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MBW’s weekly round-up includes Spotify’s expanded publishing licensing and Slipknot’s potential $120m catalog sale.

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Welcome to Music Business Worldwide’s Weekly Round-up – where we make sure you caught the five biggest stories to hit our headlines over the past seven days. MBW’s Round-up is exclusively supported by BMI, a global leader in performing rights management, dedicated to supporting songwriters, composers and publishers and championing the value of music.


This week, Spotify expanded its publishing licensing strategy with a new multi-territory deal with amra, following its recent direct licensing agreement with Kobalt in the US.

Meanwhile, BMI secured its largest rate increase ever for radio royalties, with terrestrial US radio stations now paying nearly 24% more for music licenses.

Elsewhere, the FTC took major action against ticket scalpers under Trump’s administration, filing a lawsuit against a Maryland-based operation that allegedly made $64 million reselling Taylor Swift and Bruce Springsteen tickets.

Also this week, metal band Slipknot neared completion of a $120 million catalog sale to HarbourView Equity Partners, while IFPI CEO Victoria Oakley urged action to accelerate India’s music streaming revenues amid subscription growth challenges.

Here are some of the biggest headlines from the past few days…


1. SPOTIFY EXPANDS MUSIC PUBLISHING LICENSING PUSH WITH NEW AMRA DEAL

Spotify has inked a multi-territory, multi-year renewal deal with amra, the global digital licensing collection society, covering digital mechanical and performing rights across amra’s global footprint including Southeast Asia, India, Australia, Brazil, and Japan.

The agreement follows Spotify’s direct licensing deal with Kobalt last week, which covered only US operations, as part of the streaming giant’s strategy to circumvent its controversial decision to reclassify Premium subscription tiers as “bundles” that pay lower mechanical royalty rates to publishers and songwriters.

Alex Norström, Spotify’s Co-President & Chief Business Officer, said the deal “increases our support of publishers and songwriters with new rights” and “expands the benefits of streaming for writers, artists and rightsholders….” (MBW)


2. CONFIRMED: BMI ROYALTY RATE FROM TERRESTRIAL US RADIO IS RISING BY NEARLY 24%

Performance rights organization BMI has secured its largest rate increase ever for royalties paid on music played on terrestrial US radio. According to court documents, AM/FM radio stations will pay a headline rate of 2.14% of their gross revenue for a blanket license to play BMI-represented songs for 2022 and 2023, rising gradually to 2.20% for 2026-2029. Given that the previous agreement set a blanket fee rate of 1.78% for the 2017-2021 period, this represents a 23.6% increase in the rate radio stations pay for playing BMI music.

The agreement applies to 8,895 commercial radio stations, with around 85% of the money distributed to songwriters and music publishers who own the publishing rights. The NMPA estimates that 8% of US music publishing’s $7.04 billion wholesale revenue in 2024 came from radio… (MBW)


3. TRUMP TARGETS SCALPERS: FTC SUES FIRM OVER TAYLOR SWIFT TICKET RESALES

The US Federal Trade Commission has filed a major lawsuit against Maryland-based Key Investment Group LLC and its network of affiliated companies, alleging they used illegal tactics to circumvent ticket purchase limits and resell hundreds of thousands of tickets at inflated prices, including for Taylor Swift’s Eras Tour and Bruce Springsteen shows. The operation allegedly generated approximately $64 million in secondary market sales revenue, purchasing at least 379,776 tickets from Ticketmaster between November 2022 and December 2023 at a cost of nearly $57 million.

FTC Chairman Andrew N. Ferguson emphasized the action’s connection to Trump administration priorities, stating that “unscrupulous middlemen who harm fans and jack up prices through anticompetitive methods will hear from us.”

The sophisticated scheme allegedly employed thousands of fake accounts, virtual credit cards, IP masking, and “SIM farms” to defeat Ticketmaster’s anti-scalping measures… (MBW)


4. SLIPKNOT NEARS $120M CATALOG SALE TO HARBOURVIEW EQUITY (REPORT)

Metal band Slipknot is close to completing a deal to sell their catalog to HarbourView Equity Partners for about $120 million, according to Billboard.

