UAE Non-Oil Business Activity Surges to Nine-Month High in December

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 The United Arab Emirates' non-oil private sector recorded its fastest expansion in nine months in December 2024, buoyed by strong domestic demand and increased business activity, according to the latest S&P Global Purchasing Managers’ Index (PMI) report. PMI Highlights Robust Growth The seasonally adjusted UAE PMI climbed to 55.4 in December from 54.2 in November, signaling robust growth well above the 50.0 threshold that separates expansion from contraction. This marked the third consecutive monthly increase, underscoring sustained recovery in the non-oil sector. Key drivers of growth included a notable rise in new business activity. The new orders subindex rose sharply to 59.3 in December from 58.0 in the previous month, reflecting strong domestic demand. Challenges Amid the Growth While domestic demand flourished, export growth slowed, with the export orders subindex dropping to a seven-month low. Additionally, businesses faced mounting backlogs due to capacity constraints,...
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Bolivia joins Lima Group to help resolve crisis in Venezuela

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The interim government of Bolivia has decided to join the Lima Group to help resolve the Venezuelan crisis.  This was announced on Sunday by the Ministry of Foreign Affairs of the Republic.

"The Ministry of Foreign Affairs of Bolivia announces the entry of Bolivia into the Lima Group," the statement said.  As noted in the foreign ministry, in this way the republic "will contribute to the achievement of a peaceful, democratic and constitutional solution to the crisis in Venezuela."

The Lima group was formed on August 8, 2017 in the capital of Peru, where representatives of 12 countries (Argentina, Brazil, Guatemala, Honduras, Canada, Colombia, Costa Rica, Mexico, Panama, Paraguay, Peru and Chile) signed a joint declaration on the non-recognition of the Constitutional Assembly  

Venezuela convened at the initiative of President Nicolas Maduro without a referendum.  Guyana and Saint Lucia later joined the group.

The situation in Venezuela escalated after opposition leader Juan Guaidó, whose appointment to the post of parliament speaker two days earlier was canceled by the Supreme Court, declared himself acting president.  The United States recognized him as the interim head of state, they were joined by members of the Lima Group (with the exception of Mexico), the Organization of American States and most of the EU countries.

Maduro called the incident an attempted coup and announced the severance of diplomatic relations with the United States.  His support was expressed by Russia, Belarus, Bolivia, Iran, China, Cuba, Nicaragua, Syria and Turkey.

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