Russian manufacturing sector returns to growth in May, PMI shows
The S&P Global Purchasing Managers' Index (PMI) for Russia's manufacturing sector rose to 50.2 last month from 49.3 in April, moving back above the 50 mark that indicates growth after two months of decline.
New orders saw a marginal increase, marking the fastest growth rate since the start of the year, driven by stronger client demand and new customer acquisitions, the survey showed.
Despite this, foreign client demand remained weak, with new export orders declining for the third consecutive month.
Russia's significant spending on military equipment and weapons since invading Ukraine in February 2022 has buoyed a manufacturing sector that otherwise may have suffered as some countries shunned Moscow. Industrial output growth has started slowing in the past year, federal data shows.
Russian manufacturers expanded their workforce numbers slightly, attributed to a need to broaden capacity. Backlogs of work decreased for the fourth month in a row, but at the slowest pace in this sequence.
Manufacturers expressed optimism about the outlook for output over the coming year.
"Optimism among companies reportedly stemmed from investment in production processes and product ranges, alongside hopes of strengthening demand conditions," S&P Global said.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Reuters
6 hours ago
- Reuters
India to maintain Russian oil imports despite Trump threats, government sources say
NEW DELHI, Aug 2 (Reuters) - India will keep purchasing oil from Russia despite U.S. President Donald Trump's threats of penalties, two Indian government sources told Reuters on Saturday, not wishing to be identified due to the sensitivity of the matter. On top of a new 25% tariff on India's exports to the U.S., Trump indicated in a Truth Social post last month that India would face additional penalties for purchases of Russian arms and oil. On Friday, Trump told reporters he had heard that India would no longer be buying oil from Russia. But the sources said there would be no immediate changes. "These are long-term oil contracts," one of the sources said. "It is not so simple to just stop buying overnight." Justifying India's oil purchases from Russia, a second source said India's imports of Russian grades had helped avoid a global surge in oil prices, which have remained subdued despite Western curbs on the Russian oil sector. Unlike Iranian and Venezuelan oil, Russian crude is not subject to direct sanctions, and India is buying it below the current price cap fixed by the European Union, the source said. The New York Times also quoted two unnamed senior Indian officials on Saturday as saying there had been no change in Indian government policy. Indian government authorities did not respond to Reuters' request for official comment on its oil purchasing intentions. However, during a regular press briefing on Friday, foreign ministry spokesperson Randhir Jaiswal said India has a "steady and time-tested partnership" with Russia. "On our energy sourcing requirements ... we look at what is there available in the markets, what is there on offer, and also what is the prevailing global situation or circumstances," he said. The White House did not immediately respond to requests for comment. Trump, who has made ending Russia's war in Ukraine a priority of his administration since returning to office this year, has expressed growing impatience with Russian President Vladimir Putin in recent weeks. He has threatened 100% tariffs on U.S. imports from countries that buy Russian oil unless Moscow reaches a major peace deal with Ukraine. Russia is the leading supplier to India, the world's third-largest oil importer and consumer, accounting for about 35% of its overall supplies. India imported about 1.75 million barrels per day of Russian oil from January to June this year, up 1% from a year ago, according to data provided to Reuters by sources. But while the Indian government may not be deterred by Trump's threats, sources told Reuters this week that Indian state refiners stopped buying Russian oil after July discounts narrowed to their lowest since 2022 - when sanctions were first imposed on Moscow - due to lower Russian exports and steady demand. Indian Oil Corp ( opens new tab, Hindustan Petroleum Corp ( opens new tab, Bharat Petroleum Corp ( opens new tab and Mangalore Refinery Petrochemical Ltd ( opens new tab have not sought Russian crude in the past week or so, four sources told Reuters. Nayara Energy - a refinery majority-owned by Russian entities, including oil major Rosneft ( opens new tab, and major buyer of Russian oil - was recently sanctioned by the EU. Nayara's chief executive resigned following the sanctions, and three vessels laden with oil products from Nayara Energy have yet to discharge their cargoes, hindered by the new EU sanctions, Reuters reported last week.
