Microsoft Can't Keep EU Data Safe From US Authorities
Microsoft has admitted that it can't protect EU data from U.S. snooping.
In sworn testimony before a French Senate inquiry into the role of public procurement in promoting digital sovereignty, Anton Carniaux, Microsoft France's director of public and legal affairs, was asked whether he could guarantee that French citizen data would never be transmitted to U.S. authorities without explicit French authorization. And, he replied, "No, I cannot guarantee it."
He said that the company resisted requests from the US authorities "when they are not well-founded", but that under the U.S. Cloud Act, U.S. companies can be forced to hand over data, regardless of where it is stored.
Carniaux did say that the situation had never arisen. However, the admission raises serious concerns around European data sovereignty.
'Microsoft has openly admitted what many have long known: under laws like the Cloud Act, US authorities can compel access to data held by American cloud providers, regardless of where that data physically resides. UK or EU servers make no difference when jurisdiction lies elsewhere, and local subsidiaries or 'trusted' partnerships don't change that reality," commented Mark Boost, CEO of cloud provider Civo.
'This is more than a technicality. It is a real-world issue that can impact national security, personal privacy and business competitiveness."
The inquiry centers around Project Bleu - a partnership between Microsoft, Orange and Capgemini. There were concerns about the Health Data Hub medical research platform, which is hosted on Microsoft Azure. Senate members said they couldn't be sure that the two platforms were sufficiently separated, and that sensitive health data wouldn't be shared.
Carniaux's admission will increase concerns that the EU can't afford to be reliant on the big U.S. cloud providers such as Microsoft and AWS - even when they claim to be offering sovereign cloud services.
'The French Senate has set a precedent by demanding answers, and the UK and Europe have an opportunity to do the same," said Boost. "We're already seeing a shift towards building homegrown solutions that support true data sovereignty rather than data residency."
However, a recent European Parliament report found that U.S. firms account for 69% of the cloud infrastructure market share in Europe, while EU suppliers hold only 13%.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Entrepreneur
a few seconds ago
- Entrepreneur
Step Away From Subscriptions and Access Windows 11 Pro and Microsoft Office Pro 2019 for $46
Disclosure: Our goal is to feature products and services that we think you'll find interesting and useful. If you purchase them, Entrepreneur may get a small share of the revenue from the sale from our commerce partners. The subscription economy has grown by more than 435% over the last decade, leaving companies to adjust their offerings to fit this new experiential, scarcity-based model, according to The Subscription Economy Index. But as a business owner, why are you adding recurring monthly fees when you could purchase a product outright? For just $45.97, get a lifetime license for Windows 11 Pro and Microsoft Office 2019 Pro. Instead of paying monthly fees to access these programs remotely, this bundle offers instant delivery and activation to your software keys, so you can go nose to the grind as soon as you complete your purchase. Each license can be redeemed for one eligible PC for home or work. Access your favorite Microsoft applications, including: Word Excel PowerPoint Outlook OneNote Publisher Access In addition to these powerful programs, upgrade your operating system to Microsoft's latest — Windows 11 Pro. The seamless interface, advanced security features, and AI-powered optimizations bring a world of improvement to your personal and professional life. Microsoft Copilot answers queries and helps you to streamline your workflows to work more efficiently. Unlock the power of some of our favorite programs for just $45.97 with the Microsoft Office 2019 Pro and Windows 11 Pro Bundle from StackSocial. The All-in-One Microsoft Office Pro 2019 for Windows: Lifetime License + Windows 11 Pro Bundle See Deal StackSocial prices subject to change.
