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Good morning. Today we're talking about the latest UK economic data, troubling times at 23andMe and Amazon’s response to Chinese low-cost retailers.

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Big Stories

Economic surprise

The UK economy has experienced a significant slowdown, with GDP growth for the third quarter coming in at a mere 0.1%. This figure is notably weaker than the 0.5% growth recorded in the previous quarter and falls short of market expectations. The sluggish performance was attributed to a contraction in the services sector, which accounts for the majority of the UK economy. This decline was partially offset by growth in the construction sector. The disappointing economic data raises concerns about the UK's growth prospects and the impact of recent fiscal and monetary policies. The tax increases announced in the budget and rising interest rates have created a challenging environment for businesses and consumers. The UK's GDP for the most recent quarter is lower than the 0.7% growth in the US and 0.4% in the Eurozone, pushing the UK towards the bottom of the G7 growth table.

DNA decline

23andMe, the once-popular DNA testing company, has announced plans to lay off 40% of its workforce and discontinue its drug development program. This drastic move comes amid declining revenue and mounting losses and marks the fifth round of layoffs in the last two years. The company's decision to halt its drug development efforts, which was once seen as a key growth driver, underscores the increasing difficulties it faces. The focus will now shift to its core DNA testing business, which has been impacted by declining consumer interest and increased competition. The company’s stock has fallen more than 70% this year and it warned of “substantial doubt” in its future unless it raises more cash.

Amazon takes on Chinese retailers

Amazon has launched a new low-cost online storefront called Amazon Haul to compete with fast-fashion retailers like Shein, TikTok Shop and Temu. The new store offers a range of products, including apparel, electronics, and home goods, priced at $20 or less and will be available on mobile only for US customers. Amazon has faced increasing competition from Chinese retailers who have been subject to wide criticism over their environmental impact, a byproduct of their worldwide shipping, and the waste caused by fast fashion. Despite the controversy surrounding them, these low-cost retailers remain incredibly popular among Gen Z. While Amazon Haul aims to provide similar value, it may face challenges in terms of delivery times and sustainability concerns.

Elsewhere...

Cutting costs: The Post Office announced the closure of 115 branches and cutting of up to 1,000 head office jobs as it seeks to reduce costs to secure its financial future.

Budget backlash: Pizza Hut's biggest UK franchisee has begun approaching potential bidders as it scrambles to mitigate the looming impact of tax hikes announced in last month's budget.

Tea on the edge: Typhoo Tea, one of the oldest tea companies in Britain, is close to going bust.

Retail revival: Burberry is aiming to win back shoppers and boost waning sales by refocusing on heritage designs and statement pieces under sweeping revamp plans designed to revive the luxury fashion house’s ailing fortunes.

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