MOSCOW — Russian President Vladimir Putin offered an unusually candid public acknowledgment over the weekend of widespread fuel shortages gripping the country, conceding that Ukrainian missile and drone strikes on energy infrastructure have created real difficulties for Russian motorists, businesses and the agricultural sector, even as he insisted the situation remained under control.

The shortages have been visible across Russia for months, with long lines forming at petrol stations, fuel rationing spreading to dozens of regions, and refineries repeatedly damaged by Ukrainian strikes reaching from Moscow to the Black Sea coast. In Crimea, the Russian-annexed Ukrainian peninsula, drivers have been barred from filling their tanks altogether so that available fuel can be redirected to military vehicles. Despite the visible strain, Putin had largely avoided addressing the crisis directly in public until a weekend meeting with senior officials and oil executives.

Speaking candidly at that meeting, Putin acknowledged the toll the shortages have taken on ordinary Russians.

“You’re well aware that problems persist for both motorists and businesses,” Putin told the assembled officials. “Unfortunately, there are still queues at petrol stations, and finding the right grade of petrol isn’t always easy.”

Putin also pointed to the strain on Russia’s agricultural sector, noting that the country’s harvest depended on fuel supply schedules being met on time, an acknowledgment that ties the energy crisis directly to broader concerns about food production and the domestic economy heading into the back half of the year. According to independent Russian outlet Mediazona, 56 Russian regions are currently enforcing some form of fuel restriction, underscoring how widespread the disruption has become.

In a subsequent interview with Russian state television, Putin went further, offering what diplomatic observers described as an even more open assessment of the crisis than his earlier remarks to officials.

“We are currently seeing a certain shortage, but it’s not critical,” Putin said, while acknowledging that Ukraine’s attacks were “obviously creating problems.”

He pledged to ramp up production of air defense systems to better protect Russian energy infrastructure from further strikes, and said authorities would work to accelerate repairs at refineries that have already sustained damage from Ukrainian attacks. Regarding Crimea specifically, Putin admitted the peninsula currently had only “a few days’ supply” of fuel remaining, though he expressed confidence that additional fuel would be brought in to address the shortfall soon.

The directness of Putin’s comments marks a notable departure from his typical public posture on the war’s domestic costs. BBC diplomatic correspondent James Landale, reporting from Moscow, noted that the scale of the shortages and the resulting public awareness had likely left Putin with little choice but to acknowledge the reality on the ground, even as he continued to insist, as he has throughout the conflict, that Russia’s broader war effort was making progress.

Putin’s admission regarding Crimea’s fuel difficulties carries particular symbolic weight given the peninsula’s outsized importance both to ordinary Russians and to Putin personally. Since Moscow’s occupation of Crimea began in 2014, the Kremlin has transformed the peninsula into a major military base and a strategic anchor for controlling the Black Sea, using it as a launching point for Russia’s full-scale invasion of Ukraine in 2022. Any sign of strain there carries political resonance well beyond its immediate practical impact.

During the televised interview, Putin offered an explanation for why he chose to address the issue so openly, framing Ukraine’s strategy as an attempt to fracture Russian society and erode public support for the war effort, while pushing more Russians toward favoring negotiations to end the conflict.

“We won’t give them that chance,” Putin said, adding that Ukraine’s long-range strikes were having “absolutely no impact on the situation at the front line.”

That assessment is directly disputed by officials in Kyiv, who argue that Ukraine’s deep strikes inside Russian territory serve a dual purpose: bringing the tangible costs of the war home to ordinary Russian citizens while also forcing Russian military commanders to divert air defense resources and personnel away from the front lines in eastern Ukraine to protect domestic energy infrastructure instead.

The acknowledgment comes amid a period of growing confidence in Kyiv that battlefield momentum may be shifting in Ukraine’s favor. In recent months, Ukrainian forces have launched deep strikes against targets in both St. Petersburg and Moscow, intensified attacks on Crimea, and pursued a more aggressive strategy aimed at inflicting maximum casualties along the front line. Despite that shift in tactics, the Kremlin reaffirmed Monday that its core territorial objectives remain unchanged. Kremlin spokesman Dmitry Peskov said Russia’s position continues to be that Ukrainian forces must withdraw from four southeastern regions that Moscow claims as its own, territorial claims that Kyiv categorically rejects.