Scottish Sun
7 hours ago
- Scottish Sun
Marks & Spencer announces exact date it will close 100-year-old flagship store after ‘never recovering from Covid'
Another M&S store is soon to reopen after an exciting revamp END OF AN ERA Marks & Spencer announces exact date it will close 100-year-old flagship store after 'never recovering from Covid' Click to share on X/Twitter (Opens in new window) Click to share on Facebook (Opens in new window) MARKS & Spencer has confirmed its historic flagship store will close in a matter of weeks, after failing to recover from Covid. The popular supermarket has been serving Wolverhampton shoppers since 1929, however it will soon be closing its doors for good. Sign up for Scottish Sun newsletter Sign up 2 M&S has announced the closing date of one of its flagship stores Credit: Google Maps The store is located on Dudley Street, Wolverhampton and will stop trading on September 27. M&S regional manager, Calum Telford, said: "I would like to say a massive thanks to all our customers who have shopped with us over the years and our colleagues, past and present, who have contributed to the store. "We have a proud history in Wolverhampton and are working with the city council to find a suitable alternative food location. "This is part of our wider investment into the Black Country, including modernising our Merry Hill store, and we will keep the local community updated." Mr Telford added: "In the meantime, conversations are continuing with our store colleagues and we will offer them alternative roles at M&S wherever possible." Staff at the Dudley store have also been informed that it has been confirmed by bosses that the business hopes to find a suitable alternative city location to open a new dedicated food store. M&S first announced the store's closure last month after sharing that it had been performing "less well for a long period of time." According to bosses, this is a result of the COVID-19 pandemic, from which the shop "never fully recovered." In a statement made at the time, Mr Telford said: ""Our UK-wide store rotation programme is all about reshaping for growth and making sure every M&S store delivers the best possible shopping experience for our customers. "That's why we have made the tough decision to propose the closure of our Dudley Street store. M&S launches first-of-its-kind store "Sadly, the store has been performing less well for a long period of time and has never fully recovered from the Covid pandemic." This comes after M&S announced in 2022 than it intended to reduce its number of traditional department store openings from 247 to 180, while also opening an additional 100 new food halls by April 2026. Also, earlier this summer company chairman Archie Norman said the firm was looking to exit "struggling town centres" as part of a £500 million plan to update its retail store portfolio nationwide. Meanwhile, Wolverhampton Council has stressed that it has been working alongside M&S to try and find a new location for a food hall in the city. A council spokesperson said: 'It will be sad to see M&S leave the Dudley Street store at the end of September - but they remain committed to Wolverhampton and we are working with them to identify suitable locations that fit their new business model. 'We appreciate how unsettling this is for staff, and the council's Wolves at Work employment support team is connected with M&S to support workers and their families. "We are also keen to see the privately-owned Dudley Street site brought back into use quickly. 'As everyone knows town and city centres across the country are changing and we fully understand M&S's difficult decision was driven by wider, changing market conditions and customer behaviour." In brighter news, M&S is set to launch its revamped food hall at Merry Hill shopping centre this Friday. Wolverhampton Council have said despite the sad news about the department store closure, there are lots of regeneration projects set to create new homes and jobs to look forward to. A spokesperson added: ""The transformation of the city centre includes thousands of new city centre homes at Smithgate and Canalside; better connectivity and safer public spaces; a world-class entertainment venue at the University of Wolverhampton at The Halls; a new independent cinema at the Chubb Building; a growing commercial district at the Interchange and a new £61million City Learning Quarter which opens this autumn and will bring thousands of new visitors to our city centre every week.' Why are retailers closing stores? RETAILERS have been feeling the squeeze since the pandemic, while shoppers are cutting back on spending due to the soaring cost of living crisis. High energy costs and a move to shopping online after the pandemic are also taking a toll, and many high street shops have struggled to keep going. However, additional costs have added further pain to an already struggling sector. The British Retail Consortium has predicted that the Treasury's hike to employer NICs from April will cost the retail sector £2.3billion. At the same time, the minimum wage will rise to £12.21 an hour from April, and the minimum wage for people aged 18-20 will rise to £10 an hour, an increase of £1.40. The Centre for Retail Research (CRR) has also warned that around 17,350 retail sites are expected to shut down this year. It comes on the back of a tough 2024 when 13,000 shops closed their doors for good, already a 28% increase on the previous year. Professor Joshua Bamfield, director of the CRR said: "The results for 2024 show that although the outcomes for store closures overall were not as poor as in either 2020 or 2022, they are still disconcerting, with worse set to come in 2025." It comes after almost 170,000 retail workers lost their jobs in 2024. End-of-year figures compiled by the Centre for Retail Research showed the number of job losses spiked amid the collapse of major chains such as Homebase and Ted Baker. It said its latest analysis showed that a total of 169,395 retail jobs were lost in the 2024 calendar year to date. This was up 49,990 – an increase of 41.9% – compared with 2023. It is the highest annual reading since more than 200,000 jobs were lost in 2020 in the aftermath of the COVID-19 pandemic, which forced retailers to shut their stores during lockdowns. The centre said 38 major retailers went into administration in 2024, including household names such as Lloyds Pharmacy, Homebase, The Body Shop, Carpetright and Ted Baker. Around a third of all retail job losses in 2024, 33% or 55,914 in total, resulted from administrations. Experts have said small high street shops could face a particularly challenging 2025 because of Budget tax and wage changes. Professor Bamfield has warned of a bleak outlook for 2025, predicting that as many as 202,000 jobs could be lost in the sector. "By increasing both the costs of running stores and the costs on each consumer's household it is highly likely that we will see retail job losses eclipse the height of the pandemic in 2020.
