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South Korea’s newly inaugurated President has signalled an intent to extend negotiations with the United States over critical trade agreements, aiming to secure more favourable terms that could shape the trajectory of the country’s export-driven economy. The administration recognises the complexity of current talks and the high stakes for sectors that form the backbone of South Korea’s global economic influence, including semiconductors, automotive manufacturing, and shipbuilding.

The president, Lee Jae-myung, who took office following a highly competitive election, has prioritised trade diplomacy with Washington as a cornerstone of his economic agenda. South Korea’s reliance on exports to the US market makes the outcome of these talks pivotal for sustaining growth and competitiveness. The decision to request additional time highlights the government’s cautious approach amid mounting international uncertainties and intensifying global supply chain disruptions.

Lee’s administration faces pressure to address contentious issues such as tariff reductions, intellectual property protections, and technology transfers that have been key sticking points in negotiations. American officials have pushed for greater access to South Korea’s semiconductor sector, a world leader in chip production, while Seoul is equally keen to safeguard its industrial strengths against onerous restrictions. Balancing these priorities requires delicate diplomacy, with the stakes heightened by rising geopolitical tensions in the Indo-Pacific region.

Economic analysts observe that the extended timeframe could provide South Korea with a strategic advantage, allowing deeper consultation with domestic industries and stakeholders. The government is expected to leverage this period to refine proposals that accommodate emerging global trends, including shifts in supply chain localisation, heightened environmental standards, and evolving digital trade frameworks.

South Korea’s chipmakers, which dominate global markets with advanced memory and logic chips, are particularly attentive to outcomes of the talks. Recent moves by the US to incentivise domestic semiconductor manufacturing through legislative packages have raised concerns about potential trade barriers and competitive disadvantages for South Korean firms. The extended negotiation window offers a chance to clarify terms and possibly negotiate exemptions or compensatory measures to protect the industry’s international standing.

Similarly, the automotive sector, a pillar of South Korea’s industrial base, stands to gain or lose significantly depending on trade terms. The rise of electric vehicles and changing regulatory regimes worldwide necessitate adaptive trade policies that accommodate new technologies and market realities. The extended talks will enable Seoul to press for provisions that support its carmakers’ access to the US market, while also addressing issues related to tariffs and environmental regulations.

Shipbuilding, another vital sector for South Korea’s economy, faces challenges from global competition and evolving demand patterns, especially as the maritime industry shifts towards greener technologies. Negotiations with the US could influence the sector’s export potential, especially if environmental standards or subsidy regulations become part of trade discussions. Lee’s government is likely to emphasise the need for fair competition frameworks that protect the industry while fostering innovation.

The broader geopolitical context also plays a significant role in shaping these negotiations. South Korea’s balancing act between its strategic alliance with the US and its economic ties with China demands a nuanced trade policy. With tensions escalating between the US and China, Seoul must navigate these complexities carefully, ensuring that its trade agreements do not alienate either partner while maximising economic benefits.

South Korea’s trade ministry has indicated a willingness to engage constructively with American counterparts, stressing the mutual benefits of a comprehensive deal. The government has also engaged business leaders and experts to gather insights and build consensus on negotiation priorities. This inclusive approach aims to ensure that trade agreements align with long-term national interests rather than short-term gains.

Lee’s outreach to Washington comes at a time when global trade dynamics are undergoing rapid transformation. Protectionist sentiments and the realignment of supply chains following the pandemic have created both risks and opportunities for export-driven economies. South Korea’s strategic response through extended negotiations seeks to position the country favourably in this new environment.

Industry observers note that while additional time may raise concerns about potential delays or uncertainties, it also reflects a pragmatic recognition of the complexities involved in modern trade agreements. The extended timeline allows for more thorough impact assessments, stakeholder engagement, and the incorporation of emerging trade issues such as digital commerce, data security, and sustainability commitments.

Lee’s government is also expected to pursue parallel initiatives to strengthen domestic competitiveness alongside trade talks. Investments in innovation, infrastructure, and workforce skills development are seen as complementary measures to enhance South Korea’s economic resilience in a volatile global market.

The trade discussions have attracted close attention from international partners and economic forums, given South Korea’s integral role in global supply chains. The outcome will not only influence bilateral relations with the US but also set precedents for future trade policies across the Asia-Pacific region.

