Etsy buys Depop for $ 1.6 billion from push gen-Z; UK Starts Trans-Pacific Trade Bloc Negotiations – As Happened | Business

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It’s time to wrap up, with a quick recap.

The UK is due to start negotiations to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership, after its 11 members agreed that membership talks could begin.

International Trade Secretary Liz Truss said membership in the CPTPP could provide deeper access to fast-growing markets, such as Japan, Australia, Canada and Chile.

Liz truss
(@trussliz)

Joining the CPTTP is a huge opportunity for the UK 🇬🇧

It will be:
bring us closer to some of the world’s fastest growing economies
supporting jobs across the UK
help us rebuild a better global trading system

Trade = Jobs🌍🇬🇧👇https://t.co/YRtlaZG4gH pic.twitter.com/l7Znu13LWg


June 2, 2021

Trade experts argued, however, that membership would have limited benefits and would not compensate for the loss of frictionless trade with the EU.

David henig
(@DavidHenigUK)

As a reminder, it is always easier and cheaper to trade with neighbors, non-tariff barriers greater than tariffs (and barely covered in the CPTPP), and supply chains, generally regional, much larger than sales of finished products to consumers.


June 2, 2021

The United States announced new tariffs on six countries, including the United Kingdom, on their taxes on digital services. But … they were also suspended for up to six months, to encourage leaders to agree on a global tax deal.

The EU has also taken action, agreeing to oblige large multinational companies to publish a breakdown of the tax they pay in each of the bloc’s member states and in tax havens such as the Seychelles.

Etsy is trying to tap into the Gen Z crowd by acquiring Depop, the UK second-hand fashion resale app, for $ 1.6 billion (£ 1.1 billion).

Etsy CEO Josh Silverman said Depop is growing “like crazy, and the second-hand” re-sell “market is likely to explode over the next few years.

Oil recovered, after Opec + stuck to its plan to slowly ease the brakes on production. Brent crude is trading at over $ 71 a barrel, on track to hit its highest closing price since May 2019.

The US housing market appears to be cooling, with new mortgage applications falling to their lowest since the start of the pandemic. Exorbitant prices and low supply are hitting demand.

In the UK, demand for mortgages picked up after the government extended the stamp duty exemption.

But people continued to pay their credit card bills in April, despite the lure of reopening stores, pubs and restaurants.

Lock reading helped the Harry Potter publisher Bloomsbury in its third profit improvement of the year after a 22% increase in annual pre-tax profits.

Low cost European airline Wizz Air urged governments to lift travel restrictions faster, after plunging into an annual loss of € 576m (£ 497m) – and warned of further losses to come until restrictions are relaxed.

The Australian economy has recovered from its losses linked to the pandemic:

The London stock market closed a little higher with the UK-focused FTSE 250 ending the day on a new high.

Good evening. GW





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