The transaction covers the band’s publishing rights and recorded masters royalties, though Warner Music Group controls the band’s masters through its 2007 acquisition of Roadrunner Records, leaving only the band’s share of recorded music royalties available for purchase. The deal excludes future recordings and it remains unclear whether all band members are participating in the sale.

Slipknot’s catalog has accumulated 14.6 million album consumption units in the US and 15.73 billion global streams across all platforms. The band’s master recording catalog averaged 740,000 album consumption units annually in the US over the past three years, generating about $15.5 million in recording revenue and an additional $5.2 million in publishing royalties… (MBW)


5. IFPI CEO VICTORIA OAKLEY URGES ACTION TO ACCELERATE INDIA’S MUSIC STREAMING REVENUES – AMID SUBSCRIPTION GROWTH CHALLENGES

IFPI CEO Victoria Oakley warned that India’s music industry must tackle significant challenges to secure its future, despite its “extraordinary potential” to drive global growth.

Speaking at the All About Music conference in Mumbai on August 20, Oakley highlighted troubling market signs, with just 20 million of India’s 192 million current music streaming users paying for subscriptions – barely above 10%. Those 192 million users represent just 13% of India’s 1.45 billion population.

Oakley outlined three key priorities for India’s development: (i) growing paid streaming by shifting away from ad-funded models toward subscription-led growth, (ii) strengthening collaboration to tackle streaming fraud and build AI safeguards, and (iii) championing regional diversity to support local languages and styles… (MBW)


Partner message: MBW’s Weekly Round-up is supported by BMI, the global leader in performing rights management, dedicated to supporting songwriters, composers and publishers and championing the value of music. Find out more about BMI hereMusic Business Worldwide

Can Serena Williams’s reveal about weight loss aid in breaking the stigma around anti-obesity medications?

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Serena Williams, one of the most successful athletes of all time, has spoken out about using weight loss drugs – she says, to lift the “stigma” around using such medication.

Will her outspoken comments instil a new sense of confidence in those using the drugs? And could her honesty quieten the critics?

The 43-year-old tennis star, who broke records and won 23 grand slam titles through her career, was the embodiment of fitness and athletic prowess. But, after having kids, even she, like so many of us, has admitted to struggling to shift those extra pounds.

In the end, Williams told the Today Show on TV in the US, that she had to look at her extra weight as “an opponent”. Despite “training five hours a day” and “running, walking, biking, stair climbing,” she couldn’t pulverise this adversary like she did to her opponents on the tennis court – so in the end, she says, she had no other choice but to “try something different”.

Many of her friends were using GLP-1 – the group of medications which help with weight loss, so she decided to try it.

Williams is adamant that the medication route – she won’t say which brand she is taking – wasn’t easy, and certainly not a shortcut to her losing 31lb (14kg) over the past eight months.

There is scepticism about the timing of the tennis star’s recent transparency – she has just become a spokesperson for Ro, a company which sells GLP-1 brands like Wegovy and Zepbound (known as Mounjaro in the UK) through its weight-loss programme, and her husband is also an investor.

Despite this and the potential side effects of taking the medication, her honesty will hit a nerve for many – she says she is speaking out to take away the shame that so many women feel when it comes to using drugs to help them lose weight.

Caleb Luna, assistant professor of feminist studies at the University of California, says having someone like Serena Williams speaking out is “a breakthrough”.

They say it helps silence the critics of how “weight loss is achieved” who say that “people are taking the easy way out” by using weight loss drugs.

“It gets rid of the stereotype that these drugs are for fat people who are being lazy and incompetent.

“In that respect it’s maybe a good thing.”

But Caleb also says the revelation about her need to resort to using GLP-1 medication is slightly “terrifying” and makes them feel “a little bit sad”. They worry that all it does is belittle hard work and dedication, instead, focussing on appearance and the pressure to look a certain way.

“She has achieved things that so few people, in our time and throughout history have achieved.

“But now it just shows how all those accomplishments can be undermined by body size.

