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<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="461" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/108046955-1728864181139-gettyimages-2177123447-2177123447-820x461.jpeg" alt="" class="wp-image-542016" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/108046955-1728864181139-gettyimages-2177123447-2177123447-820x461.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/108046955-1728864181139-gettyimages-2177123447-2177123447-300x169.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/108046955-1728864181139-gettyimages-2177123447-2177123447-160x90.jpeg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/108046955-1728864181139-gettyimages-2177123447-2177123447-768x432.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/108046955-1728864181139-gettyimages-2177123447-2177123447-1536x864.jpeg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/108046955-1728864181139-gettyimages-2177123447-2177123447.jpeg 1858w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A shipping container and gantry cranes at the Yangshan Deepwater Port in Shanghai, China, on Thursday, Oct. 10, 2024. Bloomberg | Bloomberg | Getty Images</figcaption></figure>



BEIJING — China’s exports grew by 2.4% in September from a year ago in U.S. dollar terms, while imports rose by 0.3%, customs data showed Monday.



Both figures were well below expectations. China’s exports were forecast to have risen by 6% year-on-year in September in U.S. dollar terms, according to a Reuters poll. That would be slower than the 8.7% increase in August.



Imports were expected to have climbed by 0.9% in September from a year ago, according to the Reuters poll. That would be slightly faster than the 0.5% increase in August.



Exports have been a bright spot in China’s economy, which has otherwise been weighed down by lackluster consumer spending and a real estate slump.



Inflation data out Sunday pointed to further weakness in domestic demand.



The core consumer price index, which strips out more volatile food and energy prices, rose by 0.1% in September from a year ago. That’s the slowest since February 2021, according to the Wind Information database. Tourism-related prices fell by 2.1% year-on-year, despite the Mid-Autumn Festival in September and Golden Week holiday that kicked off Oct. 1.



China’s National Bureau of Statistics is scheduled to release third-quarter GDP on Friday, along with retail sales, industrial production and fixed asset investment for September.



Chinese authorities have ramped up stimulus announcements since late last month, while so far falling short on the fiscal policy details many investors have hoped for. Stocks in China have swung wildly as beaten-down markets debate the ultimate impact of Beijing’s economic support.



This is a breaking news story. Please check back for updates.

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<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="461" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/108045816-1728543680505-gettyimages-1046968880-hv6b7443-820x461.jpeg" alt="" class="wp-image-540935" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/108045816-1728543680505-gettyimages-1046968880-hv6b7443-820x461.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/108045816-1728543680505-gettyimages-1046968880-hv6b7443-300x169.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/108045816-1728543680505-gettyimages-1046968880-hv6b7443-160x90.jpeg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/108045816-1728543680505-gettyimages-1046968880-hv6b7443-768x432.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/108045816-1728543680505-gettyimages-1046968880-hv6b7443-1536x864.jpeg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/108045816-1728543680505-gettyimages-1046968880-hv6b7443.jpeg 1858w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Alexander Spatari | Moment | Getty Images</figcaption></figure>



LONDON — The U.K. economy returned to growth in August following two consecutive months of stagnation, providing a slight boost as the Labour government prepares to deliver its first budget later this month.



The economy grew 0.2% on a month-on-month basis, flash figures published by the Office for National Statistics showed Friday, meeting expectations of economists polled by Reuters.



It follows an economic flatlining in June and July after the U.K. recorded modest but steady expansion in almost every month this year. Britain emerged from a shallow recession at the start of the year.



Over the three months to August, Britain’s economic growth also expanded 0.2%, compared with the 0.5% recorded in the three months to July.



“The UK economy had a remarkable run through the first few months of 2024, at least if the monthly GDP figures are to be believed. But those same figures now show that this strength was short-lived,” ING’s Developed Markets Economist James Smith said in a note shortly after the release.



