The need to know
The need to know for the week ending 6th October 2023
WTO halves 2023 goods trade growth forecast
The World Trade Organization halved its growth forecast for global goods trade this year, saying that persistent inflation, higher interest rates, a strained Chinese property market and the war in Ukraine had cast a shadow over its outlook.
At WTO, growing disregard for trade rules shows world is fragmenting
Nothing illustrates the crisis at the World Trade Organization more than the piling up of unresolved disputes and the growing list of what it terms the "trade concerns" of its members.
UPS and FedEx customers regain upper hand in delivery price battle
U.S. retailers and other delivery customers for the first time in more than four years are easily winning discounts from United Parcel Service and FedEx, according to industry data and interviews with seven professionals who advise shippers in price negotiations.
Euro zone inflation falls to lowest in 2 years as economy slows
Inflation in the euro zone fell to its lowest level in two years in September, suggesting the European Central Bank's steady diet of interest rate hikes was succeeding in curbing runaway prices albeit at a growing cost for economic growth.
UK shop price inflation at lowest in a year - BRC
Prices in British store chains rose at the slowest pace in a year in September, according to industry data that adds to signs that the UK's high inflation rate is set to extend its recent fall.
Mississippi River near historic lows, grain exports at risk
A key stretch of the lower Mississippi River dropped this week to within inches of its lowest-ever level and is expected to remain near historic lows just as the busiest U.S. grain export season gets underway, according to the National Weather Service.
Low water hampers Rhine river shipping in Germany
Low water levels after recent dry weather are preventing cargo vessels from sailing fully loaded on the Rhine river in Germany with surcharges added to the usual freight rates, commodity traders said on Thursday.
Panama Canal trims vessel passage quota again to deal with severe drought
Daily ship crossings on the Panama Canal, one of the world's main maritime trade routes, will be reduced to 31 from 32 to soften the impact from a severe drought that is expected to last until next year, the authorities managing the canal said.
Driest September on record worsens Australia's rain shortfall
Australia's weather bureau said on Friday that areas of severe rainfall deficiency had expanded after the driest September on record, putting farm production in one of the world's largest agricultural exporters at risk.
Battered industry may find clean power refuge in Central Europe
Central Europe's economies have long been overshadowed by their larger peers in the West, but may be primed for greater prominence ahead given the region's cost competitive manufacturing base and increasingly clean-burning power systems.
Choppy waters as Europe navigates China-US rivalry
At a World Trade Organization event in September, former British prime minister Gordon Brown voiced out loud the fear that has quietly started to echo in the halls of power across Europe.
US curbs on chip tools to China nearly finalized, government posting shows
An updated rule curbing exports of U.S. chipmaking equipment to China is in the final stages of review, according to a government posting and a source, a sign the Biden administration is poised to soon tighten restrictions on Beijing.
Treasury's Yellen says US overdependent on China for critical supply chains
U.S. Treasury Secretary Janet Yellen said on Tuesday the United States has become overly dependent on China for critical supply chains, particularly in clean energy products and needs to broaden out sources of supply.
How China-West tensions will shape global markets
Tensions between the West and China are rising, from tit-for-tat trade tariffs to tech rivalry and spying allegations.
With eye on China, EU maps out de-risking, economic security strategies
The European Union wants to retain its industrial edge and competitiveness in a world shifting more to digital and green products, but has found itself worryingly dependent on others, particularly China for critical minerals.
Siemens is case study in China de-risking dilemma
Roland Busch has a problem familiar to many German corporate chieftains.
EU to assess risks of critical technologies being weaponised -official
The European Commission will assess the risks of four critical technologies, including semiconductors and artificial intelligence, being weaponised by countries not aligned with its values and will take measures next year to tackle the issue, an EU official said on Monday.
China is swing factor in diesel’s global squeeze
Vladimir Putin is flexing his diesel muscles, but Xi Jinping’s look bigger.
Russia may ease ban on diesel exports soon - Kommersant
The Russian government is ready to ease a ban on diesel exports in coming days, the daily Kommersant reported on Wednesday, citing unidentified sources, while Deputy Prime Minister Alexander Novak said the restrictions were working.
Flexport plans to cut up to 30% of workforce by end of Oct -sources
U.S. logistics startup Flexport plans to lay off up to 30% of its workforce by the end of the month following a change of CEO in September, sources said on Thursday.
Turkish cargo ship hits mine in Black Sea, sustains minor damage
A Turkish-flagged general cargo ship hit a mine on Thursday in the Black Sea off the coast of Romania and sustained minor damage but the crew was safe, maritime and security sources said.
'Evenly balanced' risks means lower commodity prices, but robust volumes
The heat is coming out of global commodity prices and the risks to the outlook are "evenly balanced".
EU launches first phase of world's first carbon border tariff
The European Union launched on Sunday the first phase of the world's first system to impose CO2 emissions tariffs on imported steel, cement and other goods as it tries to stop more polluting foreign products from undermining its green transition.
