The need to know
The need to know for the week starting 16th November 2024
The need to know from Reuters’ global network of journalists
US importers set to accelerate shipments to record levels on tariff, strike threats
The United States' busy ports kicked activity up a notch in November and December, when inbound cargo traffic is set to reach new records, the National Retail Federation industry group said on Monday.
Trump tariffs endanger struggling US trucking industry, experts say
President-elect Donald Trump's threatened tariffs on top trade partners China, Mexico and Canada would deal a blow to the $1.7 trillion U.S. transportation industry and worsen a nearly three-year trucking recession, sector experts said.
China's 'erotic clothing' capital braces for Trump and e-commerce crackdown
In an industrial park being built with Chinese state support in the middle of a sprawling farming community, factory boss Lei Congrui straightens a tiny golden bell hanging off a choker on a mannequin wearing white-and-pink lingerie.
Trump considers privatizing US Postal Service, Washington Post reports
U.S. President-elect Donald Trump has in recent weeks expressed a keen interest in privatizing the U.S. Postal Service, the Washington Post reported on Saturday, citing three people with knowledge of the matter.
Maersk sees global trade growth rising as much as 7% in 2025, exec says
Maersk (MAERSKb.CO) expects global trade growth rising as much as 7% next year, bolstered by strong demand from the United States where a potential port strike and tariffs on foreign-made goods loom, an executive at the global carrier said on Wednesday.
China's exports slow sharply, imports shrink ahead of Trump tariffs
China's exports slowed sharply and imports unexpectedly shrank in November, in a worrying sign for the world's No. 2 economy as Donald Trump's imminent return to the White House brings fresh trade risks.
Exclusive: Trump transition team plans sweeping rollback of Biden EV, emissions policies
Incoming U.S. President Donald Trump’s transition team is recommending sweeping changes to cut off support for electric vehicles and charging stations and to strengthen measures blocking cars, components and battery materials from China, according to a document seen by Reuters.
USDA does not expect to resume Mexico cattle imports before holidays, chief veterinary officer says
The U.S. Department of Agriculture late on Friday walked back comments that it could resume imports of Mexican cattle before year-end holidays, after it suspended shipments last month due to the discovery of New World screwworm in Mexico.
Inside Boeing’s struggle to make its best-selling plane again
Since a crippling strike at many of Boeing's (BA.N) U.S. plane factories ended more than a month ago, progress ramping up production of its best-selling 737 MAX jet has been deliberately slow.
Global EV sales hit third consecutive record high
Global sales of fully electric and plug-in hybrid vehicles rose for a seventh consecutive month in November, jumping 32% year on year for a third consecutive record high, data from market research firm Rho Motion showed on Friday.
Global diesel prices to rely on refinery closures for support in 2025
The global diesel market will likely find price support in 2025 from the closure of about 1% of refining capacity, traders and analysts said, offsetting current weakness and structural downward pressure as the world shifts to cleaner fuels.
Trump signals support for US dockworkers in stalled labor talks
U.S. President-elect Donald Trump on Thursday appeared to back the anti-automation stance of some 45,000 union dockworkers on the U.S. East and Gulf Coasts, whose labor talks are at an impasse over that polarizing issue.
China targets Nvidia with antitrust probe, escalates US chip tensions
China said on Monday it has launched an investigation into Nvidia (NVDA.O) over suspected violations of the country's anti-monopoly law, a probe widely seen as a retaliatory shot against Washington's latest curbs on the Chinese chip sector.
Exclusive: Brazil's top coffee roasters to hike prices from next year
Brazil's top coffee roasters including JDE Peet's, one of the world's biggest coffee companies, are set to hike prices domestically from early next year after adverse weather caused raw bean prices to spike.
China's CATL offers suppliers financial support to drive battery innovation
China's CATL (300750.SZ) has told suppliers it is willing to provide them with financial support to speed up technology innovation in battery materials and equipment, part of efforts to relieve stress on its supply chain amid a brutal EV price war.
