Facing growing pressure amid nationwide protests, President Volodymyr Zelensky of Ukraine backtracked on controversial legislation that would have weakened the country’s independent anticorruption institutions. Katrin Bennhold, a senior writer, and Marc Santora, an international news editor for The New York Times, explain the events that led to the reversal.
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Here are the key events on day 1,248 of Russia’s war on Ukraine.
Here is how things stand on Saturday, July 26:
Fighting
Ukraine’s President Volodymyr Zelenskyy said Ukrainian forces were facing fierce fighting around the city of Pokrovsk in the country’s east, a logistics hub near where Russia’s military has been announcing the near-daily capture of Ukrainian villages.
Ukraine’s top commander, Oleksandr Syrskii, described Pokrovsk and five other sectors as among the most difficult theatres of war along the 1,000km (620-mile) front with Russia.
Earlier on Friday, Russia’s Ministry of Defence announced the capture of two villages on either side of Pokrovsk – Zvirove to the west and Novoekonomichne to the east. A third village – Novotoretske – near Pokrovsk was declared “liberated” by Moscow earlier this week.
President Zelenskyy said Ukrainian forces were also “continuing to act” in border areas in the northern Sumy region, where Russian troops have gained a foothold in recent weeks.
According to the popular Ukrainian military blog DeepState, Kyiv’s forces have retaken the previously lost village of Kindrativka in Sumy.
Moscow is trying to establish in Sumy what Russia’s President Vladimir Putin calls a “buffer zone” between Russia and Ukraine.
Weapons and military aid
Zelenskyy has toured a local factory producing interceptor drones, increasingly seen as a solution to protecting Ukrainian cities from Russian air attacks, and said a goal had been set to make up to 1,000 of the weapons each day. He said interceptor drones had proved efficient at downing waves of Russian attack drones.
Zelenskyy also said his country was working to secure international funding for 10 Patriot air defence systems, following a deal that allows European states to buy weaponry from the United States and donate it to Kyiv.
The US announced that it is providing a $4bn loan guarantee for the purchase of American military equipment by Poland, which borders both Russia and war-torn Ukraine.
Russia’s only aircraft carrier, the 40-year-old Admiral Kuznetsov, is likely to be sold or scrapped, the chairman of Russia’s state shipbuilding corporation Andrei Kostin told the Kommersant newspaper.
People grieve during a farewell ceremony in Lviv, Ukraine, for 12 Ukrainian soldiers who died in Russian captivity [Mykola Tys/EPA]
Sanctions
US President Donald Trump said he is looking at secondary sanctions on Russia amid the war in Ukraine.
Acting US ambassador to the UN, Dorothy Shea, urged all countries, specifically naming China, to stop exports to Russia of dual-use goods that Washington says contribute to Russia’s industrial base and enable its drone and missile attacks on Ukraine.
In response, China’s deputy UN ambassador, Geng Shuang, said China did not start the war in Ukraine, is not a party to the conflict, has never provided lethal weapons, and has always “strictly controlled dual-use materials, including the export of drones”. Geng also urged the US to “stop shifting blame” in the conflict.
The European Parliament is considering proposals to speed up the European Union’s phasing out of Russian gas by one year, to January 2027, the Reuters news agency reported, as officials in Brussels prepare to negotiate a legally-binding ban.
Russia-backed Indian oil refiner Nayara Energy has named Sergey Denisov as its new chief executive, after the firm’s previous CEO, Alessandro des Dorides, resigned following European Union sanctions that targeted the company, Reuters reports.
Ceasefire
Turkish President Recep Tayyip Erdogan said he may speak to Trump and President Putin this week to see if a leaders’ meeting in Istanbul is possible to discuss a ceasefire in Ukraine.
Kremlin spokesman Dmitry Peskov said a summit between Putin and Zelenskyy could only happen as a final step to seal a peace deal, adding that it was unlikely that such a meeting could occur by the end of August, as Ukraine had proposed.