In the same interview, Putin claimed that Ukraine had signaled willingness to limit hostilities and begin negotiations, though he dismissed any such overture as a tactical maneuver designed to give Kyiv time to regroup and rearm rather than a genuine push toward peace.

“It is clear why this proposal is being made, because our counter-strikes deep into Ukrainian territory are much stronger, have greater impact and are, frankly, more destructive,” Putin said.

He went on to characterize Ukraine’s own strikes against Russia as an attempted “salvation” for what he described as a Ukrainian military that has been “catastrophically” depleted by years of fighting, while making clear that Moscow had no interest in offering Kyiv’s leadership any reprieve.

“But saving the Kyiv regime is not part of our plans,” Putin said.

The rare public airing of Russia’s fuel crisis offers one of the clearest signals yet of how Ukraine’s sustained campaign against Russian energy infrastructure is registering domestically, even as both sides continue to offer starkly different assessments of how much that pressure is actually shaping the broader trajectory of the war.

Chief executive Tom Tainton said it was a ‘ground-breaking moment’ for the Gallagher PREM side

Bristol Bears has agreed a “landmark” long-term partnership with a UK law firm. Foot Anstey will become the club’s new principal partner for the 2026-27 season, with shirt branding for both the men’s and women’s teams.

The Gallagher PREM side said the multi-year agreement represented “one of the most progressive partnerships” in the club’s history.

Under the terms of the deal, Foot Anstey, which has 11 offices including in Exeter, Bristol and Manchester, will also become the main partner of the Bristol Bears Foundation – the club’s award-winning charitable arm.

Off the pitch, it will become the Bears’ exclusive legal provider, offering a full range of legal solutions to the club and its players over the term of the partnership.

Foot Anstey managing partner, Martin Hirst, said: “Our partnership with Bristol Bears is built on a shared belief in the impact individuals can have when they come together as a team.

“From our earliest conversations, it was clear this is more than sponsorship, it’s about bringing together two ambitious organisations to drive performance, support our communities and create lasting impact.

“This reflects how we work as a firm: building strong relationships, working collaboratively and focusing on what really matters to our clients and to the communities around us.

“Sport has a unique ability to bring people together and create momentum. We’re excited about what we can achieve, alongside Bristol Bears and the Bristol Bears Foundation, over the coming years.’

Bristol Bears chief executive Tom Tainton said the deal was “a ground-breaking moment” for the club.

“From the beginning of this process, Foot Anstey has been an excellent partner – collaborative, engaging and genuinely excited about using the power of sport to leave a lasting legacy,” he said.

“Having Foot Anstey’s name on our shirts is about far more than a business agreement; it is a statement of intent about our aligned growth journeys. This authentic partnership represents a shared set of values and a long-term commitment to driving success across our men’s, women’s and community programmes.

“Foot Anstey’s support of the Bristol Bears Foundation is particularly significant, enabling us to expand our reach and deepen our impact within the communities we serve.”

The news comes just a day after South West Gallagher PREM club Exeter Chiefs announced it had been acquired in a major deal by US businessman Bill Foley, ending 155 years of member ownership.

The Centre for Cities report comes as Andy Burnham plans Number 10 for the North

Manchester is outpacing the rest of the country following a decade of growth, according to new research.

London-based think tank Centre for Cities found that Manchester’s economy grew more rapidly than anywhere else in the UK over the last ten years.

Figures revealed the city’s economy expanded by more than 34 per cent between 2013 and 2023, outstripping other ‘top performers’ such as Bristol, Leeds, and Newcastle.

London’s economy grew by nearly 19 per cent over the same period, compared to the UK average of 18.4 per cent across the decade.

The figures were measured by total gross value added (GVA) growth – the value of goods and services produced within the city.

