The need to know
The need to know for the week ending 15th December 2023
The need to know from Reuters’ global network of journalists
Global trade to contract by 5% in 2023, UN body says
Global trade is set to contract by 5% in 2023 compared to last year, the United Nations trade body said on Monday, with an overall pessimistic forecast for 2024.
Driverless vehicles on limited routes bump along despite US robotaxi scrutiny
A quest for lower costs and efficiently moving goods and groups of people is pushing demand for driverless technology in trucks and shuttles, even as robotaxis battle renewed doubts after an October accident involving a General Motors (GM.N) Cruise car.
In 2023, bold EV strategies took a punch from reality
This was the year the auto industry's race toward an all-electric future took a detour.
US Treasury unveils rules for clean energy manufacturing subsidy
The U.S. Treasury on Thursday unveiled proposed guidelines for manufacturers seeking to claim a tax credit for making clean-energy components like solar panels and batteries, which is aimed at powering the energy transition with American-made products.
China solar panel costs drop 42% from year ago - report
China's cost to produce solar panels has plummeted 42% in the last year, according to a report published on Thursday, giving manufacturers there an enormous advantage over rivals in places like the United States and Europe.
South Korean auto battery firms take on Chinese rivals but with trepidation
Under pressure from clients eager to diversify away from China, South Korean makers of automotive batteries have pledged to develop a more affordable type of battery chemistry favoured by their Chinese rivals.
Luxury slowdown prompts fears of inventory pile-up over key holiday season
Early holiday shopping season discounts from high-end fashion retailers like Bergdorf Goodman on New York's Fifth Avenue raised concern that a lacklustre Christmas could lead to inventory gluts – potentially dragging labels into a discounting spiral that would cheapen their image.
India cuts logistics costs to below 9% of GDP with higher state spending
India's logistics costs have come down to below 9% of gross domestic product, helped by rising state spending on roads, ports and digitisation, a report commissioned by the federal government said on Friday, and could boost manufacturing.
Bab al-Mandab shipping lane a target as Israel fights Hamas
Yemen's Houthis have been targeting vessels in the southern Red Sea and the Bab al-Mandab strait in attacks the Iran-aligned group says aim to support the Palestinians as Israel and Hamas wage war.
Tanker in Red Sea targeted by speedboat gunfire and missiles -sources
A tanker in the Red Sea off Yemen's coast was fired on by gunmen in a speedboat and targeted with missiles, maritime sources said on Wednesday, the latest incident to threaten the shipping lane after Yemeni Houthi forces warned ships not to travel to Israel.
Maersk denies Houthi claim container ship hit by Yemeni militia
Danish shipping company Maersk on Friday denied a claim by Yemen's Iran-aligned Houthi movement that the militia made a drone strike on a Maersk vessel sailing towards Israel.
U.S. seeks 'broadest possible' Red Sea maritime coalition against Houthi attacks
The United States wants to form the "broadest possible" maritime coalition to protect ships in the Red Sea and send an "important signal" to Yemen's Houthis that further attacks will not be tolerated, the U.S. envoy for Yemen told Reuters.
Houthi attacks direct threat to Israel’s maritime trade – Ashdod port
Attacks on commercial vessels by Yemen’s Houthis are a threat to global shipping routes and seaborne traffic to Israel although there has been no direct impact on port activity, Israel’s Port of Ashdod said on Tuesday.
UKMTO flags report of vessel ordered to alter course by 'Yemeni navy'
The United Kingdom Maritime Trade Operations (UKMTO) agency has received a report of an entity declaring itself to be the Yemeni navy ordering a vessel to alter course to an unspecified Yemeni port, it said in an X post early on Tuesday.
UK firms pause China investment decisions as growth slows: survey
Sixty percent of British firms feel that a slowing Chinese economy presents a bigger challenge to their operations in the Asian giant than strict COVID curbs in place until late last year, according to the British Chamber of Commerce in China.
China is still the top dog in commodities, but its bark is changing
For the past two decades the mantra in commodities has largely been if you build it, China will buy it.
China's investments to Vietnam boom as Xi visits Hanoi, US spending down
Chinese investments in Vietnam have boomed this year in contrast to a slowdown in U.S. spending and trade, official data show, as the world's two largest economies vie for influence in the strategic Southeast Asian country.
China makes plans to boost domestic and foreign trade
China's State Council on Monday released a slew of measures designed to help domestic and foreign firms trade, as policymakers strive to shore up economic growth and boost demand.
EU publishes its first list of more than 300 critical medicines, vaccines
The European Commission published its first list of critical medicines, as part of a wider overhaul of laws governing the 136 billion euro ($148 billion) pharmaceuticals industry aimed at avoiding shortages of drugs.