The United Arab Emirates endured an unprecedented surge in temperatures throughout May, with daily highs consistently exceeding 40ºC and several locations surpassing the 50ºC threshold. The National Centre of Meteorology confirmed this month as the hottest May in the country’s recorded history, marking a significant intensification of the region’s ongoing climate challenges.

Several emirates, including Abu Dhabi, Dubai, and Sharjah, experienced prolonged heatwaves that pushed the limits of historic temperature records. The peak temperatures, which exceeded 50ºC in some desert areas, have drawn attention from climatologists and environmental experts, highlighting the accelerated warming trend affecting the Arabian Peninsula. Such extreme heat has severe implications for public health, energy consumption, and urban infrastructure in a region already grappling with water scarcity and rapid urbanisation.

Experts indicate that the exceptional heat is linked to a combination of global climate change and localized meteorological patterns. The Arabian Peninsula’s unique geography, characterised by vast desert expanses, amplifies temperature extremes. Scientists note that climate models have long predicted a rise in heatwaves for this region, but the speed and intensity of these recent temperature spikes are causing concern among environmental analysts.

The impact on daily life has been multifaceted. Health authorities have issued warnings to vulnerable populations, particularly the elderly, children, and outdoor workers, to take precautions against heat-related illnesses. Hospitals have reported an increase in cases of heat exhaustion and dehydration, putting added pressure on healthcare services during the traditionally hot summer months. Municipalities across the UAE have accelerated measures to provide shaded areas and cooling centres to mitigate risks posed by the extreme heat.

Economic sectors dependent on outdoor labour, such as construction and agriculture, have faced operational challenges due to the intense temperatures. Labour laws have been adjusted to ensure safer working hours, often restricting outdoor activities during peak heat periods. The government’s proactive approach to safeguarding workers aligns with international labour standards, but the economic cost of these adjustments remains under evaluation.

Energy demand in the UAE has surged sharply as residents and businesses increase air conditioning usage to cope with the oppressive heat. This spike in electricity consumption raises concerns about grid stability and the environmental impact of increased fossil fuel reliance, despite the country’s ongoing investments in renewable energy. The UAE’s ambitious clean energy goals, including the development of solar power plants and nuclear energy facilities, aim to offset the environmental footprint associated with higher cooling demands.

The National Centre of Meteorology continues to monitor the evolving weather patterns closely, providing regular updates and forecasts to assist government agencies and the public in preparing for ongoing heat conditions. Advanced satellite technology and climate modelling tools are being utilised to enhance prediction accuracy and early warning systems, essential for managing risks related to extreme weather events.

Regional cooperation is becoming increasingly important as neighbouring Gulf countries face similar climatic stresses. Collaborative efforts focus on sharing data, research, and best practices for adapting to higher temperatures and mitigating environmental impacts. Multilateral discussions have emphasised the need for coordinated climate action, recognising that the Arabian Peninsula’s vulnerability to heat extremes transcends national borders.

Urban planners and architects in the UAE are responding by integrating climate-resilient designs into new developments. Innovative cooling technologies, green spaces, and heat-reflective materials are being employed to reduce the urban heat island effect, which exacerbates temperature rises in city centres. These measures are critical as the UAE’s population continues to grow, with urban expansion increasing the demand for sustainable infrastructure solutions.

Environmental groups have stressed the urgency of addressing the underlying causes of climate change, calling for stronger policies on carbon emissions and investment in sustainable technologies. While the UAE has made progress through initiatives such as the UAE Energy Strategy 2050, activists argue that more aggressive actions are required to curb the escalating frequency and severity of heatwaves.

Academic research from regional universities supports these concerns, with studies showing a marked upward trend in temperature averages and heatwave duration over the last two decades. These findings are consistent with broader global warming trends but underscore the disproportionate effects experienced in desert environments.

Public awareness campaigns have played a crucial role in educating residents about heat safety and energy conservation. Government agencies, non-profits, and community organisations collaborate to distribute information on hydration, recognising symptoms of heat stress, and reducing energy use during peak hours. These initiatives aim to enhance community resilience and promote sustainable living practices in the face of climatic shifts.

Bitcoin’s network hashrate has reached a new peak, hitting a seven-day average of 942.6 exahashes per second , even as the cryptocurrency’s price dipped below $106,000. This milestone underscores the growing computational power dedicated to securing the Bitcoin blockchain, reflecting increased participation and investment in mining activities.