Politics and diplomacy
Ukraine’s top anticorruption investigator Semen Kryvonos said he did not expect attempts to derail his agency’s work to end, despite an abrupt U-turn by Zelenskyy on curbing the independence of two anticorruption agencies that fuelled rare wartime protests. Kryvonos said he was taken aback by those attempts.
Trump said he would like to maintain the limits on US and Russian strategic nuclear weapons deployments set in the 2010 New START agreement, which expires in February. Trump made the comments as he exited the White House on a trip to Scotland.
Regional developments
Georgia hosted major multinational military exercises with NATO troops, despite its government facing growing accusations of drifting away from a pro-Western path and edging closer to Russia’s orbit amid the war in Ukraine.
With the World Championships fast approaching, the swimming community is preparing for some exceptional racing. The meet runs July 27 through August 3 in Singapore. Competition will take place at the new World Aquatics Championships Arena (WCH Arena) at the Singapore Sports Hub.
HOW TO WATCH
As swimmers from around the world gather to compete, SwimSwam has compiled a viewing guide so you don’t miss any of the action. A time zone conversions chart is also included at the end of this article.
The competition will be streamed live and on demand around the world, with the World Aquatics Recast channel providing a central hub. All sessions of the meet, heats and finals, are available to stream on the platform for a fee.
Check out the list below to see where coverage may be broadcast in your country. Be advised that the list may be subject to change; you should check your local listings for the most up-to-date information.
UNITED STATES
Network
Countries/Territories
Peacock (prelims & finals, with session replays confirmed)
United States, Guam, Puerto Rico, US Virgin Islands
AMERICAS
Network
Countries/Territories
CBC
Canada
DirecTV
Argentina, Bolivia, Chile, Colombia, Ecuador, Paraguay, Peru, Uruguay, Venezuela
Globo/SporTV
Brazil
EUROPE
Network
Countries/Territories
ORF
Austria
Match TV
Belarus (Neutral Athletes ‘A’)
BHRT
Bosnia & Herzegovina
BNT
Bulgaria
HRT
Croatia
CYBC
Cyprus
CT
Czechia
YLE
Finland
France Televisions
France
ARD & ZDF
Germany
ERT
Greece
MTVA
Hungary
RUV
Iceland
The Sports Channel
Israel
RAI & Sky Italia
Italy
LRT
Lithuania
RTCG
Montenegro
NOS
Netherlands
RTV
North Macedonia
RTP
Portugal
TVR
Romania
Match TV
Russia (Neutral Athletes ‘B’)
RTS
Serbia
RTVS
Slovakia
RTVSLO
Slovenia
RTVE
Spain
SVT
Sweden
SRG SSR
Switzerland
TRT
Turkey
PBC
Ukraine
Aquatics GB
United Kingdom
All other European countries can watch the competition live on the Eurovision Sport platform, which will provide coverage to over 30 additional countries and territories.
ASIA
Network
Countries/Territories
TV Asahi
Japan
CMG/CCTV5
China, Macau
SkyK
Republic of Korea
ELTA
Taiwan
I-Cable
Hong Kong
Mediacorp
Singapore
AFRICA
Network
Countries/Territories
SuperSport
Pan sub-Saharan Africa
The primary destination for World Championships coverage in African countries is SuperSport, which will be broadcasting across over 50 nations in sub-Saharan Africa.
Architecture can be considered a creation of nature, evident in structures like storks’ nests, honeycombs, and termite mounds. Even in the underwater world, impressive constructions like reefs rival the scale of real cities. Among the lesser-known formations are the colonies of Phragmatopoma californica, more commonly known as sandcastle worms. These social creatures construct small tubes using grains of sand and bits of shell, collectively forming structures as large as a living room table. Now, researchers have found inspiration in these underwater “suburbs” to develop a new construction material with a low carbon footprint, based on biopolymers.
What is a biopolymer?
Before delving deeper into this subject, let’s define what biopolymers are exactly. Biopolymers are natural substances that form extended chains or structures in organic life, typically within living organisms. They consist of smaller units known as monomers, which bond together to create these extensive chains. A well-known example of a biopolymer is DNA. Other common forms include cellulose, proteins, and chitin. Biopolymers hold significant importance in biology and chemistry, as they play a fundamental role in numerous essential functions within living organisms.