CNBC
2 minutes ago
- CNBC
More stock market records, more trade deals, more trade talks — plus, lots of earnings
The S & P 500 rose every day this past week as trade deals, both in the works and announced, lent support to the market. The index heads into the final stretch of a strong July at record highs. For the week, the S & P 500 gained nearly 1.5%. The Nasdaq did not go wire to wire in the green this week, but it did rise 1%, closing at another record high. Ahead of the last trading day of the month on Thursday, the S & P 500 was up almost 3% for July, while the Nasdaq jumped 3.6%. The best session of the week came on Wednesday after President Donald Trump announced the night before what he called a "massive" trade agreement with Japan ahead of the Aug. 1 deadline. The deal settled on a 15% tariff on goods entering the United States from Japan, including automobiles. In exchange, Japan will invest $550 billion in America and open its market to more imports from the U.S. The trade focus now shifts to China and the European Union. Next week, Treasury Secretary Scott Bessent travels to Stockholm for talks with Chinese officials about extending the negotiating window for a trade deal. Regarding the EU, Trump said Friday he sees only a "50-50 chance" of a deal with the trading bloc. The president plans to meet with EU officials in Scotland on Sunday. .SPX .IXIC 5D mountain S & P 500 and Nasdaq 5-day performance The other big news of this past week was Trump's trip to the Federal Reserve on Thursday. He toured the central bank renovation site with Fed Chairman Jerome Powell. They spoke with reporters and had an uncomfortable moment over renovation costs. Trump signaled that he's no longer considering firing Powell. The president told reporters Friday that Powell and he had a "good meeting" about interest rates, and he believes the Fed will start cutting them. Powell has kept rates steady since December 2024, saying central bankers need more time to see how finalized tariffs will impact inflation. On the economy, the June existing home sales report was released on Wednesday, followed by June new home sales on Thursday. While sales of both were slower than expected, the reports diverged when it came to prices. The median price of a previously owned home sold in June was $435,300, up year over year and the 24th consecutive month of annual increases, according to the National Association of Realtors. However, government data showed the median sales price of new homes sold last month was $401,800 — below May and below year-ago levels. Watching housing price trends is important because it can give us signals on where shelter costs might be headed, which have been a key factor keeping overall inflation elevated. Second quarter earnings season has kicked into full gear, with results thus far coming in better than expected. According to FactSet, a third of the S & P 500 companies have already reported, with 80% of those delivering upside surprises to both sales and earnings expectations. Within the Club portfolio, we heard from Danaher, GE Vernova, Capital One, Honeywell, and Dover. Talk about a blowout. GE Vernova came into the quarterly print near all-time highs, setting a high bar of expectations, which it easily hopped over. The stock was rewarded with record highs and was our top performer of the week, with 12% gains. Shares have nearly doubled in 2025 versus the S & P 500's 8.6% advance this year. GE Vernova on Wednesday reported strong order growth and robust EBITDA margin expansion. EBITDA stands for earnings before interest, taxes, depreciation and amortization. Strong backlog growth also gives us confidence that end market demand remains healthy. "This era of accelerated electrification is driving unprecedented investments in reliable power, grid infrastructure, and decarbonization solutions," CEO Scott Strazik said on the post-earnings call. Danaher on Tuesday delivered a strong set of results, albeit against relatively low expectations. The company did outpace expectations on the top and bottom lines, thanks to strength in all key operating segments. While Chinese sales in biotechnology and life sciences grew, the positive numbers were overshadowed by sustained weakness in diagnostics due to the countries volume-based procurement program. The quarter was enough to spark a relief rally and keep us in the name. Danaher was our second-best performer this week, rising 8%. Despite a good week, the stock was still down 10.5% year to date. Capital One delivered a noisy quarter on Tuesday due to the Discover integration. While shares were among our losers this week, down 2.5%, they have been on a roll, up more than 19% year to date. We saw enough the quarter to reaffirm our view that there will be some serious long-term benefits resulting from the acquisition and its payment network. Capital One is one of only two banks in the world with their own credit card network, the other being American Express. We will look for the company to leverage that edge into earnings growth and for the stock to be rewarded for it with a higher multiple as the integration progresses and management executes on their game plan. We were surprised by Thursday's more than 4% stock drop on Dover 's earnings. In addition to a top and bottom-line beat, the company reported a record adjusted segment EBITDA margin, an acceleration in bookings that provides visibility into the future. It also outlined several growth and productivity investments to support long-term growth. Compounding the strong results, management raised its full-year outlook on both revenue growth and adjusted earnings per share. For the week, Dover lost about 1%. Like Dover, Honeywell stock was also dinged after it reported Thursday morning, despite the results coming in largely better than expected. Shares were our worst performer of the week, down 5.2%. While there was some weakness in aerospace and in segment margin performance, we were satisfied with the explanation provided by management on the call and believe the weakness provides a buying opportunity ahead of what we think will be a value-creating breakup into three separate operating companies. The split will start in the fourth quarter of this year, when management spins off the advanced materials business, and continue in 2026 with the separation of aerospace, which will leave the automation business as the third public company. In the week ahead, we will get seven more Club name earnings, including Amazon , Apple , Meta Platforms , and Microsoft . (See here for a full list of the stocks in Jim Cramer's Charitable Trust.) As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB. NO SPECIFIC OUTCOME OR PROFIT IS GUARANTEED.
