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,...

China's 12-point ceasefire proposal to end Ukraine war gets quick dismissal

 

China

China called for a ceasefire between Ukraine and Russia in a 12-point proposal issued Friday at 9 am local time. The plan comes as the brutal conflict that has claimed scores of lives and injured countless other people enters its second year.

The peace proposal also comes after nearly a year of the Asian country serving as one of the closest allies of Moscow while trying to play neutral in the war. It includes plans to uphold the sovereignty, independence, and territorial integrity of both countries, to abandon the 'Cold War' mentality, to resume talks of peace, and to ensure that nuclear power plants are kept safe.

China also highlighted its opposition against 'unilateral sanctions' in a direct hit at the dozens of sanctions imposed by the West following the Russian invasion.

The Asian country has remained adamant that they are a neutral party in the year-long conflict, including abstaining - for the fourth time - from a UN vote demanding Russia withdraw from Ukraine. However, a report published last month suggests China has continued to provide Russia with dual-use technologies for the Kremlin's defence industry despite global sanctions.

The ceasefire proposal comes days after top Chinese diplomat Wang Yi visited Moscow and pledged a deeper partnership, and hours ahead of an expected speech from Chinese President Xi Jinping before the United Nations.

While Kyiv has cautiously welcomed the position paper, US officials and some analysts have criticised it.

"My first reaction to it is that it could stop at point one, which is to respect the sovereignty of all nations," US national security adviser Jake Sullivan told CNN, adding "Ukraine wasn't attacking Russia ... Russia's aims in the war were to wipe Ukraine off the map."

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