Apple has confirmed it has lodged a new legal complaint against the UK government at the court that hears objections to the use of covert surveillance powers.

The company has not told said what the complaint relates to. The Financial Times has reported it is a further challenge to a Home Office demand for so-called “backdoor” access to highly encrypted Apple user data.

The dispute centres on the government’s wish to see material protected by Advanced Data Protection, a system Apple says it cannot itself access. It has been running since early 2025.

The government said it would not comment on legal proceedings or on what it called “operational matters”.

It added in a statement: “The UK supports strong encryption and robust privacy protections, but it is also vital that law enforcement can access communications when necessary and proportionate to protect the public from terrorism, serious crime, and child sexual abuse.”

Apple referred reporters to a statement it gave last year, after its initial challenge to the government’s request. That statement said the company was “gravely disappointed” it could still not offer Advanced Data Protection to new UK users, following its decision to withdraw the feature from UK iCloud accounts in February 2025.

“As we have said many times before, we have never built a backdoor or master key to any of our products or services and we never will,” the company added.

Since February 2025, UK iPhone users have seen a notice on the Advanced Data Protection settings page stating that the tool cannot be enabled.

Advanced Data Protection is an opt-in feature that applies a higher level of protection to data stored in iCloud, including back-ups, Drive storage, photos and voice memos. It is secured using end-to-end encryption, meaning Apple is unable to see its contents.

The government’s requests for access to data held under the system were issued under the Investigatory Powers Act. The Act allows the government to issue secret notices, known as technical capability notices, which can require companies to provide UK security services with ways to access customer data.

Under the notices regime code of practice, such notices must be approved by both the Secretary of State and a Judicial Commissioner before they are given to an operator.

The government fought unsuccessfully to keep legal challenges to its first notice to Apple secret. That notice was later withdrawn after objections from US politicians, who were concerned about the effect on their own citizens’ data. The government issued a new request in October which did not apply to US users.

Privacy groups that had campaigned against the secret orders welcomed Apple’s new complaint.

“We are happy to learn that Apple is once again challenging the UK’s regime of secret orders,” said Privacy International. “While we don’t know the substance of Apple’s claim, if it relates to the previously reported orders aimed at undermining the security of Apple’s iCloud storage, then Apple’s claim, alongside side ours and Liberty’s, is crucially important to preserving all of our privacy and security.”

Ruth Ehrlich, director of external relations at Liberty, said the case was “hugely important” and had “far-reaching implications for the public’s privacy rights well into the future”.

“End-to-end encryption is an essential security tool that protects our personal data, including our bank details, health information, private conversations and images,” she said. “Opening a backdoor to all of that information carries a wide range of risks to our personal data. It is critical that the Government listens to the many concerns and commits to protecting our privacy rights.”

Sir Brian Leveson, the Investigatory Powers Commissioner, who provides independent oversight of the use of surveillance powers, has previously criticised media use of the term “backdoor”.

He said notices of the kind at issue in this case would only be issued “if the Secretary of State deems it necessary and proportionate, and this decision is independently reviewed and approved by a Judicial Commissioner”. He added that requests for data would require separate authorisation under the Act, subject to independent oversight.

Apple has previously set out its position on encrypted services in the UK, including its opposition to proposals for scanning of encrypted messages.

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Mumbai: State-owned Nabard rejected offers received for its ₹8,000-crore bond issue Tuesday after investors demanded yields in excess of 7.60% for a tenure of five years. Nabard’s bond was one of the largest proposed issuances in more than a month.

The lender planned to borrow around 7.40% – 7.45%, market participants said. The withdrawal highlights palpable caution in the primary bond market, where activity picked up briefly in June but has remained muted through July and early August.

Investors demanded higher returns, anticipating that yields will rise due to geo-political uncertainties. Furthermore, markets are also watchful of the expected hawkish tone in the monetary policy scheduled on Wednesday, although the central bank is widely expected to hold rates, according to an ET poll.