In recent years, there has been a growing interest in exploring the potential of biopolymers across various applications. Some of the most promising applications include:
Sustainable building materials, encompassing panels and structural components.
Adhesives and sealants for construction and repair purposes.
Thermal and acoustic insulation aimed at enhancing energy efficiency.
Biodegradable coatings for building exteriors.
Construction components like pipes and profiles.
Biopolymers for more sustainable construction
In the natural world, Phragmatopoma californica employs biopolymers to fashion tubes measuring up to fifteen centimeters, which serve as their lifelong abodes. These worms utilize grains of sand and shell fragments, binding them together with a secretion that imparts exceptional durability. Researchers at the Chinese Academy of Sciences have honed in on this particular substance to develop an eco-friendly biopolymer.
The scientists who have published their findings in the journal Matter found that the sandcastle worm uses a substance based on cationic and anionic proteins, enabling it to create highly robust structures. Naturally, of course, this is one of the fundamental requirements for construction. Until now, concrete was unbeatable in this respect, but cement production is energy-intensive. At the same time, building materials made from biopolymers and biomineralization processes tend to be more brittle. Are there any alternatives?
Researchers have created a positively and negatively charged biopolymer like the composite of marine worms. Technically, this means that the most disparate materials, including sand, pebbles, mineral debris and the like, can be bonded together to produce a building material at low temperature and normal atmospheric pressure.
Chitin and alginate, renewable components present in crustaceans and algae, respectively, were used as raw materials. The solidification process was completed within forty-eight hours, with a resistance similar to traditional non-reinforced concrete. Another advantage of the material is that it is easy to recycle since it can be ground and hydrated to create a new mortar. According to the researchers, all this means that the use of this biopolymer offers a much-reduced carbon footprint and contributes to more sustainable construction.
If, apart from these biopolymers, you would like to know more about sustainable building materials, we recommend that you take a look at this article on concrete reinforced with carrot and beet waste. Another area where exciting advances are being made is the production of self-repairing concrete. Finally, biomimetics is opening the door to structures with greater energy efficiency or optimized ventilation, as in the case of this material inspired by termite mounds that we recently discussed.
A retired US special forces officer has revealed to the BBC why he resigned from his work with US- and Israel-backed Gaza Humanitarian Foundation (GHF) aid distribution centres.
“I witnessed the Israeli Defense Forces shooting at the crowds of Palestinians,” Anthony Aguilar told the BBC.
He added that in his entire career he has never witnessed such a level of “brutality and use of indiscriminate and unnecessary force against a civilian population, an unarmed, starving population”.
Stocks climbed to more records on Wall Street. The S&P 500 rose 0.4% Friday, setting an all-time high for the fifth time this week. The Dow Jones Industrial Average rose 0.5%, and the Nasdaq composite added 0.2% to its own record set the day before. Deckers helped lead the way with a gain of 11.3%. The company behind Ugg boots and Hoka shoes reported stronger profit and revenue than analysts expected. That helped offset a sharp drop for Intel, which sank 8.5% after saying it would cut thousands of jobs as it tries to turn around its struggling fortunes.
THIS IS A BREAKING NEWS UPDATE. AP’s earlier story follows below.
NEW YORK (AP) — U.S. stocks are rising toward more records on Friday and coasting toward the close of another winning week.
The S&P 500 was 0.5% higher in late trading and on track to close at an all-time high every day of this week. The Dow Jones Industrial Average was up 221 points, or 0.5%, with less than an hour remaining in trading, and the Nasdaq composite was adding 0.4% to its own record set the day before.
Deckers, the company behind Ugg boots and Hoka shoes, jumped 12.3% after reporting stronger profit and revenue for the spring than analysts expected. Its growth was particularly strong outside the United States, where revenue soared nearly 50%.
Edwards Lifesciences rose 4.3% after likewise topping Wall Street’s expectations for profit in the latest quarter. It said it saw strength across all its product groups, and it expects profit for the full year to come in at the high end of the forecasted range it had given earlier.