The network’s mining difficulty—a measure of how hard it is to find a new block—has also climbed to an all-time high of 126.98 trillion. This 4.38% increase indicates that miners are facing more competition, as more computing resources are being deployed across the globe. The adjustment in difficulty is a built-in mechanism to ensure that blocks are added to the blockchain at a consistent rate, approximately every ten minutes.

Despite the intensified mining landscape, the profitability for miners has seen fluctuations. The hashprice, which represents the revenue miners earn per unit of hashrate, fell to $52 per petahash per second following the difficulty adjustment. This decline erases much of the gains observed since early May, when the hashprice briefly spiked to $58 per PH/s amid Bitcoin’s price surge to $112,000.

The current market conditions present a complex scenario for miners. While the increased hashrate and difficulty suggest a robust and secure network, they also imply higher operational costs and thinner margins for mining enterprises. These dynamics may prompt smaller or less efficient miners to reassess their strategies or exit the market, potentially leading to further consolidation in the mining industry.

Bitcoin’s price volatility adds another layer of complexity. After reaching record highs, the cryptocurrency’s value has declined, trading around $105,000. Analysts attribute this downturn to a combination of factors, including global economic uncertainties and shifting investor sentiment. Some projections suggest that Bitcoin’s price could dip further, with potential support levels around $97,000.

Despite these challenges, the long-term outlook for Bitcoin mining remains cautiously optimistic. Advancements in mining technology, coupled with strategic investments and potential regulatory clarity, could enhance efficiency and profitability. Moreover, the sustained interest in cryptocurrencies and blockchain technology continues to drive innovation and adoption across various sectors.

Dubai Future District Fund has reported securing over $1.65 billion in capital commitments and supporting more than 190 startups, marking a significant milestone in its mission to bolster the emirate’s innovation ecosystem.

Anchored by the Dubai International Financial Centre and the Dubai Future Foundation , DFDF unveiled these achievements at its Annual General Meeting, reflecting its alignment with Dubai’s economic vision and commitment to fostering a resilient innovation landscape.

In 2024, DFDF expanded its portfolio through direct investments and 12 Fund of Funds initiatives, aligning with the Dubai Economic Agenda to advance technology, talent, and venture capital in the region.

His Excellency Khalfan Belhoul, Chairman of DFDF’s Board and CEO of the Dubai Future Foundation, emphasized the fund’s role in driving the growth of Dubai’s digital economy, highlighting its focus on innovation and future technologies across key sectors.

Beyond capital allocation, DFDF engaged in strategic partnerships with entities like Dubai Land Department and Dubai Health, exploring innovation collaborations that align government priorities with startup-driven solutions.

Nader Albastaki, Managing Director at DFDF, noted that 2024 was pivotal for the fund, scaling investments and supporting innovators driving meaningful change. He expressed enthusiasm for 2025, designated as the Year of the Community, focusing on deeper collaboration and ecosystem resilience.

DFDF’s investment strategy involves deploying capital into venture capital funds with a local focus and directly into startups, aiming to boost venture capital investing and business activity in Dubai and the region.

The fund’s commitment to sustainability was underscored by allocating up to 20% of its AED 1 billion fund to climate technology and innovation, aligning with the UAE’s broader vision for economic diversification and sustainable development.

Arif Amiri, CEO of DIFC Authority and DFDF Board Member, highlighted the fund’s dedication to driving growth and supporting sustainability-focused tech ventures, emphasizing the importance of collaboration in cultivating innovation.

DFDF’s efforts contribute to Dubai’s ambition to establish itself as a global technology and innovation hub, reinforcing its position as a premier destination for global talent and entrepreneurship.

Ethereum has captured the spotlight in the cryptocurrency market, with its price climbing over 80% from April lows of approximately $1,400 to recent highs nearing $2,800. This rally has been accompanied by a significant uptick in social media sentiment, with Ethereum mentions showing a bullish-to-bearish comment ratio of 3:1, indicating strong retail enthusiasm.

In contrast, Bitcoin’s social sentiment reflects a more tempered optimism, with a 1.3:1 ratio of bullish to bearish comments. This suggests that while Bitcoin maintains its position as a leading cryptocurrency, its current market perception is more closely tied to macroeconomic indicators and traditional financial markets.