Manchester and the wider city region also recorded a 19.7 per cent rise in job creation, according to the report, surpassing the UK average of 13.9 per cent.

The findings come as significant new announcements by Andy Burnham could herald a dramatic shift in how the country is governed, with a pledge for a ‘No 10 in the North’, potentially based in Manchester, should he go on to become Prime Minister.

The Centre for Cities report stated: “There are encouraging signs, with places such as Leeds and Manchester seeing strong productivity growth in recent years, adding to a sense of growing momentum around their role in raising national living standards.”

The data also laid bare some of the challenges confronting the country’s regions. The report continued: “Currently Manchester, Birmingham and Leeds have the largest ‘density gaps’ compared to their international peers, with estimated shortfalls of 231,000, 202,000 and 196,000 homes in their urban cores respectively.

‘”Other big cities face smaller gaps. Bristol, for example, has a shortfall of around 18,800 homes, though still faces constraints on expanding its urban form.

“Closing these gaps would require a significant increase in housebuilding, especially in the largest of the big cities. “

Manchester council said its strategy to drive employment growth is delivering results. Since implementing the plan, the employment rate in Manchester has climbed to more than 75 per cent – a 6.4 per cent rise since July 2023, the council noted.

This comes alongside a 30 per cent increase in the number of businesses in Manchester since 2015, with the total number of firms in the city growing by approximately 900 in 2024/25.

Councillor Gavin White, the council’s housing and regeneration lead, commented: “Manchester has seen significant population growth in recent years, a testament to a global reputation and strong expansion across key sectors that have helped create tens of thousands of high-quality jobs in the last decade – helping to attract and retain a pool of world class talent.

“With this success comes high demand which is why we are helping to drive a strong supply of quality office space to support businesses to thrive and attract new global names to Manchester. While also creating a strong and diverse housing sector – including record numbers of social, council and genuinely affordable homes being built in every part of our city.

“But we also know that far too many households still face high levels of deprivation and it’s vital that we continue to convert economic growth into better living standards for our residents.

“It’s our vision to make sure that we can create pathways to great jobs, alongside investment in our communities and transport link, that makes sure that everyone living in Manchester has the opportunity to share in the city’s success.”

To find all the planning applications, traffic diversions, road layout changes, alcohol licence applications and more in your community, visit the Public Notices Portal.

The Dow Jones Industrial Average pulled back Tuesday, giving up a small portion of the previous session’s record-setting rally as investors paused to digest a busy stretch of upcoming economic data ahead of a holiday-shortened trading week.

The blue-chip index fell 109.67 points, or 0.21%, to 52,073.07, a day after closing above 52,000 for the first time in its history. Monday’s record finish of 52,182.74 capped a sharp rally across Wall Street, with the index gaining 306.63 points, or 0.59%, on the day, while the S&P 500 rose 1.18% to settle at 7,440.43 and the Nasdaq Composite surged 2.07% to close at 25,820.15.

Monday’s advance was driven by easing tensions between the United States and Iran, with President Donald Trump indicating that peace talks between the two countries were set to resume Tuesday, alongside a broad rebound in technology and so-called “Magnificent Seven” stocks following a rough patch the prior week. Alphabet led that charge, jumping roughly 5% in its debut session as a member of the Dow Jones Industrial Average after replacing Verizon in the 30-stock index. Tesla also stood out among megacap names, climbing more than 8% on the day, while Amazon and Meta each advanced more than 2%.

Tuesday’s session opened on a more mixed note. Dow futures had pointed modestly higher ahead of the bell, supported by stronger-than-expected manufacturing output data and a more stabilized outlook for industrial production, with investors rotating attention toward cyclical industrial names. Conglomerate 3M led individual gainers, climbing more than 3% following a favorable legal settlement update and improved margin guidance, while Nvidia and Johnson & Johnson also posted gains in early trading. That strength was offset by weakness in enterprise software and retail-facing names, with IBM emerging as the session’s biggest laggard following a cautious outlook on cloud spending, while Home Depot and Salesforce also slipped. Financial heavyweights JPMorgan Chase and American Express weighed further on the index during the intraday pullback.

