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First-time equity deals shift outside London, study finds

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Smaller startups deserve more venture funding

The majority of companies raising equity for the first time are now based outside London, according to research from Beauhurst Insights and the law firm Penningtons Manches Cooper, with the capital’s share of first-time deals falling to 44.6 per cent in the first half of 2026.

London’s share of all first-time equity deals had already dropped to 49.1 per cent in 2025, the researchers said. The last time more first-time fundraisings were completed outside the capital than inside it was in 2022, according to Beauhurst.

Companies using artificial intelligence captured 58.6 per cent of the value of all first-time deals in the six months to June, the study found. That compares with 32.9 per cent in 2025 and 17 per cent in 2024.

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The 2,730 start-ups that sold shares for the first time in 2025 raised a total of £4.4bn, an increase of 11.7 per cent, according to the report.

However, 30 per cent more companies secured external capital for the first time, and the researchers said investors had committed less money per company and at lower valuations. Pre-investment valuations fell by 20.3 per cent to £1.5m last year, and the average has since slipped to £1.45m.

The average deal size fell from £2m to £1.7m. The median deal stood at £290,000, a gap the researchers attributed to the effect of several very large first-time fundraisings.

Henry Whorwood, managing director at Beauhurst Insights, said the increased volume of first-time equity raises reversed a long-term decline. He attributed that decline to venture capital firms increasingly needing to support their existing portfolio companies with more capital.

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Mr Whorwood said the rise of AI had driven the reversal, with a wave of companies seeking to exploit the technology.

London leads on AI rounds

Although the capital’s overall share has fallen, London completed more AI first rounds than the rest of the UK combined, at 392 against 268, the research found.

London’s 60 per cent share of AI fundraising rounds was 11 percentage points ahead of its share of the market as a whole. The researchers said this reflected the concentration of investors and support services for technology companies in the capital.

Separate Barclays and Beauhurst figures published in July showed that UK equity investment rose to £14.4bn in the first half of 2026, with London accounting for the bulk of the money raised.

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Outside London, first-time fundraising in the West Midlands nearly doubled in 2025, according to the report. Northern Ireland recorded a rise of 73 per cent and Scotland 60 per cent. London-based deal volumes rose by 27 per cent.

Largest first-time rounds

The report pointed to several very large first-time fundraisings. Isomorphic Labs, the London-based, Google-backed start-up that uses AI for drug discovery, raised £464m in March 2025.

Edinburgh-based Fidra Energy, which has developed a battery energy storage system, secured £445m from its owner, the US institutional investor EIG, alongside the UK’s National Wealth Fund.

In the first half of this year, the £814m of first-time equity raised by Ineffable Intelligence represented 39 per cent of the value of all first-time deals, according to the research.

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The London-headquartered AI company was founded in late 2025 by David Silver, a computer science professor at University College London and a former senior AI specialist at Google’s DeepMind labs in London. The British Business Bank was among the backers of the Ineffable Intelligence round.

Separate Tracxn data published in July found that investors were writing fewer, larger cheques in the first half across UK tech.

Jamie Young
About the author

Jamie Young

Jamie Young is Senior Reporter at Business Matters, covering SME finance, employment law and Westminster policy since 2016. He has reported on every Budget and Autumn Statement since 2018, helped make sense of the ‘covid era’ and the bounce-back loan scheme from launch through the fraud investigations, and broke the magazine’s coverage of the 2024 late-payment reforms. He joined Business Matters straight from completing his BA in Administration from Exeter University and is NCTJ-qualified. Reach him at jyoung@cbmeg.co.uk

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Trump-Xi meeting puts Chinese automakers’ U.S. access in focus

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Automakers urge Congress to quickly ban Chinese vehicles in U.S.
Trump's planned meeting with Xi Jinping stirs concern of Chinese autos in the U.S.

DETROIT — As President Donald Trump meets with Chinese President Xi Jinping this week, U.S. politicians as well as the global automotive industry are warning that allowing Chinese automakers to enter the market could be a Pandora’s box.

Trump earlier this month said he might be “OK” letting Chinese automakers into the U.S. if they produced vehicles domestically, leading a consortium of auto trade groups representing every major facet of the American auto industry to urge him to rethink that position.

