Trump Orders Federal Agencies to Halt Use of Anthropic AI Technology 
OpenAI Pentagon AI Contract Adds Safeguards Amid Anthropic Dispute 
Wall Street Futures Tumble as U.S.-Iran Conflict Escalates and Oil Prices Surge 
Netflix Stock Jumps 14% After Exiting Warner Bros Deal as Paramount Seals $110 Billion Acquisition 
Panama Investigates CK Hutchison’s Port Unit After Court Voids Canal Contracts 
Asian Markets Slide as Nvidia Earnings, U.S.-Iran Tensions and AI Valuations Weigh on Investor Sentiment 
Germany and China Reaffirm Open Trade and Strategic Partnership in Landmark Beijing Visit 
Oil Prices Surge 13% as U.S.-Israel Strikes on Iran Spark Supply Fears 
Australian Dollar Rallies on Hawkish RBA Outlook; Yen Slips as BOJ Faces Political Pressure 
OpenAI Secures $110 Billion Funding Round at $840 Billion Valuation Ahead of IPO 
Samsung and SK Hynix Shares Hit Record Highs as Nvidia Earnings Boost AI Chip Demand 
Middle East Airspace Shutdown Disrupts Global Flights After U.S.-Israel Strikes on Iran 
Trump Warns Iran as Gulf Conflict Disrupts Oil Markets and Global Trade 
China’s New Home Prices Post Sharpest Drop Since 2022 Amid Ongoing Property Slump 
Greg Abel’s First Berkshire Hathaway Shareholder Letter Signals Continuity, Caution, and Capital Discipline 
Australia Targets AI Platforms With Strict Age Verification Rules 
Gold Prices Steady in Asia, Set for Strong February Gains on Safe-Haven Demand 
Amazon may be facing a $425 million fine under the European Union's privacy law, according to reports. A source that has knowledge of the issue has shared this information on Thursday, July 10.
Why Amazon could be fined
According to Reuters, Commission Nationale pour la Protection des Données (CNPD) or the National Data Commission Protection of Luxembourg, released a draft decision and proposed a fine as a penalty for Amazon’s privacy customs related to EU’s national data protection.
Likewise, the case is in connection to Jeff Bezos’ company’s collection and use of people’s personal data. The company’s possible violations under the EU's data privacy policies called the General Data Protection Regulation (GDPR) is also being checked as per the source.
It was learned that the GDPR is requiring firms to ask for people's consent before using their personal data. If the companies will not comply or fail to follow this rule, they will be slapped with hefty fines.
Biggest penalty in EU privacy law
The Wall Street Journal reported that the European Union privacy regulator already proposed to fine Amazon with over $425 million for alleged violations of Europe’s General Data Protection Regulation. If this will push through, this will be the biggest penalty under the bloc’s privacy law.
The CNPD already began circulating a draft for sanctioning the American tech and e-commerce company’s privacy practices. The commission is said to be Amazon’s lead privacy regulator in the European Union as the firm’s EU is headquartered in Grand Duchy.
In any case, Amazon’s collection of personal data is said to be linked to its cloud-computing business which is the Amazon Web Services. Then again, aside from the personal data, other specifics of the accusations against Amazon were not fully explained or revealed.
Meanwhile, if the draft decision from the CNPD is finalized, other EU privacy regulators must also approve before it can order Amazon to pay a corresponding fine. It was said that this process will take months so before it is finalized, there could be a lot of changes already and possibly the fine could be reduced.
