The need to know
The need to know for the week ending 5th April 2024
The need to know from Reuters’ global network of journalists
Baltimore shipping set to resume by end of April with full capacity by end of May
The U.S. Army Corps of Engineers said Thursday it expects to open a new channel to the Port of Baltimore by the end of April, freeing up commercial shipping blocked by a collapsed bridge, and then restore port access to full capacity by the end of May.
Trapped vessels start moving out of Baltimore after bridge collapse
The Port of Baltimore opened a temporary channel on Monday, freeing some tugs and barges that had been trapped by last week's bridge collapse, but officials said wider restoration of commercial shipping remained frustrated by unyielding conditions.
CSX starts new freight rail route to avoid Baltimore port closure, CNBC reports
Rail company CSX (CSX.O) will start a new freight rail service between Baltimore and New York for its clients on Tuesday to circumvent the closure of the Port of Baltimore following the collapse of a major bridge, CNBC reported on Monday.
Car shipper Wallenius Wilhelmsen sees up to $10 million hit from Baltimore disaster
Norwegian car shipping firm Wallenius Wilhelmsen estimates a $5 million to $10 million hit to core earnings from last week's U.S. Baltimore bridge collapse and expects the key ship channel to be closed for weeks, it said on Wednesday.
Taiwan quake to hit some chip output, disrupt supply chain, analysts say
Taiwan's biggest earthquake in at least 25 years is likely to tighten supply of tech components such as display panels and semiconductors, analysts said, as manufacturers in the global tech powerhouse restore operations at affected facilities.
TSMC resumes work at construction sites after earthquake-led shutdown
Taiwan Semiconductor Manufacturing Co (2330.TW) resumed work at its construction sites in the earthquake-hit country after pausing it for a day for inspections, the world's largest contract chip manufacturer said on Thursday.
US employment boom leaves factory workers behind
Dan Ariens laid off workers, cut shifts, and halted nearly all hiring last summer after sales slumped at his company, best known for making bright orange snow blowers and lawnmowers sold around the world. Headcount fell 20% to 1,600 people, and he doesn't see business improving until 2025.
US manufacturers emerge from slump, set to boost fuel use
U.S. manufacturers have finally pulled out of the long, shallow slump that started in the middle of 2022, which will support petroleum consumption especially for diesel and other middle distillates in the months ahead.
US manufacturing on the mend; rising raw material prices pose obstacle
U.S. manufacturing grew for the first time in 1-1/2 years in March as production rebounded sharply and new orders increased, but employment at factories remained subdued amid "sizable layoff activity" and prices for inputs pushed higher.
Euro zone factory downturn deepened again in March, PMI shows
Euro zone manufacturing activity took a further turn for the worse in March, contracting at a steeper pace than in February, as demand continued to fall, according to a survey which nevertheless showed an uptick in optimism.
Weak rise in orders points to more gloom for German industry
German industrial orders grew more slowly than expected in February, showing that weak demand in the manufacturing sector continues to drag on Europe's biggest economy.
Asia factory activity slumps, brighter signs emerge in China
Factory activity in many Asia economies weakened in March but there were some brighter signs in China and South Korea, surveys and data showed on Monday, offering a mixed picture on the once fast-expanding, key driver of the global economy.
China's forecast-beating economic data buys officials time to figure out fix
China's $18.6 trillion economy has skirted some near-term downside risks as suggested by recent indicators, analysts said, buying officials more time to convince investors they can fire up a new growth engine for 2024 and the years ahead.
India's March factory growth hits 16-year high, hiring picks up
India's manufacturing industry enjoyed solid growth in March, expanding at the fastest pace in 16 years thanks to accelerating demand, according to a survey that also showed hiring increased at the strongest rate in six months.
US trade deficit widens in February on strong imports
The U.S. trade deficit widened for a second straight month in February as an increase in exports to a record high was offset by surging imports, suggesting trade could be a drag on economic growth in the first quarter.
Russian manufacturing sees fastest growth in nearly 18 years in March, PMI shows
Activity in Russia's manufacturing sector expanded at the fastest rate in nearly 18 years in March, a business survey showed on Monday, as new export business grew for the first time in five months.
Canadian factory PMI edges up to 11-month high in March
Canadian manufacturing activity moved closer in March to ending a lengthy period of contraction as employment rose alongside a slower downturn in new orders, data showed on Monday.
US inflation moderating; consumer spending underpinning economy
U.S. prices moderated in February, with the cost of services outside housing and energy slowing significantly, keeping a June interest rate cut from the Federal Reserve on the table.
Euro zone consumers cut near-term inflation expectations - ECB survey
Euro zone consumers lowered their near-term inflation expectations in February but projections further out remained unchanged, a new survey by the European Central Bank showed on Tuesday.
German inflation eases to lowest in almost three years
German inflation eased slightly more than expected in March, helped by a drop in energy prices, preliminary data from the federal statistics office showed on Tuesday.
UK shop prices rise at slowest pace since December 2021
Prices in British shops rose at the slowest pace in more than two years in March, the British Retail Consortium (BRC) said on Tuesday, adding to signs that the country's inflation squeeze is now fading fast.
Panama Canal drought could threaten supply chain, S&P says
The severe drought which has forced the Panama Canal, one of the world's busiest trade passages, to limit daily crossings could impact global supply chains during a period of high demand, S&P Global said on Wednesday.
Yellen says concerns are growing over impact of China's excess capacity
U.S. Treasury Secretary Janet Yellen said on Friday that concerns are growing over the global economic fallout from China's excess manufacturing capacity, as she kicked off a four-day visit to China.