US expects to make multi-billion chips awards within the next year
U.S. Commerce Secretary Gina Raimondo said she expects to make around a dozen semiconductor chips funding awards within the next year, including multi-billion dollar announcements that could drastically reshape U.S. chip production.
EU agrees on forced labour, environmental harm disclosures for companies
Large companies in the European Union will have to identify and take remedial action if they find their supply chains employing child labour or damaging the environment, the bloc's lawmakers and council of member states agreed on Thursday.
Japan to give tax breaks for 10 years to boost EV, chip production
The Japanese government will offer tax incentives for a decade to boost production in five areas including electric vehicles and high-tech chips as part of a bid to attract firms to make big-ticket investments, an outline of the plan showed.
Amazon asks judge to dismiss FTC lawsuit, says no consumer harm shown
Amazon.com asked a federal court on Friday to dismiss a U.S. government antitrust lawsuit which accuses the company of using illegal strategies to boost profits at its online retail empire, including an algorithm that allegedly pushed up prices by more than $1 billion.
FedEx faces US racketeering lawsuit by former delivery contractor
A company that FedEx once contracted to deliver packages on the California-Oregon border has sued the shipper, alleging it engages in a systemic pattern of illegal and wrongful business practices that violate U.S. anti-racketeering law.
Ukraine moves first lorries to Poland by rail through blocked border
Ukraine has transported the first batch of lorries to Poland by rail, bypassing the blockage of the land border between the two countries by Polish drivers, Ukrainian state railways Ukrzaliznytsia said on Sunday.
EU nears deal on 12th Russia sanctions package, softens tanker sale ban - sources
European Union countries are close to agreeing a deal on a proposed 12th package of sanctions on Russia focused on a Russia-origin diamond ban and new measures to stem the flow of Russian oil, according to four people familiar with the matter.
World oil demand next year to rise faster than expected, IEA says
World oil demand will rise faster than expected next year, the International Energy Agency (IEA) said on Thursday, a sign that the outlook for near-term oil use remains robust despite this week's COP28 agreement to transition away from fossil fuels.
COP28 kicks carbon trading down the road as EU blocks deal
U.N. climate talks failed on Wednesday to seal a deal on new rules which would allow the launch of a central system for countries and companies to begin offsetting their carbon emissions and trading those offsets.
UK manufacturers report some signs of recovery - Make UK
Britain's struggling factories are seeing some signs of recovery, helped by a long-awaited burst of restocking and a pickup in export orders that could help the sector in a challenging 2024, a manufacturing trade body said on Monday.
Japan's business mood hits near 2-year high, keeps BOJ exit in focus
Business confidence at big Japanese manufacturers hit a near two-year high in the three months to December, a closely watched central bank survey showed, suggesting the economic conditions needed to unwind massive stimulus were falling into place.
US economy still resilient as retail sales beat expectations, layoffs stay low
U.S. retail sales unexpectedly rose in November as the holiday shopping season got off to a brisk start amid deep discounting, likely keeping the economy on a moderate growth path this quarter and further alleviating fears of a recession.
Foxconn to invest additional $1.7 bln in India's Karnataka state
Apple supplier Foxconn (2317.TW) plans to invest an additional 139.11 billion rupees ($1.67 billion) in India's Karnataka state, the state government said in a statement on Tuesday.
India's Oct industrial output rises at fastest pace for 16 months
India's industrial output (INIP=ECI) rose 11.7% year-on-year in October, the fastest pace in 16 months and beating expectations, data from the Ministry of Statistics showed on Tuesday, driven by strong festive demand for electricity and durable goods.
New COP28 draft text does not mention phase out of fossil fuels
The U.N.'s climate body on Monday published its latest draft text of the deal it hopes to reach at the COP28 summit in Dubai, which includes a range of actions countries could take to reduce emissions.
Polish border crossing with Ukraine again blocked after temporary lifting
A month-long blockade of Ukrainian border crossings by protesting Polish truck drivers was briefly lifted on Monday at one crossing, but by evening police said the road leading to it was again impassable.
EU risks losing ground in EVs without strong industry strategy - ACEA
Europe's electric vehicle (EV) sector risks falling behind without a robust EU industrial strategy, autos group ACEA said on Thursday citing new report findings, amid China's dominance of the supply chain and U.S. incentives for its automakers.
China chip firm powered by US tech and money avoids Biden's crackdown
A Chinese chip designer, part-owned by the country's top sanctioned chipmaker, is purchasing U.S. software and has American financial backing, relationships that underscore the difficulty Washington faces applying new rules meant to block American support for Beijing's semiconductor industry.
