Global Pulse

分类： business

  • Euro zone business activity ends 2025 weaker than expected, PMI shows

    Euro zone business activity ends 2025 weaker than expected, PMI shows

    The euro area’s economic expansion lost significant steam in December 2025, according to the latest HCOB Flash Eurozone Composite PMI survey compiled by S&P Global. The benchmark index dropped to a three-month low of 51.9, markedly below November’s 2.5-year peak of 52.8 and undershooting Reuters’ consensus forecast of 52.7.

    While the reading remains above the critical 50.0 threshold separating expansion from contraction—marking the first full calendar year above this level since 2019—the deceleration signals mounting headwinds. The manufacturing sector’s deterioration intensified, with its PMI sliding to 49.2 from November’s 49.6, representing the lowest reading since April. Particularly concerning was the contraction in manufacturing output for the first time in ten months, accompanied by the fastest decline in new orders since February.

    The services sector, previously the engine of growth, demonstrated diminished momentum with its PMI retreating to 52.6 from a 2.5-year high of 53.6 in November. This performance likewise fell short of economist expectations. Despite the broad slowdown, employment continued to expand at an accelerated pace across the currency bloc.

    Cyrus de la Rubia, Chief Economist at Hamburg Commercial Bank, attributed the weaker performance primarily to intensified downturn in German industry, while noting tentative signs of cautious recovery in French manufacturing. “All in all, the runway into the new year seems pretty unstable,” de la Rubia commented, adding that “a real upturn will only succeed if the manufacturing sector regains its footing.”

    Concurrently, price pressures intensified with input costs rising at the most rapid pace since March, prompting firms to increase output charges more aggressively. This development occurs alongside slightly elevated headline inflation that nonetheless remains proximate to the European Central Bank’s 2% target. Separate Reuters polling indicates expectations that the ECB will maintain current interest rates at least through 2027.

  • EU moves to ease 2035 ban on internal combustion cars as auto industry faces headwinds

    EU moves to ease 2035 ban on internal combustion cars as auto industry faces headwinds

    FRANKFURT, Germany — In a significant policy shift, European Union officials have amended their stringent automotive emissions regulations, modifying the previously mandated total phase-out of internal combustion engines by 2035. The European Commission now proposes a 90% reduction in carbon emissions from new vehicles compared to 2021 levels, creating flexibility for automakers while maintaining climate objectives.

    This revised framework permits continued limited production of combustion engine vehicles provided manufacturers utilize carbon offset mechanisms. These include sourcing European steel manufactured through low-emission processes and incorporating climate-neutral synthetic fuels (e-fuels) produced from renewable electricity and captured CO2, alongside sustainable biofuels.

    The regulatory adjustment follows intensive lobbying from major automotive manufacturing nations including Germany and Italy, where industry representatives highlighted infrastructure challenges and economic concerns. Automakers argued that charging infrastructure development hasn’t matched the pace needed for full consumer transition to electric vehicles, compounded by subsidy reductions and premium pricing for European EVs.

    Despite the modification, EU officials maintain the amended regulations will not compromise the bloc’s 2050 climate neutrality targets. The proposal includes complementary measures to bolster European battery production and promote smaller electric vehicles.

    The policy change occurs against a competitive backdrop where Chinese manufacturers have captured 34% of their domestic EV market through state support and aggressive pricing, outpacing both European and American adoption rates. Meanwhile, the United States has similarly moved toward less stringent vehicle emissions standards under recent regulatory changes.

    Environmental group Transport & Environment criticized the decision as sending ‘a confusing signal’ that might divert investment from electrification precisely when European manufacturers need to compete with Chinese EV producers. The proposal now awaits ratification by EU member states and the European Parliament.

  • Melodica Music & Dance Academy ramps up UAE growth with multiple new locations

    Melodica Music & Dance Academy ramps up UAE growth with multiple new locations

    Melodica Music & Dance Academy has unveiled an ambitious expansion strategy across the United Arab Emirates, signaling substantial growth in the region’s arts education sector. This development follows the recent inauguration of their 27th branch in Arabian Ranches 3, representing a pivotal moment in the institution’s strategic growth trajectory.

    The academy is currently preparing multiple new facilities across Dubai, with two branches in Dubai Festival City and Town Square undergoing final fit-out phases. Additionally, a strategically positioned facility within KidZania at The Dubai Mall is approaching completion, positioning the academy to capitalize on one of the city’s most frequented family entertainment destinations.

