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