In the first four months of this fiscal year, corporates have issued bonds of ₹97,053 crore, almost half the issuances during the same period last year, BSE data showed. In the first four months of FY26, corporate bonds issuances amounted to ₹1.82 lakh crore. “The system has ample liquidity and credit growth remains healthy. What has changed is investor appetite,” said Venkatakrishnan Srinivasan, managing partner at Rockfort Fincap, a debt advisory firm. “Fund deployment has become selective as institutions prefer to wait for greater clarity on the evolving geopolitical situation and RBI’s policy outlook.”
Elevated government bond yields, which serve as the benchmark for pricing corporate bonds, have pushed up borrowing costs, discouraging companies from tapping the bond market.

The 10-year benchmark government bond yield, considered the floor for corporates borrowing in the bond market, closed at 6.81% on Tuesday. It was at 6.60% at the start of the year. The one-year marginal cost of lending rate, or MCLR, at State Bank of India stands at 8.70%.
“Yes, there is a slowdown in corporate bonds, and this is going to continue over the year. Yields have moved higher as markets increasingly price in risks arising from the ongoing geopolitical tensions,” said Soumyajit Niyogi, director, India Ratings Research. “In this environment, fixed-rate corporate bond borrowing costs have moved higher and turned comparable to bank funding rates.”

Ace pollster John McLaughlin, using an accurate survey of 1,000 likely voters, shows when Republican candidates clearly support free-market capitalism versus Democratic policies of big government socialism, the GOP moves from a virtual tie in the generic Congressional ballot, to a commanding 49 percent to 36 percent lead. Independent and moderate voters show exactly the same move toward the GOP when the subject is capitalism versus socialism.

There’s a lesson here. And it’s a pity that the Republicans are not likely to produce a pro-growth, pro-affordability, tax and spending cut budget package. A missed opportunity. However, the second choice if you can’t get legislation, is good messaging this summer. And there is this midterm convention at Dallas in early September. And the economy right now, speaking of affordability, is booming. Every day we get more evidence. Manufacturing is on a roll.

The AI boom is transforming the American economy. Construction is rising in a way we haven’t seen in many years. Consumers are spending. Businesses are investing. Here’s one today: non-defense capital goods excluding aircraft, Wall Street calls it cap ex, in the last three months, orders are up 10.5 percent. Shipments are up 11.5 percent. Backlogs are up by more than 9 percent. All at an annual rate. We haven’t seen anything like this in decades.

The stock market is setting new records on a daily basis, including the S&P. Today the Dow closed at 54,085. Nearly 150 million Americans are invested. And the Trump accounts are coming in at record pace. Everybody is gonna own a piece of the Roth.

Last year’s One, Big, Beautiful Bill had the tax cuts and the spending cuts and it’s working today. So I’m just saying it’s time for the GOP to please talk about this. Better to talk about it with a roaring stock market. Growth and affordability. Let’s get it right.

Operator

Greetings. Welcome to the NGL Energy Partners 1Q ’27 Earnings Call. [Operator Instructions] Please note, this conference is being recorded.

I will now turn the conference over to your host, Brad Cooper, CFO. You may begin.

Brad Cooper
Executive VP, Compliance Officer & CFO of NGL Energy Holdings LLC

Good afternoon, and thank you to everyone for joining us on the call today. Our comments today will include plans, forecasts and estimates that are forward-looking statements under the U.S. securities law. These comments are subject to assumptions, risks and uncertainties that could cause actual results to differ from the forward-looking statements. Please take note of the cautionary language and risk factors provided in our presentation materials and our other public disclosure materials.

We are pleased to report a strong start to fiscal 2027 and continued execution on our multiyear strategy of deleveraging the balance sheet through high-return water growth projects. This positions the partnership to continue to address the Class D preferreds later this fiscal year.

During the first quarter, we hit record produced water volumes, physically disposing of approximately 3.32 million barrels per day during the first quarter, growing 19.6% from the first quarter of fiscal 2026. The record water volumes also generated record Water Solutions adjusted EBITDA for a single quarter.

We are seeing the growth capital spend and

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