Italian police seize $94 million from UPS over alleged tax and labour offences
Italy's finance police on Thursday seized around 86.5 million euros ($94.5 million) from the Italian arm of U.S. package delivery company United Parcel Service (UPS.N) over alleged tax fraud and illegal labour practices.
China EV maker Zeekr unveils fast-charging LFP battery
Zeekr (ZK.N), the premium electric vehicle brand of Chinese automaker Geely (0175.HK) (GEELY.UL), unveiled on Thursday lithium iron phosphate batteries it developed that support fast charging.
South Korea's Yoon to visit Netherlands with focus on semiconductors
South Korean President Yoon Suk Yeol departs for the Netherlands on Monday for a state visit, with cooperation on semiconductors and a potential "chip alliance" likely to be the highlight of his discussions with political and industry leaders.
How Shein outgrew Zara and H&M and pioneered fast-fashion 2.0
With Zara-owner Inditex (ITX.MC) and H&M (HMb.ST) set to disclose their most recent sales results, investors will be focused on one major question: how are the two fast-fashion pioneers responding to the current market leader, Shein?
India's Mahindra and Mahindra, others to invest $105 mln in two-wheeler unit
Indian automaker Mahindra and Mahindra (MAHM.NS) said on Wednesday that the company, along with external investors, will spend 8.75 billion rupees ($105 million) in its two-wheeler unit, Classic Legends, over the next two to three years.
Mexico gives Tesla land-use permits for gigafactory, says state government
Electric automaker Tesla has received land-use permits from Mexico's federal environment ministry to build a planned "gigafactory" in the northern border state of Nuevo Leon, the state government announced on Tuesday.
India bans onion exports until March 31, 2024
India has imposed a ban on exports of onions until March 31, 2024, according to a government order issued late on Thursday.
India's Essar to invest $6.6 billion in power, port projects in Gujarat
Indian conglomerate Essar said on Thursday it will invest $6.6 billion in the energy transition, power and port sectors in the western state of Gujarat, as it renews strategic investments after clearing a huge debt.
China car sales growth speeds up in November as price war intensifies
China's passenger vehicle sales rose 25.5% in November from a year earlier, faster than the prior month and extending growth to a fourth month, industry data showed on Friday, as automakers stepped up a price battle to meet sales goals.
US soy shipments fall off pace despite decent demand
Recent U.S. soybean export sales have been respectable, though soy shipments have dropped off normal pace in the latest couple of weeks in a way not seen since the U.S.-China trade war in 2018.
JD.com founder says firm is 'bloated', as China e-commerce giants face pressure
The founder of JD.com (9618.HK) told staff he acknowledged the e-commerce giant was too large and inefficient and vowed to instil change, in response to a staff complaint about problems with the platform amid intensifying competition.
TikTok set to restart e-commerce in Indonesia with $1.5 billion Tokopedia investment
China's TikTok has agreed to spend $840 million to buy most of Indonesian tech conglomerate GoTo's (GOTO.JK) e-commerce unit - a move that appears to allow it to restart its online shopping business in Southeast Asia's largest economy.
US beginning internal discussions about renewing North American trade pact - CBC News
U.S. officials have begun informal talks to prepare for new negotiations on the North American Free Trade Agreement (NAFTA), David Cohen, the country's ambassador to Canada, told CBC News in an interview published Saturday.
China 2023 steel output set to rise despite property woes
China's steel output is expected to rise for the first year in three in 2023 as a soft domestic property sector is compensated by strong vehicle manufacturing and rising exports.
Toshiba, Rohm to invest $2.7 bln to jointly produce power chips
Toshiba (6502.T) and Rohm (6963.T) said on Friday they would invest 388.3 billion yen ($2.7 billion) to jointly produce power chips, the first collaboration since Rohm's participation in a $14 billion buyout of Toshiba.
Poland reports bird flu outbreaks on farms near German border
Poland has reported an outbreak of highly pathogenic H5N1 avian influenza, commonly called bird flu, on two poultry farms near the German border in the northwestern part of the country, the World Organisation for Animal Health (WOAH) said on Friday.
Germany to support green steel at Stahl-Holding-Saar with 2.6 bln eur
The German government plans to support steelmaker Stahl-Holding-Saar's (SHS) in its transformation towards greener production with 2.6 billion euros ($2.80 billion), economy minister Robert Habeck said on Monday.
France's new EV cash incentive rules toughen market for Chinese-made cars
France's revamped rules on consumer cash incentives for electric car purchases favour vehicles made in France and Europe over models manufactured in China, a government list of eligible car types published on Thursday showed.
US prosecutors seek 11-year sentence for Nikola founder Trevor Milton
Nikola founder Trevor Milton should receive around 11 years in prison for defrauding investors in the electric- and hydrogen-powered truck maker, prosecutors in New York said on Tuesday.