Trump's Ukraine Security Push, UK Drops Apple Backdoor Demand & Soho House goes Private in $2.7 Billion Deal

19th August, 2025

Donald Trump hosted Volodymyr Zelenskyy and top European leaders at the White House, signaling support for security guarantees in Ukraine and hinting at a potential meeting with Vladimir Putin. In London, the UK has reportedly dropped its push for Apple to create a backdoor into encrypted data after U.S. objections. Meanwhile, Soho House to go private in a $2.7-billion deal, and actor Ashton Kutcher to join board. All this and more in today’s Read It And Eat!

Major Headlines

• Trump’s Oval Office Meeting With Zelenskyy and Europeans Signals Security Talks and Possible Putin Meeting

  
  

• During their second meeting in the Oval Office this year, President Donald Trump said the U.S. would be willing to support European efforts to police any peace deal in Ukraine, while its leader, Volodymyr Zelenskyy expressed his gratitude and wore dressier clothes. As Trump hosted Zelenskyy and top European leaders to energize months of stalled U.S.-led efforts to halt Russia’s 3 1/2-year-old war, the tone and style of the sit-down was far different than when Ukraine’s president was hounded out of the White House in February.

  
  

  Following the talks, Trump called and spoke at length to Russian President Vladimir Putin, who got the red carpet treatment at a summit with Trump last Friday in Alaska, to discuss the extraordinary gathering of allies. Trump said he would now work to arrange a meeting between Zelenskyy and Putin. Trump has ruled out allowing Ukraine to join NATO, which would extend the military alliance’s protection to the besieged country. He did, however, express support for security guarantees for Ukraine — though details remain vague. European countries “want to give protection and they feel very strongly about it and we’ll help them out with that,” Trump said. That pleased Zelenskyy, who said the U.S. was offering “such (a) strong signal.” With Europeans looking to set up a force that could backstop any peace agreement in Ukraine, Trump suggested that Putin would be open to accepting security guarantees. His special envoy, Steve Witkoff, said Sunday that

  
  

  Moscow was open to accepting NATO-style protections for Ukraine. European leaders applauded that notion, and the larger meaning it would carry. “When we speak about security guarantees, we speak about the whole security of the European continent,” French President Emmanuel Macron said.  Macron said talks to determine what the U.S. is willing to provide will start as soon as Tuesday. The Europeans came to show a united front on Ukraine, and many used public comments to heap praise on Trump. That was striking given tensions over Trump’s threats to impose steep tariffs and other issues. AP News

• UK Reportedly Drops Apple Data Backdoor Demand, Says US

  
  

• U.S. Director of National Intelligence Tulsi Gabbard said on Monday the UK had agreed to drop its mandate for iPhone maker Apple (AAPL.O), to provide a "backdoor" that would have enabled access to the protected encrypted data of American citizens. Gabbard issued the statement on X, saying she had worked for months with Britain, along with President Donald Trump and Vice President JD Vance to arrive at a deal. British Prime Minister Keir Starmer was in Washington on Monday along with other European leaders to meet Trump and discuss Russia's war in Ukraine. U.S. lawmakers said in May that the UK's order to Apple to create a backdoor to its encrypted user data could be exploited by cybercriminals and authoritarian governments. Apple, which has said it would never build such access into its encrypted services or devices, had challenged the order at the UK's Investigatory Powers Tribunal (IPT).

  
  

  The iPhone maker withdrew its Advanced Data Protection feature for UK users in February following the UK order. Users of Apple's iPhones, Macs and other devices can enable the feature to ensure that only they — and not even Apple — can unlock data stored on its cloud. U.S. officials said earlier this year they were examining whether the UK broke a bilateral agreement by demanding that Apple build a backdoor allowing the British government to access backups of data in the company's encrypted cloud storage systems.

  
  

  In a letter dated February 25 to U.S. lawmakers, Gabbard said the U.S. was examining whether the UK government had violated the CLOUD Act, which bars it from issuing demands for the data of U.S. citizens and vice versa. Cybersecurity experts told Reuters that if Apple chose to build a backdoor for a government, that backdoor would eventually be found and exploited by hackers. Apple has sparred with regulators over encryption as far back as 2016 when the U.S. government tried to compel it to build a tool to unlock the iPhone of a suspected extremist. Reuters

  
  
  
  

• Soho House to go private in $2.7-billion deal, actor Ashton Kutcher to join board 

  
  

• Soho House (SHCO.N), is going private in a $2.7-billion deal led by New York-based MCR Hotels, capping a turbulent market run and financial struggles that erased nearly half of the high-end members club operator's value since its 2021 debut. Its shareholders will get $9 per share, a 17.8% premium to the last closing price. Soho shares shot up more than 15% after the announcement and were changing hands for around $8.80 in early afternoon trading. Actor and tech investor Ashton Kutcher will also join Soho's board following the deal, and hospitality veteran Neil Thomson will succeed Thomas Allen as chief financial officer immediately.

