World
UAE changes its weekend to align with West
The United Arab Emirates will shift to a working week of four and half days with a Saturday-Sunday weekend from the start of next year to better align its economy with global markets, but private companies will be free to choose their own working week, Reuters reported.
The oil-producing Gulf state, the region's commercial, trade and tourism hub, currently has a Friday-Saturday weekend. From Jan. 1, however, the weekend will start on Friday afternoon, including for schools, a government circular said.
"Each company, depending on the sector they operate in and what suits and serves their business best, can choose the weekend they decide for their employees", Minister of Human Resources and Emiratisation Abdulrahman al-Awar told Reuters.
According to Reuters over the past year, the UAE has taken measures to make its economy more attractive to foreign investment and talent at a time of growing economic rivalry with Saudi Arabia.
Addressing any religious sensitivities in the Sunni Muslim-ruled country, where expatriates make up most of the population, the government said work on Friday would end at 12 noon before Muslim prayers, which would be unified on Friday across the UAE, read the report.
It said the longer weekend would improve employees' work-life balance and noted that several majority-Muslim nations, such as Indonesia and Morocco, have Saturday-Sunday weekends.
The UAE said the move would "ensure smooth financial, trade and economic transactions with countries that follow a Saturday-Sunday weekend, facilitating stronger international business links and opportunities" for UAE-based and multinational firms.
According to the report the change will impact state entities like the central bank, which would communicate details about the new working hours to commercial banks, said al-Awar, adding that UAE stock exchanges would also be more integrated with global markets.
"This change will enhance the integration of the banking sector in the UAE with the banking community internationally... it will eliminate the gap that existed in the past," he said.
Mohammed Ali Yasin, chief strategy officer at Al Dhabi Capital, said the financial sector would benefit from being able to make simultaneous payment settlements with developed markets and the tourism industry would also be a beneficiary.
"It could be a good experiment for other countries in the region," he said.
Friday is a weekly holiday in the other five Gulf Arab states and many predominantly Muslim countries.
Monica Malik, an economist at Abu Dhabi Commercial Bank, said she expects many private sector companies in the UAE to follow the Saturday-Sunday weekend, describing the move as a "very meaningful development" alongside other recent reforms.
The UAE has liberalized laws regarding cohabitation before marriage, alcohol and personal status laws in addition to the introduction of longer-term visas to lure businesses and talent, Reuters reported.
World
Zelenskiy says Ukraine must try to ensure war ends next year through diplomacy
President Volodymyr Zelenskiy has said Ukraine must do all it can to ensure the war with Russia ends next year through diplomacy.
In a radio interview aired on Saturday, Zelenskiy conceded that the battlefield situation in eastern Ukraine was difficult and Russia was making advances. He said his Russian counterpart Vladimir Putin was not interested in agreeing to a peace deal.
Zelenskiy said U.S. legislation prevented him from meeting President-elect Donald Trump before his inauguration next January. The Ukrainian leader said he would only talk with Trump himself rather than any emissary or advisor.
"I, as the president of Ukraine, will only take seriously a conversation with the president of the United States of America, with all due respect to any entourage, to any people."
"From our side, we must do everything so that this war ends next year, ends through diplomatic means," Zelenskiy said.
World
Sri Lankan president’s coalition wins majority in general election
Sri Lankans handed Anura Kumara Dissanayake a thumping win in a snap general election, giving its new leftist president greater legislative power to pursue policies to alleviate poverty and fight graft as the country recovers from a financial meltdown.
Dissanayake, a political outsider in a country dominated by family parties for decades, comfortably won the island’s presidential election in September, Reuters reported.
But his Marxist-leaning coalition, the National People’s Power (NPP), had just three of parliament’s 225 seats before Thursday’s election, prompting him to dissolve it and seek a fresh mandate.
The NPP won 107 seats, receiving almost 62% or 6.8 million votes in Thursday’s election, putting them past the majority mark in the parliament, latest results on the Election Commission of Sri Lanka’s website showed. A two-third majority appeared within reach of the coalition.
Voters directly elect 196 members to parliament from 22 constituencies under a proportional representation system. The remaining 29 seats will be allocated according to the island-wide proportional vote obtained by each party.
“We see this as a critical turning point for Sri Lanka. We expect a mandate to form a strong parliament, and we are confident the people will give us this mandate,” Dissanayake said after casting his vote on Thursday.
“There is a change in Sri Lanka’s political culture that started in September, which must continue.”
Celebrations were largely muted, with the exception of a few NPP loyalists who lit fireworks in the outskirts of the capital, Colombo.
Just over 17 million Sri Lankans were eligible to elect lawmakers for a five-year term. A record 690 political parties and independent groups were contesting across 22 electoral districts.
Samagi Jana Balawegaya party of opposition leader Sajith Premadasa, the main challenger to Dissanayake’s coalition, won 28 seats and about 18% of the votes polled. The New Democratic Front, backed by previous President Ranil Wickremesinghe, won just three seats.
TENTATIVE ECONOMIC RECOVERY
Sri Lanka typically backs the president’s party in general elections, especially if voting is held soon after a presidential vote.
The president wields executive power but Dissanayake still requires a parliamentary majority to appoint a fully-fledged cabinet and deliver on key promises to cut taxes, support local businesses, and fight poverty.
He also has plans to abolish Sri Lanka’s contentious executive presidency but requires a two-third majority in parliament to implement it.
A nation of 22 million, Sri Lanka was crushed by a 2022 economic crisis triggered by a severe shortage of foreign currency that pushed it into a sovereign default and caused its economy to shrink by 7.3% in 2022 and 2.3% last year.
Boosted by a $2.9 billion bailout programme from the International Monetary Fund (IMF), the economy has begun a tentative recovery, but the high cost of living is still a critical issue for many, especially the poor.
Dissanayake also aims to tweak targets set by the IMF to rein in income tax and free up funds to invest in welfare for the millions hit hardest by the crisis.
But investors worry his desire to revisit the terms of the IMF bailout could delay future disbursements, making it harder for Sri Lanka to hit a key primary surplus target of 2.3% of GDP in 2025 set by the IMF.
World
Biden is sending aid to help Ukraine keep fighting next year, Blinken says
NATO countries must focus their efforts on ensuring that Ukraine has the money, munitions and mobilized forces to fight effectively in 2025, Blinken said
The Biden administration is determined in its final months to help ensure that Ukraine can keep fighting off Russia’s full-scale invasion next year, sending it as much aid as possible so that it might hold Russian forces at bay and possess a strong hand in any potential peace negotiations, US Secretary of State Antony Blinken said Wednesday.
“President Biden has committed to making sure that every dollar we have at our disposal will be pushed out the door between now and Jan. 20,” when president-elect Donald Trump is due to be sworn in, Blinken said.
NATO countries must focus their efforts on “ensuring that Ukraine has the money, munitions and mobilized forces to fight effectively in 2025, or to be able to negotiate a peace from a position of strength,” Blinken said during a visit to Brussels.
The US will “adapt and adjust” with the latest equipment it is sending, Blinken said, without providing details.
The almost three-year war has shown no signs of winding down.
Russia attacked the Ukrainian capital Kyiv with a sophisticated combination of missiles and drones for the first time in 73 days on Wednesday.
That came a day after the Pentagon said most of the North Korean troops sent to help Moscow’s war effort are fighting to drive Ukraine’s army off Russian soil in the Kursk border region.
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