The need to know
The need to know for the week ending 23rd February 2024
The need to know from Reuters’ global network of journalists
Rise of fast-fashion Shein, Temu roils global air cargo industry
The rapid rise of fast-fashion e-commerce retailers such as Shein and Temu is upending the global air cargo industry, as they increasingly vie for limited air-cargo space to woo consumers with rapid transit times, more than ten industry sources said.
With Currys buyout, China's JD.com could get hungered short-cut to Europe expansion
If JD.com (9618.HK) does acquire British electronics retailer Currys (CURY.L), the Chinese ecommerce giant would get the store and warehouse network it needs to expand rapidly in the UK and Europe at a bargain-basement price.
Alibaba is the ultimate contrarian China bet
“If you invest with us,” Jack Ma wrote in his inaugural letter to shareholders in 2014, “you will be embarking on a journey with Alibaba.”
Retailers demand more action from EU to resolve Red Sea crisis
European retail industry body Eurocommerce called on European Union institutions and member states to resolve the Red Sea crisis that has disrupted trade, saying in a letter to Belgium's foreign minister that it has already had "massive impacts" on businesses.
The Red Sea shipping crisis: lessons for importers
The Red Sea, which provides access to the southern entrance to the Suez Canal, is one of the most important and densely packed shipping channels in the world.
Houthis to step up Red Sea strikes, use 'submarine weapons', leader says
Yemen's Iran-aligned Houthis claimed responsibility for an attack on a UK-owned cargo ship and a drone assault on an American destroyer on Thursday, and they targeted Israel's port and resort city of Eilat with ballistic missiles and drones.
EU launches naval mission to protect Red Sea shipping
The European Union launched on Monday a naval mission to the Red Sea "to restore and safeguard freedom of navigation" there.
Ship abandoned in Red Sea faces unknown fate, sources say
A cargo ship abandoned four days ago in the Gulf of Aden after it was hit by missiles fired by Yemen's Houthis is still floating despite taking in water, and could be towed to nearby Djibouti, industry sources said on Wednesday.
Greek ship attacked in Red Sea by Houthis arrives in Aden with cargo
The Greek-flagged bulk cargo vessel Sea Champion arrived in the southern Yemeni port of Aden on Tuesday after being attacked in the Red Sea in what appeared to have been a mistaken missile strike by Houthi militia, shipping and military sources said.
Global trade rift widening as Ukraine war passes two-year mark
Two years after Russia's invasion of Ukraine, there are clear signs that the global economy is fragmenting into two separate blocs and that multilateral trade rules that have underpinned commerce for nearly 30 years are under threat.
World Trade Organization's push for reform plagued by obstacles
Days before talks that could decide its future role in setting the rules for global commerce in an era of rising protectionism, the World Trade Organization is snagged on what to do with its "non-meetings".
India to oppose extended e-commerce tariff ban at WTO meet - sources
India will oppose U.S. and European efforts to extend a global ban on cross-border e-commerce duties at the World Trade Organization meeting next week, two government officials said on Tuesday, fearing a continued huge loss of revenue.
India's stance on data transfers at WTO spooks chip giants
A global consortium of semiconductor industry groups has asked India to reconsider its plan to push for duties on cross-border digital e-commerce and data transfers at an upcoming global trade meeting, warning that India's stance will stifle its own chip design industry.
Exclusive: US targets China's top chipmaking plant after Huawei Mate 60 Pro
The Biden administration is turning up the heat on China's top sanctioned chipmaker by cutting off its most advanced factory from more American imports after it produced a sophisticated chip for Huawei's Mate 60 Pro phone, three people familiar with the matter said.
West challenges China's critical minerals hold on Africa
China's CMOC Group (603993.SS) overtook Glencore (GLEN.L) to become the world's largest producer of cobalt last year as it ramped up its new Kisanfu mine in the Democratic Republic of Congo.
EV sector grapples with layoffs, production cuts and altered plans
A global slowdown in electric-vehicle demand is rippling through the industry, costing jobs and leading to changes in strategic plans, layoffs and production cuts, suggesting pain in the near term could slow the transition away from gasoline-powered combustion engines.
Aerospace giants form coalition to stop unauthorized parts from entering supply chain
Aerospace giants including Airbus (AIR.PA), Boeing (BA.N) and GE Aerospace (GE.N) on Thursday announced the formation of a coalition that would aim to prevent unauthorized parts from entering the global supply chain.
Supply chain strains set to weigh on aviation industry bounce-back
Parts shortages and delivery delays plaguing the global aviation industry are easing, but could take up to two years to resolve, firms at the Singapore Airshow said, adding to the pressures clouding a post-pandemic recovery in travel demand.
Comment: Drawing back the curtain on supply chains in a new era of corporate social responsibility
In an era marked by a growing awareness of environmental and social issues, and a very public debate on the efficacy of ESG metrics, the corporate landscape is witnessing a fundamental shift towards responsibility and sustainability.
US lawmakers urge VW to exit Xinjiang operations
The chair of a U.S. House Committee on China and the top Democrat on the panel urged Volkswagen (VOWG_p.DE) to halt operations in Xinjiang after thousands of vehicles with a small Chinese-made electronic component were held at U.S. ports.
Zalando to overhaul sustainability claims, European Commission says
Europe's biggest online fashion retailer Zalando (ZALG.DE) has committed to overhaul by mid-April the sustainability claims it makes on its web sites after the EU qualified them as "misleading", the European Commission said on Thursday.