They helped offset a drop of 9.3% for Intel, which fell after reporting a loss for the latest quarter, when analysts were looking for a profit. The struggling chipmaker also said it would cut thousands of jobs and eliminate other expenses as it tries to turn around its fortunes. Intel, which helped launch Silicon Valley as the U.S. technology hub, has fallen behind rivals like Nvidia and Advanced Micro Devices while demand for artificial intelligence chips soars.
The pressure is on companies to deliver solid growth in profits in order to justify the rallies in their stock prices to record after record in recent weeks. Wall Street has zoomed higher on hopes that President Donald Trump will reach trade deals with other countries that will lower his stiff proposed tariffs, along with the risk that they could cause a recession and drive up inflation. Trump has recently announced deals with Japan and the Philippines, and the next big deadline is looming on Friday, Aug. 1.
Besides potential trade talks, next week will also feature a meeting by the Federal Reserve on interest rates. Trump again on Thursday lobbied the Fed to cut rates, which he has implied could save the U.S. government money on its debt repayments.
Fed Chair Jerome Powell, though, has continued to insist he wants to wait for more data about how Trump’s tariffs affect the economy and inflation before the Fed makes its next move. Lower interest rates can help goose the economy, but they can also give inflation more fuel.
Lower rates also may not lower the U.S. government’s costs to borrow money, if the bond market feels they could send inflation higher in the future. In that case, lower short-term rates brought by the Fed could actually have the opposite effect and raise the interest rates that Washington must pay to borrow money over the long term.
The widespread expectation on Wall Street is that the Fed will wait until September to resume cutting interest rates.
In the bond market, Treasury yields held relatively steady following Trump’s latest attempt to push Powell to cut interest rates. Trump also seemed to back off on threats to fire the Fed’s chair.
“To do that is a big move, and I don’t think that’s necessary,” Trump said. “I just want to see one thing happen, very simple: Interest rates come down.”
If Trump fired Powell, he’d risk freaking out financial markets by raising the possibility of a less independent Fed, one unable to make unpopular choices necessary to keep the economy healthy.
The yield on the 10-year Treasury eased to 4.38% from 4.43% late Thursday. The two-year Treasury yield, which more closely tracks expectations for what the Fed will do, held steady at 3.91%, where it was late Thursday.
In stock markets abroad, indexes slipped across much of Europe and Asia.
Stocks fell 1.1% in Hong Kong and 0.3% in Shanghai. U.S. Treasury Secretary Scott Bessent has said he will meet with Chinese officials in Sweden next week to work toward a trade deal with Beijing ahead of an Aug. 12 deadline. Trump has said a China trip “is not too distant” as trade tensions ease.
___
AP Writers Teresa Cerojano and Matt Ott contributed.
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 supported by Centtrip, which helps over 500 of the world’s best-selling artists maximize their income and reduce their touring costs.
This week, Concord closed its largest-ever asset-backed securities transaction, raising USD $1.765 billion backed by over 1.3 million music copyrights.
Meanwhile, the European Commission confirmed that it was opening an in-depth Phase II investigation into Universal Music Group‘s proposed $775 million acquisition of Downtown Music Holdings, citing preliminary concerns about potential reduced competition.
Elsewhere, Warner Music Group promotedAlejandro Duque to a dual role as President of both ADA and Warner Music Latin America, expanding his responsibilities across the company’s distribution and services division. Duque takes over as head of ADA from Cat Kreidich, who is leaving the company.
Also this week, Recognition Music Group announced plans for a $372 million bond sale backed by its catalog formerly known as Hipgnosis Songs Fund, while ONErpm founder Emmanuel Zunz declared that traditional industry categories like “record labels” and “distribution companies” no longer exist… with fair justification.
Here are some of the biggest headlines from the past few days…
Concord has successfully closed its latest asset-backed securities transaction to “fuel continued growth” at the independent music company. The company issued $1.765 billion in bonds via a series of new five-year, seven-year, and ten-year senior notes backed by Concord’s catalog of over 1.3 million music copyrights.
