The need to know

The need to know for the week ending 7th June 2024

The need to know from Reuters’ global network of journalists

Maersk faces significant port congestion in Asia, Mediterranean

Maersk (MAERSKb.CO) faces significant terminal congestion in Mediterranean and Asian ports, causing substantial delays in its vessel schedule, the Danish shipping group said in a statement on Monday.

No-tariff shipments popular with Shein, Temu hit US customs speedbump

A new U.S. crackdown on customs brokers handling billions of dollars in inexpensive online shopping orders from giants like China-linked Shein and Temu is likely to cause delivery delays and bottlenecks, industry experts said.

US diesel demand for March hits 26-year seasonal low, EIA says

U.S. diesel demand fell to its lowest seasonal level in March since 1998, while crude oil output rose to a multi-month high, data from the U.S. Energy Information Administration showed on Friday.

Volvo to issue world's first EV battery passport ahead of EU rules

Volvo Cars is launching the world's first EV battery passport recording the origins of raw materials, components, recycled content and carbon footprint for its flagship EX90 SUV, which is about to start production, the Swedish automaker told Reuters.

Indonesia designs agricultural commodities digital tracker in sustainability push

Indonesia plans to set up a digital dashboard by August to track its agricultural commodities, its economics ministry said, as the world's top palm oil exporter looks to monitor $6.5 billion worth of products that face a new EU anti-deforestation rule.

Can flat pack be closed loop? How IKEA hopes to have its Swedish cinnamon bun and eat it

In the not-so-distant past the furniture adorning most British homes was old-fashioned, solid and, given its relatively high cost, more or less permanent.

China plans new carbon measurement standards to boost climate efforts

China announced plans on Wednesday to better measure the carbon content of its products - a key step in reaching its own climate goals and meeting tougher carbon standards overseas.

China takes nascent steps towards sourcing sustainable farm products

China's flagship food group COFCO International landed its first cargo of deforestation-free soybeans for domestic use on Friday, marking what industry players say is a milestone for a country that has prioritised price over sustainability in its farm imports.

How Taiwan’s green power deficit threatens tech industry’s bid for net zero

Outside of Taiwan, it is unlikely that many people have heard of the Hsinchu Science Park. But this sprawling campus in the north-west of the island is the home of several companies that have remained largely obscure, at least until recently, yet perform critical roles in the global economy.

TSMC says it has discussed moving fabs out of Taiwan but such a move impossible

Taiwanese contract chipmaker TSMC (2330.TW), whose major clients include Nvidia and Apple, said on Tuesday it had held talks with some customers about moving its chip plants off the island as tensions mounted with China but such a move would be impossible.

Exclusive: Chinese AI chip firms downgrading designs to secure TSMC production

Some Chinese AI chip companies are now designing less powerful processors to retain access to Taiwan Semiconductor Manufacturing Co (TSMC) (2330.TW) production in the face of U.S. sanctions, four people with knowledge of the matter said.

Maersk raises 2024 guidance on strong demand, Red Sea disruptions

Danish shipping group AP Moeller-Maersk (MAERSKb.CO) on Monday raised its full-year profit guidance for the second time in a month on the back of strong container market demand and the crisis in the Red Sea.

Maersk truck and rail operations hit by German floods

Shipping group Maersk's (MAERSKb.CO) truck and rail operations have been hit by heavy flooding in Germany, the Danish company said on Wednesday.

Rhine in south Germany closed to shipping, may reopen on Friday

Parts of the river Rhine in south Germany remained closed to cargo shipping on Thursday after weekend rain in south Germany raised water levels, but the river is falling and could reopen again on Friday, authorities said.

Exclusive: India plans new shipping firm to capture revenue from growing trade

India plans to set up a new shipping company to expand its fleet by at least 1,000 ships in the next decade, as Asia's third-largest economy seeks a bigger chunk of revenue from surging trade, two government officials said.

India's Modi plans post-election reforms to rival Chinese manufacturing

Indian Prime Minister Narendra Modi plans a raft of business-friendly measures if he wins a third term this week, including pushing through regulations making it easier to hire and fire workers, according to two government officials familiar with the matter.

Airbus faces new output delays amid parts shortages, sources say

Airbus (AIR.PA) is facing new pressure on its planned production ramp-up for passenger jets as the world's largest planemaker struggles to overcome continued parts and labour shortages, industry sources said on Thursday.

Granholm calls higher US tariffs on Chinese vehicle crucial for automakers

U.S. Energy Secretary Jennifer Granholm said on Tuesday quadrupling import duties on Chinese electric vehicles to over 100% in August as planned is crucial to the health of the U.S. auto sector.

China says it never uses EV subsidies barred by WTO

China never makes use of subsidies for electric vehicles that have been prohibited by the World Trade Organization, a spokesperson for its foreign ministry said on Thursday.

Yemen's Houthis say they attacked three ships in Red Sea, Arabian Sea

Yemen's Iran-allied Houthis said they had launched attacks on three ships in the Red Sea and the Arabian Sea - though shipping giant Maersk (MAERSKb.CO) dismissed the militants' report that the targets included one of its vessels.

