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MBW’s Weekly Round-Up: From Taylor Swift’s ‘The Life of a Showgirl’ to Spotify’s Leadership Shake-Up

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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.


Spotify confirmed today (October 3) that Taylor Swift’s The Life of a Showgirl became the platform’s most-streamed album in a single day in 2025 so far, hitting the milestone in under 11 hours. The album also became the first to exceed 5 million pre-saves on Spotify ahead of its release today.

Meanwhile, Spotify announced a major leadership transition as Daniel Ek prepares to step back from the CEO role to become Executive Chairman, with Gustav Söderström and Alex Norström to take over as co-CEOs.

Elsewhere, Universal Music Group and Warner Music Group are reportedly close to striking “landmark” AI music licensing deals, according to a Financial Times report.

Also this week, Zach Bryan made history by playing the biggest ticketed show in US history, drawing 112,408 fans to Michigan Stadium and generating $5 million in merchandise sales.

Finally, a top European music lawyer dismissed concerns over Universal Music Group‘s access to independent label data through UMG’s proposed $775 million acquisition of Downtown Music Holdings.

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


1. TAYLOR SWIFT’S ‘THE LIFE OF A SHOWGIRL’ IS ALREADY A RECORD BREAKER, AS ALBUM BECOMES FIRST TO EXCEED 5M PRE-SAVES ON SPOTIFY

Taylor Swift’s new record, The Life of a Showgirl,  became the first album to exceed 5 million pre-saves on Spotify ahead of its release today (October 3).

The pre-save figure broke the record held by Swift’s previous album, The Tortured Poets Department, released last year.

Spotify’s Countdown Page feature allows users to automatically add new music to their libraries upon release. 

Taylor Swifts team launched the Countdown Page for Showgirl on August 14, starting with an exclusive playlist announcement across 12 outdoor advertising locations worldwide. (MBW)


2. SPOTIFY LEADERSHIP UPDATE: DANIEL EK EXPLAINS WHY HE’S STEPPING BACK AS CEO TO BECOME EXECUTIVE CHAIRMAN

On Tuesday (September 30), Spotify revealed that its founder and Chief Executive Officer, Daniel Ek, is stepping back from the CEO role and will transition to Executive Chairman.

The company has named Gustav Söderström (co-President and Chief Product and Technology Officer) and Alex Norström (co-President and Chief Business Officer) as its new co-Chief Executive Officers.

According to the announcement, Spotify’s new Co-CEOs will report to Daniel Ek and will also serve on the company’s Board of Directors, subject to shareholder approval.

These changes will all be effective January 1, 2026. (MBW)


3. RECORD LABELS COULD STRIKE ‘LANDMARK’ AI MUSIC LICENSING DEALS ‘WITHIN WEEKS,’ THE FT REPORTS

Two of the three major music companies, Universal Music Group and Warner Music Group, are reportedly nearing licensing deals with AI music companies.

That’s according to the Financial Times, which reported on Thursday (October 2), citing people familiar with the matter, that the companies “could each strike deals with artificial intelligence companies within weeks” in a bid to “set a precedent for how AI companies pay for music”.

According to the FT’s report, the negotiations center on licensing music for the creation of AI-generated tracks and allowing the music to train large language models. (MBW)


4. ZACH BRYAN JUST PLAYED THE BIGGEST TICKETED SHOW IN US HISTORY – INCLUDING $5M IN MERCH SALES

Country singer Zach Bryan just broke a significant concert attendance record in the US.

A total of 112,408 fans watched Bryan perform on Saturday (September 27) at Michigan Stadium in Ann Arbor, Michigan, setting a new record for the highest-attended ticketed concert in US history.

That’s according to concert promoter AEG Presents, which confirmed the final count on Sunday (September 28)… (MBW)


5. TOP EUROPEAN MUSIC LAWYER DISMISSES UMG/DOWNTOWN DATA CONCERNS AS ‘FANTASY OR PARANOIA’

One of France’s top music industry lawyers has dismissed concerns over Universal Music Group‘s access to independent label data through UMG’s proposed $775 million acquisition of Downtown Music Holdings.

