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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Munich Security Conference: Ukraine war and US-China relations take centre stage

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US-China

    World leaders are meeting at the Munich Security Conference, a privately organised annual event funded by a range of sponsors. The three-day talks around global security started yesterday and as expected, the war in Ukraine and escalated geopolitical tensions between the US and China have been front and centre.

Three Major Updates

1.Speaking at the event, US Vice President Kamala Harris said the United States has formally determined that Russia has committed crimes against humanity in war-torn Ukraine.

Although the phrase 'crimes against humanity' has often been used interchangeably with 'war crimes' during the conflict, there is a prominent difference. While war crime only happens during an armed conflict, a crime against humanity can take place during times of war as well as peace.

A soldier killing an unarmed civilian in a warzone is an example of a war crime. But a crime against humanity includes offences like sexual slavery.

2.British Prime Minister Rishi Sunak urged other world leaders to "double down" on their military support for Ukraine and to help guarantee the war-torn nation's long-term security

He even added that the UK would "happily support other countries" if they provided fighter jets to Ukraine - something Western nations have so far expressed reluctance to do.

Sunak had a "positive discussion" with European Commission President Ursula von der Leyen over a new post-Brexit trade deal for Northern Island, No 10 mentioned.

3.China's top diplomat Wang Yi denounced the US's "hysterical" and "absurd" response to an alleged Chinese spy balloon incident.

Beijing, after initial hesitation, acknowledged ownership of the balloon. But it has constantly denied allegations that the flying object was for surveillance, stressing it was a "civilian airship used for research" and that it entered the US airspace "completely accidentally".

The incident has escalated already simmering tensions between the two superpowers.

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