Category: 3. Business

(Bloomberg) — Asian equities fell at the open, mirroring Wall Street’s retreat after a sharp selloff in heavyweight technology shares.

Stocks opened lower in Japan, Australia and South Korea while MSCI’s Asia Pacific Index fell 0.3%. Contracts for the Nasdaq 100 index slipped 0.2% after a 1.4% drop Tuesday, the second-worst decline since April’s tariff shock. The slide was driven by a 3.5% slump in Nvidia Corp. as stock rotation hit megacap tech companies.

Treasuries steadied in early Asian trading after 10-year yields dropped three basis points to 4.31%. Oil rose 0.4% after declining in the prior session. A gauge of the dollar extended its gains to a third day.

Investors pared back positions in technology stocks — the market’s longtime leaders — amid growing concern that the rally since April has advanced too far and too quickly. That momentum will be tested this week as focus turns to Jackson Hole, Wyoming, where Federal Reserve Chair Jerome Powell is set to speak on Friday with traders firming up bets on a September cut.

“Wall Street finally hit an air pocket overnight as the US summer lull thins liquidity and weakens the bid for risk assets, especially high flying tech stocks,” wrote Kyle Rodda, a senior market analyst at Capital.com in Melbourne. “There’s also a degree of trepidation heading into the Jackson Hole symposium.”

Bank of America Corp. strategists led by Michael Hartnett have recently said the rally that’s propelled the so-called Magnificent Seven stocks higher from April lows looks stretched. Hartnett has repeatedly warned of a bubble risk in US shares this year.

“It is always easier when the markets are going up,” said Nicholas Bohnsack at Strategas. “It is difficult to poke holes in the bull case; the path of least resistance is likely higher, but we find ourselves increasingly worried that traditional risk assets (stocks and bonds) appear priced to perfection.”

Meanwhile, US Homeland Security Secretary Kristi Noem indicated the government will step up scrutiny of imports of steel, copper, lithium and other materials from China to enforce a ban on goods allegedly made with forced labor in the country’s Xinjiang region.

US Treasury Secretary Scott Bessent also claimed some of the “richest families in India” benefited from the purchase of Russian crude oil, while reiterating plans to boost tariffs on the South Asian nation.

Meantime, traders are gearing up for Powell’s speech with the Treasury market seeing a quarter-point rate cut next month as virtually locked-in and at least one more by year-end.

Investors are waiting to see if Powell affirms the market pricing — or pushes back with a reminder that new data arriving before the next policy gathering could change the picture. They’re also looking for clues about the longer-run trajectory of Fed cuts into next year.

A couple of weeks ago, when the latest jobs report revealed a slump in hiring, the case for lower rates appeared all but closed. Then came the sharpest spike in US wholesale prices in three years – fuel for the concern about tariff-led inflation that’s kept Fed officials on hold so far this year.

“We’ll argue that the biggest risk for Treasuries is if the Fed chief chooses to throw cold water on the widely anticipated September rate cut,” said Ian Lyngen at BMO Capital Markets.

While this is not Lyngen’s base-case scenario, he says the front-end of the curve is vulnerable to a correction if Powell doesn’t deliver on the degree of dovishness currently anticipated.

Also, President Donald Trump reiterated his criticism of Powell saying the Fed chair is hurting the housing industry by not lowering rates.

“There is no inflation, and every sign is pointing to a major rate cut,” Trump posted on Truth Social.

On the geopolitical front, Trump urged Russia’s Vladimir Putin and Ukraine’s Volodymyr Zelenskiy to show some “flexibility” as the US president accelerates his efforts to end the war in Ukraine and encourages the two leaders to hold a bilateral summit.

“While there’s a sense that the path to peace is at least slightly clearer, traders remain wary,” said Fawad Razaqzada at City Index and Forex.com. “And rightly so – the toughest conversations, namely over territory, still lie ahead.”

