The need to know

The need to know for the week ending 28th October 2022

The need to know from Reuters’ global network of journalists

Volkswagen: Supply chain problems now the rule, not exception

Volkswagen's (VOWG_p.DE) chief executive warned on Friday that supply chain problems were now the rule and not the exception, with the carmaker sitting on 150,000 unfinished vehicles because of lacking parts.

Energy crisis risks upending Europe's key medicine supply chains - industry says

Surging energy costs in Europe risk accelerating an exodus of companies critical in the manufacture of essential medicines, further endangering drug supply chains hit by shortages at the height of COVID-19, drug ingredient makers say.

Column: U.S. diesel shortage increasingly likely until economy slows

U.S. diesel supplies are becoming critically low with shortages and price spikes likely to occur in the next six months unless and until the economy and fuel consumption slow.

Amazon predicts sales growth slowdown for holidays, crushing shares Inc (AMZN.O) on Thursday forecast a slowdown in sales growth for the holiday season, disappointing Wall Street and warning that inflation-wary consumers and businesses had less money to spend.

UPS could keep outpacing FedEx as e-commerce delivery market dims

United Parcel Service (UPS.N) investors want to see this week how the delivery giant is managing through the bursting e-commerce delivery bubble better than rival FedEx (FDX.N).

Saudi Arabia launches bid to attract $10 billion in supply chain investment

Saudi Arabia's crown prince on Sunday launched an initiative to attract investments in supply chains to and from the kingdom, with an aim of raising an initial 40 billion riyals ($10.64 billion).

Chinese cities double down on zero-COVID as outbreaks widen

Chinese cities from Wuhan in central China to Xining in the northwest are doubling down on COVID-19 curbs, sealing up buildings, locking down districts and throwing millions into distress in a scramble to halt widening outbreaks.

U.S. economy rebounds in Q3 on boost from trade, but demand stalling

The U.S. economy rebounded strongly in the third quarter amid a shrinking trade deficit, but the data overstated the nation's economic health as domestic demand was the weakest in two years because of the Federal Reserve's aggressive interest rate hikes.

Euro zone October PMI adds to evidence bloc is heading for recession

The euro zone is likely entering a recession with business activity contracting at the fastest pace in nearly two years this month as the cost-of-living crisis keeps consumers cautious and saps demand, a survey showed on Monday.

Germany keeps 'head above water' with surprise Q3 growth

Germany staved off the threat of recession in the third quarter with unexpected growth, data showed on Friday, but indicators pointed to even higher inflation driven by the painful shift away from Russian energy in Europe's biggest economy.

More than 300 groups urge Biden involvement to avoid rail shutdown

More than 300 groups including the National Retail Federation and National Association of Manufacturers on Thursday urged President Joe Biden's involvement to help avoid a potential rail strike that could have significant impacts on the U.S. economy.

Rail union representing 6,000 U.S. workers votes down labor deal

The Brotherhood of Railroad Signalmen (BRS) union, representing more than 6,000 members, said on Wednesday that workers voted against ratifying a national tentative agreement reached in mid-September, the second union not to approve the deal.

Chemicals group Wacker Chemie sees gas supply bottlenecks easing

German chemicals company Wacker Chemie (WCHG.DE), which reported lower than forecast third-quarter earnings on Thursday, expects gas supply bottlenecks to ease and said risks of gas supply shortages for its facilities are low.

Shopify shares surge as results beat eases e-commerce slowdown fears

Shopify Inc (SHOP.TO) beat estimates for quarterly revenue on Thursday and reported a smaller-than-expected loss, powered by businesses turning to the Canadian company's tools and payment options to scale up their online and offline presence.

Freight forwarder DSV raises full-year profit forecast

Denmark's DSV (DSV.CO), the world's third-largest freight forwarder, on Tuesday posted third-quarter operating profit slightly above forecasts and lifted its full-year earnings outlook despite increased global economic uncertainty.

EU households wasted 70 kgs of food per person in 2020 - Eurostat

European Union households wasted 70 kilogrammes (154 lbs) of food per person in 2020, accounting for more than half of food waste in the 27 member states, the bloc's statistics office said on Tuesday.

Cadbury-maker Mondelez to invest $600 mln on sustainable cocoa sourcing

Cadbury chocolate-maker Mondelez International (MDLZ.O) doubled down on sustainable cocoa sourcing on Wednesday, pledging to spend an additional $600 million by 2030 on efforts to combat child labour, farmer poverty and deforestation in cocoa.

German go-ahead for China's Cosco stake in Hamburg port unleashes protest

The German cabinet allowed China's Cosco to buy a stake in a terminal in the country's largest port on Wednesday in a decision pushed through by Chancellor Olaf Scholz that triggered unprecedented protest within the governing coalition.

Germany's Scholz defends Cosco decision, stresses need to diversify ties

German Chancellor Olaf Scholz on Thursday stressed the need for Europe to diversify its relations to ensure it is not dependent on any one nation, a day after he pushed through a decision to let a Chinese firm invest in a terminal at the country's largest port.

UK beer delivery drivers suspend strike after improved pay offer

About 1,000 British beer delivery drivers have suspended plans to take strike action at the end of this month after receiving a better pay offer from logistics company GXO (GXO.N), the Unite union said on Thursday. read more

China smartphone shipments slid 11% in Q3, research firm says

Smartphone shipments in China fell 11% year-on-year in the third quarter as the country's slowing economy took a toll on consumer demand, research firm Canalys reported on Thursday.

Toyota’s new, new EV plan suggests smarter driving

Toyota Motor may be driving towards its third electric-car reboot in just 13 months as it tries to catch up with Tesla (TSLA.O), Reuters exclusively reported on Monday.

GE CEO sees 'choppier' operating environment next year

General Electric Co's (GE.N) Chief Executive Larry Culp on Tuesday warned companies are likely to face a "choppier" operating environment next year, but expressed confidence that his company would be able to work its way through it.

Australia's Coles flags climate challenge as floods push up inflation

Australian No. 2 grocer Coles Group Ltd (COL.AX) flagged climate change as its next big operational challenge on Wednesday as floods pushed up prices in the first quarter, lifting sales revenue but squeezing the farming supply chain.

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