The need to know

The need to know for the week ending 3rd March 2023

The need to know from Reuters’ global network of journalists

Column: World trade boom keeps de-globalization at bay

Globalization may have peaked, but the resilience of world trade in the face of mounting headwinds means a reversal of the past three decades is not inevitable.

Factbox: Want billions to make US chips? Here is how to get them

The Biden administration, which is making a $52 billion push to build more chips in the United States, said on Tuesday that it would require companies winning taxpayer funds for the initiative to give back excess profits and provide affordable childcare.

Green is the new black as fashion sector fast-forwards on sustainability trend

The fashion industry was looking in good shape in 2021, recovering from COVID-19 quicker than had been forecast, with a global growth of more than 11%.

GE plans to invest over $450 mln to upgrade U.S. manufacturing in 2023

General Electric (GE.N) said on Thursday it plans to invest more than $450 million in its existing manufacturing facilities in the United States this year and hire more than 1,700 employees, in a bid to bolster its aerospace and energy businesses.

Column: Soft landing for global economy remains a long shot

Since the start of the year, prominent forecasters have become more confident the U.S. Federal Reserve and other central banks can engineer a soft landing for the global economy or even avoid a cyclical slowdown altogether.

U.S. goods trade deficit widens in January; wholesale inventories decline

The U.S. trade deficit in goods increased moderately in January, with both imports and exports rising solidly, leaving trade on track to have little or no impact on gross domestic product growth early in the first quarter.

Euro zone factory output returned to growth in February -PMI

Overall activity in the euro zone's manufacturing sector contracted again in February but output increased for the first time since May as supply chains continued to heal, a survey showed on Wednesday.

German exports rise in January on robust U.S. demand

German exports rose more than expected in January, increasing 2.1% on the month to bounce back from the prior month's slump thanks to strong demand from the United States and Britain, data showed on Friday.

France's manufacturing sector shrinks in Feb as export demand weakens -PMI

Activity in France's manufacturing sector declined in February, after stabilising the previous month, due in part to worsening export demand, a survey by S&P Global showed on Wednesday.

Column: U.S. diesel consumption falls as economy slows

U.S. consumption of diesel and other distillate fuel oils ended last year at the slowest rate for a decade in response to the slowdown in manufacturing and freight activity, government data released on Tuesday showed.

U.S. retailers' ocean shipping price woes ending, but new delays threaten

LONG BEACH, Calif., Feb 27 (Reuters) - Collapsing ocean shipping rates would seem to be good news for U.S. retailers, but they are now bracing for delays as some carriers try to prop up prices by cancelling voyages.

EV startups from Lucid to Rivian see demand fade, supply chain issues linger

U.S. electric vehicle startups are seeing an unsettling trend, with demand evaporating as potential customers look for deals or hold off on purchases altogether.

Tesla plant gets green light in northern Mexico

Tesla Inc (TSLA.O) will build a new assembly plant in northern Mexico, the country's president announced on Tuesday, marking a push by the electric vehicle maker to broaden operations outside the U.S. in a deal an official said was worth over $5 billion.

Mercedes-Benz begins building battery recycling factory in southern Germany

Mercedes-Benz (MBGn.DE) laid the foundation stone for a sustainable battery recycling factory in Kuppenheim, southern Germany on Friday.

UAE's Masdar to invest $1.2 bln in British battery storage tech

The United Arab Emirates' state-owned renewables developer Masdar will invest 1 billion pounds ($1.20 billion) in British battery storage technology, its chief executive said on Wednesday.

U.S. to loan Li-Cycle $375 million for New York recycling plant

The U.S. Energy Department on Monday said it will lend Li-Cycle Holdings Corp (LICY.N) $375 million as it builds a battery recycling facility in New York set to become one of the country's largest sources of lithium by next year.

2023 Key considerations for electric vehicles and hydrogen fuel cell vehicles

Fully electric vehicles (EVs) and hydrogen fuel cell vehicles will be key players in the nationwide and industrywide effort to cut emissions.

DHL to boost Mexican investment after cargo flights move

Logistics giant DHL will double its planned investment in Mexico through 2024, executives said on Tuesday, as it shifts cargo flights from the capital's closest airport to a new, distant facility backed by the country's president.

