Sep 3, 2018

Intel alliance argues "privacy is not absolute" in push for encryption backdoors

Photo: Kena Betancur/AFP/Getty Images

The Five Eyes, the intelligence alliance between the U.S., U.K., Canada, Australia, and New Zealand, issued a statement warning they believe "privacy is not absolute" and tech companies must give law enforcement access to encrypted data or face "technological, enforcement, legislative or other measures to achieve lawful access solutions."

Why it matters: Tech giants have been resistant to allowing backdoors in accessing criminals' data, like in the case of the FBI’s request to break into the San Bernardino shooter's iPhone, and the statement reignites such debate. However, Five Eyes' statement shows a united front on a global scale from the other side, and Australia is already in the process of pushing its own encryption law that would require companies to comply with law enforcement requests, or face fines for not complying.

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SoftBank to cut its stake to get T-Mobile's Sprint deal done

Illustration: Rebecca Zisser/Axios

T-Mobile and Sprint announced a revised merger agreement that will see SoftBank getting a smaller share of the combined company, while most shareholders will receive the previously agreed upon exchange rate. The companies said they hope to get the deal as early as April 1.

Why it matters: The amended deal reflects the decline in Sprint's business, while leaving most shareholders' stake intact and removing another hurdle to the deal's closure.

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Trump indulges Wall Street with Milken pardon

Photo Illustration: Sarah Grillo/Axios. Photo: Chris Graythen/Getty Images

Donald Trump loves Wall Street shenanigans. Companies owned by him have declared bankruptcy six different times, and he was once sued alongside Mike Milken for participating in a scheme to artificially inflate junk-bond prices.

Driving the news: Trump pardoned Milken this week, with an official statement positively gushing over Milken's role in developing the wilder side of fixed-income capital markets.