El Nino weather pattern likely to swing back to La Nina this year: UN weather agency

The El Nino weather pattern that can cause extreme events such as wildfires and tropical cyclones is forecast to swing back into generally cooler La Nina conditions later this year, the World Meteorological Organization (WMO) said on Monday.

World hits streak of record temperatures as UN warns of 'climate hell'

Each of the past 12 months ranked as the warmest on record in year-on-year comparisons, the EU's climate change monitoring service said on Wednesday, as U.N. Secretary-General António Guterres called for urgent action to avert "climate hell".

US farmers opt for soy to limit losses as all crop prices slump

Mark Tuttle planted more soy and less corn on his northern Illinois farm this spring as prices for both crops hover near three-year lows and soybeans' lower production costs offered him the best chance of turning a profit in the country's top soy producing state.

Striking Canadian Safran workers make new offer to avert lengthy walkout, union says

Striking Montreal-area Safran (SAF.PA) workers who make components for landing gear used in Airbus (AIR.PA) and Boeing (BA.N) jets have made a counter offer that could avert a longer dispute, a union official told Reuters on Friday.

Port strike suspended at Argentine grains hub, ensuring flow of goods

Port worker unions in Argentina cut short a planned strike in grains shipping ports in the Rosario region following government-ordered talks, a union head said on Thursday, in welcome news for the country's farm exports.

Amazon Labor Union affiliates with Teamsters

The Amazon Labor Union (ALU) (AMZN.O) has agreed to affiliate with the International Brotherhood of Teamsters, one of the largest U.S. labor unions, in the latest sign that unionization efforts are picking up at the e-commerce giant.

MercadoLibre investments in Brazil this year to top initial forecast

Latin American e-commerce giant MercadoLibre expects its investments in Brazil this year to exceed the 23 billion reais ($4.35 billion) initially planned due to higher-than-expected sales, local marketplace head Fernando Yunes said on Wednesday.

ASML, Belgium's Imec open laboratory to test newest chip-making tool

ASML (ASML.AS), the biggest maker of equipment used to manufacture semiconductors, said on Monday it has opened a test laboratory for its High NA EUV lithography equipment, together with Belgium chip research firm Imec.

Companies invest in EV battery factories in Europe

Europe is seeking to attract electric vehicle (EV) battery makers to build factories in the region - home to carmakers such as Volkswagen and Stellantis - as it tries to cut dependency on Asia and win a green subsidies race with the United States.

EU approves potential $38 bln of renewables subsidies in Italy

The European Commission has approved an Italian state aid scheme potentially worth 35.3 billion euros ($38 billion) over the next 20 years to support the increase of electricity produced through renewable sources, the EU said on Tuesday.

China leads renewables charge in Asia, others need to catch up

Renewable energy capacity additions have been dominated by China in recent years, but if 2030 climate targets are to be met other countries in Asia are going to have step up the pace of deployment.

Japan, EU agree to work on creating hydrogen demand and supply

Japan and the European Union on Monday agreed to work together on policies related to creating demand and supply for clean hydrogen as well as to cooperate in advancing technologies to develop the new fuel, a joint statement said.

US solar projects could boom amid deadline to use up tax-exempt panel glut

A two-year U.S. tariff holiday on solar panels from Southeast Asia expires on Thursday, starting the clock ticking for American project developers to use the huge amount of equipment they stockpiled duty-free over that period by the end of this year.

South Korea, Africa leaders pledge deeper ties, critical mineral development

South Korean President Yoon Suk Yeol and the leaders of African countries agreed on Tuesday to forge deeper trade and business cooperation and launched a "critical minerals dialogue" aimed at sustainable development of the continent's resources.

Mercedes chief expects EU decision on Chinese EVs tariffs soon

Mercedes Benz (MBGn.DE) CEO Ola Kaellenius expects a decision on EU's import tariffs on Chinese electric vehicles soon, he said at an industry conference on Thursday.

SEKO wins conditional reinstatements from US customs agency

Privately held SEKO Logistics said U.S. Customs and Border Protection (CBP) has conditionally reinstated its participation in two vital international trade programs, but still has not identified the violations that led to the suspensions.

China's manufacturing surges, Caixin PMI shows, but global risks grow

China's factory activity grew the fastest in about two years in May due to production gains and new orders, particularly at smaller firms, a private sector survey showed on Monday, lifting the outlook for the second quarter.

Euro zone manufacturing sees potential signs of recovery in May

The long-running downturn in euro zone manufacturing may have turned a corner last month, according to a survey which showed new orders declined at their slowest pace in two years, leading to improved business confidence.

US factory activity, construction spending both fall

U.S. manufacturing activity slowed for a second straight month in May as new goods orders dropped by the most in nearly two years, and spending on construction projects slipped unexpectedly the month before, the latest indications that a gradual slowdown in the economy is taking hold.

