US Stock Futures Rise as Meta Muse Fuels AI Rally 
Petrobras Joins Brazil’s New Diesel Subsidy Program 
Oil Prices Surge as U.S.-Iran Diplomacy Hopes Fade 
Australia Unemployment Hits Five-Year High Despite Strong Jobs Growth 
Oil Prices Ease as Iran Tensions Clash With Diplomacy Hopes 
Gold Prices Rise as Oil Slump Eases Fed Rate Hike Fears 
China Reviews Broadcom Switch Use in State Data Centres 
US 10-Year Treasury Yield at 6% Emerges as New Market Risk Threshold 
Oil Prices Rise as U.S.-Iran Talks Fuel Diplomacy Hopes 
Telix to Acquire Germany’s ITM in $1.65 Billion Radiopharma Deal 
US Northeast Airports Resume Operations After Telecom Outage Disrupts Thousands of Flights 
H&M Q3 Profit Beats Estimates as Margins Improve 
SoftBank Launches $11 Billion Bond Sale to Fund OpenAI Investment 
Gold Prices Fall as Treasury Yields Rise on Fed Rate Hike Bets 
RBA Says ASX Still Falls Short on Governance and Risk Controls 
China’s ‘Lipstick King’ Says AI Won’t Replace Livestream Hosts 
Add as a preferred source on Google
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.
