The need to know

The need to know for the week ending 2nd December 2022

The need to know from Reuters’ global network of journalists

South Korean truckers' strike cost $1.2 bln in lost shipments

A strike by South Korean truckers is estimated to have cost 1.6 trillion won ($1.23 billion) in lost shipments, the industry ministry said on Thursday, as a lengthy strike becomes more likely with the government and union far from a compromise.

U.S. House to vote to block rail strike despite labor objections

The U.S. House of Representatives was set to vote Wednesday to block a rail strike that could potentially happen as early as Dec. 9, after President Joe Biden warned of dire economic consequences and massive job losses.

U.S. Congress averts railroad 'Christmas catastrophe,' Biden says

Congress gave final approval to a bill blocking a national U.S. railroad strike that could have devastated the American economy but rejected a measure that would have provided paid sick days to railroad workers.

Strike brings trains to standstill across Austria

Austrian rail traffic ground to a halt from midnight, impacting around 8,000 connections and some one million passengers, as workers held a 24-hour strike on Monday in a dispute over pay.

Analysis: Retailers turn to robots in cost inflation fight

At a vast warehouse in the southern Dutch city of Roosendaal, automated cranes and driverless vehicles silently stack clothes for the French and Italian stores of retailer Primark, reducing the need for hard-to-come-by labour.

China decoupling takes one step forward, one back

Wealthy democracies want to cut their reliance on China. The People's Republic too has moved to become more self-sufficient.

Yellen says appropriate for U.S. firms to assess China geopolitical risks

U.S. Treasury Secretary Janet Yellen said on Wednesday that businesses reviewing their supply chains should be mindful of the geopolitical risks surrounding China's threats to Taiwan as well as other Chinese practices that have raised U.S. national security concerns.

U.S. Commerce secretary: Competing with China not 'easy'

U.S. Commerce Secretary Gina Raimondo said on Wednesday Washington must do more to counter China while insisting the world's two largest economies should not isolate from each other.

Mazda sees no impact on Japan vehicle production from current China lockdowns

Mazda Motor Corp (7261.T) does not expect to have problems maintaining production in Japan for the time being despite COVID lockdowns in China as the automaker has sufficient inventories of parts, a company executive said on Wednesday.

Chinese farmers let cabbages rot as COVID curbs disrupt sales

China's vegetable growers are ploughing their produce back into their fields or leaving it to rot, as widespread restrictions to curb the spread of COVID cut off distribution channels and close markets.

Tumultuous trading: a year-end snapshot of global trade and its administrative burden

Following the G20 summit in Bali on Nov. 14, 2022, President Joe Biden reported that a new cold war with China can be avoided.

Companies not doing enough to protect nature, environmental non-profit says

Companies are not doing enough to stop biodiversity loss, and most have no idea about the damage to nature caused by their supply chains, a report from environmental disclosure platform CDP said on Wednesday.

Retailers on track for record Cyber Monday -Adobe Analytics

Spending on Cyber Monday, the biggest U.S. online shopping day, may hit a record $11.6 billion according to one preliminary estimate, as discounts on everything from pajamas to AirPods tempt shoppers to click "buy" despite the strain on household budgets from high inflation.

Global shipping growth at risk from economic gloom, UNCTAD says

The pace of global shipping activity is set to lose steam next year as economic turmoil, conflict in Ukraine and the impact of the pandemic weaken the outlook for trade, U.N. agency UNCTAD said on Tuesday.

Column: U.S. diesel use slows as manufacturing, freight falter: Kemp

U.S. consumption of diesel, heating oil and other distillate fuel oils has started to fall in response to high prices and a slowdown in manufacturing activity and freight transport.

Maersk, IBM discontinue shipping blockchain platform

Shipping company Maersk (MAERSKb.CO) said on Tuesday it would discontinue a blockchain platform announced in 2018 in partnership with IBM (IBM.N) with the aim of limiting the industry's costly paper trail.

EU strikes deal to make ships pay for their carbon emissions

The European Union has agreed to add shipping to its carbon market for the first time, forcing vessels to pay for their planet-heating emissions and increasing pressure on the maritime sector to invest in greener technologies.

France's CMA CGM sees profits ebbing as shipping boom fades

CMA CGM said it expects a pullback in shipping markets to accelerate in the fourth quarter due to high energy prices and flagging consumer spending, and this will reduce its profitability following an earnings surge in the past year.

Amazon unveils supply-chain, cloud services drawing on its retail arm Inc (AMZN.O) on Tuesday announced software drawing on its retail expertise in an effort to boost sales to businesses and remain the largest cloud-computing provider ahead of Microsoft Corp (MSFT.O) and Alphabet Inc's (GOOGL.O) Google.

Amazon to shut down food-delivery business in India

Amazon Inc (AMZN.O) will shut down a food-delivery business it was testing in India, the e-commerce giant said on Friday, a day after it announced the winding down of its online learning platform for high-school students in the country.

Energy crisis highlights need to broaden renewables' supply chain

The global energy crisis sparked by war in Ukraine has underscored how parts of the renewables supply chain might face similar struggles if not quickly diversified, energy executives told the Reuters NEXT conference this week.

Canada says war, climate concerns show need for supply chain shift

The Russian invasion of Ukraine shows that authoritarian regimes are not reliable trade partners and future supply chains should run through countries like Canada that are concerned about carbon emissions and human rights, Canadian Prime Minister Justin Trudeau said on Wednesday.

Analysis: Vietnam's anti-graft crackdown chills supply chains, investment

An anti-corruption drive in Vietnam has paralysed many routine transactions in the country, causing shortages of essential goods and dampening investor confidence in one of Asia's fastest growing economies.

U.S. manufacturing sector contracts in November - ISM

U.S. manufacturing activity contracted for the first time in 2-1/2 years in November as higher borrowing costs weighed on demand for goods, but a measure of prices paid by factories for inputs fell for a second straight month, supporting views that inflation could continue trending lower.

South Korea Nov factory activity shrinks for 5th month, but downturn eases slightly - PMI

South Korea's factory activity shrank for a fifth straight month in November but the downturn moderated slightly, a private-sector survey showed on Thursday, possibly suggesting the worst is over for businesses.

Ivory Coast completes second shipping container terminal

Ivory Coast has completed construction of a second container terminal at its main port in Abidjan, paving the way for it to become a regional shipping hub, officials said late on Friday.

Rotterdam Port to house Battolyser plant for green hydrogen production

The Port of Rotterdam on Monday said it will help develop a 14,000 square metre factory for Battolyser Systems, a company that designs combined battery and green hydrogen production machines.

IKEA store owner eyes more price cuts as some input costs ease

Ingka Group, the owner of most IKEA furniture stores, is planning additional price cuts as some input costs ease, its retail manager told Reuters on Monday, a reversal from price hikes introduced last year to counter soaring inflation.

Dollar General's supply chain stumbles dent annual profit forecast

Dollar General Corp (DG.N) cut its annual profit forecast after it missed estimates for quarterly earnings, blaming cost pressures tied to its supply chain problems, sending its shares down as much as about 10% on Thursday.

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