The bonds are secured by Concord’s portfolio featuring songs and recordings from artists including The Beatles, Beyoncé, Bruno Mars, Carrie Underwood, Creedence Clearwater Revival, Daddy Yankee, Ed Sheeran, Genesis, Imagine Dragons, John Fogerty, Kiss, Michael Jackson, Otis Redding, Phil Collins, Pink Floyd, R.E.M., Rihanna, Rodgers & Hammerstein, Taylor Swift, and The Rolling Stones… (MBW)
The European Commission has opened an in-depth Phase II investigation into Universal Music Group’s $775 million acquisition of Downtown Music Holdings, announcing on Tuesday (July 22) that it has preliminary concerns the deal may reduce competition in wholesale distribution of recorded music in the European Economic Area.
The EC said it is “preliminarily concerned that the transaction may allow UMG to reduce competition in the market for the supply of artist and label services in the EEA by removing an important competitive force” and that UMG could acquire commercially sensitive data from rival record labels. UMG’s Virgin Music Group revealed in December that it had agreed to buy Downtown Music Holdings LLC in the $775 million deal.
The Commission now has until November 26 to make a decision following the 90-day Phase II investigation process. A UMG spokesperson said the company “remains confident that the combination of Virgin and Downtown will create an improved offering in the growing and highly competitive label services category that currently consists of roughly 100 companies”… (MBW)
Alejandro Duque has been named President of ADA, Warner Music Group’s distribution and services division for indie labels and artists, expanding on his existing responsibilities as President of Warner Music Latin America. Duque will continue to be based in Miami and report to WMG CEO Robert Kyncl.
Since serving as President of Warner Music Latin America from 2021, Duque has championed breakthrough artists such as Blessd, Danny Ocean, Elena Rose, Myke Towers, Natanael Cano, Ovy on the Drums, Tiago PZK, Tokischa, Yami Safdie, and Yandel. WMG said a key driver of his success has been his ability to bring the company closer to the independent community and spearhead growth of its distribution business in the region.
Duque succeeds former ADA President Cat Kreidich, who left the role as reported on Tuesday (July 22). Robert Kyncl said Duque’s leadership will help differentiate ADA by “providing independent labels and artists with opportunities at a speed and scale they won’t find anywhere else”… (MBW)
Recognition Music Group, the Blackstone-owned company that now controls the portfolio formerly known as Hipgnosis Songs Fund, is planning a $372 million issuance of five-year bonds backed by its multi-billion-dollar music catalog. The catalog includes recorded music and/or publishing rights from artists such as the Red Hot Chili Peppers, Journey, Justin Bieber, and Shakira.
According to a report from Kroll Bond Rating Agency, based on a third-party valuation as of March 31, the catalog backing Recognition’s ABS transaction was worth $2.95 billion, inclusive of $340.8 million in additional assets that Recognition added to it. This suggests the portfolio that until recently was known as Hipgnosis Songs Fund was worth $2.61 billion as of the end of March, representing rapid growth since Blackstone acquired it in summer 2024.
The Recognition portfolio consists of around 47,000 master recordings, compositions, and related assets with a weighted average age of around 21 years. KBRA gave the bond issuance a rating of A, noting that streaming revenues continue to represent a positive tailwind to industry growth and catalog cashflow… (MBW)
Nashville-headquartered ONErpm has continued its remarkable growth trajectory, positioning itself as one of the music industry’s most significant independent players. Founded in 2010 and entirely self-funded, ONErpm is on track to hit around $300 million in gross revenue this year, operating in 40+ territories globally with a claimed 2.7% worldwide market share on Spotify.
ONErpm founder Emmanuel Zunz bristles at traditional industry categorizations, stating: “There are no more ‘distribution’ companies, and there are no more ‘record labels’. There are just companies providing solutions to creators.” It’s a philosophy that runs through everything ONErpm does, from basic distribution agreements to full label services deals, catalog acquisition, and joint ventures.
Notably, when asked about the Downtown-Universal deal, Zunz said he responded to the European Commission’s questionnaire by emphasizing there are plenty of alternatives for independent artists and labels in the market… (MBW)
