The need to know

The need to know for the week ending 4th November 2022

The need to know from Reuters’ global network of journalists

Comment: Transport firms are stuck on the runway on climate action. We need lift-off

As one of the highest carbon emitting sectors globally, contributing 37% of end-use CO2 emissions, it is critical for the transport sector to accelerate their progress on decarbonisation. Yet worryingly, our new research finds that only six out of 90 (less than 7%) of the most influential transport companies around the world have committed to phasing out fossil fuels. Such limited progress is alarming.

Pro-Bolsonaro roadblocks lose steam in Brazil; Lula transition begins

Protests on Brazil’s highways began to fizzle out on Thursday after far-right President Jair Bolsonaro asked his supporters to clear the blockades they had mounted with lines of trucks after his defeat in the presidential election.

Factory output weakens on widespread slowdown, China COVID curbs

Global factory output weakened in October as widespread recession fears, high inflation and China's zero-COVID policy hurt demand, business surveys showed on Tuesday, adding to persistent supply disruptions and darkening recovery prospects.

China's factory, services activity skids on relentless COVID curbs

China's factory activity unexpectedly fell in October, weighed by softening global demand and strict domestic COVID-19 curbs, which hit production, travel and shipping in the world's second-largest economy.

China's Oct exports seen cooling further as global demand weakens: Reuters poll

China's export growth likely cooled further in October as global demand continued to soften, while imports remained sluggish amid weakening growth at home, a Reuters poll showed on Friday.

U.S. manufacturing activity slowest in nearly 2-1/2 years in October -ISM

U.S. manufacturing activity grew at its slowest pace in nearly 2-1/2 years in October while a measure of prices paid by businesses for inputs slid for a seventh straight month, as the Federal Reserve's aggressive push to raise interest rates in order to quash inflation cools demand for goods.

U.S. holiday sales to slow as inflation tests consumer resilience -report

U.S. holiday sales are expected to rise at a slower pace this year, a trade group said on Thursday, at a time when decades-high inflation has left Americans struggling to pay bills, draining some of the Christmas cheer from households.

U.S. to spend $703 million on improving ports

The U.S. Transportation Department announced on Friday it is awarding $703 million for 41 port infrastructure projects in 22 states and American Samoa, according to documents seen by Reuters.

COSCO Shipping says to buy $2.7 bln port assets from parent, in $2.9 bln ship building deal

COSCO Shipping Holdings Co Ltd said on Monday it has agreed to buy port assets from its parent for an aggregate 19.7 billion yuan ($2.7 billion) as it aims to build a global digital supply chain for its customers.

EV battery production faces supply chain, geopolitical headwinds - report

A fragile supply chain marred by geopolitical tensions could hit the planned expansion of electric vehicle (EV) battery production, slowing EV adoption, S&P Global Mobility warned in a report on Monday.

Europe leans on Asia for 'homegrown' EV batteries

LONDON/BERLIN, Nov 3 (Reuters) - Europe's drive to build a homegrown electric vehicle battery industry is hitting roadblocks as investors shy away from giving startups sufficient funding to challenge the Asian companies that dominate the market.

Toyota cuts output target amid chip crunch as profit tumbles 25%

Toyota Motor Corp (7203.T) on Tuesday posted a worse-than-expected 25% drop in quarterly profit and cut its annual output target, as the Japanese firm battles surging material costs and a persistent semiconductor shortage.

Europe - the warning light flashing on carmakers' dashboards

Carmakers BMW (BMWG.DE) and Stellantis (STLA.MI) on Thursday expressed concerns about Europe's economic outlook, joining a chorus of retailers and others in warning of waning consumer confidence on the continent and hitting their shares.

Aston Martin says supply snags delaying turnaround

Aston Martin (AML.L) blamed global supply chain problems for pushing back an expected improvement in its finances, as the luxury carmaker cut its 2022 deliveries and margin forecasts.

Toyota profit to rise but eyes will be on its shaky supply chain, EV strategy

Toyota Motor Corp (7203.T) is expected to report a small quarterly profit increase on Tuesday, with soaring costs of parts and materials nearly offsetting the benefits from the plunging Japanese yen and a rebound in production.

Aptiv beats estimates on price hikes, warns of vehicle production constraints

Aptiv Plc's (APTV.N) third-quarter results beat analyst estimates on Thursday aided by price hikes amid higher demand, but the auto parts supplier warned that vehicle production levels will be hit next year due to macro pressures and supply constraints.

GIC, ESR set up $600 mln India JV to buy industrial, logistics assets

Singapore's sovereign wealth fund GIC and real estate investment manager ESR Group (1821.HK) have partnered to set up a $600 million joint venture to buy profit-making industrial and logistics assets in India, they said on Thursday.

Analysis: Race to ship clean Canadian hydrogen to Europe navigates choppy water

On Canada's tranquil Atlantic coast, a dozen companies are racing to ship Canada's first green hydrogen to Europe by 2025, aiding the continent's worldwide search to replace Russian natural gas.

Ocado enters South Korea with Lotte Shopping deal

Ocado (OCDO.L), the British online supermarket and technology group, has entered South Korea, one of the most mature e-commerce markets in the world, through a partnership deal with Lotte Shopping (023530.KS), the companies said on Tuesday.

UK fresh food prices rise 13.3% in year to October - BRC

The cost of fresh food in British shops last month was 13.3% higher than a year earlier, the biggest annual increase in records going back to 2005, the British Retail Consortium said on Wednesday.

Turkish factory activity contracts for eighth straight month in Oct -PMI

Activity in the Turkish manufacturing sector shrank for the eighth month running in October as a slowdown in demand led firms to scale back output, purchasing and employment, a business survey showed on Tuesday.

Logistics startup Flexport plans hiring spree, to double engineers in 2023

Flexport, one of the most valuable logistics startups, is looking to add about 400 engineers to double its technical team by next year, a top company executive told Reuters.

Packaging group Smurfit Kappa says price rises over for now

Packaging giant Smurfit Kappa (SKG.I) does not expect to hike prices any further this year and may be able to unwind some of the recent rapid increases it has pushed onto customers, its chief executive said on Wednesday.

Panasonic to start building Kansas battery plant next month

Japan's Panasonic Holdings Corp (6752.T) said on Monday it will start building a new battery plant in Kansas in November and aims to begin mass production by March 2025, targeting North America's fast-growing market for electric vehicles.

Maersk agrees on project with Spain to make e-methanol for its fleet

Maersk (MAERSKb.CO) plans to produce up to two million tonnes of e-methanol a year in Spain by 2030 to supply its fleet of cargo ships and reduce its carbon footprint, the shipping giant and the Spanish government said on Thursday.

Britain to ban services helping transport Russian oil

Britain is seeking to prevent countries from using its services to transport Russian oil unless it is bought at or below a price cap set by Western governments as part of sanctions against Russia for its invasion of Ukraine.

Goldman-backed project44 valued at $2.7 bln in latest funding round

U.S.-based supply chain management technology company project44 said on Thursday it was valued at $2.7 billion after its latest funding round that also saw participation from existing investor Goldman Sachs Asset Management.

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