China opposes US trade barriers report listing it as 'primary concern'
China's commerce ministry said on Tuesday it firmly opposes a United States' report on foreign trade barriers, which it said "listed China as a country of primary concern".
Explainer: Why maintaining ASML equipment is the new front in US-China chip war
The U.S. government has called on allies to force computer chip manufacturing equipment companies to stop maintaining some of the tools they have sold in China, part of Washington's efforts to undermine China's ability to produce its own advanced computer chips.
US, EU eye Chinese legacy chips in renewed semiconductor accord
The United States and the European Union committed to extend by three years their cooperation on identifying disruptions in the semiconductor sector, with a particular emphasis on mainstream "legacy" chips from China.
Intel discloses $7 billion operating loss for chip-making unit
Intel (INTC.O) on Tuesday disclosed deepening operating losses for its foundry business, a blow to the chipmaker as it tries to regain a technology lead it lost in recent years to Taiwan Semiconductor Manufacturing (2330.TW).
TSMC's most complex engineering task is itself
Nvidia (NVDA.O) has ridden the wave of excitement about artificial intelligence to become the world’s third most valuable company.
Exclusive: Boeing 737 output drops on quality checks, more FAA audits
Boeing (BA.N) 737 MAX jetliner production has fallen sharply in recent weeks as U.S. regulators step up factory checks and workers slow the assembly line outside Seattle to complete outstanding work, industry sources told Reuters.
UPS to replace FedEx as U.S. Postal Service's primary air cargo provider
United Parcel Service (UPS.N) said on Monday it will become the United States Postal Service's (USPS) primary air cargo provider, as rival FedEx (FDX.N) announced an end to its more than 20-year partnership with the postal service provider.
Freight giant gets cheap seat on Renault-Volvo van
Volvo and Renault (RENA.PA) are teaming up with a potential customer to help finance a new generation of electric vehicles.
Finnish unions to suspend strike, ask government to act
Finnish labour unions will next week suspend a four-week strike that has paralysed imports and exports and triggered widespread factory shutdowns, the SAK trade union association said on Thursday.
US oil and gas output was severely hit by winter storm
U.S. oil production dropped sharply at the start of the year as exceptionally cold weather for ten days in the middle of January caused widespread freeze offs at oil wells.
Explainer: What to know about bird flu in dairy cows and the risk to humans
Texas officials reported on Monday that a farm worker tested positive for H5N1, or bird flu, that has spread to dairy cows in Texas, Kansas, New Mexico, Michigan and Idaho - the first time the virus has infected cattle.
Indonesia reviews import rules after business group complaints
Indonesia is evaluating regulations designed to curb imports of more than 3,000 products, a senior trade ministry official said on Friday, following industry concerns the rules could disrupt the domestic supply chain and disrupt exports.
Europe's restless farmers are forcing policymakers to act
European policymakers have scaled back rules to protect nature, drawn up limits on the import of tariff-free Ukrainian grains and scrapped new legislation limiting pesticide use as farmers' protests resonate with voters ahead of elections.
Nvidia supplier SK Hynix to invest $3.87 bln in US chip packaging plant
SK Hynix (000660.KS), the world's second-largest memory chip maker, said on Wednesday it will invest around $3.87 billion to build an advanced packaging plant and research and development facility for AI products in the U.S. state of Indiana.
Tesla begins making cars in Germany for export to India this year -sources
Tesla has begun production of right-hand drive cars at its plant in Germany for export to India later this year, three people aware of the company's plans told Reuters, as it moves ahead with a possible entry into the world's third-largest car market.
India gives over $1 bln incentives to private firms under its manufacturing scheme, official says
India has paid $1.02 billion as incentives to boost local manufacturing, following over $13 billion in investments from private firms under a scheme introduced in 2020, a top government official said on Wednesday.
Morocco expects more EV battery investments, minister says
The Moroccan government is in talks to attract more electric battery manufacturers as it seeks to adapt its growing automotive sector to an increasing demand for electric vehicles, industry and trade minister Ryad Mezzour said.
Tesla to scout sites in India for $2 bln-$3 bln EV factory, FT reports
Tesla (TSLA.O) will send a team from the United States to India by late-April to study sites for a proposed $2 billion to $3 billion electric car plant, the Financial Times reported on Wednesday, citing people familiar with the matter.
EV maker Nikola beats first-quarter deliveries estimates for hydrogen trucks
Nikola (NKLA.O) surpassed estimates for deliveries of its hydrogen big rigs in the first quarter, a sign it was making progress in its pivot to the technology from battery electric trucks after some missteps that battered its share price.
Exclusive: Boeing, Airbus exploring framework to divvy up Spirit Aero's operations
Boeing (BA.N) and Airbus (AIR.PA) are edging towards a potentially coordinated deal to split operations of troubled supplier Spirit AeroSystems (SPR.N), taking on plants needed to support their top jet programs, people familiar with the matter said.
China's crowded wine market offers no lifeline for struggling global industry
Australia's wine industry has cheered news that China will drop anti-dumping tariffs, re-opening its market to imports, but the tougher economic conditions of 2024 are unlikely to deliver the sparkling growth winemakers seek.
Ford delays some North American electric SUV, truck production
Ford Motor (F.N) said on Thursday it had delayed the planned launches of three-row EVs in Canada and its next-generation electric pickup truck built in Tennessee as the slowdown in EV demand globally forces automakers to revise production plans.