Michaël Majster, founding partner at Paris-based Majster & Nehmé and a 30-year legal veteran, described the data-related fears as stemming “more from fantasy or paranoia than from a concrete, realistic, and rational analysis”.

During his career, Majster has represented both multi-platinum and emerging artists in France, plus prominent independent record labels and distributors, and a major music publisher. He has not represented UMG or Downtown.

He is rated in the top tier of music law practitioners in France by the industry-standard Décideurs Leaders League. (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

Trump sets Sunday deadline for Hamas to accept Gaza peace plan

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US President Donald Trump has given Hamas a deadline to accept a US peace plan for Gaza or face “all hell”.

Trump wrote on his Truth Social platform on Friday that an agreement must be reached by 18:00 Washington time (22:00 GMT) on Sunday.

The plan proposes an immediate end to fighting and the release within 72 hours of 20 living Israeli hostages held by Hamas – as well as the remains of hostages thought to be dead – in exchange for hundreds of detained Gazans.

Arab and Turkish mediators are understood to be pressing Hamas for a positive response to the proposal, but a senior Hamas figure has said the armed group is likely to reject it.

“If this LAST CHANCE agreement is not reached, all HELL, like no one has ever seen before, will break out against Hamas. THERE WILL BE PEACE IN THE MIDDLE EAST ONE WAY OR THE OTHER,” Trump wrote in the Truth Social post.

The deadline announced on Friday comes after Trump said on Tuesday that he was giving Hamas “three to four days” to respond to the peace plan.

Mediators have made contact with the head of Hamas’s military wing in Gaza, who has indicated he does not agree to the new US ceasefire plan, the BBC understands.

It is thought that some of Hamas’s political leadership in Qatar are open to accepting it with adjustments – but have found their influence limited as they do not have control of the hostages held by the group.

Another stumbling block for some in Hamas is that the plan requires them to hand over all of the hostages over the first 72 hours of the ceasefire – giving away their only bargaining chip.

There are believed to be 48 hostages still being held in the Palestinian territory by the armed group, only 20 of whom are thought to be alive.

The 20-point plan, agreed by Trump and Israeli Prime Minister Benjamin Netanyahu and announced by both at the White House on Monday, also says Hamas will have no role in governing Gaza, and leaves the door open for an eventual Palestinian state.

However, Netanyahu later reinstated his longstanding opposition to a Palestinian state, saying in a video statement shortly after the announcement: “It’s not written in the agreement. We said we would strongly oppose a Palestinian state.”

The plan stipulates that once both sides agree to the proposal “full aid will be immediately sent into the Gaza Strip”.

It also outlines a plan for the future governance of Gaza, saying a “technocratic, apolitical Palestinian committee” will govern temporarily “with oversight and supervision by a new international transitional body, called the Board of Peace”, which it says will be headed by Trump.

European and Middle Eastern leaders have welcomed the proposal. The Palestinian Authority (PA), which governs parts of the Israeli-occupied West Bank, has called the US president’s efforts “sincere and determined”.

Pakistan initially voiced support for the plan, but the country’s foreign minister has since said the points announced were not in line with a draft from a group of Muslim-majority countries, BBC Urdu and Reuters reported.

Trump has said that if Hamas does not agree to the plan, Israel would have US backing to “finish the job of destroying the threat of Hamas”.

Netanyahu has also said Israel “will finish the job” if Hamas rejected the plan or did not follow through.

The Israeli military launched a campaign in Gaza in response to the Hamas-led attack on southern Israel on 7 October 2023, in which about 1,200 people were killed and 251 others were taken hostage.

At least 66,288 people have been killed in Israeli attacks in Gaza since then, according to the territory’s Hamas-run health ministry.