It was an uncharacteristically unified message from automakers operating in the U.S., franchised dealers and suppliers. More than two dozen Democratic lawmakers followed that push with their own letter, urging Trump to keep in place U.S. restrictions against Chinese automakers.

“It’s not at this point a partisan issue,” Sen. Elissa Slotkin, D-Mich., told reporters Wednesday. “It’s about whether we want to make cars in America and whether we want a manufacturing base that can pivot when we need it. If we want that, we shouldn’t let them in our country.”

Trump is scheduled to host Xi and a delegation from China on Thursday and Friday that reportedly could include Wang Chuanfu, founder of BYD, China’s largest automaker, and Robin Zeng, founder of CATL, the world’s top battery maker for electric vehicles.

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Michael Dunne, an expert on China’s automotive industry and a former General Motors executive, said even the potential that those two executives could attend underscores the importance of Xi’s trip for the U.S. auto industry.

GM CEO Mary Barra is also expected to be among the attendees at Trump’s state dinner for Xi, Reuters reported Wednesday, along with several other U.S. executives, including Tesla CEO Elon Musk.

As for America’s other largest automakers, Ford Motor declined to disclose whether CEO Jim Farley will be attending after the Department of Transportation criticized the company for its Chinese ties, including a licensing deal with CATL. Reuters reported Chrysler parent Stellantis said CEO Antonio Filosa is out of the country and not planning to attend.

Industry insiders and onlookers have expressed concerns similar to those raised by automakers and lawmakers as bipartisan bills to ban Chinese automakers from the U.S. move through Congress.

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The pressure campaign comes as China-made vehicles have been rapidly expanding outside of their domestic market, especially to Europe and Central and South America. There’s fear among global automakers that Chinese rivals, like BYD and Geely, which are heavily subsidized by their governments, could flood global markets, undercutting domestic production and vehicle prices.

Dunne said he doesn’t believe those concerns are overblown. He said Chinese automakers would “quickly overwhelm America’s auto industry, just as it is now ravaging Europe.”

Global market share for Chinese brands jumped nearly 70% from 2020 to 2025, according to market research and consulting firm GlobalData. The automakers’ market share in the European Union was virtually nothing in 2020 but hit 12% in August, according to Germany-based Dataforce.

“China’s scores of automakers are currently engaged in a fight-to-the-death price war at home,” Dunne wrote in a post Monday. “There’s red ink everywhere. Access to the U.S., by far the most lucrative car market in the world, is like a giant tank of life-saving oxygen.”

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‘Attacking very aggressively’

For much of this century, China was one of the largest and fastest-growing markets in the world. Non-China automakers flocked to the historically enclosed country with hopes of massive sales and profits.

But after years of success for automakers such as GM, the Chinese automotive sector has rapidly changed from an insular industry to the biggest exporter of vehicles globally.

China’s growth has been fueled by government funding for companies as well as a culture of innovation and speed the country has instilled in its workers, experts said. The decision to ramp up exports has come on the heels of a slowing Chinese market and plant underutilization.

A BYD Sealion 6 DM-i on display during the Busan International Mobility Show 2026 in South Korea, June 27, 2026.

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Christian Meunier, Nissan Motor chairman of the Americas, described competing against Chinese automakers as a “hell of a challenge” in countries outside of the U.S.

“They have decent product but it’s all dumping,” he told CNBC during a recent interview. “We know we’re not competing with [automakers], we’re competing against the governments. … They’re attacking very aggressively.”

Meunier said the Japanese automaker has been trying to battle the Chinese as best as it can through growing scale globally to lower costs and become more efficient.

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“We need to get ready for the day when they come to the U.S. because it will happen one day. Hopefully not tomorrow, but it will happen one day,” he said.

Dunne said China’s ambitions and ways of doing business are vastly different than the U.S.’ allies, which makes it different from allowing imports from Japan, South Korea and other countries.

“As Xi Jinping has alluded to many times, the goal for China is to ‘make other countries more dependent on China and China less dependent on other countries.’ That’s not a friendly posture,” Dunne said.

— CNBC’s Justin Papp contributed to this report.

