The need to know
The need to know for the week ending 25th November 2022
The need to know from Reuters’ global network of journalists
Younger Chinese are spurning factory jobs that power the economy
Growing up in a Chinese village, Julian Zhu only saw his father a few times a year when he returned for holidays from his exhausting job in a textile mill in southern Guangdong province.
German industry calls for more support to diversify beyond China
One of Germany's main industry lobby groups called on Monday for more support for industry to diversify trade beyond China, as the government prepares new policies aimed at reducing the economy's dependence on Beijing.
Analysis: China's great reopening may come too late for many businesses
The culinary tourism business of Brian Bergey and his wife Ruixi Hu has persevered in China through three years of harsh COVID-19 restrictions.
South Korea truckers strike again with auto, battery supply chains at risk
Unionised truckers in South Korea kicked off their second major strike in less than six months on Thursday, threatening to disrupt manufacturing and fuel supplies for industries from autos to petrochemicals in the world's 10th-largest economy.
Goldman Sachs says U.S., Europe could end reliance on Chinese EV batteries by 2030 -FT
The United States and Europe could cut their dependence on China for electric vehicle batteries through more than $160 billion of new capital spending by 2030, the Financial Times reported on Monday, citing a Goldman Sachs forecast.
EV startup Faraday Future raises going concern doubt, delays deliveries
Faraday Future Intelligent Electric (FFIE.O) said on Monday it had "substantial doubt" about its ability to continue as a going concern, adding that it is uncertain when it can complete first deliveries of its FF 91 luxury electric car.
Vietnam's VinFast ships first electric vehicles to U.S. customers
Vietnam's electric vehicle maker VinFast said on Friday it had shipped its first batch of 999 cars to the United States, capping a five-year bid to develop an auto production hub in the Southeast Asian country for markets in North America and Europe.
Amazon UK adds e-cargo bikes, walkers in decarbonisation drive
Amazon (AMZN.O) UK said it would expand its electric-cargo bike fleet and make more deliveries on foot to accelerate the decarbonisation of the transportation network it uses to deliver packages across the country.
The world can harness trade to save the planet
Trade is a major cause of global warming. Think of all those goods travelling from far away on polluting ships – and raw materials and components whizzing across the world in complex supply chains.
Switzerland experiencing medicine shortages says pharmacists association
Switzerland is experiencing medicine shortages due to supply chain issues linked to COVID lockdowns in China and war in Europe, the country's pharmacists association said.
Aerospace suppliers flag cash flow warning as jet production hits turbulence
Aerospace suppliers are staring at the prospect of dwindling cash flow as they struggle with excess inventory due to production challenges at top planemakers Boeing Co (BA.N) and Airbus SE (AIR.PA).
Boohoo says report of poor warehouse working conditions not reflective of site
British online fashion retailer Boohoo (BOOH.L) said a report in The Times newspaper alleging poor working conditions at its warehouse in Burnley, northern England, was not reflective of the working environment at the site.
EU countries back billion-euro chip plan ahead of talks with lawmakers
EU countries on Wednesday agreed to a 45-billion-euro ($46.6 billion) plan to fund the production of chips, putting the 27-country bloc a step closer to its goal of reducing its reliance on U.S. and Asian manufacturers.
Stellantis stores cars in old French airfield amid delivery logjam - sources
Stellantis (STLA.MI) is using an abandoned airfield in eastern France to store cars that are ready for delivery but cannot be shipped or kept at its Sochaux factory due to unprecedented logistical issues, two sources told Reuters.
Biden says his administration is engaged in talks to avert railroad strike
President Joe Biden said on Thursday that his administration was involved in negotiations to avert a looming U.S. railroad strike that could shut down supply chains across the country but added that he has not directly engaged on the matter yet.
Factbox: Strikes, protests in Europe over cost of living and pay
European countries face strikes and protests due to high energy prices and a wider rise in living costs. Here are details of some of the industrial action and demonstrations.
China's Fosun seeks to sell stake in Alibaba's logistics arm Cainiao- sources
Debt-laden Chinese conglomerate Fosun International (0656.HK) is seeking to offload a minority stake in Alibaba Group's (9988.HK) logistics arm Cainiao, in a deal that could fetch up to $1 billion, two people with direct knowledge of the matter said.
Union demands 15% wage increase at Deutsche Post
German union Verdi is demanding a 15% wage increase for about 160,000 Deutsche Post (DPWGn.DE) workers, the union said on Monday, citing soaring inflation and rising profit at the logistics and mail group.
U.S. core capital goods orders, shipments rebound strongly in October
New orders for U.S.-made capital goods unexpectedly rebounded in October while shipments increased solidly, suggesting business spending on equipment started the fourth quarter on a strong footing despite a cooling in demand from higher interest rates.
Easing euro zone downturn offers hope of milder recession
The downturn in euro zone business activity eased slightly in November offering a glimmer of hope the expected recession may be shallower than feared, but consumers still cut spending amid a cost of living crisis, a survey showed on Wednesday.
UK factory orders weaken, outlook darkens: CBI survey
British industrial orders weakened a little in November and manufacturers were gloomy about the outlook for the coming months, a survey showed on Thursday.
German business morale rebound fuels recovery hopes
Europe's biggest economy showed signs of brushing off its energy crisis with Russia and supply chain headwinds as German business morale rose further than expected in November, according to a survey released on Thursday.
Column: China snaps up U.S. beans while its hog herd remains under scrutiny
China has been sporadic in the U.S. soybean market lately, though its purchases last week were unexpectedly large and probably much-needed as the top importer’s bean supplies have run thin.
Europe rushes to fill up on Russian diesel before ban begins
European traders are rushing to fill tanks in the region with Russian diesel before an EU ban begins in February, as alternative sources remain limited.
Explainer: Russia's tanker fleet too small to bypass oil price cap
Russia's oil tanker fleet is too small to fully circumvent a plan by the European Union, G7 countries and Australia to enforce a price cap on its maritime crude exports starting on Dec. 5, analysts and market watchers say.
China’s Meituan beats revenue estimates, swings to profit
Chinese food delivery giant Meituan (3690.HK) reported better than expected quarterly revenue growth of 28.2% on Friday and swung back to profit as the company recovered from COVID-19 curbs.
India expects bilateral trade with Australia to exceed $45 bln in 5 years
India expects total bilateral trade with Australia of around $45 billion to $50 billion over the next 5 years, a trade ministry official said on Tuesday.
Indian tycoon Adani's mega port hangs in the balance as a fishing community protests
Britain's maritime agency said a drone circled a ship in the Gulf of Oman on Friday, three days after an Iranian-made drone attacked a tanker in the region.