The need to know
The need to know for the week ending 1st December 2023
The need to know from Reuters’ global network of journalists
Amazon’s shipping splurge delivers payoff
Amazon.com (AMZN.O) has a special delivery this Cyber Monday. The online retailer’s turbocharged push into distributing packages has helped it overtake UPS(UPS.N) in U.S. volume after it earlier surpassed FedEx (FDX.N), the Wall Street Journal reported.
More US retailers adopt 'keep it' returns policies to shelter profits in holiday surge
As holiday shoppers return items purchased during Black Friday and Cyber Monday online shopping sprees, more U.S. retailers could tell them to keep items that cost more to ship back than they are worth.
US shoppers set for cheapest holiday toys, coats and dresses in years
The battleground for retailers this U.S. holiday season is over merchandise priced at $35 and less, setting the stage for the cheapest shopping period in years for TVs, toys, dresses, and sporting goods, according to retail executives, federal pricing data and exclusive analysis of early Black Friday discounts.
Amazon hit by strikes, protests across Europe during Black Friday
Amazon (AMZN.O) workers walked out on strike at multiple locations across Europe on Friday in protests against the U.S. e-commerce giant's working practices on one of the busiest shopping days of the year.
Biden invokes Cold War-era measure to boost medical supplies
President Joe Biden on Monday invoked a Cold War-era measure to boost investment in U.S. manufacturing of medicines and medical supplies that he has deemed important for national defense.
Indian drug manufacturers benefit from Big Pharma interest beyond China
Drugmakers are seeking to limit their reliance on Chinese contractors who produce drugs used in clinical trials and early-stage manufacturing, a move that is benefiting rivals in India, according to interviews with 10 industry executives and experts.
Focus: Walmart shifts to India, cuts China imports
Walmart (WMT.N) is importing more goods to the United States from India and reducing its reliance upon China as it looks to cut costs and diversify its supply chain, data seen by Reuters shows.
China hits back at West's de-risking strategy at supply chain expo
China opposes protectionism and wants to strengthen supply chains with all countries, Premier Li Qiang said on Tuesday, as a growing number of nations voice concern at how much their supply chains depend on the world's second largest economy.
Red Sea attacks on ships spark safety concerns for sailors
Commercial ships face increasing dangers at sea after armed groups have attacked and seized vessels in waters around the Red Sea and off the coast of Yemen, adding to perils for seafarers, shipping officials said on Wednesday.
Brazil signs on to global climate deal to triple renewable energy
Brazil has signed onto an agreement to triple renewable energy globally by 2030 and shift away from using coal, the country's Foreign Ministry said on Friday, joining a prospective deal backed by the European Union, U.S. and United Arab Emirates.
Biden's clean energy agenda faces mounting headwinds
Canceled offshore wind projects, imperiled solar factories, fading demand for electric vehicles.
Fossil fuels still dominate global power systems
Over 60% of global electricity generated so far in 2023 was produced by fossil fuels, despite the ongoing aggressive roll-out of renewable energy sources in every major economy.
Germany's RWE raises green spending target to $60 bln by 2030
Germany's biggest power producer RWE (RWEG.DE) will raise investment in green energy technologies to 55 billion euros ($60 billion) over the next seven years, it said on Tuesday, seeking to become one of the world's largest renewables groups.
EDF announces partnership with Canadian, Czech and Indian firms
French nuclear operator EDF announced on Tuesday it was signing a series of cooperation agreements with Canadian, Czech, Indian and French partners to secure local supply chains and suppliers essential for future nuclear projects.
China to lead global renewable growth with record installations- Woodmac
China is leading the global renewables market and is on track to reach a record-breaking 230 gigawatts (GW) of wind and solar installations this year, consultancy Wood Mackenzie said on Tuesday.
US crude production in September rose to monthly record - EIA
U.S. crude production in September rose to a new monthly record of 13.24 million barrels per day, helped by a large increase in North Dakota, home to the Bakken shale, Energy Information Administration data showed on Thursday.
Europe’s energy crisis is over
From mid-2021 until late 2022, Europe and parts of Asia were gripped by an energy crisis, as oil, gas, coal and power prices surged, in some cases to record highs, forcing households and firms to cut use rapidly.
West's de-risking starts to bite China's prospects
U.S. furniture company head Jordan England thinks his firm's Chinese suppliers are among the best in the game, but geopolitics and a slowing economy have pushed him to source more products from Southeast Asia, Eastern Europe and Mexico.
US economy grows 5.2% in third quarter; higher interest rates eroding momentum
The U.S. economy grew faster than initially thought in the third quarter as businesses built more warehouses and accumulated machinery equipment, but momentum appears to have since waned as higher borrowing costs curb hiring and spending.
Asia factory activity weakens, uncertainty on China clouds outlook
Asia's factory activity remained weak in November on soft global demand, surveys showed on Friday, with mixed signs on the strength of China's economy clouding the outlook for the region's fragile recovery.
German export sentiment improves in November - Ifo
Sentiment among German exporters improved in November, although only a few sectors expected exports to increase, according to a survey by the Ifo economic institute released on Monday.
Shein IPO raises fresh questions on alleged forced labor in supply chain
As China-founded e-commerce behemoth Shein moves to list in New York, U.S. lawmakers are again calling on it to prove that forced labor is not used to make its $5 t-shirts and $10 sweaters.
How China's Shein became a fast-fashion giant
China-founded fashion company Shein has confidentially filed to go public in the United States, two sources familiar with the matter told Reuters on Monday.
