The need to know
The need to know for the week ending 22nd September 2023
The need to know from Reuters’ global network of journalists
Amazon plans to hire 250,000 US workers for holiday season
Amazon (AMZN.O) said it plans to add 250,000 U.S. workers for the holiday shopping season, 67% more than the number of people it hired for the past two years, as it scrambles to expand next-day delivery for shoppers.
Exclusive: US retailer holiday hiring to drop to levels last seen in 2008
U.S. retailers will hire the lowest number of seasonal workers for this holiday season since 2008, due to increased labor costs and shaky consumer confidence, according to a report by Challenger, Gray & Christmas provided exclusively to Reuters.
Analysis: Consumer goods firms' pricing woes may spread beyond France
Consumer goods firms like Nestle (NESN.S), Lindt (LISN.S) and Unilever (ULVR.L) may face increased pressure across Europe to cut prices after being singled out by French retailers and politicians, industry experts say.
Startups with electric vans race to fill demand for zero-emissions delivery
A clutch of European and U.S. delivery company startups is racing to serve the growing market for offering zero-emission, electric last-mile deliveries in cities to retailers and consumers before giant shippers do the same.
Detroit Three automakers enter final hours to avoid wider UAW strike
The Detroit Three automakers and the union representing the companies' U.S. hourly workers on Friday entered the final hours to reach new labor agreements before the current coordinated strike expands to include more plants.
More than a fifth of cars sold in EU in August were full EVs, manufacturers association says
Just over one in five new cars sold in the European Union in August was fully electric, as sales of zero-emission models more than doubled, data from the European Automobile Manufacturers Association (ACEA) showed on Wednesday.
Auto part maker Marelli to shut Italy plant over waning petrol engine business
Auto parts maker Marelli said on Tuesday it would shut one of its Italian plants producing components for internal combustion engines (ICE), as the business had become "unsustainable" due to the transition to electric mobility.
Auto industry slams Britain's petrol car ban delay and confusion
Carmakers, which have invested billions on electric vehicles, slammed Britain's move to delay a 2030 ban on the sale of new petrol and diesel cars, saying it would disrupt supply chains and slow the transition to greener cars.
US government boosts oil tanker fleet in national shipping overhaul
The United States is boosting access to commercial products tankers as part of a security drive to safeguard oil shipping for its armed forces in times of crisis, a top Department of Transportation (DOT) official said.
Maritime industry explores nuclear power for ships as technology opens up
The maritime industry is exploring whether nuclear fuel can be used to power commercial ships as advancements in technology open up such options, industry officials said.
Shipping rivals CMA CGM, Maersk to collaborate on green fuels
Container shipping giants CMA CGM and Maersk (MAERSKb.CO) said on Tuesday they will cooperate in efforts to reduce emissions in the sector, including by supporting the use of methanol and aiding research into potential fuels like ammonia.
China exported no germanium, gallium in August after export curbs
China's exports of germanium and gallium products in August plunged, customs data showed on Wednesday, after Beijing implemented new export controls on the two chipmaking metals.
Exclusive: TSMC tells vendors to delay chip equipment deliveries, sources say
Taiwan's TSMC (2330.TW) has told its major suppliers to delay the delivery of high-end chipmaking equipment, as the world's top contract chipmaker grows increasingly nervous about customer demand, two sources familiar with the matter said.
Exclusive: Huawei unit ships Chinese-made surveillance chips in fresh comeback sign
A Huawei Technologies unit is shipping new Chinese-made chips for surveillance cameras in a fresh sign the Chinese tech giant is finding ways around four years of U.S. export controls, two sources briefed on the unit's efforts said.
US firm AXT says China unit has initial export permits for key chipmaking metals
U.S. semiconductor wafer maker AXT Inc (AXTI.O) said its Chinese subsidiary Beijing Tongmei had received initial export permits for shipping gallium arsenide and germanium substrates - compounds key to chipmaking - to certain customers.
