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,...

Thanks for love and kindness": Ardern makes final appearance as New Zealand PM

New Zealand PM

"I want you to know that my overwhelming experience in this job of New Zealand and New Zealanders has been one of love, empathy, and kindness," outgoing New Zealand Prime Minister Jacinda Ardern, in a cloak of feathers, thanked her country in her last official speech held at a traditional Māori event on Tuesday.

The 42-year-old politician took the nation by surprise in announcing her resignation as leader of the ruling Labour Party and as prime minister last week, saying she did not have "enough in the tank" to lead. She choked up while detailing how six "challenging" years in the job had taken a toll.

Ardern, who at 37 became the youngest female head of government in the world when she took office in 2017, steered the nation through the Covid-19 pandemic and the recession it brought along, the Christchurch mosque shootings in which 15 people were killed and 49 injured, and the White Island volcanic eruption.

Although her resignation on 19 January was no less than a shock, the Labour Party has successfully selected a new leader with remarkably little fuss. Party lawmakers have decided to support Education Minister Chris Hipkins. He was formally endorsed as Labour leader on 22 January and will be sworn in as prime minister on 25 January.

44-year-old Hipkins will have just a little more than eight months in the role before contesting a general election in October. According to opinion polls, inflation and increasing social inequality caused Ardern's popularity to fall to record lows. The ruling Labour Party is also currently trailing its main opponent, the conservative National Party.

Ardern's surprise resignation has highlighted the pressure world leaders face. It is unusual for a politician to cite 'burnout' as the reason for quitting. But it's not surprising that the stress of leading a country can leave a huge impact. While world leaders enjoy a number of privileges, they must often cope with long hours, constant travelling, and little time to relax.

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