Downturn in German manufacturing may be bottoming out, PMI shows

The downturn in Germany's manufacturing sector, which accounts for about a fifth of Europe's biggest economy, showed signs of bottoming out in May as output and new orders declined at a much slower pace than the month before, a survey showed on Monday.

UK factories return to growth, prices rise by most in a year, PMI shows

British manufacturers reported a return to growth last month after a long slowdown, according to a survey published on Monday, but the higher prices charged by firms may add to the Bank of England's caution about cutting interest rates.

Japan's May factory activity expands for first time in a year, PMI shows

Japan's factory activity expanded for the first time in a year in May, a private-sector survey showed on Monday, but overall growth was modest and demand was still subdued while a weak yen raised the cost of imported items for some producers.

South Korea factory activity expands at fastest pace in two years

South Korea's factory activity expanded in May at the fastest pace in two years on stronger growth in output and orders thanks to broadening global demand, a private-sector survey showed on Monday.

US trade deficit widens in April

The U.S. trade deficit widened in April as a jump in imports outpaced a slight increase in exports.

Brazil economy rebounds to start year, but flood impacts unclear

Brazil's economy rebounded in the first quarter from a sluggish second half of 2023 on stronger investments and consumer demand, official figures showed on Tuesday, adding to caution at the central bank, which has slowed the pace of interest-rate cuts.

South African factory activity slumps in May on election uncertainty - Absa PMI

South African manufacturing activity slumped in May, a Purchasing Managers' Index (PMI) survey showed on Monday, with respondents citing uncertainty linked to last week's election and sluggish demand.

Canadian factory PMI slips to four-month low in May

Canadian manufacturing activity slowed in May, adding to a record-setting period of contraction for the sector, as output and new orders fell at a faster pace and firms reduced their buying activity, data showed on Monday.

US says it could act against China firms, banks over Russian war support

The United States and other nations could take steps against Chinese firms and financial institutions over Beijing's backing for the Russian war against Ukraine, a top U.S. official said on Friday.

Toyota to expand production in Alabama with $282 mln investment

Toyota Alabama (7203.T) said on Wednesday it was investing $282 million in Huntsville, Alabama to add new production lines, which will generate around 350 new jobs.

Exclusive: EV maker Nio gets regulatory nod for third factory in China

Electric vehicle maker Nio has won approval to build a third factory in China that would boost its total approved production capacity to 1 million cars, almost at par with Tesla's massive Shanghai plant, three people with knowledge of the matter said.

China's Gotion High Tech to set up $1.3 billion EV battery gigafactory in Morocco

China's Gotion High Tech (002074.SZ) will build Morocco's first EV battery gigafactory for a total cost of 12.8 billion dirhams ($1.3 billion), the Moroccan government said on Thursday.

Stellantis sees Italian plants running at full capacity in 2030

Stellantis (STLAM.MI) sees its Italian plants running at full capacity in 2030 as plans for new models, including hybrid ones, are expected to support production, Chief Executive Carlos Tavares said on Tuesday.

Stellantis-backed battery maker ACC pauses plans for German, Italian plants

ACC, a battery joint venture backed by carmakers Stellantis (STLAM.MI) and Mercedes (MBGn.DE), has paused work on factories in Germany and Italy as the company switches to lower cost batteries amid slowing demand for electric vehicles.

Renault, Geely create joint venture for hybrid, combustion engines

French automaker Renault (RENA.PA) and Chinese partner Geely (0175.HK) announced a highly anticipated joint venture on Friday that will develop combustion and hybrid engines, hoping to improve the competitiveness of their legacy auto business.

Tesla to stop production at German plant for five days in June

Electric vehicle maker Tesla will stop production at its German plant in Gruenheide for five days in June to improve processes in the factory outside Berlin, a spokesperson said on Tuesday.

Fashion firm Shein to file 50 billion pound London IPO prospectus, Sky reports

Online fashion firm Shein is preparing to file a prospectus with Britain's Financial Conduct Authority for approval ahead of a potential London float which could value it around 50 billion pounds ($63.70 billion), Sky News reported on Sunday.

China gives first approvals for public trials of advanced autonomous driving

China has granted approval to a first group of nine automakers to carry out tests on vehicles with advanced autonomous driving technologies on public roads, as part of a plan to accelerate adoption of self-driving cars.

ADM says its head of global supply leaving company

Camille Batiste, Archer-Daniels-Midland's (ADM.N) senior vice president of global supply chain and procurement and a member of its executive council, is leaving the company next month, according to an internal email seen by Reuters on Tuesday and later confirmed by ADM.

Japan considers new legislation to back advanced chipmaking

Japan plans to look into legislation to support the commercial production of advanced semiconductors, a draft of this year's long-term economic policy plan seen by Reuters shows.

Deere announces job cuts to tackle slowing farm equipment demand

Deere & Co (DE.N) said on Wednesday it would cut an unspecified number of production and salaried jobs to save costs as it grapples with a downturn in farm equipment demand.

comments powered by Disqus