“The bottom line is that the economy still seems to be growing at a reasonable pace, but the 0.6/0.7% quarterly GDP readings we became accustomed to in the first two quarters of the year are not going to be repeated in the second half of the year. We’re looking for 0.2% growth in the third quarter overall.”



Sterling rose slightly against the U.S. dollar following the release, trading up 0.05% at $1.3067 by 8:56 a.m. London time. U.K. government bond yields, meanwhile, ticked lower, with the 10-year trading around 4.211%, having climbed sharply over recent days.



The U.K.’s dominant services sector showed slight growth of 0.1% in the month to August, while production and construction output rose by 0.5% and 0.4%, respectively.



Finance Minister Rachel Reeves welcomed the data, saying returning the economy to growth is the government’s “number one priority.”



“While change will not happen overnight, we are not wasting any time on delivering on the promise of change,” she said in a statement. The new Labour administration was voted into power in July during snap elections.



<h2 class="wp-block-heading" id="h-all-eyes-on-the-budget"><a></a>All eyes on the budget</h2>



The reading comes as Reeves is set to deliver her Autumn Budget at the end of this month, with tax hikes and spending cuts expected as she tries to overcome an estimated £22 billion ($29 billion) black hole in the public finances. The Conservative opposition party, which led the country until snap elections earlier this year, deny the gap.



ING’s Smith said that if the U.K. Treasury was hoping the strong growth in the first half of the year would unlock some “extra fiscal headroom” in the budget, “it is likely to be left disappointed.”



“Remember the key here is what the Office for Budget Responsibility projects for the UK economy. And like the BoE, they are unlikely to take much inference from the GDP figures so far this year. Indeed, if anything the OBR forecasts already sit at the more optimistic end of the spectrum,” he added.



The government is pitching its vision for an era of “national renewal,” as it attempts to inject some optimism into the public psyche after painting a gloomy picture of the state of the economy.



Lindsay James, investment strategist at Quilter Investors, said Reeves faces a “tricky balancing” to ensure her decisions don’t stifle further economic growth.



“With interest rates beginning to fall, the responsibility has shifted from the Bank of England to Rachel Reeves, who must now make critical fiscal decisions. She and the Prime Minister have indicated that ‘pain’ is necessary for future prosperity, but there is a real risk of overcorrection at the expense of economic growth,” she said.

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<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="461" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/107240789-1684075132097-gettyimages-1240490159-UK_UBER-820x461.jpeg" alt="" class="wp-image-539941" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/107240789-1684075132097-gettyimages-1240490159-UK_UBER-820x461.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/107240789-1684075132097-gettyimages-1240490159-UK_UBER-300x169.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/107240789-1684075132097-gettyimages-1240490159-UK_UBER-160x90.jpeg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/107240789-1684075132097-gettyimages-1240490159-UK_UBER-768x432.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/107240789-1684075132097-gettyimages-1240490159-UK_UBER-1536x864.jpeg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/107240789-1684075132097-gettyimages-1240490159-UK_UBER.jpeg 1858w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">An Uber-dedicated charger at a BP Pulse electric vehicle charging station in central London, U.K., on Monday, April 11, 2022. Bloomberg | Bloomberg | Getty Images</figcaption></figure>



Uber CEO Dara Khosrowshahi on Tuesday announced that the company is updating its platform with new sustainability-minded features, including an “EV preference” that will let customers opt for fully electric vehicles by default, whenever they hail a ride.



The company previously launched an “Uber Green,” service which has historically included a mix of battery electric vehicles, and hybrid electric models. Now, Uber can offer battery electric vehicles as the sole “green” option in more than 40 cities globally, executives said at Uber’s annual Go Get Zero sustainability conference in London on Tuesday.



Speaking at Uber’s GO-GET Zero event in London, Khosrowshahi said that the company’s rollout of new sustainability-focused features arrives ahead of the 2024 U.S. elections, adding this is a time when the topic of EVs has become a “politically-charged issue.”



However, he noted that the overall trend is moving toward all-electric mobility options.