“Scarily, weight loss seems to outshine all those record-breaking achievements.”

Williams’ weight and her looks have been scrutinised throughout her life. The burden, the pressure to fit in with society’s expectations does not diminish no matter how much sporting success an athlete has in their career.

And while she may be the most high profile sports star who openly uses weight loss medication, there are many others in the public eye who have spoken out.

Oprah Winfrey says she uses GLP-1 as a tool, along with exercise and healthy eating, to stop herself “yo-yoing” with her weight.

Actress Whoopi Goldberg says she lost the weight of “two people” after taking the drug, and singer Kelly Clarkson, who says she was “chased” by her “doctor for two years” before she agreed to take it, are among the dozens of stars who have been open about taking the medication.

Williams left the world of tennis behind back in 2022, when she played the final match of her career in the US Open, but she is still a powerhouse of strength and has wanted to reach what she describes as her “healthy weight” since the birth of her second child, Adina.

In her interview with the Today Show, says she felt like her “body was missing something” and she wasn’t able to get down to what she felt comfortable with – despite intense training.

Dr Claire Madigan, a senior research associate in behavioural medicine at the School of Sport, Exercise and Health Sciences at Loughborough University, says elite athletes can find it hard to lose weight.

“They are used to consuming a lot of calories and when they leave the sport they can find it difficult – it needs a change in behaviour.”

Dr Madigan said it was good to see that Williams mentioned her weight loss was not just down to the drug – “she did have to focus on the diet and physical activity”.

She added: “It’s great she is talking about how difficult it is to lose weight after having a baby.”

But she wonders if Williams’s message might be lost and even demotivate some women. “The drugs are quite expensive and the average person may think here is an elite athlete, she’s got access to the gym, she’s got time, she has a nutritionist… and she’s had to use GLP-1s”.

Dr Madigan also expressed concern that the potential side effects of taking the drugs – which can include gastrointestinal problems like vomiting and diarrhoea, and in rare cases, gallbladder and kidney problems – may not have been widely discussed in the publicity surrounding Williams’s announcement.

Williams says she did not experience any side effects, and told Women’s Health magazine that she is finally seeing the benefits of all her hard work at the gym.

“My joints are a lot better,” she says, “I just had my check-up, and the doctor said everything – including my blood sugar levels – looked great.”

And, even though, she’s no longer breaking new ground on the tennis courts, she is still smashing her own records, with the help, she says of weight loss drugs. She’s currently training for a half marathon.

“I am running farther than I ever have,” she says proudly.

Additional reporting by Alex Kleiderman

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Netherlands’ Foreign Minister Steps Down Due to Deadlock on Israel Sanctions | EU Updates

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Caspar Veldkamp and other ministers step down after cabinet rejects sanctions against Israel, prompting broader political upheaval.

Dutch Foreign Minister Caspar Veldkamp has resigned after failing to secure cabinet support for additional sanctions against Israel over its military onslaught in Gaza.

Veldkamp, a member of the centre-right New Social Contract party, said on Friday that he could not achieve agreement on “meaningful measures” and had repeatedly faced resistance from colleagues over sanctions already in place.

His efforts included imposing entry bans on far-right Israeli ministers, Bezalel Smotrich and Itamar Ben-Gvir, citing their role in inciting settler violence against Palestinians.

Veldkamp also revoked three export permits for navy ship components, warning of “deteriorating conditions” in Gaza and the “risk of undesirable end use”.

“I also see what is happening on the ground in Gaza, the attack on Gaza City, and what is happening in the West Bank, the building decision for the disputed settlement E1, and East Jerusalem,” Veldkamp told reporters.

His departure leaves the Netherlands without a foreign minister as the European Union navigates security guarantees for Ukraine and continues talks with the United States over tariffs.

Following his resignation, all New Social Contract ministers and state secretaries confirmed their support for Veldkamp and resigned from the caretaker government in solidarity.

Al Jazeera’s Step Vaessen, reporting from Berlin on developments in the Netherlands, said Veldkamp was “under increasing pressure from lawmakers in parliament, especially from the opposition who have been requesting stricter sanctions against Israel”.