In the 24 hours before Friday midday, 63 people were killed by Israeli military operations, the health ministry said.

The push for the peace plan comes as Israel is carrying out an offensive in Gaza City, with Israel’s defence minister saying earlier this week that Israeli forces were “tightening the siege” around the city.

Israel has said the offensive aims to secure the release of the remaining hostages.

Hundreds of thousands of Gaza City residents have been forced to flee after the Israeli military ordered evacuations to a designated “humanitarian area” in the southern al-Mawasi area, but hundreds of thousands more are believed to have remained.

Israel’s defence minister has warned that those who stay during the offensive against Hamas would be “terrorists and supporters of terror”.

James Elder, spokesman for the UN children’s agency, Unicef, said on Friday that the idea of a safe zone in southern Gaza was “farcical”.

“Bombs are dropped from the sky with chilling predictability. Schools, which have been designated as temporary shelters, are regularly reduced to rubble,” he said.

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Sarah Mullally Makes History as First Female Leader of the Church of England

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new video loaded: Sarah Mullally Is the First Female Leader of the Church of England

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Sarah Mullally Is the First Female Leader of the Church of England

The Church of England on Friday appointed Sarah Mullally as the Archbishop of Canterbury, the spiritual leader of 85 million Anglican Christians worldwide. Mullally, a onetime cancer nurse, was also the first female Anglican bishop of London.

Some will be asking what it means for a woman to lead the Church of England, and to take on the Archbishop of Canterbury’s global role in the Anglican communion. I intend to be a shepherd who enables everyone’s ministry and vocation to flourish, whatever the tradition.

The Church of England on Friday appointed Sarah Mullally as the Archbishop of Canterbury, the spiritual leader of 85 million Anglican Christians worldwide. Mullally, a onetime cancer nurse, was also the first female Anglican bishop of London.