Authorities to attempt to reopen Mosel river in Germany to shipping
Navigation authorities will attempt to install a temporary lock system on the river Mosel in west Germany this weekend to enable the river, an important route for grains and rapeseed shipments to and from Germany and France, to reopen to cargo shipping.
How the world could unplug from China’s batteries: podcast
International cell makers are struggling to compete with Chinese giants like CATL. But innovations like solid-state batteries could upend the industry in the not-too-distant future.
Foreign cash to emerging world to drop as tariffs threats loom - IIF
Global growth will slow in 2025, and offshore investors are set to cut the cash they send to emerging markets by nearly a quarter, as promised policies from incoming U.S. President Donald Trump reverberate through global markets, a banking trade group said on Wednesday.
US Postal Service chief defends plan to buy rising number of EVs
U.S. Postmaster General Louis DeJoy defended plans to buy a rising number of electric delivery vehicles and said he did not plan to return funding earmarked for zero-emission models without legislation from Congress.
Boeing to invest $1 billion to help increase 787 production in South Carolina
Boeing (BA.N) said on Thursday it plans to spend $1 billion to support increased production of its 787 Dreamliner widebody jets, as the U.S. planemaker works to meet an earlier output target of 10 a month by 2026.
Supply chain software firm Logility explores sale, sources say
Logility Supply Chain Solutions (LGTY.O), a maker of artificial intelligence-powered software that helps companies manage their inventories and supply chains, is exploring a sale, according to people familiar with the matter.
German e-retailer Zalando to buy rival About You in billion-euro deal
Europe's biggest online retailer Zalando (ZALG.DE) plans to buy About You (YOUG.DE) in a deal valuing the smaller rival at 1.13 billion euros ($1.19 billion), the companies said on Wednesday, marking the next big move to consolidate Europe's online apparel market.
Focus: South Africa's Takealot bets on townships to fend off global rivals
South Africa's biggest e-commerce retailer, Takealot, has hired thousands of personal shoppers to help it penetrate townships and rural areas and fend off increased competition from global rivals, its CEO told Reuters.
Stellantis, China's CATL to invest $4.33 bln in EV battery factory in Spain
Stellantis (STLAM.MI) and Chinese battery maker CATL (300750.SZ) will invest 4.1 billion euros ($4.33 billion) to build one of Europe's largest electric vehicle battery factories in Spain, encouraged by lower costs and government funding.
U.S. imposes trade restrictions on two Chinese firms over human rights
The United States added two Chinese companies to a trade restriction list on Tuesday for allegedly enabling human rights violations as President Joe Biden kept up the pressure on Beijing in the waning days of his administration.
Exclusive: Trump tariff plan puts $3 billion in Diageo, Becle tequila imports at risk
Some $3 billion in tequila and mezcal imports from top makers of the popular spirits, Diageo and Jose Cuervo owner Becle, are at risk from U.S. President-elect Donald Trump's planned tariffs on Mexico, according to Mexican customs data reviewed by Reuters.
Thailand posts 20% drop in low-quality Chinese imports, official says
Thailand has recorded a 20% drop in low-quality imports, mostly from China since introducing steps to curb cheap Chinese imports that were hurting business in Southeast Asia's second-largest economy, a government spokesperson said on Monday.
German business activity ends year in contraction territory, PMI shows
Germany's economic downturn eased slightly in December but business activity still contracted for a sixth month running, according to a survey published on Monday.
UK to mostly avoid tariff trouble with the U.S., say economists
U.S. President-elect Donald Trump will impose a tariff of less than 10% on UK imports next year or none at all, which will have an insignificant effect on the UK economy, according to a strong majority of economists polled by Reuters.
China November industrial output rises 5.4%, above expectations
China's industrial output rose 5.4% from a year earlier in November, quickening from October's 5.3% growth, signalling tentative stabilisation in the world's second-largest economy as recent stimulus measures start to gain traction.
Truck-maker Paccar to recall 220,972 US vehicles over electronic system issues
Truck-maker PACCAR (PCAR.O) is recalling 220,972 vehicles in the U.S. due to issues with the electronic control units (ECU) that might impact systems associated with braking and stability control, the U.S. auto safety regulator said on Thursday.