While Veldkamp had announced travel bans for two Israeli ministers a few weeks ago, Vaessen said the foreign minister was facing growing demands after Israel’s attacks on Gaza City and the “increasing aggression” that the Dutch government “should be doing more”.

“Veldkamp has also been pushing for a suspension of the trade agreement that the EU has with Israel,” Vaessen added, noting that the Dutch foreign minister had “increasingly become frustrated because Germany was blocking that. So there was also this push from the Dutch parliament that the Netherlands shouldn’t wait anymore for any European sanctions but should put sanctions on Israel alone.”

Europe-Israel relations

Despite limited Dutch sanctions on Israel, the country continues to support the supply chain of Israel’s F-35 fighter jet.

Research from the Palestinian Youth Movement shared with Al Jazeera in June shows that ships carrying F-35 components frequently dock at the port of Rotterdam, operated by Danish shipping company Maersk.

The F-35 jets have been used by Israel in air strikes on Gaza, which have left much of the Strip in ruins and contributed to the deaths of more than 62,000 people since October 2023.

Earlier this week, the Netherlands joined 20 other nations in condemning Israel’s approval of a large West Bank settlement expansion, calling it “unacceptable and contrary to international law”.

Meanwhile, Israel’s military attacks on Gaza continue, forcing civilians from Gaza City southwards amid mounting famine. A global hunger monitor confirmed on Friday that residents of Gaza City and surrounding areas are officially facing famine conditions.

No successor to Veldkamp has been announced. The caretaker Dutch government, which has been in place since the collapse of the previous coalition on June 3, is expected to remain until a new coalition is formed following elections in October, a process that could take months.

Aspire Biopharma Secures $9.7 Million in Note Purchase Agreement with Investors

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Aspire Biopharma enters $9.7 million note purchase agreement with investors

Australian Breaststroker Lacey Strachan Makes Verbal Commitment to Yale for Girls’ Class of 2027

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By Anne Lepesant on SwimSwam

Fitter and Faster Swim Camps is the proud sponsor of SwimSwam’s College Recruiting Channel and all commitment news. For many, swimming in college is a lifelong dream that is pursued with dedication and determination. Fitter and Faster is proud to honor these athletes and those who supported them on their journey.

Lacey Strachan from Gold Coast, Australia, has announced her verbal commitment to the application process* at Yale University for the 2027-28 school year. She told SwimSwam:

“I chose Yale because it’s the perfect place to challenge myself both in the pool and in the classroom. The combination of a competitive D1 Swim Program, world class academics and a team culture that feels like family made it an easy decision. I can’t wait to be a Bulldog! 💙🐶

Strachan attends St Michael’s College and trains year-round with the Somerset Swimming Club. She specializes in breaststroke and IM.

At the 2025 Australian Age Group Championships in April, Strachan logged season-best times in the LCM 100 breast (1:11.01 in prelims), 200 breast (2:33.93), and 200 IM (2:27.66). In finals, she placed 7th in the 100 breast and 6th in the 200 breast in the 16-year-old age category. Her PBs in the 100/200 (1:09.85/2:32.81) breast date from 2023. Her best 200 IM time (2:25.45) comes from the 2024 Queensland Championships last December.

In June, at the Somerset Gold Coast Winter Preparation Meet, she swam lifetime bests in the SCM 50 breast (32.31) and 100 IM (1:06.18).

Strachan’s best converted times would have scored in the ‘A’ finals of the 100 and 200 breast at the 2025 Ivy League Women’s Championships. She would have joined junior Jessey Li and freshman Devyn Sargent in the top 8 of the 100 and Sargent in the top 8 of the 200. It took 2:03.15 to get a second swim in the 200 IM. Yale placed 3rd out of 8 teams at the conference meet last year.