China’s next chip battle is for the bottom line
Huawei’s new phone demonstrates China can produce cutting-edge hardware despite U.S. restrictions. But the country’s ability to profitably scale its success remains unclear. Lasting victory in the chip war will only be within reach if its companies can live without serious government funding.
Tesla courts interest from Turkey to India for next gigafactory
Tesla's (TSLA.O) plan to expand its global manufacturing footprint has sparked a race among some countries to woo CEO Elon Musk and secure billions in investment dollars.
Exclusive: JSW in talks with LG Energy Solution to make EV batteries in India -sources
Indian steel-to-energy group JSW is in early stage talks with Korea's LG Energy Solution (LGES) (373220.KS) about jointly manufacturing batteries in India, two sources told Reuters, as it presses ahead with plans to build electric vehicles locally.
India plans over $2 billion in incentives for new manufacturing sectors
India is planning to offer incentives of up to 180 billion rupees ($2.2 billion) to spur local manufacturing in six new sectors including chemicals, shipping containers and inputs for vaccines, two government officials said.
Alibaba tells Erdogan it plans to invest $2 billion in Turkey
Chinese e-commerce giant Alibaba Group Holding Ltd (9988.HK) has told Turkish President Tayyip Erdogan it plans to invest $2 billion in Turkey.
Foxconn aims to double jobs, investment in India over next 12 months
Apple (AAPL.O) supplier Foxconn (2317.TW) aims to double its workforce and investment in India by next year, a company executive said on Sunday.
China's diesel exports surge in August, have nearly tripled so far in 2023
China's diesel exports in August surged from a year earlier and have nearly tripled so far in 2023 compared to the same time a year ago, data showed on Monday, as refiners take advantage of strong regional refining margins to ship fuel overseas.
Russia cuts September seaborne diesel exports to meet domestic shortage
Russia cut its seaborne diesel and gasoil exports by nearly 30% to about 1.7 million metric tons in the first 20 days of September from the same time in August, as local refineries went into seasonal maintenance and the domestic market faces a fuel shortage and rising prices, traders said and LSEG data showed.
Chinese EV major BYD's partnerships in Southeast Asia
Chinese electric vehicle frontrunner BYD (002594.SZ) has taken an early lead in Southeast Asia's small but fast-growing EV market, partly on the back of distribution partnerships with large, local conglomerates.
First big grain ship leaves Ukraine's Black Sea port
The first big ship carrying grain from a Ukrainian Black Sea port has set sail since Moscow quit a deal in July to allow exports, a Ukrainian deputy prime minister said on Friday, part of Kyiv's campaign to break Russia's de facto blockade.
Tesla supplier Hota to build first US factory in New Mexico
Tesla supplier Hota Industrial Mfg. Co (1536.TW) will invest $99 million to build its first plant outside of Asia in the U.S. state of New Mexico, the Taiwanese company said on Wednesday, citing greater emphasis on regional production in supply chains.
Gotion, Inobat to build 20 GWh battery plant in Europe by 2026
Chinese battery maker Gotion High Tech (002074.SZ) and Slovak battery startup Inobat said on Monday they will jointly build an electric vehicles battery factory in Europe by 2026 with an initial output of 20 gigawatt hours (GWh).
Refrigerated trucks may give Singapore startup edge into China EV market
Fully electric refrigerated trucks for delivering food and pharmaceuticals are expected to give a Singapore-based startup the edge to crack into the crowded Chinese electric vehicle (EV) market.
Shein shifts shipping strategy to bring China-made goods closer to US shoppers
E-commerce giant Shein is sending more low-priced apparel and home goods to U.S. warehouses from China to speed up shipping times for shoppers, according to data from global trade analysis firm ImportGenius provided exclusively to Reuters.
Sales of $10 tops and $15 dresses have sent the value of Shein, the Chinese-owned brand selling ultra-fast fashion to the West, soaring since it launched in 2017 in the U.S.