Americans are sour on tariffs if they spark inflation, Reuters/Ipsos poll finds
Americans don't think import tariffs are a good idea if they lead to higher prices and are skeptical they would help U.S. workers, a Reuters/Ipsos poll found, underscoring the political risks to President-elect Donald Trump's plan to impose heavy fees on goods from China, Mexico and other nations.
Marginal rise in US import prices suggests inflation pressures may subside
U.S. import prices barely rose in November as increases in the costs of food and fuels were partially offset by decreases elsewhere thanks to a strong dollar, suggesting that inflation pressures could subside in the months ahead.
German exports fall more than expected in October
German exports fell more than expected in October, an indication that the long-awaited recovery in external demand has been delayed.
Lithium supply surplus set to stay with battery makers' help
Many lithium mines, led by Chinese operators, are maintaining production of the raw material needed for electric vehicle (EV) batteries, in defiance of prices weak enough to trigger mass output cuts - providing a boon for battery makers.
China soybean imports slip 9% in Nov but on course for record annual high
China brought in 7.15 million metric tons of soybeans in November, less than expected due to a decrease in Brazillian arrivals, but the world's biggest oilseed buyer remains set for record annual imports.
Malaysian palm oil inventories drop as Nov output hits 4-year low
Malaysia's palm oil stockpiles slipped in November for a second consecutive month, as production dropped more than expected to its lowest level for the month in four years, according to the country's industry regulator on Tuesday.
UK factories take fright as budget adds to cost pressures, survey shows
British manufacturers have reported the sharpest loss of confidence since the start of the COVID-19 pandemic in the face of higher costs including tax increases by the new government, a group representing the sector said on Monday.
Decline in euro zone business activity eases in December, PMI shows
The decline in euro zone business activity eased this month as the bloc's dominant services industry bounced back to growth and offset a long-running contraction in the manufacturing industry, a survey showed on Monday.
Volkswagen's Audi to halt Brussels production by Feb 28
Volkswagen's (VOWG_p.DE) Audi plant in Brussels will cease production by Feb. 28 next year, Audi spokesperson Peter D'hoore said on Thursday, after the company said no alternatives to closure had been found.
GM to exit loss-making Cruise robotaxi business
General Motors (GM.N) said on Tuesday it will end robotaxi development at its majority-owned, money-losing Cruise business, a blow to the ambitions of the largest U.S. automaker which had made the advanced technology unit a top priority.
Policy Watch: COP29 comes up short on spurring reduction in industrial emissions
First the good news: there’s around $1 trillion worth of projects sitting in the pipeline to decarbonise heavy industries such as steel, cement and chemicals.
Stellantis to extend stoppage at Mirafiori plant until Jan. 20, union says
tellantis (STLAM.MI) will extend the stoppage of car production at its Italian Mirafiori plant by a further two weeks, until Jan. 20, the head of the FIOM-Cgil trade union at the site said on Thursday.
Up to 10,000 Bosch jobs at risk in Germany, deputy chairman says
A number of recently announced staff reduction schemes at Bosch (ROBG.UL), the world's top auto supplier, have put around 8,000-10,000 jobs at risk in Germany, the company's deputy supervisory board chairman said on Wednesday.
China Nov iron ore imports drop on expectation of weak seasonal demand
China's iron ore imports in November fell 1.91% from October, customs data showed on Tuesday, as shipments slowed ahead of the slow season for steel demand when colder weather disrupts construction work in the country's north.
India mandates use of locally made solar cells in government projects from June 2026
Indian clean energy firms will only be allowed to use locally made solar cells supplied by an approved list of companies in government projects from June 2026, the country's renewable energy ministry said, in a move aimed at curbing Chinese imports.
Novo Nordisk invests $1.2 bln in new rare disease drugs plant in Denmark
Danish drugmaker Novo Nordisk will invest 8.5 billion crowns ($1.20 billion) in a new facility in Odense, Denmark, for the production of rare disease drugs, it said on Monday.