The divergence in sentiment between Ethereum and Bitcoin underscores differing investor perspectives. Ethereum’s recent performance has been bolstered by factors such as the activation of the Pectra upgrade on its mainnet, which has renewed retail interest after a period of relative dormancy. Additionally, the surge in Ethereum’s price has led to increased open interest in Ethereum futures, signaling growing market participation and confidence in its upward trajectory.

Bitcoin’s sentiment, while positive, appears to be influenced by broader economic discussions, including Federal Reserve Chair Jerome Powell’s remarks on U.S. inflation. Investors seem to associate Bitcoin’s performance with the health of the U.S. economy, viewing it as a hedge against inflation and a digital counterpart to gold.

The contrasting sentiments highlight a shift in retail investor behavior, with Ethereum gaining favor due to its recent price performance and network developments. This renewed interest in Ethereum suggests a potential reevaluation of investment strategies among retail traders, who are increasingly considering alternative cryptocurrencies beyond Bitcoin.

South Korea has witnessed the first notable instance of an institutional investor divesting cryptocurrency assets following the government’s decision to lift its long-standing ban on crypto trading by financial institutions. This marks a significant moment in the country’s evolving digital asset landscape, as regulatory shifts continue to reshape market dynamics and investor behaviour.

The institution in question, a major South Korean asset management firm, has reportedly sold off a substantial portion of its cryptocurrency portfolio. This move comes amid growing caution within the sector, despite regulatory relaxation intended to encourage wider institutional participation. Analysts suggest that the sale signals a pragmatic reassessment by financial entities, weighing regulatory clarity against market volatility and emerging geopolitical risks.

South Korea’s approach to cryptocurrency regulation has long been characterised by stringent restrictions designed to curb speculation and protect investors. The ban on crypto holdings by institutional investors, introduced several years ago, effectively excluded major banks, pension funds, and asset managers from direct crypto market involvement. This policy, aimed at stabilising the financial system, has limited the scale and scope of institutional crypto activity compared to other leading markets.

However, government authorities have recently signalled a more open stance, allowing institutions to hold and trade digital assets under stricter compliance and transparency frameworks. The removal of the ban reflects a broader effort to position South Korea as a competitive hub for blockchain technology and crypto innovation while addressing investor protection concerns. Regulatory bodies have emphasised enhanced due diligence, anti-money laundering measures, and consumer safeguards as prerequisites for institutional engagement.

Despite the regulatory easing, the initial institutional response appears cautious. The divestment by the asset management firm highlights lingering uncertainties, including the lack of comprehensive global regulatory harmonisation and fluctuating crypto valuations. Financial executives involved in the transaction point to increased scrutiny from compliance teams and internal risk committees, which have recommended a more conservative stance amid the unpredictability of crypto markets.

Market observers note that institutional investors have been closely monitoring international regulatory developments, including regulatory crackdowns in major economies such as the United States and the European Union. These external pressures, combined with domestic regulatory adaptations, create a complex environment where institutional players must balance opportunity with risk management.

South Korea’s crypto market itself continues to show robust retail participation, with local exchanges reporting increased trading volumes and new account openings. However, institutional activity remains limited, constrained by cautious regulatory interpretations and the need for clearer operational guidelines. Industry insiders indicate that infrastructure development, such as secure custody solutions and regulatory-approved trading platforms, will be critical to attracting sustained institutional capital.

The government’s gradual liberalisation has also been accompanied by initiatives to bolster blockchain technology development and related financial products. South Korean regulators are promoting pilot projects and innovation hubs, fostering partnerships between traditional finance firms and crypto startups. These efforts aim to build an ecosystem that supports not only trading but also tokenisation, decentralized finance applications, and digital asset custody.

Analysts highlight the importance of regulatory certainty for institutional confidence. The absence of clear rules has historically driven many South Korean financial institutions to adopt a wait-and-see approach, fearing potential legal repercussions and reputational damage. The recent institutional exit underscores the delicate balance regulators must maintain between fostering innovation and imposing adequate safeguards.

Investor sentiment is further influenced by macroeconomic factors, including global interest rate trends, currency fluctuations, and geopolitical tensions impacting asset flows. Cryptocurrency’s volatility relative to traditional assets remains a key consideration for institutional portfolio managers. Many firms are adopting phased approaches, initiating pilot crypto investments or forming dedicated teams to evaluate blockchain’s long-term potential before committing substantial capital.

