The need to know
The need to know for the week ending 9th June 2023
The need to know from Reuters’ global network of journalists
Shein tries to thread US-China needle
Shein is threading the world’s trickiest geopolitical needle.
CEO of Germany's Merck: decoupling from China would be at huge economic cost
The CEO of German technology group Merck KGaA (MRCG.DE) said that unravelling trade ties with China would come at great economic cost and she was banking on dialogue to ease tensions between Beijing and Western powers.
Retailers, manufacturers urge White House to mediate in West Coast ports labor dispute
Groups representing major retailers and manufacturers urged the White House on Monday to intervene in contentious West Coast port labor negotiations, citing worries about shipping disruptions during critical holiday shopping seasons.
Jobs at stake as California port terminal upgrades to green technology
Unions hope a $30 million grant to electrify tractors in a Long Beach, California, port terminal's final push to become the world's first zero-emissions facility will serve as a bulwark against lost jobs in an era of energy transition and increasing automation.
Container shipping freight rates are too low, says Hapag Lloyd CEO
Global container shipping freight rates have reached unsustainable levels and must rebound, the chief executive of Germany's Hapag Lloyd (HLAG.DE), the world's number five operator by volume, said on Tuesday.
New York Fed says global supply chain pressures further abated in May
Supply chain pressures cooled again in May, New York Fed data showed, in a development that further eased what had been one of the key factors that had helped drive surging inflation pressures around the work.
China's exports tumble in May as global demand falters
China's exports shrank much faster than expected in May while imports extended declines with a grim outlook for global demand, especially from developed markets, raising doubts about the fragile economic recovery.
Column: US industrial recession hits energy consumption
U.S. manufacturing and freight activity has declined for seven months running, reflected in falling consumption of diesel and other distillate fuel oils as well as industrial electricity sales.
US diesel demand is falling despite economic growth, EIA says
U.S. diesel demand will drop through 2024 despite growing economic activity, extending a recent break from tradition where demand for the freight fuel grows with GDP, the Energy Information Administration forecast on Tuesday.
US trade deficit widens to 6-month high, expected to dent economic growth
The U.S. trade deficit widened by the most in eight years in April as imports of goods rebounded while exports of energy products declined, a trend that if sustained, could result in trade being a drag on economic growth in the second quarter.
Eurozone investor mood darkens due to 'problem child' Germany, survey finds
Investors got more gloomy on prospects for the euro zone economy in June, dragged down by negative expectations for Germany, Europe's biggest economy, a survey showed on Monday.
Ex-minister urges Beijing to lead in setting global EV battery standards
China should standardise requirements for electric vehicle (EV) batteries in order to keep its edge over other markets such as the U.S. and Europe in the rapidly growing industry, the country's former industry minister said on Friday.
France rolls out the red carpet for EV battery factories
For French President Emmanuel Macron, it was a light-bulb moment.
BorgWarner sees EV, hybrid parts business generate nearly half of sales by 2027
Auto parts supplier BorgWarner (BWA.N) on Tuesday forecast its electrified-vehicle business would generate about half of its total expected sales of over $10 billion by 2027, as the company looks to tap strong demand for cleaner modes of transport.
Stellantis in talks for parts and material recycling JV with Galloo
Carmaker Stellantis (STLAM.MI) and Belgian metals recycler Galloo have entered exclusive talks to create a joint venture focused on parts and material recycling from end-of-life vehicles, the two companies said on Monday.
ArcelorMittal North America to supply renewably produced steel to General Motors
ArcelorMittal North America said on Tuesday the steelmaker will supply General Motors (GM.N) with recycled and renewably produced steel, which substantially lowers CO2 emissions.
Biden: U.S., UK discuss need to strengthen critical mineral supply chains
U.S. President Joe Biden met with British Prime Minister Rishi Sunak at the White House on Thursday and said the two leaders discussed the need to strengthen critical mineral supply chains.
Britain proposes tougher procurement laws to protect national security
Britain will on Wednesday propose tightening procurement laws to protect sensitive sectors on national security grounds by setting up a new unit to investigate suppliers and also creating new powers to ban suppliers from certain contracts.
India inflation likely cooled to a 20-month low in May: Reuters poll
Consumer price inflation in India likely cooled to a 20-month low in May as food price rises slowed further, drawing closer to the Reserve Bank of India's medium-term target of 4%, a Reuters poll of economists found.
Republican state AGs, industry groups challenge US approval of California truck rules
A group of 19 Republican state attorneys general, oil industry, farming and truck driver groups said Tuesday they had filed legal challenges to the Biden administration decision approving California's plans to require a rising number of zero-emission heavy-duty trucks as the state pushes to cut pollution.
US grapples with how clean is green hydrogen
Signed into law last year, the Biden administration’s Inflation Reduction Act will plough almost $400 billion into clean energy projects and a large part of that will finance a tiered subsidy for emission-free hydrogen production.
Amazon, Target modify deliveries in areas with poor air quality
Amazon.com (AMZN.O) said on Thursday that it was cutting delivery routes short for drivers in places affected by poor air quality, while Target also said its contactless order pickup service may not operate in the most affected areas.
Walmart reiterates goal of doubling international gross merchandise in five years
Walmart (WMT.N) still expects to double the amount of gross merchandise volume it sells in foreign markets to $200 billion in five years, a top executive at the retailer said on Friday, even as the global economy remains on shaky ground.
US to conduct safety review of all major railroads
The Biden administration will conduct safety assessments of all major U.S. railroads following the Feb. 3 derailment of a Norfolk Southern (NSC.N) operated train in Ohio, according to a letter seen by Reuters on Tuesday.
Amazon workers at UK warehouse to strike for three days in June
UK labour union GMB said on Thursday that Amazon (AMZN.O) workers at a warehouse in Coventry will strike for three days in June over a pay dispute.
TSMC feels 'good' about possible Germany plant, in subsidy talks
Taiwan chipmaker TSMC (2330.TW) is feeling "good" about talks towards setting up its first European factory in Germany, where it is in subsidy discussions with the government, the company's chairman said on Tuesday.
Boeing CEO says fixing supply chain constraints is 'frustratingly slow'
Boeing Co. (BA.N) CEO Dave Calhoun on Friday said progress on resolving supply chain problems has been "frustratingly slow" even as airlines' demand for planes has bounced back to pre-pandemic levels.
Ford Motor names Whirlpool exec as new supply chain chief
Ford Motor Co (F.N) on Tuesday named Whirlpool Corp's (WHR.N) Liz Door its chief supply chain officer, at a time when the automaker navigates through parts shortages and rising costs.
South Korea vows support for its chip sector amid China-US tension
South Korea pledged support for its chip sector on Thursday, with President Yoon Suk Yeol describing competition in the industry as an "all-out war" amid heightened Sino-U.S. tension.
EU approves $8.7 bln of state aid for tech innovation projects
The European Commission has approved 8.1 billion euros ($8.7 billion) of state aid for microelectronics and communication technology projects as part of the European Union's drive to be at the cutting edge of technological innovation.
Canada's export volumes hit all-time high in April
Canada's exports jumped 2.5% in April and hit an all-time high by volume, while imports declined 0.2% partly because of a fall in energy products, Statistics Canada said on Wednesday.
Two cargo vessels collide off Greek island, near Turkey
Two cargo vessels collided off the Greek island of Chios near the Turkish cost on Friday, authorities said, adding that there were no injuries