By Nader Ibrahim

October 3, 2025

Top 20 Rankings for Week #2 in the West/Mid-West Region in 2025

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2025 WEST/MID-WEST REGION HIGH SCHOOL
WEEK #2 TOP 20 RANKINGS

Rank School Name City, State Record Previous Results 9/15-/9/28
1 New Trier High School Winnetka, Illinois 15-1-1 3 9/15 @ SICP- 4-0 W, 9/17 vs Loyola Academy- 2-0 W, 9/19 vs Penn Manor (PA)- 3-2 W, 9/19 vs Kingsway Regional (NJ)- 6-1 W, 9/20 vs The Hill School (PA)- 4-2 W, 9/25 @ Antioch- 8-0 W
2 Sacred Heart Academy Louisville, Kentucky 15-0-0 6 9/19 vs Mount St. Joseph Academy (PA)- 5-3 W, 9/20 vs Conestoga (PA)- 3-2 W, 9/20 vs Clearview Regional (NJ)- 4-0 W, 9/23 @ DuPont Manual- 6-0 W, 9/25 vs Highlands Latin- 10-0 W, 9/28 vs Assumption- 8-2 W
3 Glenbrook North High School Glenview, Illinois 12-0-0 4 9/15 vs Latin- 6-1 W, 9/17 @ Lake Forest- 3-2 W, 9/20 vs Novi- 8-0 W, 9/24 vs SICP- 5-0 W, 9/25 vs Francis W Parker- 10-0 W, 9/27 @ Thomas Worthington (OH)- 1-0 W
4 John Burroughs School Saint Louis, Missouri 13-1-0 2 9/16 vs Edwardsville- 8-0 W, 9/18 @ Cor Jesu- 7-0 W, 9/20 vs Garrison Forest School (MD)- 6-0 W, 9/20 vs Penn Manor (PA)- 2-0 W, 9/21 vs Montclair (NJ)- 5-0 W, 9/27 @ MICDS- 1-2 L
5 The Kinkaid School Houston, Texas 4-2-0 1 9/19 @ Academy of Notre Dame de Namur (PA)- 2-9 L, 9/20 @ Oak Knoll School (NJ)- 0-1 L, 9/21 @ Lower Dauphin (PA)- 4-3 W OT
6 St. John’s School Houston, Texas 6-2-0 5 9/19 vs Manheim Twp (PA)- 2-1 W, 9/19 vs Greenwich Academy (CT)- 3-1 W, 9/20 vs Norfolk Academy (VA)- 3-2 W, 9/25 @ Episcopal- 3-0 W
7 Assumption High School Louisville, Kentucky 13-3-0 7 9/19 vs Garrison Forest School (MD)- 4-0 W, 9/19 vs Mamaroneck (NY)- 4-3 W, 9/20 vs West Perry (PA)- 5-0 W, 9/25 @ Atherton- 8-0 W, 9/28 @ Sacred Heart- 2-8 L
8 MICDS Saint Louis, Missouri 14-1-0 16 9/15 @ Westminster- 6-0 W, 9/16 @ Villa Duchesne- 4-3 W, 9/19 @ Whitfield- 7-0 W, 9/20 vs Pembroke Hill- 6-0 W, 9/22 vs Lindbergh- 7-0 W, 9/24 vs Ladue- 3-1 W, 9/27 vs John Burroughs School- 2-1 W
9 Shaker Heights High School Shaker Heights, Ohio 13-0-0 8 9/15 @ Roosevelt- 10-0 W, 9/17 @ Stow-Munroe-Falls- 10-0 W, 9/24 @ Walsh Jesuit- 10-0 W, 9/25 @ Orange- 10-0 W
10 Thomas Worthington High School Worthington, Ohio 12-2-0 9 9/15 vs Columbus Academy- 8-3 W, 9/17 vs Olentangy Berlin- 9-0 W, 9/19 vs Pioneer (MI)- 3-2 W, 9/22 @ Dublin Coffman- 4-0 W, 9/24 @ Bishop Watterson- 4-0 W, 9/26 @ Lake Forest- 4-2 W, 9/27 vs Glenbrook North- 0-1 L
11 The Bishop’s School La Jolla, California 11-2-0 11 9/17 @ La Jolla Country Day- 6-0 W, 9/19 vs Leigh- 4-0 W, 9/19 vs Canyon Crest Academy- 3-0 W, 9/20 vs Poway- 4-0 W, 9/20 vs Scripps Ranch- 1-2 L, 9/24 @ Mission Bay- 7-0 W, 9/26 vs Scripps Ranch- 3-1 W
12 Villa Duchesne Frontenac, Missouri 7-3-1 13 9/16 vs MICDS- 3-4 L, 9/19 vs Ladue- 5-0 W, 9/24 vs Lindbergh- 6-1 W, 9/28 vs. St. Joseph- 2-1 W