France reluctant to delay Brexit tariffs on UK-EU electric cars - sources
France is reluctant to delay post-Brexit tariffs that are set to hit electric vehicles traded between Britain and the European Union, French government sources said, in a move that could hit carmakers on both sides of the Channel.
GM makes new counteroffer to UAW in strike talks
General Motors (GM.N) said on Thursday it had made a counteroffer to the United Auto Workers (UAW) in a bid to end a strike by the union against the U.S. automaker.
IMF raises Mexico growth forecasts on robust consumption, services, auto output
The International Monetary Fund on Tuesday significantly raised its 2023 growth forecast for Mexico to 3.2% from a 2.6% forecast issued in July, citing strength in private consumption, services, construction and automotive production.
German exports fall more than expected in August
German exports fell more than expected on the month in August, federal statistics office data showed on Thursday, as weak global demand hurt the country's exports.
South Korea September exports fall at mildest pace in 12 months
South Korea's exports slowed their fall in September, in contrast to market expectations, marking the mildest decline in a yearlong downturn, a hopeful sign for the global economy from the bellwether industrial economy.
US factory orders beat expectations in August
New orders for U.S.-made goods increased more than expected in August and shipments accelerated, supporting views that economic growth strengthened in the third quarter.
US manufacturing sector nears recovery; construction spending solid
U.S. manufacturing took a step further towards recovery in September as production picked up and employment rebounded, according to a survey on Monday that also showed prices paid for inputs by factories falling considerably.
Farmers plant more cocoa outside Africa as prices rally
Schmidt Agricola is a large agricultural company producing soybeans, corn and cotton in Bahia, Brazil, one of the country's new-frontier agricultural areas fit for large-scale, high-tech farming. It recently added a new crop to its fields: cocoa.
Record chicken prices squeeze US shoppers, benefit Tyson Foods
Chicken prices at U.S. grocery stores have hit record highs and should stay elevated as Tyson Foods and other companies dial back poultry production to boost margins while inflation-weary shoppers buy chicken instead of beef and pork.
South African retailers ration eggs as shortages persist
South African grocery retailers Woolworths (WHLJ.J) and Pick n Pay (PIKJ.J) are limiting the amount of eggs shoppers can buy as the country's worst outbreak of avian flu hits table egg supplies and threatens the supply of chicken meat.
US regulators push for recall of 52 million air bag inflators
U.S. National Highway Traffic Safety Administration (NHTSA) officials on Thursday told a public hearing the government should require the recall of 52 million air bag inflators produced by auto suppliers ARC Automotive and Delphi Automotive because they may rupture and send metal fragments flying.
India's JSW Infrastructure ends 32% higher in debut at near $4-bln valuation
Shares of JSW Infrastructure (JSWN.NS), India's No.2 commercial port operator, closed 32.2% higher on its first day of trading on Tuesday, placing the company among several successful domestic market debuts this year.
China moves to strengthen innovation in smart driving
China will back firms in the smart vehicle supply chain to form groups dedicated to spreading innovation, state media said on Monday, as it races to hammer out standards for assisted and autonomous driving functions by 2025.
U.S., Mexico resolve labor probe at Grupo Yazaki auto parts plant in Mexico
The U.S. and Mexico have resolved a labor complaint under a regional trade deal at a Grupo Yazaki auto parts factory in the central Mexican state of Guanajuato, both governments said on Wednesday.
Pakistani ecommerce logistics startup Rider looking to acquire BlueEx
Pakistani ecommerce logistics startup Rider, backed by YCombinator, is looking into acquiring BlueEx (UNIV.PSX) the only listed Express Courier Logistics Company in Pakistan, it told Reuters on Thursday.
Egypt, Maersk's C2X sign agreement worth up to $3 bln for production of green fuel - statement
Egypt and Maersk's C2X signed a new framework agreement worth up to $3 billion for the production of green fuel and its derivatives in the Suez Canal economic zone, according to a statement released on Wednesday.
Shipper MSC to buy 50% stake in Italian passenger rail group Italo
Shipping group MSC has entered into a binding agreement to acquire a 50% stake in Italian passenger rail operator Italo, owned by U.S.-based Global Infrastructure Partners (GIP), it said on Monday.
Ukraine says its grain exports 24% down so far in 2023/24
Ukrainian grain exports have fallen to 6.82 million metric tons so far in the 2023/24 July-June season, from 8.99 million tons in the same period of 2022/23, agriculture ministry data showed.
LGES to supply Toyota with batteries, invest $3 billion in US plant
Toyota Motor (7203.T) and LG Energy Solution (373220.KS) signed a supply agreement for lithium-ion batteries for use in the Japanese automaker's U.S.-built electric vehicles starting in 2025, the companies said on Wednesday.
'Europe isn't profitable' - Solar industry warns of hurdles to EU's green tech drive
Europe's bid to expand its green tech industry faces a host of challenges, including high energy costs and supply chain issues, solar industry representatives gathered in Madrid warned on Thursday.