Taiwanese Tesla supplier Hota retools supply chain with first US factory
For years, Hota Industrial Mfg. Co has made gears, shafts and other auto parts in Taiwan and shipped them to large foreign carmakers such as Tesla (TSLA.O), Ford Motor (F.N) and General Motors (GM.N).
UK car production expected to hit 1 million in 2023 - industry body
British vehicle makers are expected to produce about a million cars this year, well above an earlier forecast, following a recent round of investments in the sector, an industry body said on Thursday.
EU new car sales growth to slow, EV share to rise in 2024 -ACEA
European Union new car sales will rise by only 2.5% in 2024, a slowdown compared to a 12% increase in 2023, European automobile manufacturers association ACEA forecast on Wednesday, although the share of electric vehicles will sharply increase.
In 2024, Republican EV attacks may fall short as swing states reap investment
Electric vehicles are a "hoax," they do not work, and they are strengthening China's economy at the expense of American jobs.
GM sees $9.3 billion hit from labor deals, outlines $10 billion stock buyback
General Motors (GM.N) said on Wednesday its new labor deals after a lengthy U.S. strike will cost it $9.3 billion even as it outlined $10 billion in share buybacks, a 33% dividend increase and "substantially lower" spending at its robotaxi unit Cruise.
Ford pegs cost of UAW labor deal at $8.8 billion, cuts full-year profit view
Ford Motor (F.N) on Thursday pegged the cost of a new labor deal at $8.8 billion and joined rival General Motors (GM.N) in cutting its full-year profit forecast due to lost production from a lengthy strike at its U.S. plants.
Ford targets 'meaningful changes' in cost and quality -CFO
Ford Motor Co (F.N) is intensely focused on reducing costs across the business, from commodities, labor and warranties to the design of its third-generation electric vehicles, a top executive said Thursday.
Zara founder buys Amazon logistics centre in Dublin for $245 mln
Spanish billionaire and Zara founder Amancio Ortega has bought a logistics centre mainly used by Amazon in Dublin, Ireland, for 225 million euros ($244.98 million), his investment firm Pontegadea said on Friday.
Tesla on two wheels? India's Ola Electric feels the strains of success
Bhavish Aggarwal, India's answer to Elon Musk, is racing to roll out millions of electric scooters and speed his nation to a cleaner future. Some of his mechanics can't keep up, though.
China, Vietnam consider rail link through rare earths heartland
China and Vietnam are working on a possible significant upgrade of their underdeveloped rail links to boost a line that crosses Vietnam's rare earths heartland and reaches the country's top port in the north, senior officials and diplomats said.
Storms hit Australia's wheat harvest
Heavy rain sweeping through southeastern Australia has damaged wheat crops, potentially shrinking production by more than 100,000 tons and turning up to 1 million tons of milling wheat into lower-quality feed grain, analysts said.
E-commerce startup Zubale targets Brazil, Mexico expansion with $25 mln boost
E-commerce startup Zubale is setting its sights on expanding throughout Brazil and Mexico with a fresh $25 million capital injection, the company said on Thursday.
Pepkor says South Africa's port woes affecting retail stock imports
Disruption at South Africa's ports has left discount retailer Pepkor Holdings (PPHJ.J) struggling to import goods, with an estimated 700 million rand ($37.85 million) worth of stock stuck at sea, its CEO said on Wednesday.
Russia says bad weather still disrupting Black Sea oil exports
Russia's transport ministry said on Wednesday that weather conditions in the Black Sea remained unfavourable for shipping and that restrictions at Russian seaports would remain in place until the weather improved, disrupting oil exports.
Cathay favouring Airbus for widely watched freighter deal - sources
Cathay Pacific Airways Ltd (0293.HK) is leaning towards placing an order for around six Airbus (AIR.PA) A350 freighters as the Hong Kong carrier renews the oldest section of its fleet of dedicated 747 cargo jets, industry sources said.
DP World says hackers stole Australian ports employee data
DP World Australia, one of the country's largest ports operators, said on Tuesday hackers had accessed files containing personal details of employees after a cyber incident early this month forced it to suspend operations for three days.
Exclusive: Economic losses pile up in Ukraine as Polish truckers protest
Weeks of road blockades by Polish truckers protesting at the border will reduce Ukraine's overall imports by about a fifth in November, and could cost Kyiv one percentage point of GDP growth if they drag on, a senior Ukrainian official said.
Slovak truckers to block Ukraine crossing, joining Polish protests
Slovak truckers will block the main border crossing with Ukraine from Friday, the country's truckers association UNAS said, joining Polish protests to win restrictions against Ukrainian drivers.
EU transport commissioner says truck blockade at Polish-Ukrainian border 'unacceptable'
Ukraine and the European Union cannot be "taken hostage" by Polish truckers blockading the Polish-Ukrainian border in protest at competition from Ukrainian hauliers, the European Commissioner for Transport said on Wednesday.
China's Nio teams up with Geely on auto battery swapping
Chinese automakers Nio (9866.HK) and Zhejiang Geely Holding Group said on Wednesday they had signed a strategic partnership agreement on battery swapping that would see them work together on standards, technology and model development.
Denmark's Maersk sells remaining share holding in Norway's Hoegh Autoliners
Danish shipping firm Maersk (MAERSKb.CO) has sold 20,000,000 shares in Norway's Hoegh Autoliners (HAUTO.OL), cutting its holding to zero, according to a stock exchange filing.
Cargo ship sinks off Greek island, one dead, 12 missing
One person has died and 12 people were missing on Sunday after a cargo ship carrying salt with 14 crew on board sank off the island of Lesbos, the Greek coast guard said.