13 Christian Academy of Louisville Louisville, Kentucky 9-6-1 12 9/16 vs North Oldham- 1-0 W, 9/20 vs Episcopal Academy (PA)- 0-7 L, 9/20 vs Academy of Notre Dame de Namur (PA)- 1-5 L, 9/21 vs Shore Regional (NJ)- 1-1 T OT, 9/23 vs Louisville Collegiate- 2-0 W, 9/25 vs Eastern- 10-0 W
14 St. Joseph’s Academy Saint Louis, Missouri 10-1-0 14 9/17 vs Ursuline- 5-0 W, 9/22 vs Nerinx Hall- 4-0 W, 9/25 @ Notre Dame- 8-0 W, 9/28 vs Villa Duchesne- 1-2 L
15 Los Gatos High School Los Gatos, California 10-0-0 17 9/15 @ Santa Clara- 12-0 W, 9/17 vs Lynbrook- 15-0 W, 9/19 vs Saint Francis- 2-0 W, 9/22 @ Presentation- 5-0 W, 9/24 vs Monta Vista- 15-0 W
16 La Jolla High School San Diego, California 8-0-0 OC 9/17 vs La Costa Canyon- 4-1 W, 9/19 @ University City- 3-1 W, 9/22 vs Cathedral Catholic- 3-0 W, 9/24 vs La Jolla Country Day- 3-0 W
17 Canyon Hills High School San Diego, California 12-2-0 NR 9/15 vs Torrey Pines- 2-1 W, 9/17 @ Cathedral Catholic- 4-0 W, 9/22 @ La Jolla Country Day- 6-0 W, 9/24 vs Scripps Ranch- 1-0 W
18 Scripps Ranch High School San Diego, California 9-4-0 OC 9/15 vs San Marcos- 1-2 L, 9/17 vs University City- 6-0 W, 9/19 vs Gilroy- 1-0 W, 9/19 vs Valley Center- 5-0 W, 9/20 vs Mt. Carmel- 1-0 W, 9/20 vs Bishop’s- 2-1 W, 9/20 vs Torrey Pines- 1-0 W, 9/24 @ Canyon Hills- 0-1 L, 9/26 @ Bishop’s- 1-3 L
19 Torrey Pines High School San Diego, California 12-2-0 10 9/15 @ Canyon Hills- 1-2 L, 9/17 vs Rancho Bernardo- 5-0 W, 9/19 vs Huntington Beach- 2-0 W, 9/19 vs Mt. Carmel- 4-1 W, 9/20 vs Gilroy- 2-0 W, 9/20 vs Canyon Crest- 3-0 W, 9/20 vs Scripps Ranch- 0-1 L, 9/26 @ San Marcos- 1-0 W
20 Pioneer High School Ann Arbor, Michigan 6-4-1 18 9/15 @ Dexter- 1-1 T OT, 9/17 @ Saline- 1-0 W, 9/19 @ Thomas Worthington (OH)- 2-3 L, 9/22 vs Dexter- 1-0 W, 9/26 @ Huron- 4-2 W
OC Dexter High School Dexter, Michigan 8-2-3 20 9/15 vs Pioneer- 1-1 T OT, 9/17 @ Skyline- 5-1 W, 9/22 @ Pioneer- 0-1 L, 9/25 vs East Grand Rapids- 3-0 W
OC Loyola Academy Wilmette, Illinois 8-4-1 OC 9/17 @ New Trier- 0-2 L, 9/18 vs Stevenson- 6-0 W, 9/22 vs Lake Forest- 3-2 W, 9/25 @ Oak Park-River Forest- 4-0 W
OC Saline High School Saline, Michigan 9-1-1 15 9/15 vs Skyline- 3-1 W, 9/17 vs Pioneer- 0-1 L
OC San Marcos High School San Marcos, California 10-2-1 NR 9/15 @ Scripps Ranch- 2-1 W, 9/23 vs Rancho Buena Vista- 4-0 W, 9/26 vs Torrey Pines- 0-1 L
OC St. Ignatius College Prep San Francisco, California 8-0-1 19 9/16 @ University- 5-1 W, 9/18 vs Homestead- 13-0 W, 9/19 @ Christopher- 4-0 W, 9/23 @ Fremont- 8-0 W, 9/25 vs Saint Francis- 0-0 T OT, 9/26 vs Archbishop Mitty- 2-1 W
OC Upper Arlington High School Columbus, Ohio 10-1-1 OC 9/15 vs Olentangy Orange- 8-0 W, 9/17 vs Bishop Watterson- 1-1 T OT, 9/24 @ Olentangy- 6-0 W, 9/27 @ Hathaway Brown- 7-0 W