Beyond Alphabet’s high-profile Dow debut, Monday’s broader market strength carried several other notable storylines. Comcast shares surged roughly 25% in premarket trading after the company announced plans to split into two separate, publicly traded companies through a tax-free spin-off of its NBCUniversal and Sky businesses, a transaction expected to close within about a year. Comcast Chairman and co-CEO Brian Roberts framed the move as an effort to give each business greater room to grow independently.

“The transaction we are announcing will unlock a more entrepreneurial management approach and open up a multitude of new opportunities for each business,” Roberts said.

Space and satellite stocks also stood out Monday after Rocket Lab announced an $8 billion deal to acquire satellite communications company Iridium, sending Rocket Lab shares up nearly 16% and Iridium shares soaring more than 25%. The semiconductor sector posted broad gains as well, with the VanEck Semiconductor ETF climbing more than 3%, even as contract manufacturer Super Micro Computer fell nearly 6% following a report that Taiwanese officials had raided the company’s headquarters as part of an investigation into alleged chip smuggling.

The renewed risk appetite across markets followed a turbulent stretch tied to the broader U.S.-Iran conflict. The two countries reportedly agreed over the weekend to halt hostilities and allow commercial vessels to resume passing through the Strait of Hormuz, easing fears that had built up after Iran targeted shipping vessels and military installations in Kuwait and Bahrain, prompting U.S. retaliatory strikes. That de-escalation helped reverse a five-day losing streak that had dragged the S&P 500 down nearly 2% and the Nasdaq down close to 5% over the prior week, even as the Dow managed to post a modest 0.6% gain across that same stretch thanks to relative strength in defensive and industrial sectors.

Looking ahead, markets are entering a holiday-shortened trading week, with U.S. exchanges closed Friday in observance of the Fourth of July holiday weekend. That compressed schedule has pushed the closely watched June nonfarm payrolls report to Thursday instead of its usual Friday release date. The monthly jobs data is considered a key input for the Federal Reserve’s interest rate deliberations, and economists have pointed to May’s surprisingly strong gain of 172,000 jobs as a benchmark against which June’s figures will be measured.

Ahead of Thursday’s jobs report, investors face a steady stream of additional economic data this week, including consumer confidence figures and the Job Openings and Labor Turnover Survey, both released earlier this week, along with Wednesday’s ADP private payrolls report, construction spending data and the Institute for Supply Management’s manufacturing index, which will offer an early read on factory-sector activity heading into the second half of the year. Nike and Constellation Brands are also among the notable companies reporting earnings during the holiday-compressed week.

Beyond the immediate economic calendar, market participants continue to monitor the durability of the U.S.-Iran ceasefire, given how quickly sentiment shifted last week when fresh attacks briefly threatened to unravel the truce. Also weighing on sentiment in recent sessions has been a report that Apple supplier Tata Electronics suffered a major data breach exposing sensitive details about the unreleased iPhone 18 Pro, along with broader questions about the pace of artificial intelligence-related capital spending across the technology sector following reports that OpenAI could delay its planned initial public offering.

For now, Tuesday’s modest pullback appears to reflect a market catching its breath after Monday’s record-setting rally rather than a meaningful shift in sentiment, with investors largely keeping their focus trained on Thursday’s jobs data and the durability of the easing geopolitical backdrop as the most likely catalysts to determine the market’s direction heading into the Fourth of July holiday weekend.

Shares of RITES rallied as much as 16% on Wednesday to its day’s high of Rs 237.05 on the BSE on Wednesday post receiving Rs 175 crore project management consultancy order from Babasaheb Bhimrao Ambedkar University (BBAU).

According to a filing with the exchange, the order covers planning, design and development of infrastructural facilities and other related works in the campus of Babasaheb Bhimrao Ambedkar University (BBAU) and the order is on cost plus PMC Fee basis.

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The total project cost of Rs 175.41 crore excluding GST and including RITES Fees). The total time period by which the order(s)/ contract(s) is to be executed is 30 months for initial work or till the completion of allotted work whichever is later from the date of signing of agreement.