Yahoo
29 minutes ago
- Yahoo
NYC Billionaire Charles Cohen being sued over bad $535M loan — how to build real estate wealth without drowning in debt
Moneywise and Yahoo Finance LLC may earn commission or revenue through links in the content below. New York City real estate tycoon Charles Cohen has lived a life most people only dream of — complete with exotic cars, lavish mansions and fancy yachts. Now, some of his prized possessions are under threat as a massive business loan gone bad starts to have very personal consequences. Cohen, 73, is being sued by Fortress Investment Group over a $535 million loan extended in 2022 to his firm, Cohen Realty Enterprises. The collateral included a Manhattan office tower, the Le Meridien Dania Beach hotel in Fort Lauderdale, Florida, and four other properties, according to The Wall Street Journal, citing records from New York State's Supreme Court. But that's not all: Cohen personally guaranteed $187.2 million of that loan. His net worth is nearly $2 billion, according to a financial statement filed with the court. His business defaulted last year, and Fortress has since seized much of the collateral. Still, the firm claims those assets fall far short of what Cohen owes, reports The Journal. That shortfall has led Fortress — an investment giant partially owned by Abu Dhabi's Mubadala Capital — to go after Cohen's personal wealth. And that's exactly what it's doing. Fortress is seeking to confiscate Cohen's homes in Provence, France, and Greenwich, Connecticut, reports The Journal, along with his fleet of 25 luxury cars and five yachts — including a 220-foot superyacht that's presently docked at an Italian port under court order. Don't miss Thanks to Jeff Bezos, you can now become a landlord for as little as $100 — and no, you don't have to deal with tenants or fix freezers. Here's how I'm 49 years old and have nothing saved for retirement — what should I do? Don't panic. Here are 5 of the easiest ways you can catch up (and fast) You don't have to be a millionaire to gain access to this $1B private real estate fund. In fact, you can get started with as little as $10 — here's how Following a French court order, debt collectors have already seized hundreds of thousands of dollars' worth of Cohen's belongings from his 138-acre estate and vineyard in Provence, according to The Journal. The haul apparently included high-end furniture, valuable artworks and a fine wine collection. 'They keep pecking at us, like a bird would peck at something,' Cohen said of Fortress in a February deposition, per The Journal. 'Enough was never enough.' A blunt reality check Real estate has long been one of the most powerful tools for building wealth — and for good reason. It has the potential to generate steady rental income, appreciate over time and offer valuable tax advantages. But as Cohen's case shows, that success isn't guaranteed — especially when there's large amounts of debt involved. Leverage is a common part of real estate investing, even for everyday investors. With home prices sky-high, most people need to take out a mortgage to buy an income property. And with interest rates elevated, borrowing has become more expensive — assuming you can even save enough for a down payment. The good news? You no longer need to take on traditional debt to get started in real estate. Becoming a real estate mogul — starting with $100 Crowdfunding platforms like Arrived have made it easier than ever for everyday investors to gain exposure to America's real estate market. Backed by world class investors like Jeff Bezos, Arrived allows you to invest in shares of rental homes with as little as $100, all without the hassle of mowing lawns, fixing leaky faucets or handling difficult tenants. The process is simple: browse a curated selection of homes that have been vetted for their appreciation and income potential. Once you find a property you like, select the number of shares you'd like to purchase, and then sit back as you start receiving any positive rental income distributions from your investment. Read more: Rich, young Americans are ditching the stormy stock market — A $35-trillion opportunity Rising home prices have helped Americans build substantial wealth through homeownership — but for years, the $35-trillion U.S. home equity market was an exclusive playground for big institutions. Homeshares is changing the game by allowing accredited investors to gain direct exposure to hundreds of owner-occupied homes in top U.S. cities through their U.S. Home Equity Fund — without the headaches of buying, owning, or managing property. With risk-adjusted target returns ranging from 14% to 17%, this approach provides an effective, hands-off way to invest in owner-occupied residential properties across regional markets. Be the landlord of Walmart If you've ever been a landlord, you know how important it is to have reliable tenants. How do grocery stores sound? That's where First National Realty Partners (FNRP) comes in. The platform allows accredited investors to diversify their portfolio through grocery-anchored commercial properties without taking on the responsibilities of being a landlord. With a minimum investment of $50,000, investors can own a share of properties leased by national brands like Whole Foods, Kroger and Walmart, which provide essential goods to their communities. Thanks to Triple Net (NNN) leases, accredited investors are able to invest in these properties without worrying about tenant costs cutting into their potential returns. Simply answer a few questions — including how much you would like to invest — to start browsing their full list of available properties. What to read next Robert Kiyosaki warns of a 'Greater Depression' coming to the US — with millions of Americans going poor. But he says these 2 'easy-money' assets will bring in 'great wealth'. How to get in now Accredited investors can now buy into this $22 trillion asset class once reserved for elites – and become the landlord of Walmart, Whole Foods or Kroger without lifting a finger. Here's how Car insurance in America now costs a stunning $2,329/year on average — but here's how 2 minutes can save you more than $600 in 2025 Here are 5 'must have' items that Americans (almost) always overpay for — and very quickly regret. How many are hurting you? Stay in the know. Join 200,000+ readers and get the best of Moneywise sent straight to your inbox every week for free. This article provides information only and should not be construed as advice. It is provided without warranty of any kind. Sign in to access your portfolio