The post 2025 Week #2 West/Mid-West Region Top 20 Rankings appeared first on MAX Field Hockey.

BIG’s concrete college building with stacked design produces solar power

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The Bjarke Ingels Group (BIG)-designed Claremont McKenna College Robert Day Sciences Center showcases the firm’s flair for producing eye-catching architecture and is made up of stacked concrete rectangular forms. Featuring a light-filled interior, the building also significantly reduces its draw on the grid with solar power.

First revealed in 2022, the Claremont McKenna College Robert Day Sciences Center is located on the college’s California campus and measures 135,000 sq ft (roughly 12,500 sq m). With a chunky exterior likened to Jenga by BIG, it’s a little reminiscent of the firm’s previous Lego House in Denmark – albeit less colorful.

“The building’s structure is designed as a stack of two volumes, with each pair rotated 45 degrees from the floor below,” explains BIG. “The voids of the rotated blocks create the full-height atrium at the heart of the building, which provides direct views into classrooms and research spaces from all levels. The open spaces within the atrium invite collaboration, embodying the center’s architectural and educational approach. The facade incorporates board-formed panels of glass fiber reinforced concrete, which create a wood-like texture while providing the durability and fire resistance required for a modern laboratory”

The Claremont McKenna College Robert Day Sciences Center’s interior is enlivened by large Douglas fir-lined beams

Laurian Ghinitoiu

The interior is arranged with each level oriented in a different direction to distinguish between labs, flexible classrooms, and the surrounding campus. With a capacity for 1,400 people, the center’s research will be focused around genealogical studies, climate research, and the brain.

Notable interior design elements include the use of Douglas fir-clad beams and a large staircase in the atrium that doubles as a seating area. Additionally, suspended 30 ft (9 m) is an intricate sculpture of Earth’s magnetosphere, composed of 18 metal rings and 1,476 glass spheres.

Eight outdoor rooftop terraces offer superb views of the mountains to the north, the campus to the west, and the sports bowl to the east. Landscaped with native greenery, they are envisioned as multipurpose spaces suitable for use as outdoor classrooms, study areas, and places to meet.

The Claremont McKenna College Robert Day Sciences Center has a large solar panel array on its roof that reduces its grid-based energy usage
The Claremont McKenna College Robert Day Sciences Center has a large solar panel array on its roof that reduces its grid-based energy usage

Laurian Ghinitoiu

The Claremont McKenna College Robert Day Sciences Center is aiming for LEED Gold (a green building standard) and, as mentioned, features a large solar panel array on its roof that contains 11,000 sq ft (1,021 sq m) of solar panels, providing around 342 MWh of energy annually.

BIG has a lot of experience designing extraordinary schools and the Robert Day Sciences Center follows its vortex-shaped Glasir and its fan-like Heights.

Source: BIG

Winmark Corporation’s stock hits record high of 520.45 USD

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Winmark Corporation stock reaches all-time high at 520.45 USD

Pakistan’s Foreign Minister claims that Trump’s strategy to resolve Israel’s Gaza conflict was modified | Benjamin Netanyahu News

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The United States’s 20-point plan to end Israel’s war in Gaza is not the same as the draft proposed by a group of Arab and Muslim countries, Pakistan’s Foreign Minister Ishaq Dar has said.

“I made it clear that the 20 points that President (Donald) Trump made public are not ours. Changes were made to our draft. I have the record,” Dar said, speaking to politicians on Friday, according to remarks carried by Dawn news.

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His comments come after the White House on Monday released a plan with fanfare that would include a ceasefire, the return of all captives, Hamas disarmament, and a new political architecture for post-war Gaza – one that would exclude the Palestinian group.

Its release came a few minutes before Trump and Israeli Prime Minister Benjamin Netanyahu stood next to each other at the White House to announce the plan. There, Trump told Hamas it had 72 hours to accept the proposal. On Tuesday, he gave the Palestinian group three to four days to agree to the plan.

Meanwhile, Hamas political bureau member Mohammad Nazzal told Al Jazeera on Thursday that the group was discussing Trump’s plan and would soon announce its position on the proposal. “We are not dealing [with the plan] under the logic that time is a sword pointed at our neck,” Nazzal said.

The published document was presented as a joint effort between Israel, the US and a number of Arab and Muslim countries. Last week, several leaders from the Arab and Muslim world discussed the plan at a meeting on the sidelines of the United Nations General Assembly in New York.

