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,...

Macron postpones post-Brexit fishing sanctions on Britain as talks continue with PM Johnson

Brexit fishing sanctions on Britain

France had earlier said on Monday that it would restrict cross-Channel trade and impose trade sanctions on Britain; however, after meeting PM Boris Johnson on the sidelines of UNCC at Glasgow, informed reporters that France plans to postpone sanctions and give more time to talks.

 Earlier on Monday, Britain allowed France 48 hours to withdraw from the warning of sanctions or face judicial action under the Brexit trade deal. The warning by France involved extended border and sanitary checks for merchandise from the UK and prohibiting British vessels from entering French ports, measures that could possibly threaten the cross-Channel business. 

 According to Reuters, French President Emmanuel Macron told journalists, "Since today afternoon, dialogue has continued based on proposals I made to PM Johnson. The discussions need to proceed," "I desire that we can find an exit plan on all these concerns."

 The UK welcomed France's decision; a UK government representative said in a statement, "We welcome France's affirmation that detailed discussions are required to resolve the issues in the EU/UK relationship. 

 Ian Gorst, Jersey's minister for external affairs, has urged France to accelerate permission for "five or six" new fishing vessels in its oceans. Gorst said the proposal from his government, which the UK government mirrored over a confidential number of vessels, had shown to be an "acceptable way of pushing things ahead". 

 The boats anticipated to have their permission facilitated, having been dropped, are swapped for old vessels that had a history of having fished in the coastal waters of Jersey and the UK. 

 The UK and Jersey have stated that they will give licenses just to boats that prove they have recently operated in their coastal seas.

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