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,...

Colombia's election: A surprise run-off is on the horizon

 

Colombia

Gustavo Petro, a former mayor of Bogotá and an ex-militant, came out on top of the survey as expected, with roughly 40% of the vote.

 Despite opinion polls favouring conservative Federico Gutiérrez, Rodolfo Hernández came in second.

 On June 19, Mr. Hernández and Mr. Petro will compete in the second round.

 If Mr Petro, 62, is elected, he will be the country's first left-wing president. He has pledged to address the country's grave inequities and transition the country away from fossil fuels and toward clean technology.

 The surprising victory for Mr Hernández, a 77-year-old construction billionaire with a populist streak reminiscent of ex-President Donald Trump of the United States, represents a setback for the traditional right.

 Despite being under investigation for allegedly favouring a corporation his son had pushed for, he ran on an anti-corruption ticket.

 Whoever wins next month will have to deal with growing unhappiness about rising inequality and inflation, as well as the legacy of the brutal war between communist rebels and the state, which was supposed to be ended by a 2016 peace agreement.

 Because he was limited to a single term by the constitution, Iván Duque, the very unpopular outgoing president, was not eligible to run again.

 As word of Mr Petro's first-round victory circulated around central Bogotá, his fans rejoiced.

 "People are demonstrating that they are tired of the same thing and that they want a change," said sound engineer Cristian Riano, 35, to Reuters.

 Environmentalist Francia Márquez, Mr Petro's running mate, aspires to be the country's first black vice-president.

 Federico Gutiérrez, viewed as Iván Duque's ideological heir, had been projected to finish second, but with nearly all of the votes counted, he had earned little under 24%, while Mr Hernández had won 28%.

 Mr Gutiérrez accepted loss and urged people to support Rodolfo Hernández and his running companion Marelen Castillo in the second round.

 

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