But while there are no official records of what was discussed at that mini-summit, Axios reported that the proposal announced by the American and Israeli leaders earlier this week contained “significant changes”, requested by Netanyahu, to the draft that had been agreed on by the Arab leaders and Trump.

The amendments were made during a six-hour meeting between Trump’s son-in-law, Jared Kushner, US Special Envoy Steve Witkoff and Netanyahu, the report said. The revised version ties Israel’s withdrawal to Hamas’s disarmament and allows Israel – after a withdrawal in stages – to remain within a buffer zone inside the enclave until there are no risks of any “terror threat”, it added.

A group of eight Arab and Muslim countries, including Pakistan, Qatar, Turkiye and Saudi Arabia, welcomed Trump’s announcement in a joint statement.

Qatar has said that it agrees with the aims of the plan, and seeks further discussions on its details.

“If we speak of the main objectives, there are objectives that it [the US plan] achieves, such as ending the war, and there are things that need clarification, which certainly need discussions and negotiations,” Qatar’s Prime Minister Sheikh Mohammed bin Abdulrahman bin Jassim Al Thani told Al Jazeera.

Egypt’s Foreign Minister Badr Abdelatty also said that more talks were needed. According to the US proposal, an international body chaired by Trump would have oversight, while a Palestinian technocratic committee would handle civilian governance until the Palestinian Authority reforms itself. To take care of security, according to the proposal, a stabilisation force would be deployed.

“There are a lot of holes that need to be filled; we need more discussions on how to implement it, especially on two important issues – governance and security arrangements,” Abdelatty said on Thursday.

Experts pointed out that there are sticking points. There are questions on whether Hamas will agree to disarm since it has repeatedly said it would not, as the main face of Palestinian armed resistance.

The current proposal also nods vaguely at how reforms may open a pathway to Palestinian statehood, which is not recognised as a right but as the “aspiration of the Palestinian people”.

The plan does not mention the forced displacement of Palestinians from Gaza – a significant shift from Trump’s earlier lambasted position when he suggested the relocation of the population outside the enclave to turn it into the “Riviera of the Middle East”, which was heavily criticised as ethnic cleansing.

It also ruled out the occupation of Gaza and the annexation of the occupied West Bank – actions that Netanya’s far-right coalition members are pushing for.

Should Hamas refuse the deal, Trump ominously told Netanyahu, “You will have our full backing to do what you have to do.”

Goldman Sachs reports that debt is driving the rising investment in AI

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  • Goldman Sachs warned AI spending is increasingly debt-financed, slightly weakening corporate credit quality. The S&P 500 set a new all-time high driven in part by AI spending from Big Tech. Nvidia, Palantir, and Amazon rose yesterday.

The S&P 500 rose to a new all-time high yesterday, up slightly to hit 6.715. AI stocks led the way, again, with Palantir going up 1.1%, Nvidia rising 0.91% and Amazon climbing by 0.81%.

In the absence of macro jobs data due to the U.S. government shutdown, traders are piling into AI stocks, ING told clients this morning. “Financial market volatility is falling across the board, partly driven by the US government shutdown and the delay to key data releases such as the September jobs data. Instead, investors remain transfixed by the AI-driven rally in megacap tech shares, which shows no signs of slowing.” S&P futures were up 0.12% this morning, premarket.

Stocks are benefiting from the massive amount of capital expenditure (capex) coming from companies that are investing heavily in AI. “For now, AI is being driven by a handful of US Big Tech players spending almost $350 billion on Cap-Ex this year with now the cavalry coming as more enterprises and governments from around the world get into the AI spending game. The Middle East is a perfect example as now Saudi and UAE are diving into the deep end of the pool with Nvidia and US hyperscalers set to build out massive AI driven data centers to fuel the use cases for the coming years,” Wedbush’s Dan Ives told clients in a note this morning.

But where is all that money coming from, exactly?