    Further expansion plans include confirmed locations at Ibn Battuta Mall, Dubai Expo Mall, and Al Khail Avenue Mall, significantly extending the academy’s accessibility across major residential and commercial districts. This multi-location expansion demonstrates Melodica’s commitment to broadening access to comprehensive arts education throughout the UAE, particularly targeting communities with demonstrated demand for quality educational programs.

    Afshin, Founder and CEO of Melodica Music & Dance Academy, articulated the institution’s vision: ‘Our fundamental objective is to ensure every child across the UAE has convenient access to music and dance education regardless of their geographical location. These new openings represent not merely physical expansion but the creation of enhanced opportunities for young learners to explore and develop their artistic capabilities.’

    The academy distinguishes itself through several key attributes, including its extensive network of over 27 operational branches across Dubai, Abu Dhabi, Sharjah, and Al Ain, with additional locations in development. Currently serving more than 25,000 students, Melodica caters to diverse learner levels from beginners to advanced practitioners across all age groups. The institution maintains rigorous academic standards through internationally trained instructors and offers certification programs through recognized examination boards including ABRSM, Trinity, MTB, and RAD.

    This expansion initiative reflects growing market demand for structured arts education within the UAE, as increasing numbers of families seek enrichment programs that foster creative development and personal growth in children. The academy’s strategic placement in high-traffic retail and residential locations underscores its commitment to accessibility and community engagement.

  • EU waters down plans to end petrol and diesel car sales by 2035

    EU waters down plans to end petrol and diesel car sales by 2035

    The European Union has significantly modified its ambitious climate policy by scaling back a proposed total ban on internal combustion engine vehicles. Originally mandating 100% zero-emission vehicle sales by 2035, the European Commission has now proposed a 90% target following intensive lobbying from automotive manufacturers, particularly German automakers.

    According to the European Automobile Manufacturers’ Association (ACEA), market demand for electric vehicles remains insufficient to justify a complete phase-out of conventional vehicles. The association warned that maintaining the original mandate would expose manufacturers to potentially devastating financial penalties amounting to billions of euros.

    Under the revised framework, the remaining 10% of vehicle sales may consist of traditional petrol or diesel cars alongside hybrid models. However, manufacturers must compensate for the emissions generated by these non-zero-emission vehicles through innovative environmental mechanisms. These include utilizing biofuels and synthetic e-fuels produced from captured carbon dioxide emissions.

    Additionally, automakers will be required to incorporate low-carbon steel manufactured within the European Union into their vehicle production processes, representing a further effort to reduce the automotive industry’s overall carbon footprint.

    Environmental advocacy groups have expressed strong opposition to the policy revision. Transport & Environment (T&E), a prominent green transport organization, has cautioned that this regulatory softening could critically undermine Europe’s transition to electric mobility. The group specifically warned the United Kingdom against following the EU’s example by weakening its own Zero Emission Vehicle Mandate.

    Anna Krajinska, T&E UK’s director, emphasized that “The UK must stand firm. Our ZEV mandate is already driving jobs, investment and innovation into the UK. As major exporters we cannot compete unless we innovate, and global markets are going electric fast.” Critics argue that this policy shift leaves European automakers vulnerable in the increasingly competitive global electric vehicle market, particularly against manufacturers from China and the United States.

  • China handles over 180b parcels in first 11 months

    China handles over 180b parcels in first 11 months

    China’s logistics sector has demonstrated remarkable resilience and growth, with official data revealing the handling of over 180 billion parcel deliveries during the initial eleven months of 2025. This substantial volume represents a significant year-on-year increase of approximately 15%, underscoring the sector’s robust expansion amid evolving market conditions.

    The State Post Bureau of China, the nation’s postal regulatory authority, released these figures on Tuesday, December 16, 2025. The data highlights the continuous expansion of China’s delivery infrastructure, which has become increasingly vital to both domestic economic activity and global supply chains.

    This growth trajectory reflects several converging factors: the deepening penetration of e-commerce platforms in both urban and rural markets, technological advancements in logistics automation, and improved last-mile delivery capabilities across the country’s diverse geographic regions. The sector’s performance remains a key indicator of domestic consumption patterns and economic vitality.

    The report emerges alongside other significant developments in China’s infrastructure and technology sectors, including railway passenger records and satellite launches, painting a picture of comprehensive technological and logistical advancement. The parcel delivery milestone particularly highlights how digital transformation continues to reshape consumer behavior and commercial distribution networks throughout China.