Best times:

  SCM LCM Best SCY conversion
50 breast 32.31 33.10 28.91
100 breast 1:09.18 1:09.85 1:01.12
200 breast 2:29.31 2:32.81 2:14.06
200 IM 2:22.73 2:25.45 2:08.15

*Note: A verbal commitment between an Ivy League coach and a prospective student-athlete is not an offer of admission, as only the Admission Office has that authority. The coach can only commit his or her support in the admission process. Ivy League Admission Offices do not issue “Likely Letters” before October 1 of the prospective student-athlete’s senior year of high school. The Likely Letter, while issued after an initial read of the student’s application, is not an offer of admission to the university.

If you have a commitment to report, please send an email with a photo (landscape, or horizontal, looks best) and a quote to Recruits@swimswam.com.

About the Fitter and Faster Swim Tour 

Fitter & Faster Swim Camps feature the most innovative teaching platforms for competitive swimmers of all levels. Camps are produced year-round throughout the USA and Canada. All camps are led by elite swimmers and coaches. Visit fitterandfaster.com to find or request a swim camp near you.

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Read the full story on SwimSwam: Yale Earns 1st Verbal in the Girls’ Class of 2027: Australian Breaststroker Lacey Strachan

Could This Prototype, Capable of Inspecting Water and Sewerage Networks, be Just a Pipe Dream?

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There are always those who warn of the risks of artificial intelligence and robotization regarding job losses. Still, few will regret the support offered by a new device developed by several British universities. Joey is an autonomous robot responsible for inspecting the narrowest drainage and water pipes. This machine is part of a new batch of scientific and technological breakthroughs that will enable to operate underground, where few humans will venture.

Tackling water leaks

Access to drinking water is a human and sustainability challenge. Therefore, the fate of much of the water in pipelines due to deficiencies in infrastructure is doubly shocking. It is estimated that in countries like the USA, up to fifty percent of treated water is lost yearly due to leaks. In other countries, such as the United Kingdom, three billion liters of water, the equivalent of 1180 Olympic swimming pools, are lost every day due to this type of issue.

Detecting and acting quickly in these cases is crucial, as seen in this project undertaken in the Spanish city of Burgos, where a smart system monitored every liter of water flowing through its water systems. In this case, a combination of big data, IoT, business intelligence, and physical meters was used to understand better what was happening underground.

Working in these subway environments is difficult, dangerous, and sometimes unhealthy in the case of wastewater infrastructures. This is why the Joey prototype has garnered so much interest.

Robot swarms to inspect pipelines

The universities of Leeds, Sheffield, Bristol, and Birmingham in the UK have worked closely together to develop a machine that could work autonomously in all kinds of pipes. The aim was to create a prototype capable of operating in narrow, damp, dark spaces without GPS coverage, as this type of signal does not penetrate underground.

The result is a very light robot, weighing just seventy grams, which uses rotating legs made with 3D printing. Joey integrates various technologies, including cameras, spatial sensors, inspection lights, and an artificial intelligence navigation and control system. In addition, it is designed to use little energy and has a high battery range. All this means that the robot can move independently, identify cracks, and send images to the control center. Then, when it is running low on battery power, it can return to the operational base on its own. It is estimated that each of them will cost around €300.

Pipebots

Joey is part of the Pipebots project, which brings together several universities and water infrastructure managers in the United Kingdom. And it is only the first step in the project. The roadmap involves the collaborative use of swarms of interconnected robots transported by a “queen mother” called Kanga. This “mothership” will have pipeline repair capabilities. To do this, it will send its “offspring” first to detect points requiring intervention. The University of Leeds is currently also testing the first Kanga prototype.  

In any case, Joey has to overcome some obstacles in its development. Firstly, it is not waterproof, so it cannot work in underwater environments. Secondly, it cannot recover its position automatically when it tips over.

Other strategies to prevent and repair water leaks

Robotics is not the only advanced technology to detect water leaks underground. In recent years, multiple approaches have been adopted to tackle the problem. Here are some of the most important ones.

