The need to know
The need to know for the week ending 21st July 2023
The need to know from Reuters’ global network of journalists
Column: Depleted US diesel stocks attract hedge funds
U.S. inventories of diesel and other distillate fuel oils have failed to replenish significantly despite a downturn in manufacturing and freight activity that has so far lasted eight months.
Companies buy into suppliers to secure deliveries, hit green targets
Major brands, including the investment arm of the IKEA group, are following automakers' lead in snapping up stakes in suppliers of raw materials and energy, seeking greater control over their production to meet emissions targets and limit disruptions.
US warehouse rents will defy logistics transportation rate drop -Prologis CEO
Warehouse rents will continue to rise even as other supply-chain costs tumble from pandemic highs, the CEO of the world's largest warehouse landlord told Reuters on Tuesday.
Dead EV batteries turn to gold with U.S. incentives
A little-publicized clause in the U.S. Inflation Reduction Act has companies scrambling to recycle electric vehicle batteries in North America, putting the region at the forefront of a global race to undermine China's dominance of the field.
Column: Critical minerals supply improves but many risks remain
The supply of minerals critical to the green energy transition could move close to levels needed to support climate pledges by 2030, according to the first annual review of the sector by the International Energy Agency (IEA).
Canada's Pacific dock workers revoke strike notice after Trudeau's crisis meeting
Dock workers on Canada's Pacific coast said they have revoked a strike notice issued for Saturday, after Prime Minister Justin Trudeau directed a crisis meeting to pursue all options to ensure the stability of supply chains as he stressed the critical role of port operations.
Nestle increases local sourcing in South Africa with new processing plant
Swiss food company Nestle (NESN.S) said on Tuesday it would be locally sourcing over 40% of raw materials for a new processing plant in South Africa to offset supply chain challenges and cut costs.
India should cash in on 'China plus one' strategy - World Bank chief
India has an opportunity to cash in on global companies' efforts to build factories outside China, the new World Bank president said on Wednesday, as firms seek to diversify their supply chains.
Japan exports underwhelm in June, global weakness drags on economy
Japan's annual exports grew much-less than expected in June, highlighting weak Chinese and Western demand that continues to undercut the post-COVID recovery in the world's third-biggest economy.
US inflation outlook brightening; consumer sentiment near two-year high
U.S. import prices fell for a second straight month in June as an increase in the cost of fuels was more than offset by declines elsewhere, the latest indication that inflationary pressures in the economy are abating.
German economy may disappoint as sentiment worsens - Bundesbank
The German economy may shrink by more this year than expected only a few weeks ago despite a small bounce in the second quarter, the Bundesbank said on Monday.
US manufacturing output falls in June; rebounds in second quarter
Production at U.S. factories unexpectedly fell in June, but rebounded in the second quarter as motor vehicle output accelerated after two straight quarterly declines.
Factbox: Why Indian rice export ban is so important to global trade
India has prohibited the export of non-basmati white rice with immediate effect, according to a government notice on Thursday, after a late start to seasonal monsoon rains hurt the crop and raised fears of a production shortfall.
Column: US grain futures make biggest strides since onset of Ukraine war
The end of the Ukraine grain export deal and an unfavorable U.S. weather outlook sent Chicago-traded wheat and corn futures soaring on Wednesday, causing pain for speculators holding short positions.
Russia may attack civilian shipping in Black Sea, White House says
The White House warned on Wednesday that Russia may expand its targeting of Ukrainian grain facilities to include attacks against civilian shipping in the Black Sea.
Marvell founders launch $2 billion chips foundry in Singapore
Singapore-based Silicon Box opened a $2 billion advanced semiconductor manufacturing foundry in the city-state on Thursday, as it seeks to broaden adoption of "chiplet" technology.
TSMC flags 10% fall in 2023 sales as weak global outlook weighs
Taiwanese chipmaker TSMC (2330.TW) forecast a drop of around 10% in 2023 sales on Thursday and flagged investment spending at the low end of estimates as global economic woes dent demand for chips used in everything from cars to cellphones.
Chip companies, top US officials discuss China policy
U.S. chip company executives met with top Biden administration officials on Monday to discuss China policy, the State Department and sources said, as the most powerful semiconductor lobby group urged a halt to more curbs under consideration.
Why Amazon put services in the spotlight for Prime Day
Amazon shoppers snagged deals on food delivery, travel and healthcare during a two-day Prime Event that ended on Wednesday, highlighting the potential for growth in services at an e-retailing giant long focused on goods.