  • US unemployment rose in November to a four-year high

    US unemployment rose in November to a four-year high

    The United States labor market presented conflicting indicators in November as unemployment climbed to its highest level in four years while job additions surpassed economic forecasts. According to delayed data released by the Labor Department on Tuesday, the unemployment rate increased to 4.6% in November, marking a significant rise from September’s 4.4% rate.

    Employers added 64,000 positions during the month, exceeding many economic projections and providing a partial recovery from October’s substantial loss of 105,000 jobs. The previous month’s decline was largely attributed to the elimination of 162,000 federal government roles following the Trump administration’s initiative to reduce government employment earlier this year.

    This long-awaited report offered the first comprehensive view of labor market conditions since the resolution of the federal government shutdown. The data revealed additional downward revisions to previously reported job figures for September and August.

    The contradictory nature of these employment metrics has complicated the Federal Reserve’s ongoing deliberations regarding monetary policy. Central bankers face the challenging task of balancing a softening labor market against persistent inflationary pressures that continue to exceed the Fed’s 2% target.

    Last week, the Federal Reserve implemented its third quarter-point rate reduction of the year, attempting to stimulate economic activity. Official projections suggest most Fed officials anticipate only one additional rate cut in 2026, though deteriorating labor market conditions could potentially accelerate this timeline.

    Financial experts noted the unusual complexity of interpreting November’s data. Chris Zaccarelli, Chief Investment Officer at Northlight Asset Management, observed that “for a data-dependent Fed, this morning’s data will only increase the internal debate” regarding the appropriate policy response.

    The report’s reliability was further questioned due to methodological disruptions caused by the 43-day government shutdown, which forced statistical agencies to operate with reduced staffing and temporarily halted data collection operations. Principal Asset Management’s Chief Global Strategist Seema Shah noted that Fed Chair Jerome Powell would likely “view today’s jobs data with a fair degree of skepticism” due to data distortions and tighter immigration policies affecting payroll calculations.

    Sector performance varied considerably in November. Healthcare demonstrated robust growth with 46,000 new positions, including 11,000 in nursing and residential care facilities. Construction employment increased by 28,000 jobs, maintaining its stability over the preceding year. Conversely, transportation and warehousing sectors lost 18,000 positions, while manufacturing employment declined by 5,000 jobs.

  • Dubai: Gold prices dip slightly after sharp rise, demand remains strong

    Dubai: Gold prices dip slightly after sharp rise, demand remains strong

    Dubai’s gold market witnessed a slight price adjustment on Tuesday morning following a significant weekend rally, with 24K gold declining to Dh516.75 per gram from Monday’s Dh521.25. The modest pullback occurred alongside broader precious metals softening, with spot gold prices dipping 0.74 percent to $4,274.11 by 9:30 AM local time.

    Other gold variants including 22K, 21K, 18K, and 14K traded at Dh478.50, Dh458.75, Dh393.25, and Dh306.75 per gram respectively. Silver mirrored this trend, with spot prices falling 1.76 percent to $62.49.

    Market analysts emphasize that the minor correction occurs within a context of remarkable underlying strength. Ole Hansen, Head of Commodity Strategy at Saxo Bank, observed that gold continues trading near October’s record highs following a clear breakout from its recent consolidation pattern around $4,200. “This demonstrates how resilient underlying demand has become,” Hansen noted.

    The recent 25-basis-point rate cut by the US Federal Reserve to a 3.5-3.75 percent range has reignited policy debates for 2026, but Hansen suggests gold’s momentum now derives from factors beyond interest rate dynamics. Sustained support emerges from a softer dollar, easing front-end yields, and most significantly, persistent buying by non-western central banks and global real-money investors through exchange-traded funds.

    Notably, bullion-backed ETF holdings primarily listed in the US and Europe have surged by approximately 15 million ounces this year, more than compensating for net liquidations over the preceding three years. This trend increasingly reflects strategic moves to reduce dollar dependency rather than short-term currency hedging.

    Looking forward, market conditions remain tight with institutional and central bank demand for hard assets showing no signs of diminishing amid political uncertainty, persistent inflation concerns, expanding fiscal deficits, and evolving monetary regimes. Hansen projects gold could reach the $5,000 milestone in 2026, with silver potentially climbing to $75-80 range, bolstered by seasonal patterns that typically strengthen gold following December FOMC meetings through late February.