Corporate News:

Xiaomi Corp. intends to sell its first electric vehicle in Europe by 2027, declaring plans to take on Tesla Inc. and BYD Co. globally after gaining traction with its year-old Chinese EV business. SoftBank Group Corp. shares look to have limited upside after the rally this month that added more than ¥7 trillion ($47 billion) to an all-time high Monday. Chinese plush toymaker Pop Mart International Group Ltd. reported robust revenue and profit growth, boosted by global demand for its hugely popular Labubu dolls. Some of the main moves in markets:

Stocks

S&P 500 futures fell 0.1% as of 9:17 a.m. Tokyo time Japan’s Topix fell 0.3% Australia’s S&P/ASX 200 fell 0.2% Euro Stoxx 50 futures rose 1% Currencies

The Bloomberg Dollar Spot Index was little changed The euro fell 0.1% to $1.1635 The Japanese yen was little changed at 147.77 per dollar The offshore yuan was little changed at 7.1885 per dollar Cryptocurrencies

Bitcoin fell 0.4% to $113,147.11 Ether fell 1.4% to $4,101.93 Bonds

The yield on 10-year Treasuries was little changed at 4.31% Japan’s 10-year yield was unchanged at 1.585% Australia’s 10-year yield declined one basis point to 4.31% Commodities

West Texas Intermediate crude rose 0.4% to $62.60 a barrel Spot gold was little changed This story was produced with the assistance of Bloomberg Automation.

–With assistance from Jason Scott.

©2025 Bloomberg L.P.

WAINGAPU, East Sumba, East Nusa Tenggara, Indonesia (ILO News) – Bernadine Isabella Leidabula, a customer service officer at the Lewa Branch of Bank East Nusa Tenggara (NTT) in East Sumba, has gained the ability to better calculate selling prices, manage business profit and loss and organize her financial records. With her new financial knowledge, she is also able to support her mother’s small catering business.

Bernadine was one of the 24 participants who joined a three-day financial education training jointly organized by the ILO’s Promoting Micro and Small Enterprises through Entrepreneurial Access to Financial Services (Promise II Impact) project, funded by the Swiss State Secretariat for Economic Affairs (SECO), in collaboration with Bank NTT. Held in Waingapu, East Sumba, from 14 to 16 July 2025, the training marked the fourth session since 2023, reaching a total of 298 participants.

In East Sumba, many small business owners and workers manage their finances based on instinct and experience, often without access to formal financial education. Low financial literacy can lead to uninformed decisions, resulting in a lack of savings, poor budgeting or overreliance on informal loans, factors that increase the risk of financial hardship, especially during illness, emergencies or unexpected expenses.

This training programme, therefore, aimed to improve practical financial knowledge and understanding of budgeting, saving, profit and loss, financial goals and accessible financial products. Originally targeted at Bank NTT clients and officials, the training also attracted a diverse group of participants, including young workers and seasoned entrepreneurs.

“I have worked for the bank for over a decade and recently received financial training, but I found this ILO-led programme both refreshing and insightful,” Bernadine shared. “This kind of training is needed here in East Sumba, especially for young people, as financial services are not easily accessible in places like Waingapu. I hope more people get the chance to join in the future.”

Similarly, Soleman Dapa Doda, a 56-year-old grocery kiosk owner who typically keeps his money in cash at home, admitted that the training changed his mindset about banking. He had rarely used banking services before and preferred to invest his money in purchasing land instead. “There are very few ATMs, and sometimes they are broken. So, it felt safer this way. I usually use my income to buy land instead of saving in the bank,” he said.

Originally from Southwest Sumba, Soleman migrated to East Sumba more than 30 years ago and built a life and business with his wife in Waingapu. Together, they managed to send all four of their children to university, a rare achievement in many rural parts of Indonesia. While land investments have their advantages, Soleman realized through the training that keeping some funds in a bank could help him prepare for emergencies, earn interest and provide greater security for his family.

© A. Alexandra/ILO

“This is my first financial training, and I have learned the benefits of saving money in the bank. I will apply this for my family’s safety and teach my children to save too,” he said. “I also learned how to properly calculate production costs and set prices, which I never really did before.”

The training also featured support from East Sumba’s Vice Regent, Yonathan Hani, who encouraged participants to shift their mindset for long-term change. “Poverty is not solely about having a low income. It is also about how well people manage their resources,” he explained. “Financial education like this is essential for breaking the cycle of poverty. It encourages better habits and empowers people to think ahead and plan for a more secure future.”

Financial education like this is essential for breaking the cycle of poverty. It encourages better habits and empowers people to think ahead and plan for a more secure future.

Yonathan Hani, East Sumba Vice Regent

© A. Alexandra/ILO

According to the 2022 National Survey on Financial Literacy and Inclusion by Indonesia’s Financial Services Authority (OJK), NTT Province continues to lag behind other provinces in both financial literacy and access. This gap affects not only individuals and households but also limits the growth and resilience of MSMEs, which are key drivers of the local economy.