The Sun
7 hours ago
- The Sun
Marks & Spencer announces exact date it will close 100-year-old flagship store after ‘never recovering from Covid'
Another M&S store is soon to reopen after an exciting revamp END OF AN ERA Marks & Spencer announces exact date it will close 100-year-old flagship store after 'never recovering from Covid' MARKS & Spencer has confirmed its historic flagship store will close in a matter of weeks, after failing to recover from Covid. The popular supermarket has been serving Wolverhampton shoppers since 1929, however it will soon be closing its doors for good. Advertisement 2 M&S has announced the closing date of one of its flagship stores Credit: Google Maps The store is located on Dudley Street, Wolverhampton and will stop trading on September 27. M&S regional manager, Calum Telford, said: "I would like to say a massive thanks to all our customers who have shopped with us over the years and our colleagues, past and present, who have contributed to the store. "We have a proud history in Wolverhampton and are working with the city council to find a suitable alternative food location. "This is part of our wider investment into the Black Country, including modernising our Merry Hill store, and we will keep the local community updated." Advertisement Mr Telford added: "In the meantime, conversations are continuing with our store colleagues and we will offer them alternative roles at M&S wherever possible." Staff at the Dudley store have also been informed that it has been confirmed by bosses that the business hopes to find a suitable alternative city location to open a new dedicated food store. M&S first announced the store's closure last month after sharing that it had been performing "less well for a long period of time." According to bosses, this is a result of the COVID-19 pandemic, from which the shop "never fully recovered." Advertisement In a statement made at the time, Mr Telford said: ""Our UK-wide store rotation programme is all about reshaping for growth and making sure every M&S store delivers the best possible shopping experience for our customers. "That's why we have made the tough decision to propose the closure of our Dudley Street store. M&S launches first-of-its-kind store "Sadly, the store has been performing less well for a long period of time and has never fully recovered from the Covid pandemic." This comes after M&S announced in 2022 than it intended to reduce its number of traditional department store openings from 247 to 180, while also opening an additional 100 new food halls by April 2026. Advertisement Also, earlier this summer company chairman Archie Norman said the firm was looking to exit "struggling town centres" as part of a £500 million plan to update its retail store portfolio nationwide. Meanwhile, Wolverhampton Council has stressed that it has been working alongside M&S to try and find a new location for a food hall in the city. A council spokesperson said: 'It will be sad to see M&S leave the Dudley Street store at the end of September - but they remain committed to Wolverhampton and we are working with them to identify suitable locations that fit their new business model. 'We appreciate how unsettling this is for staff, and the council's Wolves at Work employment support team is connected with M&S to support workers and their families. Advertisement "We are also keen to see the privately-owned Dudley Street site brought back into use quickly. 'As everyone knows town and city centres across the country are changing and we fully understand M&S's difficult decision was driven by wider, changing market conditions and customer behaviour." In brighter news, M&S is set to launch its revamped food hall at Merry Hill shopping centre this Friday. Advertisement Wolverhampton Council have said despite the sad news about the department store closure, there are lots of regeneration projects set to create new homes and jobs to look forward to. A spokesperson added: ""The transformation of the city centre includes thousands of new city centre homes at Smithgate and Canalside; better connectivity and safer public spaces; a world-class entertainment venue at the University of Wolverhampton at The Halls; a new independent cinema at the Chubb Building; a growing commercial district at the Interchange and a new £61million City Learning Quarter which opens this autumn and will bring thousands of new visitors to our city centre every week.' Why are retailers closing stores? RETAILERS have been feeling the squeeze since the pandemic, while shoppers are cutting back on spending due to the soaring cost of living crisis. High energy costs and a move to shopping online after the pandemic are also taking a toll, and many high street shops have struggled to keep going. However, additional costs have added further pain to an already struggling sector. The British Retail Consortium has predicted that the Treasury's hike to employer NICs from April will cost the retail sector £2.3billion. At the same time, the minimum wage will rise to £12.21 an hour from April, and the minimum wage for people aged 18-20 will rise to £10 an hour, an increase of £1.40. The Centre for Retail Research (CRR) has also warned that around 17,350 retail sites are expected to shut down this year. It comes on the back of a tough 2024 when 13,000 shops closed their doors for good, already a 28% increase on the previous year. Professor Joshua Bamfield, director of the CRR said: "The results for 2024 show that although the outcomes for store closures overall were not as poor as in either 2020 or 2022, they are still disconcerting, with worse set to come in 2025." It comes after almost 170,000 retail workers lost their jobs in 2024. End-of-year figures compiled by the Centre for Retail Research showed the number of job losses spiked amid the collapse of major chains such as Homebase and Ted Baker. It said its latest analysis showed that a total of 169,395 retail jobs were lost in the 2024 calendar year to date. This was up 49,990 – an increase of 41.9% – compared with 2023. It is the highest annual reading since more than 200,000 jobs were lost in 2020 in the aftermath of the COVID-19 pandemic, which forced retailers to shut their stores during lockdowns. The centre said 38 major retailers went into administration in 2024, including household names such as Lloyds Pharmacy, Homebase, The Body Shop, Carpetright and Ted Baker. Around a third of all retail job losses in 2024, 33% or 55,914 in total, resulted from administrations. Experts have said small high street shops could face a particularly challenging 2025 because of Budget tax and wage changes. Professor Bamfield has warned of a bleak outlook for 2025, predicting that as many as 202,000 jobs could be lost in the sector. "By increasing both the costs of running stores and the costs on each consumer's household it is highly likely that we will see retail job losses eclipse the height of the pandemic in 2020.
