Sat, Apr 23, 2022 page10

• World Business Quick Take

  • Agencies
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  RETAIL

  UK sales plunge further

  UK retail sales plunged more than forecast last month as the cost-of-living crisis squeezed incomes, and consumers braced for higher taxes and energy bills. The volume of goods sold in stores and online dropped 1.4 percent after falling 0.5 percent in February, the Office for National Statistics said yesterday. Economists had expected a decline of 0.3 percent. Sales, excluding fuel, dropped 1.1 percent. A separate survey by GfK showed that UK consumer confidence sank for a fifth straight month in April, with Britons more pessimistic about the outlook for their personal finances and the general economy than during the depths of the financial crisis. Wages are increasingly falling behind the rate of inflation, which hit a 30-year high of 7 percent last month. The figures are synonymous with recession.

  AUTOMAKERS

  Renault revenue dips slightly

  Renault SA’s quarterly revenue fell less than expected in the first quarter, as the French automaker navigated semiconductor shortages and a sharp decline in Russian auto sales due to the war in Ukraine. Revenue contracted 2.7 percent to 9.75 billion euros (US$10.54 billion), the company said yesterday, beating a 9.27 billion-euro estimate. The market is “severely disrupted by the conflict in Ukraine, the semiconductor crisis and inflation,” chief financial officer Thierry Pieton said. Renault is sticking with an estimate that chip shortages should shave production by about 300,000 this year. Renault, the automaker most exposed to Russia, saw revenue from Russia fall 16 percent to 900 million euros, it said.

  EUROZONE

  Economy gets suprise boost

  Economic momentum in the eurozone unexpectedly picked up this month, with a rebound in services following the end of COVID-19 restrictions, making up for stalling manufacturing. A composite gauge for both sectors jumped to a seven-month high, a survey of purchasing managers published by S&P Global showed. The increase to 55.8 from 54.9 last month compares to an estimate of 53.9. The improvement in services was led by an unprecedented surge in tourism and recreation activity, while manufacturers saw output growing at the slowest pace in nearly two years. “April saw a two-speed eurozone economy,” S&P Global chief business economist Chris Williamson said yesterday. “The weakness of the manufacturing sector is a major concern as it points to an economy that is not firing on all cylinders.” The outlook for the eurozone economy is increasingly uncertain, with the Ukraine conflict and supply bottlenecks weighing on the region’s pandemic recovery.

  RUSSIA

  Mining firm tries for export

  Russian miner Petropavlovsk has applied for a new export license, it said yesterday, seeking a fresh lease of life after it was prohibited from selling gold to sanction-hit Gazprombank, the only buyer of its output. The miner said its gold production for the quarter ending March 31 rose 8 percent to 103 kilo ounces, while gold sales slipped by 6 percent. The UK on March 24 sanctioned Gazprombank, one of the main channels for payments for Russian oil and gas. Petropavlovsk is even restricted from making debt repayments to Gazprombank, which is also its main lender. Petropavlovsk said it is exploring options for gold sales, including with other potential buyers. The London-listed miner yesterday cut its annual gold production outlook. It now expects production in the range of 375 to 405 kilo-ounces, down from 380 to 420 kilo-ounces.
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