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,...

Ukraine's President Volodymyr Zelenskyy Plays Down Threat Of Russian Invasion

 

Amid growing concerns over a potential Russian invasion of Ukraine, Ukrainian President Volodymyr Zelenskyy on Friday urged world leaders to cool down the talk of war between the two countries. Zelenskyy played down the danger posed by 100,000 Russian troops.

Zelenskyy said that Ukraine's economy had been damaged because of the false perception that Ukraine is on the brink of war. He admitted that the number of Russian soldiers along the Ukrainian border has increased. However, he also claimed that there is no need to be afraid of the situation. He claimed that the current situation is not worse than it was at its peak at the beginning of 2021. The country has become the focus of geopolitical attention in recent weeks.

According to CNN, tension has been escalating between Zelenskyy and Biden administration officials because of the current situation. Zelenskyy called on the US (United States) and the UK (United Kingdom). Zelenskyy said, "They're saying tomorrow is the war. This means panic in the market, panic in the financial sector.” He disagreed with the Biden administration’s bleak assessment that a Russian attack is possible in the country.

Earlier, President Biden said that Russians might move against Ukraine in some way. However, the US and Russia have agreed to continue talks to defuse the crisis.

He also urged western countries not to panic over the deployment of Russian troops along his nation's border. He said that Ukraine knows what’s happening.  He said, "We have been in these situations for eight years. We have learned to live with this." He was referring to Russian-backed separatist violence in eastern Ukraine. The country also suffered because of cyberattacks. Reportedly, the country is suffering ever since Russia invaded Crimea in 2014. Ukraine was part of the Soviet Union. The country collapsed at the end of the Cold War in 1991. 

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