The South Korean government’s broader digital finance strategy integrates cryptocurrency within its fintech agenda, aiming to create a sustainable and regulated market environment. However, achieving widespread institutional adoption will require ongoing dialogue with industry stakeholders, continuous regulatory refinement, and enhanced transparency mechanisms.

The current institutional crypto divestment could serve as a valuable indicator for regulators and market participants alike, revealing the challenges and reservations that remain despite policy shifts. Financial institutions appear to be navigating a transitional period, balancing innovation enthusiasm with prudent risk controls.

Strategy, the enterprise software firm turned cryptocurrency powerhouse, has announced plans to issue 2.5 million shares of its newly minted 10% Series A Perpetual Stride Preferred Stock , aiming to raise $250 million to expand its Bitcoin reserves. The offering, priced at $100 per share, underscores the company’s unwavering commitment to Bitcoin as a central asset in its corporate treasury.

The proceeds from this offering are earmarked for general corporate purposes, prominently including the acquisition of additional Bitcoin and bolstering working capital. This move aligns with Strategy’s aggressive investment approach under the leadership of Chairman Michael Saylor, who has been a vocal proponent of Bitcoin’s potential as a long-term store of value.

The STRD shares are designed to offer non-cumulative cash dividends at an annual rate of 10%, payable quarterly, contingent upon declaration by the company’s board. Notably, if dividends are not declared in a given period, they will not accumulate, and the company is not obligated to compensate for missed payments in the future. This structure provides Strategy with financial flexibility while offering investors a potentially attractive yield.

Strategy’s latest offering follows a series of similar financial maneuvers aimed at increasing its Bitcoin holdings. The company has previously issued other classes of preferred stock, including ‘Strife’ and ‘Strike’, as part of a broader strategy to leverage financial instruments for cryptocurrency acquisition. These initiatives have collectively contributed to Strategy amassing over 580,000 Bitcoins, valued at approximately $40.61 billion, solidifying its position as the largest corporate holder of Bitcoin.

The company’s stock performance has been closely tied to Bitcoin’s price movements, reflecting the market’s perception of Strategy as a proxy for Bitcoin investment. Over the past year, Strategy’s shares have experienced significant volatility, mirroring the fluctuations in the cryptocurrency market. Despite this, the company’s bold investment strategy has garnered attention from both institutional and retail investors seeking exposure to Bitcoin through traditional financial instruments.

While Strategy’s approach has been lauded by some for its innovation and alignment with emerging financial trends, it has also faced scrutiny and legal challenges. The company is currently contesting a class-action lawsuit alleging misleading statements regarding its Bitcoin investment strategy. Nevertheless, analysts from firms such as BTIG and TD Cowen have maintained positive outlooks on Strategy, citing the company’s strategic positioning and potential for long-term growth.

The introduction of the STRD shares represents Strategy’s continued efforts to integrate cryptocurrency into its corporate structure and financial operations. By offering a preferred stock with a substantial dividend yield, the company aims to attract investors interested in both fixed-income returns and exposure to the cryptocurrency market. This move further blurs the lines between traditional finance and digital assets, highlighting the evolving landscape of corporate investment strategies.

Oil prices strengthened sharply as OPEC+ agreed to a modest increase in production, falling short of some market expectations, while escalating geopolitical tensions in Ukraine and Iran added further upward pressure. West Texas Intermediate crude futures climbed 2.8%, settling near $63 per barrel, reflecting a cautious market balancing supply concerns against demand uncertainties.

The Organisation of the Petroleum Exporting Countries and its allies approved a production boost of 411,000 barrels per day for July, a figure that surprised some analysts who anticipated a larger output increase. This decision followed extensive negotiations marked by dissent from several members, including Russia, which has historically played a pivotal role in the alliance’s supply management. The group’s choice to limit production growth indicates a strategic effort to maintain price support amid a volatile global economic outlook.

Within the alliance, certain countries advocated for a pause in the output hike, citing lingering uncertainties in global demand recovery and concerns over market oversupply. This internal division has led financial institutions to offer contrasting forecasts on OPEC+ policy direction for the coming months. Some banks now expect additional gradual supply increases to ease pressure on energy markets, while others warn of a more restrained approach to sustain price levels.