Hapag-Lloyd forecasts big drop off after record 2022 profit

German container shipper Hapag-Lloyd (HLAG.DE) on Thursday posted a record profit of 17 billion euros ($18.08 billion) for 2022, 88% more than a year earlier, but said uncertainty around the Ukraine war and inflation would greatly temper earnings in 2023.

Northern Ireland business groups welcome Brexit deal 'certainty'

Northern Irish business groups welcomed the certainty a new EU-UK deal on post-Brexit trade rules for the region provided for impacted businesses and urged politicians to do likewise and restore the local power-sharing government.

Ocado's losses swell to $604 million

Ocado Group (OCDO.L), the British online supermarket and technology group, plunged to a worse than expected full year loss as it took a big accounting charge and profits at its joint venture with Marks & Spencer (MKS.L) were wiped out.

Dow said it was recycling our shoes. We found them at an Indonesian flea market

U.S. petrochemicals giant Dow Inc and the Singapore government said they were transforming old sneakers into playgrounds and running tracks. Reuters put that promise to the test by planting hidden trackers inside 11 pairs of donated shoes. Most got exported instead.

Cargill testing new sail technology for cargo ships to cut emissions

Cargill, one of the world's biggest ship charterers, is stepping up a push to resurrect wind power for cargo ships as the agricultural commodities group moves to cut emissions from its chartered fleet, a top executive said.

Insurers count the cost of ships snagged in Ukraine crisis

Insurers are facing half a billion dollars in claims for up to 60 commercial ships still stuck in Ukraine a year after the start of the war with Russia, industry sources said.

Union Pacific shares rise after CEO Fritz to step down amid investor pressure

Shares of Union Pacific Corp (UNP.N) surged nearly 10% in early trade on Monday, a day after the U.S. railroad operator announced that its Chief Executive Lance Fritz would step down this year amid pressure from investor Soroban Capital Partners.

Kuehne+Nagel set 2026 goals ahead of expectations, shares jump

Logistics group Kuehne und Nagel International AG (KNIN.S) on Wednesday set 2026 targets above market expectations and said it expected positive growth trends this year, sending its shares up around 7%.

Indian companies seal deal to step up use of LNG lorries in mineral-rich west Maharashtra

India's Baidyanath LNG will sell fuel to GreenLine Logistics' lorries that run on liquefied natural gas (LNG) in the coal and limestone-rich region of western Maharashtra state, the companies said on Thursday.

Europe's exports to Ukraine above pre-war levels in December, Eurostat says

European Union exports to Ukraine rose to pre-war levels in December, recovering from the trade disruption caused by Russia's invasion, data from the bloc's statistics agency Eurostat showed on Wednesday.

Metals logistics platform MineHub to acquire Waybridge for $2.5 mln in shares

Canada's MineHub Technologies Inc (MHUB.V), which has digitised trade finance and logistics in metals and mining, agreed to buy rival Waybridge for $2.5 million in MineHub shares, the firms said on Thursday.

Brazil, Mexico discuss overcoming regional tariff barriers -statement

Mexican President Andres Manuel Lopez Obrador has expressed his intention to "expand the dialogue" between Latin American countries to overcome tariff barriers, Brazil's presidential office said on Wednesday.

Aluminium prices shrug off 200% U.S. import tariffs for Russia

Aluminium prices on the London Metal Exchange shrugged off a decision by the United States to impose steep tariffs on Russian metal on Friday, though traders said prices would have jumped if the U.S. had imposed sanctions instead.

Former Amazon exec aims to repeat logistics growth at Flexport

The former Inc (AMZN.O) executive who oversaw the e-commerce company's transportation network buildout for its sellers, now aims to do the same for rival shipping customers as chief executive of logistics startup Flexport.

Boeing faces similar supply chain challenges in defence to commercial business -exec

Boeing Co's (BA.N) defence business is facing some of the same supply chain challenges as its commercial business, including delays in receiving parts, an executive said on Wednesday.

Volkswagen under fire over Xinjiang plant after China chief visit

Volkswagen (VOWG_p.DE) drew criticism from campaigners and a big investor on Tuesday after the head of its Chinese business said he saw no sign of forced labour during a visit to the carmaker's Xinjiang plant.

GM's truck production cut signals a turn in U.S. auto sales

New vehicle sales in the United States are expected to increase in February, but the decision by General Motors Co to cut production of large pickup trucks at a U.S. plant points to new challenges for Detroit's automakers.

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