The need to know

The need to know for the week ending 20th January 2023

The need to know from Reuters’ global network of journalists

Davos 2023: Global trade rethink: 'race of the big pockets'?

The United States pitched its vision of "worker-centric" trade. China promised an "all-round opening up". Europe spoke of its quest for strategic autonomy. And industrial policy - backed with lots of state cash - is no longer a dirty word.

Analysis: Europe boosts Russian diesel buying ahead of ban set to rock market

European traders are rushing to fill tanks with Russian diesel as the clock runs down on a Feb. 5 European ban expected to tighten supplies, redraw global shipping routes and increase price volatility.

Heavy slate of U.S. oil refinery overhauls to crimp fuel output

U.S. oil refiners plan twice as many refinery overhauls this spring as usual, aiming to resume maintenance delayed by the pandemic and by the lure of record-high margins, according to data provider IIR Energy and Reuters reporting.

Asia 2023 diesel supply to rise as refiners lift output, steady China flow

Asia's diesel supplies are set to rise in early 2023 after a year of tight inventories as refiners ramp up output to capture higher margins and China maintains export volumes with new quotas, according to industry sources and analysts.

Shipping still in dark over clean fuel solutions - industry official

Shipping companies are still waiting for "real green" fuel solutions as part of decarbonisation efforts to clean up the industry, a leading industry official said.

Japan's K Line, KEPCO to study liquefied CO2 shipping options

Japanese transportation company Kawasaki Kisen Kaisha (K Line) and Kansai Electric Power Co (KEPCO) have agreed to study marine transportation options for liquefied CO2 emitted by KEPCO's plants, part of Japan's goal to reach carbon neutrality by 2050.

China's 2022 economic growth one of the worst on record, post-pandemic policy faces test

China's economic growth in 2022 slumped to one of its worst levels in nearly half a century as the fourth quarter was hit hard by strict COVID curbs and a property market slump, raising pressure on policymakers to unveil more stimulus this year.

Column: U.S. manufacturing has probably entered recession: Kemp

U.S. manufacturers probably entered a recession in the fourth quarter of 2022, based on a range of high-frequency indicators, part of a global downturn in industrial output that is creating some slack in commodity markets.

Davos 2023: South Korea's Yoon calls for strengthening resilience of global supply chains

South Korea's President Yoon Suk-yeol on Thursday called for strengthening the resilience of global supply chains, describing it as one of the most urgent tasks facing the international community.

EU to prepare law to help its green industry, back it with cash -Commission

The European Union will prepare a law to make life easier for its green industry and back it up with state aid and a European Sovereignty Fund to keep businesses from moving to the United States, the head of the European Commission said on Tuesday.

Davos 2023-Be careful on 'friend-shoring', WTO's Ngozi warns

Trade blocs seeking to skirt geopolitical risk by “friend-shoring” activities to like-minded countries should be careful which commerce partners they favour, World Trade Organization chief Ngozi Okonjo-Iweala said on Thursday.

Davos 2023: DP World forecasts further freight rate fall as demand slows

DP World expects freight rates to drop by a further 15% to 20% in 2023, with the worst still to come as demand slows, the Dubai-based global logistics company's deputy chief executive and chief financial officer Yuvraj Narayan told Reuters.

COVID-hit Chinese factories eye gradual recovery after Lunar New Year break

Christian Gassner, whose furniture components factory in the southern Chinese city of Shenzhen had a dismal end of 2022 amid COVID-19 outbreaks, is finally seeing light at the end of the tunnel.

French strike disrupts key Britain-Europe trade route

Trucks were backed up along a motorway in northern France on Thursday after a French workers' strike over pension reform halted ferry crossings between Dover and Calais, a major sea route for trade between Britain and the continent.

Four countries urge EU to set end date for new CO2-emitting trucks

The Netherlands, Belgium, Denmark and Luxembourg have urged the European Union to fix a date by which new trucks and buses sold in Europe must have zero carbon dioxide emissions.

Poland's InPost aims to beat country's 5-10% e-commerce growth in 2023 -PAP

Polish parcel locker firm InPost (INPST.AS) is targeting growth above the expected 5-10% increase in e-commerce parcel volumes in Poland in 2023, chief executive Rafal Brzoska was quoted as saying on Wednesday.

U.S. holiday sales miss estimates as inflation weighs on demand - NRF

U.S. holiday sales rose by 5.3%, but fell short of estimates, as shoppers feeling the brunt of stubbornly high inflation pulled forward purchases to October when retailers offered hefty discounts, data from the National Retail Federation (NRF) showed on Wednesday.

China's COSCO SHIPPING Holdings to pay over $800 mln for 5.8% stake in COFCO Fortune

China's COSCO SHIPPING Holdings (601919.SS) has agreed to pay 5.5 billion yuan ($814 million) to buy a 5.8% stake in COFCO Fortune, a food processing and logistics unit of Chinese state agricultural conglomerate COFCO.

U.S. agency says exposed workers to safety hazards

A U.S. government agency on Wednesday issued citations against Inc (AMZN.O) for failing to keep warehouse workers safe, by exposing them to ergonomic hazards that resulted in serious injuries.

The fog in the English Channel is clearing a bit

Britain won’t rejoin the European Union any time soon, despite voters’ regrets over Brexit.

GXO CEO sees large M&A opportunities in Canada

GXO Logistics, the world’s largest contract logistics provider, is open to sizeable takeover deals of more than $1 billion in Canada, Chief Executive Malcolm Wilson said earlier this week.

Mexican president defends bid to move cargo from longstanding hub to new airport

Mexican President Andres Manuel Lopez Obrador defended his plan to move all cargo flights from the capital's principal airport to a new site on the outskirts of town Thursday after a draft proposal to do such was made public earlier this week.

Boeing, Airbus hit back over criticism of delivery delays

The world's two largest planemakers defended themselves on Tuesday following criticism over delivery delays, with a Boeing (BA.N) executive saying increasing production after COVID-19 lockdowns was "not as easy as an on/off switch."

Rio Tinto sees increased volatility as China reopens

Rio Tinto (RIO.AX) on Tuesday said that China's reopening from COVID-19 restrictions is set to raise near-term risks of labour and supply-chain shortages, while it also flagged a strong start to iron ore shipments for 2023.

BHP expects China to underpin commodities demand in 2023

China is set to be a stabilizing force for commodities demand this year as developed nations face economic headwinds, BHP Group Ltd (BHP.AX) said on Thursday as it posted higher quarterly iron ore shipments that beat expectations.

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