continuing challenges, a senior official at the state planner said on Monday.
Fed says firms gloomier on outlook, but inflation pressures easing
Oct 19 (Reuters) - U.S. economic activity expanded modestly in recent weeks, although it was flat in some regions and declined in a couple of others, the Federal Reserve said on Wednesday in a report that showed firms growing more pessimistic about the outlook.
Dozens of LNG-laden ships queue off Europe's coasts unable to unload
Dozens of ships carrying liquefied natural gas (LNG) circling off the coasts of Spain unable to secure slots to unload have prompted grid operators for the country to warn they may have to suspend loading to deal with this "exceptional situation".
Column: More to Ukraine's recent grain export success than meets the eye
Ukraine’s grain exports have recently increased to within striking distance of the year-ago numbers, but that could be a brief phenomenon as the recent harvest is significantly smaller than last year’s record.