Tuesday newspaper round-up: European manufacturers, Rosneft, Darktrace, Mars

(Sharecast News) - Young people in Britain are bearing the brunt of a "low-gear economy" as employers hold back from hiring amid the fallout from the war in the Middle East, a deputy governor of the Bank of England has warned. Clare Lombardelli, the Bank's deputy governor for monetary policy, said the unfolding conflict, which has triggered a surge in energy prices and clouded the outlook for the economy, was contributing to an increase in youth unemployment. - Guardian

Europe's manufacturers could give up on attempting to compete with their Chinese counterparts by the end of the decade if current trends continue amid fears over mass job losses, the head of the European Union Chamber of Commerce in China has warned. In a case of "if you can't beat them, join them", Jens Eskelund said European companies operating in China were now thinking "Made in China for China" could be replaced by a philosophy of "Made in China for the world". - Guardian

Russian oil giant Rosneft has capped petrol sales following a week of intense Ukrainian strikes on the country's refineries. Motorists in country, who only just had restrictions eased a fortnight ago, can now buy only 30 litres of petrol from pumps in cities and 50 litres on highways, according to Russian media reports. At least half a dozen of Russia's regional governments had reportedly confirmed the rationing measure by late Monday, with the number seemingly continuing to increase. - Telegraph

Darktrace has paid out $840m (£627m) to its US owner despite slowing growth at the Cambridge-based cybersecurity group. The company, backed by the late Mike Lynch, paid the sum to the private equity group Thoma Bravo, which acquired the firm in 2024. It came after Thoma Bravo put an additional $750m of debt on to Darktrace to help fund the payment, a process known in the City as a dividend recap. - Telegraph

Mars, the producer of Pedigree and Whiskas, is to spend £161m modernising its 75-year-old pet nutrition factory in Leicestershire. In a boost for UK manufacturing, the investment at Melton Mowbray will create more than 30 technical and engineering roles in the first year and expand the site's apprentice programme from 26 to 33 permanent positions by next year. Mars's latest commitment takes its total capital investment in the UK since 2021 to £661m. It announced £190m for its chocolate factory in Slough in May. - The Times