The need to know

The need to know for the week ending 3rd September 2021

The need to know from Reuters’ global network of journalists

GLOBAL ECONOMY Factories hit by pandemic-related supply disruptions

Global factory activity lost momentum in August as the ongoing coronavirus pandemic-disrupted supply chains, raising concerns faltering manufacturing would add to economic woes caused by slumping consumption, surveys showed on Wednesday.

Supply chain woes stunt UK manufacturing growth in August -PMI

British factory output grew in August at the weakest rate for six months as supply chain problems weighed on manufacturers' recovery from the COVID-19 pandemic, a survey showed on Wednesday.

S.Korea's factory activity growth slows as output shrinks for first time in 12 months

South Korea's factory activity grew at a slower pace in August, as output contracted for the first time in 12 months and demand eased due to surging coronavirus infections across the region and continued supply chain disruptions.

Japan's Aug factory activity growth slows on resurgence of COVID-19 - PMI

Japan's factory activity expanded at a slower rate in August as a resurgence of coronavirus cases in Asia disrupted supply chains across the region, sinking overseas orders into contraction for the first time in seven months.

Walmart to hire 20,000 supply chain workers ahead of holiday season

Walmart Inc (WMT.N) said on Wednesday it planned to hire 20,000 workers at its supply chain division ahead of the busy holiday season as the world's largest retailer and other major rivals battle a logistics and labour crunch.

Tesla's Roadster shipment to be delayed to 2023, says Musk

Tesla Inc (TSLA.O) top boss Elon Musk on Wednesday signalled a one-year delay in the shipment of Roadster sports car to 2023, citing global supply chain bottlenecks.

Business supplies distributor Bunzl flags supply chain disruptions, labour crunch
Business supplies distributor Bunzl Plc on Tuesday said it was facing supply chain disruptions, product shortages and a labour crunch in certain markets including Mexico, Australia and Britain.

Shipping woes squeeze profits at U.S. dollar stores, shares slip

Top U.S. dollar companies said their full-year profits will take a bigger hit than feared due to surging transportation costs, with Dollar Tree Inc (DLTR.O) warning that an acute shortage of shipping capacity could hurt store inventories.

CEOs back to pre-pandemic levels of confidence, KPMG survey shows

The bosses of the world's biggest companies are back to their pre-pandemic levels of confidence in the global economy's prospects and most expect to make acquisitions to boost growth, a survey showed on Wednesday.

Yandex takes more control of Russian venture with Uber in $1 bln deal

Russian internet giant Yandex (YNDX.O) said on Tuesday it would buy Uber's (UBER.N) stakes in their joint foodtech, delivery and self-driving businesses, and increase its stake in their ride-hailing joint venture as part of a $1 billion deal.

China Logistics says top shareholder in talks to sell controlling stake

China Logistics Property Holdings Co (1589.HK) said on Thursday its top shareholder was in talks to sell its controlling stake in the company to an undisclosed buyer, which could result in a takeover offer for the storage facilities manager.

UK government rejects call for new visas to ease post-Brexit truck driver shortage

Britain’s government has rejected calls from retail and logistics companies to temporarily ease post-Brexit immigration rules which they say are contributing to a shortage of truck drivers and acute supply chain disruption.

S.Korea Aug exports extend boom but Delta remains a risk

South Korea's exports accelerated in August, towed by solid demand for memory chips, petrochemicals and other major items, with the trade ministry seeing only a limited impact from the coronavirus Delta variant across the region.

Maersk’s green ships have first-mover disadvantage

A.P. Moller-Maersk’s (MAERSKb.CO) laudable environmental haste could land the Danish shipping giant with a first-mover disadvantage. 

More grain terminals found damaged by Ida, exports may stall for weeks

Grain shippers on the U.S. Gulf Coast reported more damage from Hurricane Ida to their terminals on Wednesday as Cargill Inc confirmed damage to a second facility, while power outages across southern Louisiana kept all others shuttered.

Rising costs feed through to British retailers - BRC

Average prices in British shops in August were 0.8% lower than a year before, a smaller decline than in previous months and one which reflected rising costs for stores, the British Retail Consortium said on Wednesday.

Euro zone Aug factory growth strong - as were price rises, PMI shows

Euro zone manufacturing growth remained strong in August but supply chain issues caused by the coronavirus pandemic continued to constrain supplies of the raw materials factories need, driving up prices, a survey showed on Wednesday.

Czech "Uber for trucks" company set for September London float

Czech payments firm Eurowag plans to launch an initial public offering (IPO) in London in the coming weeks, according to two sources familiar with the plans, in a deal that could kick off what is expected to be a hectic season for share sales.

From elsewhere around the web:

Carriers double container ship orders in 2021 as freight demand shows no signs of slowing [Supply Chain Dive]

Suez on wheels? $4.5 billion deal signed for Red – Med Sea rail link [Port Technology]

Report: Amazon Air puts 70% of US population within next-day reach [FreightWaves]

Big shippers look to 'save the world', and their profit, via focus on sustainability [The Loadstar]

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