Market participants are also closely monitoring the geopolitical landscape, which has become a significant factor influencing oil prices. The conflict in Ukraine continues to disrupt supply chains and has led to concerns over potential shortages in European energy markets. The war has prompted a reconfiguration of energy trade flows, with European countries seeking alternatives to Russian crude and refined products amid sanctions and supply restrictions.

Meanwhile, escalating tensions surrounding Iran’s nuclear programme and regional activities have heightened fears of disruptions in the Middle East, a region critical to global oil supply. The possibility of renewed sanctions or military confrontation has contributed to risk premiums embedded in crude prices. Iranian officials have issued statements warning against external interference, further adding to the geopolitical uncertainties that traders are factoring into their decisions.

The market’s response to these developments reflects a complex interplay between supply management by OPEC+ and external geopolitical risks. While the alliance’s measured increase in output signals a cautious optimism about demand recovery, the persistent threats to supply continuity underscore the fragility of the current energy market balance. This dynamic has led to increased volatility in oil prices as traders weigh the prospects of tighter supply against potential disruptions.

Analysts note that global oil inventories remain a critical indicator of market health. Recent data show stocks in key consuming regions have fluctuated, influenced by varying rates of economic activity and shifts in fuel consumption patterns. The International Energy Agency has highlighted that while demand has strengthened, it faces headwinds from inflationary pressures and a slower-than-expected economic rebound in several major economies.

Energy firms and investors are responding to the evolving scenario by adjusting their strategies. Some producers are exercising caution in ramping up output, mindful of price swings and regulatory challenges. Investment in exploration and production continues to be scrutinised in light of global energy transition policies and commitments to reduce carbon emissions, factors that could constrain long-term supply growth.

The global energy market is also observing shifts in trade flows as refiners and consumers adapt to changing supply sources. Countries in Asia and Europe are recalibrating their crude procurement strategies to mitigate risks and capitalise on price movements. This realignment is creating new patterns of demand that could influence OPEC+ decisions and broader market trends going forward.

Despite these complexities, market analysts caution that the oil market remains sensitive to any significant geopolitical escalation or unexpected shifts in production policies. The interplay between supply discipline by producing nations and geopolitical developments will continue to be key drivers of price direction. The potential for further volatility remains high as global economic conditions evolve and political uncertainties persist.

Financial institutions remain divided on how aggressively OPEC+ will pursue production hikes in the coming months. Some expect a gradual easing of supply constraints if demand shows sustained improvement, while others predict continued restraint to maintain price support amid ongoing global uncertainties.

Dubai has solidified its position as the premier global destination for greenfield foreign direct investment in the cultural and creative industries , securing the top spot in the Financial Times’ fDi Markets ranking for the third consecutive year.

In 2024, the emirate attracted 971 CCI projects, marking an 8% increase from the previous year. These ventures brought in AED 18.86 billion in capital inflows, a surge of nearly 60% compared to 2023, and generated 23,517 new jobs, reflecting a 9% year-on-year rise.

The report evaluated 233 cities under the ‘Creative Industries Cluster’ classification, with Dubai outperforming major global hubs such as London and Singapore.

Key growth areas within Dubai’s CCI sector included advertising and public relations, film and media production, gaming, education, and advanced software design. According to the Dubai FDI Monitor, greenfield, wholly-owned ventures constituted 76.5% of all projects, while new forms of investment accounted for 15.4%, reinvestment 5.6%, and mergers and acquisitions 2.4%.

Flexible government policies have played a significant role in boosting FDI flows into the CCI sector, enhancing Dubai’s appeal to investors, entrepreneurs, and innovators.

Her Highness Sheikha Latifa bint Mohammed bin Rashid Al Maktoum, Chairperson of the Dubai Culture and Arts Authority, stated, “Through strategic planning and pioneering initiatives, Dubai has cultivated an environment that empowers creatives, investors, and entrepreneurs to realise their ideas and turn them into impactful, sustainable projects that enrich the emirate’s cultural fabric.”

The United States led in terms of FDI capital inflows into Dubai’s CCI sector in 2024, contributing 23.2%, followed by India , the United Kingdom , Switzerland , and Saudi Arabia . In terms of the number of FDI projects, India topped the list with 18.8%, followed by the United Kingdom , the United States , Germany , and Italy .