Nestle, Danone see price hikes slowing after years of sharp increases
Two of the world's top consumer goods companies, Danone and Nestle, said on Thursday they will slow price increases in 2024 after two years of hikes that prompted many shoppers to seek cheaper alternatives for basic goods like yoghurt and coffee.
Central Europe's shoppers still shell-shocked even as inflation ebbs
When a $500 Electrolux (ELUXb.ST) oven briefly went on sale for 1% of its list price in Hungary last week, within hours shoppers flooded the online store with thousands of orders.
Shoppers' spending power in focus as Walmart kicks off retail earnings season
U.S. retailer Walmart Inc (WMT.N) is expected to strike a cautious tone for 2024 when it reports results on Tuesday.
Euro zone business activity inches towards growth in Feb, survey shows
The downturn in euro zone business activity eased in February, suggesting signs of recovery, as the dominant services sector broke a six-month streak of contraction and offset a deterioration in manufacturing, a survey showed on Thursday.
Germany likely in recession, Bundesbank says
Germany is likely in recession now as external demand is weak, consumers remain cautious and domestic investment is held back by high borrowing costs, the Bundesbank said in a regular monthly report on Monday about Europe's biggest economy.
UK factories report highest selling price inflation since July, CBI survey shows
British manufacturers raised prices by the most in seven months and orders fell in February, figures from the Confederation of British Industry showed on Wednesday.
US farmers face harsh economics with record corn supplies in silos
Illinois farmer Dan Henebry regrets not selling more of his corn crop last summer, when the Midwest needed rain and prices were high.
Argentina grains waterway re-opened, but boats must limit loads
Argentina's Parana River, a global grains thoroughfare, reopened to shipping traffic on Tuesday after a grounded boat was freed, though boats were told to load less grain while the damage to the channel was assessed.
Australia gives nickel a quick fix, but surgery of global industry needed
Australia is throwing a lifeline to its under pressure nickel mining sector, but the solution on offer is more of a band aid than the needed major surgery, the carving of the global nickel industry into green and dirty.
Indonesian export slump ripples through tin market
Indonesia's exports of refined tin all but evaporated in January with just 400 metric tons shipped abroad by the world's largest exporter, all in the form of solder.
Canada to require 'melt and pour' info from steel importers, starting in Nov
Canada will require steel importers to report "country of melt and pour" information to border authorities from Nov. 5 to make the North American supply chain more reliable and resilient, the trade ministry said on Wednesday.
Taiwan chip firms flock to Japan as China decoupling accelerates
Japan's efforts to rebuild its semiconductor industry are getting a shot in the arm as more and more Taiwanese chip companies expand here - not only to support a new TSMC (2330.TW) plant but also excited about the Japanese sector's prospects.
Volkswagen announces second phase of Mexico investment of around $1 billion
Volkswagen's Mexican unit announced on Friday an investment of around $1 billion, in a second installment of spending by the German automaker aimed at boosting its electric vehicle (EV)business at its existing operations in central Mexico.
Chinese electric truck start-up Windrose explores production in Europe, CEO says
Chinese electric heavy truck start-up Windrose plans to outsource manufacturing of its vehicles to automaking partners in Europe, its founder and CEO said on Thursday, as it seeks to take on rivals Tesla (TSLA.O) and Mercedes Benz (MBGn.DE) in the region.
Stellantis to start electric van production at UK Luton plant in 2025
Stellantis (STLAM.MI) said on Thursday it will launch production of medium-sized electric vans in 2025 at its Luton plant in England, providing some long-term certainty for a factory that has been producing vans for 92 years.
Nikola sets big delivery target after first revenue from hydrogen big rigs
Nikola (NKLA.O) set a target to deliver as many as 350 hydrogen-powered fuel cell electric trucks in 2024, after cost controls and its first revenue from the vehicles helped the startup post a smaller loss for the fourth quarter.
Expeditors aims to cut costs as profit drops in uncertain freight market
Logistics firm Expeditors International of Washington (EXPD.N) said on Tuesday it would seek to cut more costs to combat a downturn in freight demand that pressured its fourth-quarter results.
E-commerce giant MercadoLibre's 4th-quarter profit stable after tax hit
Latin American e-commerce giant MercadoLibre (MELI.O) on Thursday reported a $165 million fourth-quarter net profit, as higher sales were offset by a tax hit, with results flat versus the year-ago period.
FTC, states could sue over Kroger-Albertsons $24.6 bln deal next week, Bloomberg reports
The U.S. Federal Trade Commission and a group of states could sue as soon as next week to block grocer Kroger's (KR.N) proposed $24.6 billion deal to buy smaller rival Albertsons (ACI.N), Bloomberg News reported on Tuesday.
Polish farmers anger Ukraine with border blockade, grain spillage
Protests by Polish farmers sparked anger in neighbouring Ukraine on Tuesday, as Kyiv called on the European Commission to take robust action after demonstrators blockaded the border and opened railway carriages to let grain spill out.
Italy's Recordati says Red Sea attacks not affecting its output
Attacks on shipping in the Red Sea are having only a minimal impact on the supply chain of Italian drug maker Recordati (RECI.MI), the company's chief financial officer said on Thursday.
EU opens in-depth state aid probe into French aid for two shipping companies
The European Commission said on Friday it had opened an in-depth investigation to assess whether French aid given to shipping firms Corsica Linea and La Meridionale was compliant with EU state aid rules.