News in Brief
Meta fined record $1.3b
CNBC – Meta has been fined a record 1.2 billion euros ($1.3 billion) by European privacy regulators over the transfer of EU user data to the U.S.
The decision links back to a case brought by Austrian privacy campaigner Max Schrems who argued that the framework for transferring EU citizen data to America did not protect Europeans from U.S. surveillance.
German energy regulator to study power grid returns
REUTERS – Germany’s federal network regulator plans to study the permitted returns on infrastructure for power networks through to 2029 to take account of inflation and expansion plans by grid operators to accommodate renewable energies.
Klaus Mueller, president of the regulatory agency, the Bundesnetzagentur, said at a conference in Essen on Monday that the study would consider inflation and interest rates and be carried out in consultation with operators.
Asia markets mostly rise
AFP – Asia-Pacific markets mostly rose on Monday as stocks in Tokyo extended its rally.
Hong Kong’s Hang Seng index rose 1.23%, leading gains in the region as the Hang Seng Tech index jumped 2.17%.
In mainland China, the Shanghai Composite closed 0.39% up at 3,296.47 and the Shenzhen Component was 0.32% higher and ended at 11,127.04 as the People’s Bank of China left its 1-year and 5-year loan prime rates unchanged.
South Korea’s Kospi rose 0.76% to end the day at 2,557.08 as chip stocks such as SK Hynix and Samsung Electronics saw gains.