  • Investment scam alert in UAE: Experts warn against high ‘guaranteed returns’

    Investment scam alert in UAE: Experts warn against high ‘guaranteed returns’

    Financial security experts in the United Arab Emirates are sounding alarms over an escalating wave of sophisticated investment fraud schemes targeting residents seeking alternative income streams. These fraudulent operations are employing increasingly sophisticated tactics, including cloning legitimate financial institution branding and regulatory emblems to appear authentic.

    According to Muhammad Alamer, an SCA-licensed financial influencer with 17 years of market experience, the promise of ‘guaranteed returns with zero risk’ remains the most reliable indicator of fraudulent activity. “Legitimate financial markets simply do not offer such investments,” Alamer emphasized, noting that even top-performing institutional fund managers cannot consistently deliver the extravagant returns—sometimes exceeding 10-15% monthly—promised by these schemes.

    The deception extends beyond unrealistic returns. Scammers employ psychological pressure tactics using phrases like ‘limited availability’ or ‘expiring offers’ to bypass rational decision-making. Additional red flags include vague investment strategies, difficulties withdrawing funds, unsolicited contact through social media or WhatsApp, and unverifiable credentials.

    Industry analyst Ibrahim El Sheikh attributes the surge in fraudulent schemes to multiple converging factors: market volatility, rising living costs, and increased accessibility to online trading platforms. “As more residents look beyond traditional savings to grow their wealth, fraudsters are exploiting this shift with simplified, high-return narratives that appeal to inexperienced investors,” El Sheikh explained.

    Social media platforms have become particularly effective vectors for these scams. Paid promotions, sponsored content, and direct messaging enable fraudsters to reach vast audiences without face-to-face interaction. The use of professional-looking websites and influencer-style messaging further lowers suspicion among potential victims.

    UAE authorities have responded with increased vigilance. The Securities and Commodities Authority recently issued warnings against two unauthorized entities—XC Market Limited and XCE Commercial Brokers LLC—and exposed a fraudulent operation masquerading as the ‘Gulf Higher Authority for Financial Conduct’ through the website financialgcc.com.

    In November, Dubai Police’s Anti-Fraud Center alerted the public to investment offers promising fixed monthly returns up to 10% without risk, noting these often operate as pyramid schemes where new investor funds pay earlier participants before operators disappear.

    Alamer praised the UAE’s new Advertiser Permit system, which requires social media promoters to obtain licenses and disclose permit numbers publicly. However, he called for enhanced cross-platform coordination to prevent scammers simply migrating between services when banned.

    The consensus among experts is clear: verification remains the strongest defense against financial fraud. Residents are urged to independently confirm licensing status through official channels before committing funds to any investment opportunity.

  • Abu Dhabi property boom: Foreign investors drive growth in prime real estate hubs

    Abu Dhabi property boom: Foreign investors drive growth in prime real estate hubs

    Abu Dhabi’s luxury property sector is experiencing unprecedented growth, driven by substantial foreign investment flowing into its premier freehold zones and lifestyle-centered communities. According to comprehensive market analyses, destinations including Yas Island, Saadiyat Island, and Al Reem Island have become magnets for high-net-worth individuals (HNWIs) and international investors seeking both luxury living and robust returns.

    Market intelligence from Knight Frank reveals that $1.6 billion in private capital is currently targeting Abu Dhabi’s residential real estate, positioning it as the UAE’s second most popular investment hub after Dubai. While this figure trails Dubai’s $10.3 billion investment volume, Abu Dhabi offers significantly more attractive entry points with average prices approximately 30% lower than its neighboring emirate.

    The current growth trajectory shows remarkable momentum. Savills Middle East reports year-on-year sales rate increases of 16%, with average capital values climbing from Dh14,485 per square meter in Q3 2024 to Dh17,394 in Q3 2025. Apartments dominated transactions, accounting for 78% of total market activity, while over 5,700 new units entered the market in the third quarter alone.

    High-net-worth investor interest has surged dramatically, with 19% of global HNWIs planning Abu Dhabi purchases in 2025—a significant increase from 14% in 2024. Notably, 75% of individuals worth $30-50 million are actively considering Abu Dhabi investments, while 65% of those exceeding $50 million in wealth are evaluating opportunities in the capital.