“The training gives participants from micro, small and medium enterprises or MSMEs a solid understanding of available financial options, including Kredit Merdeka, a collateral-free microcredit facility designed to support small businesses, making them more competitive and capable of creating jobs,” said Yusuf Hanggar Mawolu, Head of Bank NTT’s Waingapu Branch. “It also reflects our ongoing commitment to empowering local entrepreneurs and strengthening the people’s economy in East Sumba and across NTT.”

Building on its success in East Sumba, the ILO’s Promise II Impact project plans to expand and scale up the training programme to reach more MSME players both within East Sumba and in other project intervention areas.

Study design and data

The current report adheres to the Strengthening the Reporting of Observational Studies in Epidemiology (STROBE) statement for cohort studies [15].

This study is a registry-based retrospective cohort study that was conducted as part of the analytical tasks of the I-CARE4OLD project, a European Union (EU) funded program aimed at improving prognostication in older adults with complex chronic conditions through the use of ML methods [16]. The study was approved by the Finnish Institute for Health and Welfare (THL) (permission no. THL/1118/6.02.00/2021). The data sources were the RAI-LTC (Resident Assessment Instrument for Long-Term Care) based comprehensive geriatric assessments of LTCF residents and the Finnish Care Register for Health Care. Trained assessors, usually registered nurses, collected data using the Minimum Data Set (MDS) 2.0 version of the RAI-LTC instrument. All LTCF residents in Finland are regularly assessed with this instrument at least twice per year, as defined by the Elderly Care Act 980/2012. RAI assessments are delivered twice a year to the THL either by the service provider themselves or by their authorized application provider. The national RAI database is maintained by THL, responsible by legislation for keeping social and health records based on the Act on the Institute of Health and Welfare 31.10.2008/668. The validity and reliability of the RAI-LTC instrument has been demonstrated in previous studies [17].

Data collected over the years 2014 to 2018 were used in the present study. The RAI-LTC instrument collects information on each resident’s demographic, functional, medical, and cognitive status and drug prescriptions. Several scales to measure clinically relevant indicators such as cognition (cognitive performance scale, CPS) [18], self-function (activity of daily living, ADL) [19], behavior (aggressive behavior scale, ABS) [20], or depression (depression rating scale, DRS) [21] are embedded in the instrument.

Data preprocessing steps and the operational definitions of variables and scales are described in details in the supplementary material (see Additional file 1) [22,23,24,25,26].

Definition of study groups

Antipsychotic use was identified from the RAI-LTC section dedicated to drug prescription using the ATC code N05A, excluding N05AN. According to previous estimates from RAI data, the overall prevalence of antipsychotic use among LTCF residents in Finland ranges from 28% to 35% with atypical antipsychotics being the most frequently prescribed agents and risperidone accounting for the majority of prescriptions followed by quetiapine and olanzapine [27]. Residents who were 65 years of age or older were selected for this study. To be included in the study, residents had to have at least four consecutive RAI assessments, each conducted at 6-month intervals. Time period of assessments 1 and 2 was defined as the baseline period. Follow-up period started from the third assessment. Residents were classified in the discontinuing group, if antipsychotic medications were prescribed at the baseline period (assessments 1 and 2) but not at the follow-up period (assessments 3 and 4). Residents were classified in the group of chronic users, if antipsychotic medications were prescribed both at the baseline and follow-up period (assessments 1 to 4). The input variables (or candidate predictors) in the models were collected from the second assessment of the baseline period. For residents with more than one valid group of four RAI assessments, the assessment group was randomly selected. Those residents who died during the study period were excluded from the analyses. Definition of study groups is further described and illustrated in Additional file 1: Fig. S1.

Definition of study outcome

The main outcome in this study was hospitalization for any cause. Information on hospitalizations was obtained from the Finnish Care Register for Health Care. The operational definition adopted was any number of hospitalizations within 360 days of the first follow-up assessment (i.e., the third assessment) and it was categorized on a binary scale (yes/no).