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Opinion: Productivity paradox for business

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Opinion: Productivity paradox for business

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Melania Trump rings New York Stock Exchange opening bell to launch new women’s initiative Imperia

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Melania Trump rings New York Stock Exchange opening bell to launch new women's initiative Imperia
Melania Trump rang the opening bell at the New York Stock Exchange on Wednesday to promote her new initiative to help women become leaders and achieve economic power.

It’s called Imperia, and its members include CEOs, founders, innovators, entrepreneurs and others.

A lot of the first lady’s attention has been on children, but, with Imperia, she is leaning on her business skills to encourage women to harness their economic power and help others understand women’s role in a global economy.

“For generations, women fought for a seat at the table,” she told a meeting of the group. “The next chapter is about owning, growing and making space for the women who come next.”

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She said that means owning businesses, equity, real estate, capital and investment assets, along with “our ideas, our intellectual property and our economic future.”


“People still do not fully understand the full scale of women’s power in the global economy,” she continued. “Women are not just part of the marketplace, simple participants. We are its foundation, and we are its infrastructure.”
In a rare television interview earlier Wednesday on Fox News Channel’s “Fox & Friends” to promote Imperia, the first lady addressed several other subjects, including this week’s state visit of Chinese President Xi Jinping, her efforts to reunite children separated from their families by Russia’s war against Ukraine, her new docuseries and the extent of her public engagements.Some recent news reports have said the first lady is appearing in public less often than during President Donald Trump’s first term.

Melania Trump said the difference is that she is more focused on getting results.

“You don’t see me everywhere, but behind the scenes I’m working nonstop,” she said, citing as an example the preparations for her events in New York this week on the sidelines of the U.N. General Assembly and for Xi’s visit. “I’m working on so many projects … in the future. So stay tuned.”

She was deeply involved in the planning for Xi’s visit in her role as first lady. She said her husband decided to personally greet China’s leader after his plane lands because of their “great relationship.” President Trump typically greets leaders at the White House.

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As of July, Melania Trump had helped reunite five groups of Ukrainian and Russian children with their families, work that underscores the more global approach she has taken during the Republican president’s second term. She said that she has a “direct channel” with leaders from the warring countries and that her team is working on another reunification.

“This is ongoing, and we want to reunite as many children as possible,” the first lady said. “And that’s my focus as well. What they’re going through, it’s heartbreaking. And it’s nothing better to see than a child reunite with the parents, right?”

The first lady also rang the opening bell at the NYSE in January before the release of her Amazon documentary, “Melania,” about her life in the weeks leading up to Donald Trump’s inauguration for a second term in office. A new two-part docuseries featuring her will be released in the fall. She said it will be different from the documentary and teased that it will include some surprises.

“It’s more conversation, one on one with me,” the first lady said. “So when I was traveling and doing all of the filming, the director was asking me questions, and there are some private questions that I will answer that people never heard before. So it’s kind of exciting.

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Automated ball-strike challenge system gets praise from Albert Pujols

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Automated ball-strike challenge system gets praise from Albert Pujols

Albert Pujols is embracing baseball’s technology-driven changes, arguing that a new way to challenge ball-and-strike calls could give players another chance when a game is on the line.

Former MLB player Albert Pujols

MLB legend Albert Pujols weighs in on baseball’s new AI-powered challenge system and how technology is changing the game. (Mary DeCicco/WBCI/MLB  / Getty Images)

The former MLB All-Star joined FOX Business’ Stuart Varney on “Varney & Co.” to discuss the Automated Ball-Strike (ABS) Challenge System, which allows batters, pitchers and catchers to contest ball-and-strike calls, and how changes to the game could benefit fans.

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The system gives batters, pitchers and catchers a way to challenge an umpire’s ball-or-strike call rather than leaving a potentially pivotal decision unchanged. For Pujols, who finished his career with 703 home runs, its appeal is especially clear in the final moments of a close game.

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“I love it,” Pujols said, “I didn’t play… My career with it but now covering in baseball and watching some of the guys taking a chance and opportunity what I love the most is that there might be a chance in the bottom of the ninth and they might call strike on you… And you might get a chance to come back… And probably win so it’s a second opportunity.”

