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Bloomberg
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Schwab's Aguilar On Odds of A Risk Asset Rally
Omar Aguilar, CEO & CIO of Schwab Asset Management, says the firm urges clients to focus on the 'direction of travel' and long-term trends. He tells Romaine Bostick and Scarlet Fu on 'The Close' that rates are likely to move lower between now and mid 2026. (Source: Bloomberg)
CNN
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UK government walks back controversial Apple ‘back door' demand after Trump administration pressure
UK Digital privacy Tech giants Digital securityFacebookTweetLink Follow The UK government has backed down on a controversial demand for Apple to build a 'back door' into its technology to access private user data following pressure from the Trump administration. The order could have undermined a key security promise Apple makes to its users — the company has said it has not and would never build a backdoor or 'master key' to its products — and compromised privacy for users globally. UK officials had reportedly sought access to encrypted data that users around the world store in iCloud, materials that even the iPhone maker itself is typically unable to access. US Director of National Intelligence Tulsi Gabbard said on X Monday that the United Kingdom 'agreed to drop its mandate for Apple to provide a 'back door' that would have enabled access to the protected encrypted data of American citizens and encroached on our civil liberties.' Gabbard said that over the 'past few months,' she had been 'working closely with our partners in the UK,' alongside President Donald Trump and Vice President JD Vance, on the agreement. A source familiar with the discussions told CNN that Gabbard spoke with her counterpart in the UK, Deputy National Security Advisory Matt Collins, a few times about the issue, including once when the UK delegation visited the White House. Vance was also personally involved in reaching a deal, engaging in direct conversations with British government officials to come to what was considered a 'mutually beneficial' agreement for both countries, a White House official told CNN. No further details on the agreement were provided. The British Home Office reportedly made the order under the Investigatory Powers Act that lets UK law enforcement compel access to communications and metadata from tech companies in secret, although the agency never confirmed the demand. The Home Office did not immediately respond to CNN's request for comment on Tuesday. Reports about the order earlier this year quickly raised alarm among security experts and tech leaders who worried that Apple could be used by a foreign government to spy on its users. The company in February rolled back a data security feature for iCloud called Advanced Data Protection (ADP) for users in the United Kingdom. The feature provides optional end-to-end encryption for personal data such as photos and messages, meaning only the user who holds the account, not even the company itself could view that information. Without end-to-end encryption, Apple could have access to users' data, meaning law enforcement could legally compel the company to hand it over to aid in investigating crimes. Removing the feature for UK users was widely viewed as an effort to protect more advanced security for users elsewhere in the world in the face of the UK government's demand for a technical back door. But it didn't necessarily address the UK's demand for access to user data globally. Apple said in a statement at the time that it was 'gravely disappointed' to no longer offer ADP to UK users, 'given the continuing rise of data breaches and other threats to customer privacy.' Apple did not immediately respond to CNN's request for comment on the UK government's retreat from the demand. Tech executives, including Apple CEO Tim Cook, have sought to foster close relationships with Trump since he took office in hopes of gaining his support on key policy and regulatory issues. The UK agreement marks the latest instance of the Trump administration convincing a foreign government to walk back regulation of an American tech company. In June, Canada said it would rescind a digital services tax — which Trump had called a 'direct and blatant attack' on the United States and its companies — to restart trade negotiations with the US.
Bloomberg
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CSL Shares Suffer Record Drop on Limp Earnings
Hello, Rich Henderson here in Bloomberg's Melbourne bureau with the latest headlines... Today's must-reads: • CSL shares slump • BHP profits fall • Consumer sentiment improves CSL shares sank the most on record after the biotech giant unveiled disappointing earnings and a cost-cutting restructure that includes spinning off its vaccine business.