Individual treatment effect models

A causal ML approach was adopted to assess the effect of antipsychotic discontinuation on the risk of hospitalization. Causal ML models, particularly ITE models, estimate how an intervention would affect outcomes at the individual level. Unlike standard supervised ML models, which predict the risk of an outcome, ITE models aim to estimate the causal effect of a treatment. This makes them well-suited for evaluating pharmacological and non-pharmacological interventions in older adults with complex chronic conditions, as they account for patient heterogeneity and enable personalized effect estimates. The ITE when antipsychotic medication is stopped can be represented by equation:

where Y_i(1) and Y_i(0) are potential outcomes [28] after the medication is discontinued or continued and X_i are the covariates of resident i. This measure (ITE) can be interpreted as the absolute risk reduction (ARR). For example, it can be interpreted that (widehat{tau }<0) indicates that discontinuing antipsychotic medications reduces the risk of hospitalization, while (widehat{tau }>0) implies an increased the risk. Currently, there is no generally accepted standard algorithm for estimating ITE. Therefore, we used several different algorithms (DML, DR-learner, X-learner, and causal forest) and compared their estimates. For training and evaluating causal ML models, the dataset was split into the training/validation set and test set. The split was based on the index day (June 1, 2016), which divided the data set in the ratio of 70% for training/validation (before the index date) and 30% for testing (after the index date). The parameters of the models were searched and the models were trained in the training/validation set. Then, the trained models were evaluated on the test set. The workflow of causal ML model training and evaluation and confounder selection is illustrated in Fig. 1.

Confounders

From an overall set of 298 variables available from the data source, a subset of potential confounders was selected using both a data-driven and knowledge-based selection approach. A complete list of processed variables has been included in Additional file 1: Table S1. Based on data-driven approach, candidate confounders were searched through univariate logistic regression models that were trained for predicting hospitalization and exposure. The relevance sorting criterion was the area under curve (AUROC) value for both outcomes. A group of three study researchers (DF, HF, RL), who are experts in the field of clinical geriatrics and clinical pharmacy, reviewed the list of potential confounders and included additional variables that, although not considered relevant based on the logistic regression, were considered potential confounders because they were deemed good proxies for unmeasured factors associated with antipsychotic discontinuation and influencing the probability of being hospitalized. The final list of potential confounders included: age, gender, body mass index (BMI), number of medications, number of comorbidities, cognitive decline (CPS score) [18], functional status (ADLH score) [19], depression (DRS score) [21], presence and severity of behavioral symptoms (ABS score) [20], delirium symptoms, delusions or hallucinations, unsteady gait, acute episode or flare-up of recurrent or chronic problem or monitoring acute medical condition, recent hospital visits or emergency department visits, chemotherapy or end-stage disease, problems with eating and swallowing, any restraints used, physician visits in last 14 days or doctor orders changed or abnormal laboratory tests. Detailed definitions of confounders can be found in Additional file 1: Table S2.

Model evaluation

A fundamental problem in evaluating causal inference models is that a given individual can never be observed in both treated and untreated conditions (Eq. 1). Therefore, metrics that calculate the difference to true treatment effect can only work in a simulation where you know both possible outcomes. However, we can accept that if model found heterogeneity in the data, then model-assisted recommendations are better than random treatment assignment. In this study, we used the area under uplift curve (AUUC) [29] and c-for-benefit [30] metrics to verify this property. Both metrics have been increasingly adopted in the literature to evaluate the discriminative ability of ITE models [31]. Furthermore, we analyzed treatment effect distributions for presenting information about what models have learned from data and conducted a set of sensitivity analyses.

Model interpretation

For the interpretation ITE models, we used SHAP values (SHapley Additive exPlanations) [32, 33], partial dependence plots (PDP) [34], and surrogate models [35]. PDP plots were calculated for the variables with the highest absolute sum of SHAP values. Our surrogate models were decision trees that were trained to predict the estimations of the trained ITE models when the input were the confounders.

Software

All analyses were performed using Python version 3.9.7 and the following libraries: Scikit-learn package [36] version 1.0.2 for all data processing steps, EconML [37] version 0.14.0 for ITE models, and SHAP [32, 33] version 0.40.0 for model interpretation.

A TV advert for Sanex shower gel which showed black skin as cracked and white skin as smooth has been banned for reinforcing a racial stereotype.

The ad shows two models with dark skin – one has itchy skin and the other has dry skin – followed by a white woman with no skin problems.