Goldman Sachs notes that, increasingly, it is coming from debt. Over the last three years, most capex came from the cash sitting on tech companies’ balance sheets. But now those companies are increasingly borrowing money to fun AI build-out. 

“These AI-related issuers have accounted for $141 billion in corporate credit issuance in 2025 to-date, eclipsing full-year 2024 gross supply of $127 billion,” Lotfi Karoui and his colleagues wrote in a note seen by Fortune.

The shift will marginally reduce the quality of corporate credit, Karoui wrote. “The read-through for credit markets is, on the margin, negative, in our view. While not yet a cause for alarm, given both the high cashflow generation and low leverage among large tech companies, the shifting funding mix of capex beyond cash is worth monitoring.”

The note is interesting because there has been a lot of talk on Wall Street recently about the quality of corporate debt. Two auto-industry companies, First Brands and Tricolor, recently collapsed into bankruptcy because they issued too much debt to lenders who thought they were safe. Jim Chanos and PIMCO President Christian Stracke have both recetly bemoaned cracks in the private credit market. 

Here’s a snapshot of the markets ahead of the opening bell in New York this morning:

  • S&P 500 futures were up 0.12% this morning. The index closed up marginally in its last session at a new high of 6.715. 
  • STOXX Europe 600 was up 0.32% in early trading. 
  • The U.K.’s FTSE 100 was up 0.54% in early trading. 
  • Japan’s Nikkei 225 was up 1.85%. 
  • China’s CSI 300 was up 0.45%. 
  • The South Korea KOSPI was up 2.7%. 
  • India’s Nifty 50 was up 0.11% before the end of the session. 
  • Bitcoin rose to $120.1K.
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Asahi beer shortage in Japan due to cyber-attack

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Japan is facing a shortage of Asahi products, including beer and bottled tea, as the drinks giant grapples with the impact of a major cyber-attack that has affected its operations in the country.

Most of the Asahi Group’s factories in Japan have been at a standstill since Monday, after the attack hit its ordering and delivering systems.

Major Japanese retailers, including 7-Eleven and FamilyMart, have now warned customers to expect shortages of Asahi products.

In a statement on Friday, Asahi said it was “unable to provide a clear timeline for recovery” but had started “partial manual” processing of orders and shipments.

Asahi is the biggest brewer in Japan, but it also makes soft drinks and food products, as well as supplying own-brand goods to other retailers.

It owns Fullers in the UK and global brands including Peroni, Pilsner Urquell and Grolsch. However, Asahi has said that only its operations in Japan – which account for about half its sales – have been affected by the attack.

In its latest statement, Asahi said that as a result of containment measures following the attack, ordering and shipment systems in Japan had been affected and it was also unable to receive emails from external sources.

“Although system-based order and shipment processes remain suspended, ensuring product supply to customers has been set as our top priority and we have begun partial manual order processing and shipment,” it said.

Asahi also said it was preparing to reopen its call centre operations next week.

Atsushi Katsuki, Asahi president and group chief executive, apologised for the disruption.

“We are making every effort to restore the system as quickly as possible, while implementing alternative measures to ensure continued product supply to our customers,” he said.

In a statement on Thursday, FamilyMart – which is one of Japan’s largest convenience stores – said its Famimaru range of bottled teas, which are made by Asahi, were expected to be in short supply or out of stock.

“We sincerely apologise to our customers for any inconvenience caused,” said FamilyMart, adding that it was working with Asahi to resume the sale of the products.

7-Eleven, the Japanese-owned global convenience store chain, has halted shipments in the country of Asahi products, including its popular Super Dry beer.

A spokesperson for 7-Eleven said its shops have been advised to expect a shortage of Asahi products.

Lawson, another major Japanese retailer, also said it expected some Asahi products to be in short supply from Friday.

The retailer said it planned to stock up on alternative products to minimise the impact on customers.

Japanese supermarket chain Life Cooperation also warned that Asahi products may soon go out of stock.