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Pujols acknowledged that challenges can put umpires in a difficult position, but he connected the latest change to baseball’s broader push to improve the pace of play. He pointed to the pitch clock as another adjustment that initially drew questions but has helped shorten games.

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“We put the umpires in a tough situation… But this is where we are in baseball right now,” he said. Later, discussing the changes and their effect on spectators, he added, “This is great for baseball.”

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AMD CEO Lisa Su to attend Trump-Xi state dinner with tech leaders

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AMD CEO Lisa Su to attend Trump-Xi state dinner with tech leaders

As U.S. leadership in artificial intelligence (AI) and the semiconductor industry remains a central economic and national security issue, Advanced Micro Devices (AMD) Chair and CEO Lisa Su said she will attend President Donald Trump’s state dinner for Chinese President Xi Jinping.

“I’m honored to say that I will be at the dinner tomorrow night,” Su told FOX Business’ Liz Claman in a fireside chat on Wednesday during a trip to the New York Stock Exchange celebrating women in business. “It is an honor… to be there.”

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“This summit between the presidents, President Xi and President Trump, is very impactful, very important. I think technology is one of those areas where we rely on the global ecosystem to come together. So, yes, I think we’re anxiously looking at what will come out of it. And the truth is, we want to ensure that there’s good stability across the global ecosystem as it relates to technology.”

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Su will join other prominent American tech leaders, including Tesla CEO Elon Musk, OpenAI CEO Sam Altman, Nvidia CEO Jensen Huang and Apple’s Tim Cook. The tech leaders’ anticipated attendance at the Trump-Xi state dinner comes at a time of geopolitical tensions, including over the development of AI and access to both models and the chips that power them.

Donald Trump, Lisa Su and Xi Jinping

AMD CEO Lisa Su announced Wednesday that she will be attending the state dinner with U.S. President Donald Trump and President of the People’s Republic of China Xi Jinping. (Getty Images)

The U.S. and China are competing to develop increasingly capable AI tools, a source of tension between the two countries. China’s access to specialized chips that power advanced AI models has been restricted through U.S. export controls on advanced semiconductors, including those made by Nvidia.

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President Trump recently described AI as potentially the greatest industrial revolution in history. As demand for compute capability grows, leaders in the industry face a dual responsibility to expand U.S. technology while establishing technical safeguards.

“I am an AI optimist,” Su said. “You know, I will say that for sure… And I’m not, you know, just saying this because I’m a technology person. In terms of power, of technology and what I’ve seen over my career over the last 30 plus years, it is the most powerful technology I’ve ever seen.”

“The world is going to be very ambitious with AI. The world should be very ambitious with AI. And I think we as technology companies and we as the American U.S. ecosystem must continue to be very aggressive while also ensuring that everybody comes together and realizes that we must build trust in AI,” she continued. “It is absolutely non-negotiable that we must build trust in AI.”

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A red carpet rollout is planned for when Xi and his wife, Peng Liyuan, arrive at Joint Base Andrews on Wednesday evening, replete with an arrival ceremony for the man who has found himself at odds with Trump on issues ranging from artificial intelligence and intellectual property theft, trade practices, rare-earth minerals to the communist country’s support for Iran during America’s military conflict there. Xi hasn’t visited the nation’s capital in more than a decade.

AI will be a major topic of discussion during the two-day summit, which officially begins Thursday morning and ends Friday evening, according to a senior administration official.

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FOX Business’ Eric Revell and Fox News’ Peter D’Abrosca and Ashley J. DiMella contributed to this report.

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UPM-Kymmene Oyj (UPMMY) Analyst/Investor Day Transcript

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OneWater Marine Inc. (ONEW) Q1 2026 Earnings Call Transcript

Ulla Paajanen

Good afternoon to our guests here in the room and to everyone joining us online. My name is Ulla Paajanen, and I will be responsible for WISA’s Investor Relations. A warm welcome to WISA’s first Capital Markets Day hosted here at UPM Biofore House.

I would also like to remind you of our clear disclaimer since we might be making forward-looking statements. And before we begin, let me briefly get — go through some important safety information regarding the premises. Safety is a top priority for WISA. Therefore I would like to remind everyone here that in the event of evacuation, please leave all personal belongings behind and proceed outside as quickly and safely as possible. Our designated meeting point is located directly in front of the Biofore House.