The Advertising Standards Authority (ASA) upheld two complaints which said the depiction of dark skin as dry, cracked and itchy “could be interpreted as suggesting that white skin was superior to black skin”.

Colgate-Palmolive, which owns Sanex, said it used models with different skin colours as part of its commitment to diversity.

The brand said it made products for all skin types and the use of different models was to show a “before and after” scenario, not to compare different skin colours or ethnicities.

The ad, which was broadcast on TV in June, shows a model with dark skin scratching their body, making bright orange, paint-like stripes with their fingertips.

A voiceover says: “To those who might scratch day and night”.

Another dark-skinned model is then seen covered in cracked, clay-like material, and the voiceover continues “to those whose skin will feel dried out even by water”.

A white model is seen showering with water and foam moving over her skin which has no visible problems or graphics to suggest any.

The voiceover says: “Try to take a shower with the new Sanex skin therapy and its patented amino acid complex. For 24-hour hydration feel.”

The tagline for the ad was: “Relief could be as simple as a shower.”

The ASA ruled the ad breached its broadcast code and banned it from being shown again in the same format.

“The white skin, depicted as smoother and clean after using the product, was shown successfully changed and resolved,” the ruling said.

“We considered that could be interpreted as suggesting that white skin was superior to black skin.”

The ASA said it accepted that this message was not intentional but warned Colgate-Palmolive to “ensure they avoided causing serious offence on the grounds of race” in future.

Clearcast, which approves or rejects ads for broadcast on television, said the advert did not perpetuate negative racial stereotypes.

One model with darker skin was depicted in a “stylised and unrealistic way” to demonstrate dryness, but their skin tone was otherwise not a focal point, the agency said.

A second model, also with darker skin, was shown with itchy skin, but this was portrayed through scratching visibly healthy skin and the resulting marks, and was therefore more about sensation than any visible skin condition, it added.

Sanex told BBC News: “We take note of the ASA Council’s ruling. Our advert was intended to highlight how our Skin Therapy range supports healthy skin across a variety of skin types.

“At Sanex, our mission is to champion skin health for all, which is portrayed across our brand communications.”

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An advert for Sanex shower gel, owned by Colgate-Palmolive, has been banned after the UK’s advertising watchdog found it perpetuated racial stereotypes. 

The television advert, which showed scenes of a black woman with irritated, dry skin, followed by scenes of a white woman with smooth skin, “could be interpreted as suggesting that white skin was superior to black skin”, according to the Advertising Standards Authority. 

The watchdog told the company to withdraw the ad after concluding that it was in breach of rules banning harmful or offensive advertising. 

In its response to the assessment that the advert “included a racial stereotype and was therefore likely to cause serious offence,” Colgate-Palmolive told the ASA it had employed a “before and after” scenario to show their product was suitable for everyone, not to make a comparison based on ethnicity. 

The US consumer goods group added that as part of its commitment to diversity, it had chosen to feature models with different skin tones and ethnicities, the ASA said.

The watchdog said that while it understood that such a message was “not the one intended,” it had concluded that the ad “was likely to reinforce the negative and offensive racial stereotype that black skin was problematic and that white skin was superior”.

Colgate-Palmolive, which also makes consumer goods like cleaning brand Ajax, Colgate toothpaste and Speed Stick deodorant, has had several adverts banned by the ASA over the past decade.

In 2018 it pulled a toothpaste ad the UK watchdog deemed misleading for claiming that a Colgate product could “instantly” repair teeth. Another Sanex advert that appeared in 2015 was also banned for making misleading claims about the product’s moisturising capabilities, after competitors Beiersdorf and Unilever lodged complaints.

Colgate-Palmolive did not respond to a request for comment.

The group is among a number of companies recently forced to pull adverts following complaints that they perpetuated racial stereotypes. 

Swiss watchmaker Swatch last week removed an advert in which a model was pulling his eyes into a slanting gesture, after Chinese social media users denounced the image as racist, prompting a drop in its share price.

In a statement posted on Instagram on August 16, Swatch apologised for “any distress or misunderstanding” caused by the ad, which it said had been immediately removed, along with all related materials.

Meanwhile last year, US packaged food giant Kraft Heinz apologised for a billboard in London depicting a newly married couple after it was criticised online for promoting stereotypes about black fathers. Kraft Heinz said at the time it would “continue to listen, learn and improve to avoid this happening again”.

