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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European Union Sanctions Russia Over Ukraine Crisis

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UkraineCrisis

The European Union (EU) members agreed on Tuesday to impose a first round of economic sanctions against Russia over the Ukraine crisis.

The 27 members of the EU agreed on the measures against Russia at an informal meeting in Paris. Britain imposed sanctions on five Russian banks and three billionaires. Prime Minister Boris Johnson called "the first barrage" of measures in response to Russia’s actions in Ukraine. The United States imposed sanctions against two large Russian financial institutions and Russian sovereign debt. Joe Biden said that the sanctions against Russia's sovereign debt meant that the Russian government would be cut off from Western financing.

Russian President Vladimir Putin on Monday told Russia's defence ministry to deploy forces into two breakaway regions of Ukraine after recognising them as independent, raising fears of war in Europe. The first round of sanctions will also target Russian parliament members, who backed recognising the breakaway regions as independent.

Josep Borrell Fontelles, the bloc’s foreign policy chief, said that sanctions had been agreed upon unanimously at the meeting. Borrell said, “The sanctions will hurt Russia a lot.” He added that the measures will target the 351 lawmakers who voted in favour of recognising the breakaway regions as independent, along with 27 individuals and entities who threaten Ukrainian territory and sovereignty. Reportedly, the measures will now be formally approved by Brussels as part of the EU's response to Vladimir Putin's recognition of two breakaway regions in eastern Ukraine.

European Commission President Ursula von der Leyen said, "Our action today is a response to Russia's aggressive behaviour."

Borrell said “Russian troops have entered Donbas. We consider the Donbas part of Ukraine.” Borrell added, “I wouldn’t say it is a fully-fledged invasion, but Russian troops are on Ukrainian soil.” The EU had warned that there would be major consequences for Russia's economy if Russia invaded Ukraine. 

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