The contract has been awarded by a domestic entity and neither its promoter nor promoter group companies have any interest in the entity awarding the contract. The order also does not qualify as a related-party transaction.
The company said that it had signed a Memorandum of Understanding (MoU) with Container Corporation of India to collaborate on Project Management Consultancy (PMC) services for logistics infrastructure development.
A filing with exchange on Monday said that “RITES signed a Memorandum of Understanding (MoU) with Container Corporation of India Limited (CONCOR) to collaborate on Project Management Consultancy (PMC) services from concept to commissioning for the development and improvement of CONCOR’s terminals and establishments.”
The partnership will leverage RITES’ multidisciplinary engineering and project management expertise to support the planning, design, execution and supervision of infrastructure projects undertaken for CONCOR.

These services will include feasibility studies, preparation of Detailed Project Reports, detailed engineering, architectural and structural design, project supervision, quality assurance, and construction management etc

The collaboration will support the development and improvement of infrastructure including multimodal logistics parks, inland container depots, rail-linked terminals, warehouses, railway infrastructure, administrative buildings, roads, utilities and allied facilities.

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The shares of RITES went up 18.05% in the past three months and nearly 11% in the last one month. In the past one year and two years, the shares have crashed 19.88% and 35.32% respectively.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

Business confidence has fallen sharply to its lowest point this year, according to the Institute of Directors

Ministers must focus on delivery rather than “changes in the machinery of government” if business confidence is to be restored, one of Britain’s most influential lobby groups has warned, in a direct message to Andy Burnham as he readies himself to overhaul Whitehall and devolve power to the North of England.

In its monthly business confidence survey, the Institute of Directors revealed that economic sentiment among bosses fell sharply this month. The reading for optimism on the UK economy over the next 12 months dropped to -61 from -53 in May.

Company directors were equally downbeat about their own firms’ prospects and future sales, with revenue expectations sliding to their lowest point this year.

Economists have noted that businesses are still feeling the aftershocks of the collapse in trade across the Strait of Hormuz, the vital Middle Eastern chokepoint that was shut off as a result of the Iran war.

Bank of England analysis has indicated that the impact on consumer demand and the surge in input costs could leave businesses grappling with inflation and sluggish growth for the remainder of the year.

Anna Leach, chief economist at the IoD, said disruption and uncertainty were “becoming normalised” for 80 per cent of companies, and called on ministers to simplify the tax system and reduce regulatory costs in order to ease the pressure on firms.

“As well as easing back on investment and hiring, this is pushing businesses to prioritise resilience over expansion, maintain higher reserves, reduce discretionary spend, diversify their supply chains and enhance their risk management,” Leach said, as reported by City AM.

“While there is a logic to changes in the machinery of government, what matters is delivery on the ground. Businesses need to see meaningful improvements in areas like regulatory cost, tax complexity and swiftness and consistency of government decisions to fundamentally unlock spending and get growth going.”

The IoD’s remarks serve as a cautionary note to Burnham following his announcement of plans to establish a Number 10 in the North and shift power away from London.

According to the survey, cost expectations remained stable despite a sharp drop in oil and gas prices earlier this month, triggered by the announcement of a draft peace deal between the US and Iran. It had been hoped the agreement might ease price pressures and keep inflation in check.

Some 43 per cent of business leaders surveyed said supply shortages could affect their operations, with firms remaining apprehensive about disruptions stemming from the breakdown of trade across the Middle East.

Fuel shortages emerged as the greatest risk facing businesses, with a larger share of directors flagging concerns about the impact compared to April, according to the IoD, which represents thousands of senior executives across Britain.

The IoD’s findings broadly mirrored those of Lloyds Banking’s business barometer, which similarly indicated a drop in confidence levels.

International businesses that participated in Lloyds’ survey were notably more upbeat about growth prospects, according to researchers, as their outlook on the wider economy improved.

Confidence among businesses was strongest in London and the East Midlands, according to the bank, whose survey encompasses companies with an annual turnover exceeding £250,000.