Can the cotton industry protect its workforce in a changing climate?
Cotton is ubiquitous in human lives, with approximately half of all textiles made of the material, according to the International Institute for Sustainable Development (IISD). The fashion industry uses around two-thirds of cotton fibres produced worldwide, giving it immense influence over the livelihoods of the 350 million people who work in the cotton supply chain.
German startup Fernride raises $50 million for self-driving freight trucks
German self-driving startup Fernride said on Wednesday that it has raised $50 million in Series A funding to increase the use of its "human-assisted" autonomous freight trucks in customer's logistics yards.
Chip startup UltraSense enters deal with Korean automotive supplier
UltraSense Systems, a Silicon Valley startup that makes a chip that can replace mechanical buttons, said on Monday that it has signed a deal with South Korea's Mobase Electronics (012860.KQ) to supply chips in cars due to hit the market next year.
US solar builders chasing American cells, factory plans show
A year since President Biden's Inflation Reduction Act, solar suppliers and developers are pushing ahead with new manufacturing facilities that will transform supply dynamics.
US factory production up slightly ahead of auto strike; inflation slowing
U.S. manufacturing output barely rose in August amid a decline in motor vehicle production, and activity could contract in the months ahead after the United Auto Workers (UAW) union embarked on strikes at three factories on Friday.
South Africa faces chicken meat shortage as power crisis, bird flu hit producers
South Africa faces chicken meat shortages in the coming months as a bird flu outbreak and electricity cuts ravage the poultry industry, the country's largest producer Astral Foods (ARLJ.J) said on Thursday.
Amazon drops planned merchant fee as FTC lawsuit looms
Amazon.com (AMZN.O) is scrapping a plan to charge merchants who do not use its shipping services an additional fee, a company spokesperson said on Wednesday, signaling that the e-commerce giant was taking a cautious approach to operations amid mounting antitrust scrutiny.
Romanian port operators racing to boost grain operating capacity
Romanian port operators in the Black Sea port of Constanta are investing to boost their grain handling capacity as Ukraine ramps up exports through its neighbour, the manager of operator Comvex (CMVX.BX) said.
FedEx quarterly profit likely boosted by rivals' pain
FedEx Corp (FDX.N) benefited from misfortunes experienced by rivals UPS (UPS.N) and Yellow (YELLQ.PK) during its latest quarter as the global delivery firm continued slashing costs to match ongoing softness in global e-commerce demand, according to company officials and financial analysts.
Bankrupt trucking company Yellow eyes October sale of vehicle fleet
Yellow Corp (YELLQ.PK) received U.S. bankruptcy court approval on Friday to sell its vehicle fleet by October, while continuing to market its real estate assets, which have already received a $1.525 billion bid.
China urges deeper trade ties with Russia despite Western rebuke
China on Tuesday urged increased cross-border connectivity with Russia and deeper mutual trade and investment cooperation, as both allies vowed ever closer economic ties despite disapproval from the West after Russian forces invaded Ukraine last year.
Canada, Japan agree to work more closely on battery supply chains
Canada and Japan on Thursday agreed to work more closely together to establishing sustainable and reliable global battery supply chains, the Canadian government said in a statement.
JBS says Brazil needs mandatory cattle tracking to stop deforestation
Brazil needs a mandatory government program to track cattle being raised for beef to prevent deforestation, the head of the world's largest meat company, Brazil's JBS SA (JBSS3.SA), said on Thursday.
California governor says he will sign climate bill on companies and carbon footprints
California Governor Gavin Newsom said on Sunday he would sign legislation that would require large companies to disclose their carbon footprints, potentially putting the state ahead of federal regulators on managing corporate climate risks.
Japan's exports extend declines as China slowdown bites
Japan's exports fell in August for a second straight month, weighed by declines in China's demand for steel and heavy oil and stoking fears of a downturn in the face of elevated global interest rates.