Good morning. Today we're talking about the UK’s new trade deal, Getir’s fight for survival and China’s slowdown.

Big Stories

UK’s new trade bloc

The UK has officially joined the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), a trade bloc of 11 countries in the Indo-Pacific region covering 500m people. The deal, which was signed in New Zealand on Sunday, is expected to boost trade between the UK and the CPTPP countries, which have a combined economic output of $12tn. The region is home to some of the world's fastest-growing economies, and the UK government hopes to tap into this growth as it looks to diversify its trade relationships after leaving the EU. Although a handful of trade deals have been agreed since Brexit, none match the scale of the EU, plus deals with economic heavyweights like the US and India are not on the horizon.

Getir’s survival fight

Turkish grocery delivery company Getir is cutting costs in a bid to weather the storm of rising inflation and funding challenges. The company has reportedly laid off 14% of its global workforce, closed warehouses and slashed marketing spending. The speedy grocery sector — of which Getir is the largest European player — has been in turmoil since 2022 as consumer spending power weakens and venture capital funding dries up. The sector saw a period of mass consolidation where Getir swallowed up smaller rivals, most notably Berlin-based Gorillas. Last month Getir announced it would exit France and there are reports that Spain and the UK could soon follow leaving it with operations in Turkey and Germany.

China slows down

China’s economy grew slower than expected in the second quarter, with worrying signs of a slowdown in consumer spending and ongoing pain in the property market prompting calls for Beijing to do more to support the recovery. Official figures revealed that the world’s second biggest economy grew by 6.3%, weaker than the 7.1% forecast by economists. Monthly indicators for June showed a mixed picture, with a notable slide in retail sales growth and a weakening in the property market, while industrial production improved. Meanwhile Chinese youth unemployment hit a record high of 21.3% in June and could get worse with a record 11.58m university graduates are expected to enter the job market this year.

Elsewhere...

Up in smoke: Councils have called for the sale and manufacture of disposable vapes in the UK to be stopped next year, in line with other EU countries.

Travel chaos: Almost 1,000 workers at Gatwick Airport including baggage handlers and check-in staff will stage eight days of strikes beginning later this month.

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