India's Ola Electric targeting $1.5 billion in sales this year, pre-subsidy cut document shows
Indian e-scooter maker Ola Electric expects revenue to quadruple to $1.5 billion this financial year and then double that again in two years, according to a document containing corporate projections and people briefed on the matter.
Chinese autonomous vehicle tech raises concerns, US transportation chief says
U.S. Transportation Secretary Pete Buttigieg said on Thursday his agency has national security concerns about Chinese autonomous vehicle companies in the American market after some lawmakers called for restrictions on their operations.
Vietnam EV maker VinFast to start construction of US factory next week
Vietnamese automaker VinFast said on Wednesday it would start construction of a $4 billion electric vehicle factory in North Carolina next week as part of its push to expand in the United States market.
Vietnam's big bet on LNG may not ease its power crisis
Vietnam received its first shipment of liquefied natural gas this month, a milestone for the energy-hungry country, but various hurdles mean it could take years for imported gas to ease the country's long-running power shortages.
Chinese automakers sold 75% of EVs in Southeast Asia in first quarter, study says
Chinese automakers dominated Southeast Asia's fast-growing electric vehicle market, selling three out of every four EVs in the first quarter, research firm Counterpoint Research said on Thursday.
Some U.S. companies still failing to meet conflict minerals rules, GAO says
Some U.S. companies buying minerals from countries including the Democratic Republic of Congo and its eastern neighbours are still failing to properly authenticate that the metals don't come from conflict zones, the U.S. Government Accountability Office (GAO) said in a report.
Stellantis inks $11bln in contracts for vital semiconductors by 2030
Stellantis (STLAM.MI) said on Tuesday that it has signed contracts worth 10 billion euros ($11.2 billion) through 2030 with semiconductor makers to guarantee the flow of vital chips for electric vehicles and high-performance computing functions.
Tesla wants to double the size of its European assembly plant, New York Times reports
Tesla Inc (TSLA.O) wants to double the production capacity of its assembly plant outside Berlin to one million electric vehicles a year, in a move that would make it Europe's largest car factory, the New York Times reported on Thursday.
How waste pickers are helping to win the war on plastic pollution
There are an estimated 20 million waste pickers across the world, an informal army of street cleaners whose work goes largely unrecognised.
US Treasury's Yellen sees Vietnam as key partner in 'friendshoring' supply chains
The United States sees Vietnam as a key partner in expanding green energy sources and building more resilient supply chains, U.S. Treasury Secretary Janet Yellen said in a speech to be delivered in the country's capital of Hanoi on Friday.
Ocado jumps on return to first-half underlying profit
Ocado, the British online supermarket and technology group, returned to underlying profit in its first half and stuck to its guidance, saying its retail operation won more customers and its robotics business progressed, sending its shares soaring.
Amazon to hire 2,000 more staff for new UK fulfilment centre
Amazon (AMZN.O) will hire up to 2,000 people to staff a new fulfilment centre in Britain, located in Stockton-on-Tees, north east England, which it is due to open in October, the company said on Tuesday.
Royal Mail's owner reunites foreign, domestic ops under single CEO
Royal Mail's parent group on Thursday named the head of its international parcels network as group CEO, reuniting its foreign and domestic operations under a single leader as it seeks to turn around its loss-making UK business.
Geely truck unit, Farizon, raises $600 million in funding round
China's Farizon, a maker of electric and hybrid trucks which is owned by automaker Geely (0175.HK), has raised $600 million in a Series-A funding round, the company said in a statement.
Rio Tinto warns on global slowdown risks, production issues
Rio Tinto (RIO.AX), (RIO.L) flagged concerns about a global economic slowdown on Wednesday as it logged a raft of production issues across its operations but said its iron ore production should be at the upper end of its expectations for the year.
Insight: Fighting in Sudan leaves farmers struggling to get crops planted
A war between military factions in Sudan is putting at risk the production of staple crops this year, farmers in several states say, threatening to drive the African nation deeper into hunger and poverty.
UK grocery inflation continues downward trajectory -Kantar
British grocery inflation eased for a fourth month in a row in July, seeing its steepest decline since it peaked in March this year, industry data showed on Tuesday, providing a bit of relief for cash-strapped consumers suffering from high prices.
Dassault Aviation says supply chain issues weigh on production
Rafale fighter jet maker Dassault Aviation (AM.PA) on Thursday said supply chain issues had deteriorated further since last year and made it more difficult to process its orders.