“The reality is that we will only reach or zero emission goals if policymakers and other businesses do their part as well,” Khosrowshahi said at the event.



“We need more affordable EVs, we need stronger EV mandates, we need incentives for people who are driving the most. We want to make sure that chargers are available at every community, not just the wealthiest. So we all need to step up,” he said.



For drivers, Uber said it is rolling out an “EV Mentor” program, which connects drivers for any questions about electric mobility. The company also debuted an AI chatbot powered by OpenAI’s ChatGPT, looking to answer questions for drivers on the ride-hail network about what it takes to buy and use a battery electric vehicle instead of a gas-burning vehicle.



Transportation has been responsible for about 25% of carbon emissions from human activity globally, according to estimates by the non-profit International Council on Clean Transportation. Carbon emissions, and other greenhouse gases from human activity, cause long-term shifts in temperatures and weather, while also contributing to respiratory disease by forming smog and air pollution.



Ride-hailing services like Uber’s can contribute to traffic congestion and therefore, pollution, according to analysis by Suvrat Dhanorkar, Gordon Burtch and others published in the journal of Transportation Science. Uber has been working to reduce its environmental footprint and looks to become a “zero-emissions platform” by 2040.



On the delivery side of its platform, Uber is adding farmers’ market produce to Uber Eats offerings in two major U.S. markets: New York City and Los Angeles.



Uber said it will also be investing nearly $1 million to enable restaurants in Paris that sell meals via Uber Eats to switch to more sustainable packaging, such as seaweed-based packaging from NotPLA,&nbsp;bags made of foliage by Releaf, and&nbsp;straws made of agricultural suAgar residuals from IAmPlasticFree.



According to statistics tracked by the Organization for Economic Co-operation and Development (OECD), residents in Paris generate more than 400 kg (880 lb) of waste each year. France has implemented laws to reduce this waste, requiring fast food restaurants to move away from disposable, plastic packaging and utensils.



In the U.K., specifically, Uber said it’s launched a partnership with British energy supplier Octopus Energy and Chinese EV firm BYD to co-fund 1,000 free home chargers worth almost £1,000 each for drivers in the U.K.



The deal will give Uber drivers the ability to access Octopus’ “Intelligent Go” tariff to help them with EV charging costs. Drivers will also be able to get 8% off at public charging systems across Octopus’ Electroverse network.



“This is the first partnership between uber a power company and an EV manufacturer and it will meaningfully reduce charging costs for drivers,” Rebecca Tinucci, Uber’s head of global sustainability, said at the London event Tuesday. Tinucci was formerly senior director of charging infrastructure at Tesla.

CNBC

Why The Rich Keep Getting Richer In The U.S.

Why the U.S. government is investigating Google

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iPhone Maker Foxconn wants to make EVs for car companies

UK economy returns to growth as Labour tees up all-important budget

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CNBC

Why The Rich Keep Getting Richer In The U.S.

Why the U.S. government is investigating Google

From guns to politics: See which factors are deterring Southeast Asians from visiting the U.S.

How A Rare Type Of Mortgage Is Landing Homebuyers A 3% Mortgage Rate

Inside Track: The Business of Formula 1

China’s exports and imports grew far less than expected in September

Meet the Singapore-based telco disruptor with the knack for a viral campaign

How T.J. Maxx Disrupted The Retail Industry

iPhone Maker Foxconn wants to make EVs for car companies

UK economy returns to growth as Labour tees up all-important budget

Will The U.S. Break Up Google?

Inside the factory where robots could eventually build themselves

Inside the world’s first humanoid factory, where robots will eventually build themselves

Ozempic Underworld — The Black Market Of Obesity Drugs

Could Apple be launching a smart ring by 2026?

Why Jeep And Dodge’s Parent Company Stellantis Is Struggling

Uber gives users option to only hail full-electric cars, launches AI chatbot for EV-curious drivers

News Tips

Advertise With Us

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