  
  

  "However, Soho House will need a bit more than celebrity stardust to cement its long-term future," said Susannah Streeter, head of money and markets at Hargreaves Lansdown. "Its rapid expansion in recent years has sparked concerns that its 'exclusive' label was wearing thin", while the wider consumer spending pullback in the hospitality industry has added pressure as Soho relies on in-house purchases such as meals and entertainment, Streeter said. Soho was started by restaurateur Nick Jones in 1995 on London's Greek Street above his restaurant, Cafe Boheme, as a meeting place for creative people.

  
  

  The club now has operations across Europe, North America, and Asia. But less than three years after listing in New York, Soho started exploring the idea of going private as it struggled to turn a profit despite growth in membership and revenue.

  Hedge fund manager Daniel Loeb, whose firm Third Point owns a nearly 10% stake in Soho, and who has been pushing for a "fair" sale process, on Monday told Reuters he is pleased with the planned move and supports the deal. "As both a shareholder and Soho House member, I support this transaction and am pleased to see management of the club in good hands," Loeb said. Under the new deal, MCR Hotels will get Soho's publicly traded shares, while founder Nick Jones and Executive Chairman Ron Burkle and his investment firm Yucaipa will retain majority control of the business. Reuters

• SoftBank to Invest $2 Billion in Intel

  
  

• Japanese conglomerate SoftBank has agreed to make a $2 billion investment in Intel in a deal described as a commitment to advanced technology and semiconductors in the United States. The agreement, in which SoftBank will buy Intel common stock, was announced Monday after markets closed. SoftBank will pay $23 per share of Intel common stock. Shares of Intel, which closed at $23.66, popped more than 5% in after-hours trading. SoftBank Group Chairman and CEO Masayoshi Son said in a statement that the “strategic investment reflects our belief that advanced semiconductor manufacturing and supply will further expand in the United States, with Intel playing a critical role.”

  
  

  The investment provides validation for Intel, which has been overshadowed in recent years by competitors like Nvidia. It also reflects SoftBank’s renewed interest in the U.S., particularly around AI chips.  SoftBank recently purchased a factory in Lordstown, Ohio, owned by Foxconn, as part of a plan to build AI data centers. Intel, steered by new CEO Lip-Bu Tan, is in the midst of a restructuring that aims to streamline the semiconductor business and focus on its core client and data center portfolio. Earlier this summer, Intel shuttered its automotive architecture business and laid off most of its staff. It also announced plans to reduce its Intel

  
  

  Foundry division workforce between 15% and 20%. Tan has also had to navigate political landmines in recent weeks as President Donald Trump called for his resignation due to conflicts of interest — an accusation that was made without evidence — and his administration reportedly had discussions to take a stake in Intel. The SoftBank-Intel deal comes just days after the Trump administration threatened new tariffs on imported semiconductor chips as part of his strategy to boost domestic production. TechCrunch

  
  

Minor Headlines 

• OpenAI launches cheapest ChatGPT plan in India at $4.60/month – Reuters

  
  

• Tech Giants Spend $45M on CEO Security, Bezos Included  Financial Times

  
  

• Apple expands iPhone production in India for U.S.-bound models –  Bloomberg

  
  

• Texas AG accuses Meta, Character.AI of misleading kids with mental health claims – TechCrunch

  
  

• Allianz Life data breach hits 1.1M customers –  TechCrunch 

  
  

• Teen Tech Prodigy Swaps Rockets for Algorithms: Kairan Quazi Joins Citadel Securities at 16 Bussiness Insider

  
  

• Quadrise delays marine fuel trials amid timetable setbacks –  Armchair Trader 

  
  

• HR giant Workday says hackers stole employee personal data –TechCrunch

  
  

• Google adds calendar feature at Stripe co-founder’s request – TechCrunch 

  
  

• MSNBC Rebrands as MS NOW After NBC Split – Washington Post