Your today’s presenters are Chair of the Board, Tapio Korpeinen, whose distinguished career spans leadership position as a CFO and business area Executive at UPM. Joining him is President and CEO, Tuija Suur-Hamari, a highly respected leader with extensive experience across the forest industry, particularly in materials-based and industrial businesses. Completing the team is Chief Financial Officer, Lasse von Hertzen, who brings a unique combination of capital markets expertise from investment banking and deep financial leadership experience from UPM.

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Let us now turn to today’s agenda. As you can see, Tapio will begin by sharing why UPM believes WISA is well positioned to create greater value as

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Calls for tighter housing settings

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Calls for tighter housing settings

WA is moving to regulate student housing projects through the planning system.

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Dollar Briefly Rises to 7-Week High as Oil Prices Swing on Iran Hope

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Stocks Little Changed After Fed Decision

The dollar briefly hit a seven-week high against a basket of currencies before paring gains as oil prices see-sawed.

Crude prices turned lower after Japan’s Kyodo News said Iran offered to reopen the Strait of Hormuz within seven days if the U.S. takes steps toward easing military pressure.

An earlier rise in oil prices, which reflected continuing shipping risks, had lifted the dollar due to the U.S.’s position as a net oil exporter and the currency’s safe-haven role.

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Mortgage rates hit highest level since 2024, demand falls

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Mortgage rates hit highest level since 2024, demand falls

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McDonald’s pledges $8.5B in franchisee support for modernization plan

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McDonald's pledges $8.5B in franchisee support for modernization plan

McDonald’s on Wednesday announced new details as part of its long-term growth strategy, which will include a focus on upgrading restaurants and staff training, at an investor day at the corporate headquarters in Chicago.

The fast-food giant announced its NEXT growth and productivity strategy in June and outlined plans to implement changes throughout its system.

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McDonald’s said that to speed up the modernization of restaurants, deployment of technology and other operational improvements, it plans to provide about $8.5 billion in NEXT partnering support for franchisees through 2036, with roughly $5 billion provided through 2030. 

The NEXT support for franchisees will include a combination of capital support and rent relief.

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A McDonald's employee and customer.

McDonald’s detailed its plans to modernize restaurants and support franchisees. (Jeffrey Greenberg/Universal Images Group via Getty Images)

The support comes with a target of about 250 basis points of gross restaurant-level efficiency improvements amounting to about $100,000 in annual cash flow benefits for the average restaurant, with the company saying the majority of that would benefit the restaurant’s bottom line over time.

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McDonald’s announcement noted that the restaurant component of the plan aims to boost growth and productivity through simplified operations, elevated execution, modernized restaurant design and deploying generative AI-enabled ArchIQ at scale.

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NEW YORK CITY - JANUARY 05: A woman works in a McDonalds in Manhattan on January 05, 2024 in New York City. As the American economy continues to outperform expectations, the December jobs report showed that employers added 216,000 positions for the month as the unemployment rate held at 3.7% (Photo by Spencer Platt/Getty Images)

McDonald’s also announced a new customer service initiative to drive repeat visits and improve consistency. (Spencer Platt/Getty Images)

The company also announced a multiyear training program called “Make it Golden” that will begin on Founder’s Day, Oct. 5, which aims to improve customer service to create more consistency for patrons and increase repeat visits.

“McDonald’s has the unmatched scale, customer insights, brand loyalty, and operational capabilities to not only adapt to the next wave of change in our industry, but to turn it into an advantage,” said McDonald’s CEO Chris Kempczinski. “That’s what McDonald’s > NEXT is about: to be the first choice for more customers, more often – while making our restaurants stronger and easier to run.” 

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“We are confident that executing across the key components of NEXT will unlock stronger restaurant economics, generate attractive returns for the Company, our franchisees and shareholders, and increase capacity to keep investing in growth,” Kempczinski added.

McDonald’s announcement also included new market share targets, calling for 1.5 percentage points of growth in both chicken and beverages by 2030, while also maintaining the company’s leadership in beef market share.

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Sales growth from unit expansion is also targeted to contribute nearly 2.5% to system-wide sales growth in 2027, moderating to about 2% by 2030.

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