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,...

Chile’s new president enters a landmark deal with the UN on environment

 In a first for Chile, president Gabriel Boric has entered a landmark agreement with the United Nations on environment issues.

On Friday, the new left-wing president signed a treaty with the UN, called the Escazu Agreement, which henceforth overturns the previous Chilean policy that restricted its support to the environment treaty.

With this, the leader revised the stance of former president Sebastián Piñera’s government. Chile comes at the top in copper producing nations and it had initially prompted the idea behind the agreements.

UN on environment

The idea behind this agreement is focused at being able to access the information available and also providing environmental justice in  Latin America and the Caribbean region. But despite acknowledging the idea, it had refused to sign the treaty on grounds of legal uncertainties.

During the signing ceremony, Boric said, “This agreement represents a milestone on the way to a new relationship between the state and its inhabitants in environmental matters.”

This is after the new leader had pledged as he stepped in to replace Pinera that he will take a strong stance to limit the climate change activities in the nation. It became one of the most talked about issues in these elections.

However, the official confirmation will only come after the treaty receives the nod of the congress. This particular agreement, Escazu Agreement, has been prepared to keep climate change in check. It has already been signed by Argentina, Mexico and Brazil

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