The maker of ChatGPT is on the cusp of becoming the world’s most valuable private company. OpenAI is in talks to sell $6bn in shares, which would boost its valuation to $500bn, nearly half that of Tesla, according to multiple reports. The artificial intelligence startup’s stock would be sold to investors by current and former employees.

OpenAI has seen exponential growth over the past year. Investors, including Microsoft and SoftBank, have poured at least $40bn into the startup, giving it a valuation of $300bn as of Marc. Last October, it was valued at $157bn.

If OpenAI achieves a $500bn valuation, it would surpass Elon Musk’s SpaceX, which currently holds the title of world’s most valuable privately held company, at $350bn.

The reported cohort of investors now eyeing OpenAI’s share sale include three firms that have already invested: SoftBank, Dragoneer Investment Group and Thrive Capital. According to Bloomberg, the talks are in early stages and the numbers could change. OpenAI declined to comment.

OpenAI leads a crowded and competitive race, with the world’s most powerful companies battling to beat out one another on AI. Meta, Google, Amazon and Microsoft have all been spending enormous sums on AI development – hiring engineers and building data centers. The four companies have spent a combined $155bn on AI development in 2025 alone.

Although artificial intelligence has improved since the release of ChatGPT in 2022, OpenAI received a lukewarm reception at the debut of its latest version of the AI that underpins the chatbot, GPT-5, earlier this month. Users said the new AI model’s writing was worse and that it lacked the personality of previous iterations.

Altman has said his company is pursuing “artificial general intelligence”, or an AI that can outdo a human at most tasks, but at the recent launch, OpenAI CEO Sam Altman said the GPT-5 was “generally intelligent”, but was not yet able to “continuously learn”.

AI companies have also been increasingly scrutinized by regulators for chatbots that create harmful conversations and manipulate users.

The US director of national intelligence says the UK has withdrawn its controversial demand to access global Apple users’ data if required.

Tulsi Gabbard said in a post on X the UK had agreed to drop its instruction for the tech giant to provide a “back door” which would have “enabled access to the protected encrypted data of American citizens and encroached on our civil liberties”.

The BBC understands Apple has not yet received any formal communication from either the US or UK governments.

“We do not comment on operational matters, including confirming or denying the existence of such notices,” a UK government spokesperson said.

“We have long had joint security and intelligence arrangements with the US to tackle the most serious threats such as terrorism and child sexual abuse, including the role played by fast-moving technology in enabling those threats.

In December, the UK issued Apple with a formal notice demanding the right to access encrypted data from its users worldwide.

However Apple itself cannot view the data of customers who have activated its toughest security tool, Advanced Data Protection (ADP), which prevents anyone other than the user from reading their files.

In order to do so, it would have had to break its own encryption methods.

“We have never built a backdoor or master key to any of our products or services, and we never will,” it said.

Instead, Apple responded by withdrawing ADP from the UK market, and started a legal process to challenge the order. This was due to be heard at a tribunal in early 2026.

It is not yet clear whether that will continue to go ahead.

Because of the secrecy surrounding the government order, issued under the Investigatory Powers Act, it is not known whether other tech companies have also received a demand.

The messaging platform WhatsApp, used by millions of Brits, says so far it has not.

The notice, which neither Apple nor the Home Office has ever confirmed, enraged privacy campaigners, who are now cautiously optimistic about the news.

“If true, this decision is hugely welcome,” said Sam Grant from civil rights group Liberty, which along with Privacy International previously launched separate legal action against the UK government.

He told the BBC the creation of a back door to citizens’ private data would be a “reckless and potentially unlawful move from the government”.

“This would present a huge threat to our personal and national security, especially as we know it’d leave politicians, campaigners and minority groups especially at risk of being targeted,” he said.

“As long as this power exists within the Investigatory Powers Act, it remains a risk that any future government might also try to use it to create a back door into other end-to-end encrypted services we all use.”

Jim Killock, executive director of the Open Rights Group, voiced similar concerns.

“The UK’s powers to attack encryption are still on the law books, and pose a serious risk to user security and protection against criminal abuse of our data,” he said.

Democrat Senator Ron Wydens said if the climbdown by the UK was true, then “that’s a win for everyone who values secure communications”.

“However, the details of any agreement are extremely important,” he added.

There is already a legal agreement between the US and UK governments – the Data Access Agreement – which allows both countries to share data for law enforcement purposes.