  • Satellite technology. There are already operators using AI to analyze microwaves emitted by satellites that can penetrate several meters underground. Microwaves are sensitive to water’s electrical conductivity, making it possible to distinguish between drinking water, rainwater, and saline water. This quality also allows for monitoring the water resources used to grow crops.
  • Acoustic sensors. Other companies have resorted to the use of sensors that emit acoustic signals through pipes. Subsequently, AI systems are used to detect leaks.
  • IoT technology. The multiplication of sensors, thanks to the use of IoT technology, will also make it possible to maintain much more effective control of leaks. Also, using AI, as in the previous cases, they will allow infrastructure managers to be alerted of any incident.

The pipe inspection robots and the other technologies mentioned throughout the article aim at business and industrial environments. However, wirelessly connected domestic water leak detectors are beginning to proliferate to alert tenants of incidents. Environmental awareness aside, they can save the user more than one scare when returning from vacation. 

 

Source:

Zelensky accuses Russia of obstructing peace talks and fueling conflict with Ukraine

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EPA/Shutterstock Ukrainian President Volodymyr Zelensky, dressed in his signature black, gesticulates as he addresses a joint press conference in Kyiv. Behind him his the Ukrainian flag. EPA/Shutterstock

Ukraine’s leader said he was not afraid of any meetings, unlike Russia

Ukraine’s President Volodymr Zelensky has accused Russia of “doing everything it can” to prevent a meeting with Vladimir Putin to try to end the war.

US President Donald Trump has sought to bring the two leaders together, but he said on Friday “that’s like oil and vinegar… they don’t get along too well”.

Russian Foreign Minister Sergei Lavrov said Putin was ready to meet Ukraine’s leader “when the agenda is ready for a summit, and this agenda is not ready at all”, accusing Zelensky of saying “no to everything”.

After an intensive week of diplomacy, in which Trump first met Putin in Alaska and then Zelensky with European leaders in Washington, the US president said the war was turning out to be the most difficult he had tried to stop.

Trump said after a call with the Russian leader on Monday that he had begun arrangements for a Putin-Zelensky summit that he would join afterwards.

Ukraine’s president has backed the move, but he has sought security guarantees from Western allies to prevent any future Russian attack in the event of a peace deal: “Ukraine, unlike Russia, is not afraid of any meetings between leaders.”

On a visit to Kyiv, Nato Secretary General Mark Rutte said Trump was aiming to “break the deadlock” and the alliance was working on robust security guarantees with the US and Europe to ensure Putin “will never ever try to attack Ukraine again”.

Speaking alongside Rutte, Zelensky said he wanted Ukraine’s security guarantees to reflect Nato’s Article 5, which considers an attack on one member of the alliance an attack against all Nato members.

“This is the beginning of a big undertaking, and it is not easy, because guarantees consist of what our partners can give Ukraine, as well as what the Ukrainian army should be like, and where we can find opportunities for the army to maintain its strength,” Zelensky said.

Rutte said the alliance was working with Ukraine to define the guarantees, explaining that they would focus on making Ukraine’s military as strong as possible and involve Western security commitments. It was “too early to exactly say what will be the outcome”, he added.

Russia’s foreign minister appeared to dent hopes of any potential summit, telling NBC News that “there is no meeting planned”.

Sergei Lavrov said Russia had agreed to show flexibility on a number of issues raised by Trump at the US-Russia summit in Alaska last week.

Watch: “Russia hasn’t made one single concession”, Kaja Kallas says

He went on to accuse Ukraine of not showing the same flexibility in subsequent talks in Washington, blaming Ukraine for hindering progress toward a peace deal.

Lavrov said it was “very clear to everybody that there are several principles which Washington believes must be accepted”.

He said this included no Nato membership for Ukraine and discussions of territorial issues: “Zelensky said no to everything,” Lavrov said.

He was speaking after EU foreign policy chief Kaja Kallas told the BBC that Putin was seeking territorial concessions from Ukraine that were a “trap that Putin wants us to walk into”.

“We are forgetting that Russia has not made one single concession and they are the ones who are the aggressor here,” Kallas said.

Later on Friday, Putin said there was “light at the end of the tunnel” for Russia-US relations, referring to last week’s meeting with Trump in Alaska which he referred to as “very good, meaningful and frank”.

