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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US, Japan and South Korea Impose New Sanctions on North Korea

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North Korea

The United States (U.S.), Japan and South Korea have imposed new sanctions on some people and entities in North Korea in response to Pyongyang's recent long-range missile test.

On Thursday, the US imposed sanctions on three North Korean individuals. Washington blocked the assets of three North Korean officials in the United States. The US accused Jon Il Ho, Yu Jin and Kim Su Gil of direct involvement in weapons development. The US Treasury Department also threatened sanctions against anyone who conducts transactions with these people.

On Friday, Japan and South Korea also announced new sanctions on North Korean individuals. South Korea targeted eight individuals, including a Taiwanese and a Singaporean national. Japan froze the assets of three North Korean groups, namely Korea Haegumgang Trading Corp, Korea Namgang Trading Corp and Lazarus Group and a person named Kim Su Il.

Japan and South Korea said that the new sanctions were in response to Pyongyang's “provocative acts.” The South Korean foreign ministry also asked people to initiate any kind of transaction with sanctioned people.

Earlier, the US said that China and Russia blocked efforts at the United Nations Security Council to impose tougher sanctions. The UNSC first imposed sanctions on North Korea in 2006 for testing nuclear arms.

Last month, North Korea test-fired a suspected intercontinental ballistic missile. Japan's defence minister said North Korea launched an intercontinental ballistic missile that could impact the US mainland. This year, North Korea launched a record number of ballistic missiles, including long-range cruise missiles and short-range ballistic missiles. North Korea also tested its new Hwasong-17 ICBM system.

Despite facing crippling economic sanctions, North Korea continued testing intercontinental ballistic missiles.

During US President Joe Biden’s visit to Asia in May, the US and South Korea jointly condemned North Korea’s ballistic missile tests. Later on, North Korea fired three missiles. 

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