    Multiple catalysts drive this expansion. The emirate’s economy, projected by the IMF to grow approximately 6% in 2025, outperforms most global economies including the United States and China. Infrastructure developments such as Etihad Rail, coupled with cultural attractions and lifestyle amenities, enhance Abu Dhabi’s global appeal. Government initiatives through vehicles like ADGM (Abu Dhabi Global Market) continue to attract international business and investment.

    Despite the optimistic outlook, challenges remain. Supply constraints pose significant considerations, with only 10.3% of projected 2025 residential supply delivered by September. Limited inventory growth—projected below 5% annually through 2028—contrasts sharply with population growth exceeding 8% in 2024, creating sustained pressure on prices and availability.

    Industry leaders maintain cautiously optimistic perspectives. Anna Skigin of Frank Porter reports short-term rental occupancy rates exceeding 88%, while Ben Crompton of Crompton Partners notes unprecedented price appreciation resembling Dubai’s recent market performance. Regulatory frameworks for short-term rentals continue evolving, with expectations of streamlined processes by 2026.

    The market’s future appears fundamentally strong, supported by economic diversification, strategic government policies, and growing international recognition as a premium lifestyle destination. While external factors including regional stability and global economic conditions warrant monitoring, Abu Dhabi’s commitment to business-friendly environments suggests sustained real estate sector growth.

  • China’s big layoff wave now buffeting its tech sector

    China’s big layoff wave now buffeting its tech sector

    China’s prolonged corporate downsizing trend has now expanded beyond manufacturing and property sectors into its once-booming technology industry. Major firms including Baidu, Lenovo, and Alibaba are implementing significant workforce reductions as core business operations weaken and artificial intelligence growth proves insufficient to compensate for broader economic challenges.

    Recent developments reveal technology companies are no longer immune to China’s economic slowdown. Baidu initiated year-end workforce adjustments in late November affecting multiple business units, with some non-core departments facing layoff ratios of 20-30%. The company offered severance packages ranging from n+3 to n+5 months’ salary, where ‘n’ represents years of service, with affected employees required to complete handovers by December’s end.

    These cuts followed Baidu’s disappointing third-quarter performance, particularly in its core advertising business. Online marketing revenue declined 18% year-on-year to 15.3 billion yuan ($2.16 billion), exceeding market expectations despite a 1% increase in monthly active users. Meanwhile, AI-related revenue including cloud services and autonomous driving unit Apollo Go grew 21% to 9.3 billion yuan, though this represented a significant slowdown from 34% growth in the previous quarter.

    Simultaneously, Lenovo’s Infrastructure Solutions Group (ISG) implemented mass layoffs affecting approximately 270 employees across Shanghai, Beijing, Tianjin, and Shenzhen locations. The company’s strategic shift toward globally centralized research and development has favored expansion in India’s Bangalore research center while targeting higher-cost Chinese software teams for optimization. Despite ISG revenue surging 63% to a record $14.5 billion, the division recorded its third consecutive half-year operating loss of $118 million.

    Industry analysts note that Lenovo’s profitability challenges stem from lacking proprietary technologies, with key AI solution components including chips and large language models relying heavily on external partners. The company faces intense competition across multiple fronts without clear innovation advantages.

    The technology sector layoffs occur against a backdrop of concerning youth unemployment data. China’s jobless rate for 16-to-24-year-olds (excluding college students) stood at 17.3% in October, while the rate for 25-to-29-year-olds remained unchanged at 7.2%. These figures demonstrate the challenging employment environment facing younger workers.

    Alibaba Group exemplifies the broader transformation, reducing its workforce from approximately 250,000 to under 200,000 employees through both layoffs and subsidiary sales. The company’s aggressive AI adoption has replaced approximately half of Taobao’s customer service workforce while Cainiao’s unmanned warehouses have improved efficiency by over 40%.

    The trend reflects a broader industry realization that manpower alone no longer creates competitive advantages, particularly when comparing Alibaba’s staffing to Pinduoduo’s ability to generate comparable gross merchandise volume with just 8,000 employees. Even senior technical roles are becoming vulnerable, with Tencent’s P8-level engineers—typically earning 750,000 to over 1.18 million yuan annually—becoming layoff targets as AI tools reduce needs for senior planning and coordination.

    This technology sector contraction follows years of steady shrinkage in China’s property and manufacturing sectors, with many electronics producers shifting capacity to Southeast Asia to cut costs and avoid US tariffs. The cumulative job losses across multiple sectors have squeezed household incomes and consumption, increasing pressure on internet and technology companies that rely on advertising and discretionary spending.