The Russian leader said Trump’s “leadership qualities” would help restore relations from recent lows.

He did not mention Ukraine or a meeting with Zelensky.

Despite latest efforts to broker a peace deal, Russia launched one of its heaviest attacks on Ukraine in weeks on Thursday, launching 574 drone and 40 missiles in one night.

Telegram/Madyar Black and white image of an explosion at an oil pumping stationTelegram/Madyar

A Ukrainian commander shared footage of the attack on a Russian oil pumping station

Meanwhile, a Ukrainian drone blew up an oil pumping station in the Russian region of Bryansk, halting oil deliveries along the Druzhba pipeline to Hungary and Slovakia – the third attack on the pipeline in nine days.

Hungary and Slovakia are largely dependent on the Druzbha pipeline for their oil supplies, and Budapest says it could take at least five days before operations resume. The two EU member states have complained to the European Commission.

The European Union sought to cut Russia’s energy supplies after its full-scale invasion of Ukraine in 2022 and aims to phase out Russian oil and gas by the end of 2027.

Hungarian Prime Minister Viktor Orban wrote to President Trump to complain about the attack on the pipeline, and his officials posted Trump’s handwritten response.

Facebook What appears to be a handwritten missive in black marker to the Hungarian prime minister Viktor Orban from Donald Trump reads "Viktor - I do not like hearing this - I am very angry about it! Tell Slovakia. You are my great friend - Donald."Facebook

“Viktor – I do not like hearing this – I am very angry about it. Tell Slovakia.”

“You are my great friend,” he added.

Ethereum hits new all-time high following statement by Fed Chair indicating changing risk balance

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Jerome Powell set off a Friday boom in the crypto markets. After the chair of the U.S. Federal Reserve indicated Friday morning that September rate cuts may be in the cards, Ethereum, the world’s second largest cryptocurrency, soared about 13% to more than $4,814, according to data from Binance. That is only slightly below its all-time high of $4,878 in November 2021. 

Bitcoin, the world’s largest cryptocurrency, is also up. It’s jumped about 4% over the past day to now around $117,000, per Binance. The total market capitalization of all cryptocurrencies has risen 6% to more than $4.1 trillion, mirroring the broader surge in the stock market. The S&P 500 is up 1.5% since trading began Friday morning.

“The baseline outlook and the shifting balance of risks may warrant adjusting our policy stance,” Powell said, during his speech at a conference in Jackson Hole, Wyoming.

Friday’s surge is the latest market shift in a high-stakes wager on whether the Fed will cut rates in September, which would prompt traders to embrace riskier, higher-yield bets, like crypto.

Last week, investors pushed markets higher after the Bureau of Labor Statistics reported that inflation had only moderately increased 2.7% in July, a lower-than-expected increase that prompted traders to pile into riskier assets like crypto. 

But, two days later, the BLS reported a 0.9% increase in the producers price index, or a measure of the price swings in the cost of goods produced in the U.S. It was the largest monthly increase in the index since June 2022, and traders withdrew from crypto out of fear that the Fed would likely keep rates steady in response.

As investors anticipated Powell’s remarks at Jackson Hole, where Fed chairs have customarily spoken at a conference organized by the Federal Reserve Bank of Kansas City, the crypto markets then dipped again.

But Friday’s markets wiped away much of the anxiety. Traders are now pricing an 85% chance that the Fed will cut rates in September, according to CME FedWatch, which gives day-by-day estimates of the likelihood of rate hikes or cuts. It was 72% just before Powell spoke.

On the new Fortune Crypto Playbook vodcast, Fortune’s senior crypto experts decode the biggest forces shaping crypto today. Watch or listen now

U.N.-Supported Experts Confirm Famine in Gaza City

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new video loaded: U.N.-Backed Experts Confirm Situation in Gaza City as Famine

By Saher Alghorra For The New York Times and Nader Ibrahim

At least half a million residents in Gaza City and its surrounding areas are officially living under famine, according to a hunger monitoring group that the United Nations and international aid groups rely on for assessing global crises.

Recent episodes in Middle East Crisis