{"id":587123,"date":"2023-05-22T00:00:00","date_gmt":"2023-05-22T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/22\/this-evening-eu-privacy-regulator-hands-down-record-usd-1-3-bn-fine-to-meta\/"},"modified":"2023-05-22T00:00:00","modified_gmt":"2023-05-22T00:00:00","slug":"this-evening-eu-privacy-regulator-hands-down-record-usd-1-3-bn-fine-to-meta","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/22\/this-evening-eu-privacy-regulator-hands-down-record-usd-1-3-bn-fine-to-meta\/","title":{"rendered":"THIS EVENING: EU privacy regulator hands down record USD 1.3 bn fine to Meta"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Good morning, ladies and gentlemen.<\/span><span style=\"\"> It\u2019s an extremely rare occurrence when the news cycle<\/span><span style=\"font-weight:400;\"> is this slow, but it\u2019s just one of those days when we don\u2019t even have a story that we can earnestly tell you is a \u201cbig story\u201d so far. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">THE BIG STORY ABROAD<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Leading this conversation in the international business press this afternoon:<\/span><span style=\"\"> Meta just got<\/span><span> slapped with a USD 1.3 bn fine by European privacy regulators over its transfer of personal data on European users to the US. The Irish Data Protection Commission \u2014 which has jurisdiction over Meta in Europe because the company is headquartered in Ireland \u2014 said Meta storing European users\u2019 data on servers in the US is a violation of a 2020 EU Court of Justice ruling. The story is getting front-page play this afternoon in <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.cnbc.com\/2023\/05\/22\/meta-fined-record-1point3-billion-over-eu-user-data-transfers-to-the-us-.html\" style=\"\">CNBC<\/a><\/span><span>, <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-05-22\/meta-fined-record-1-3-billion-in-eu-over-us-data-transfers\" style=\"\">Bloomberg<\/a><\/span><span>, <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.reuters.com\/technology\/facebook-given-record-13-bln-fine-given-5-months-stop-eu-us-data-flows-2023-05-22\/\" style=\"\">Reuters<\/a><\/span><span>, the <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.wsj.com\/articles\/meta-fined-1-3-billion-over-data-transfers-to-u-s-b53dbb04?mod=hp_lead_pos1\" style=\"\">Wall Street Journal<\/a><\/span><span>, and the <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.ft.com\/content\/d1607121-0a2e-4b74-b690-d368d0c290e8\" style=\"\">Financial Times<\/a><\/span><span style=\"font-weight:400;\">.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\"><\/p>\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">** CATCH UP QUICK<\/span><span style=\"\"> on the top stories from today\u2019s <\/span><span style=\"font-weight:700\">EnterpriseAM<\/span><span style=\"font-weight:400;\">:<\/span><\/p>\n<ul>\n<li><span style=\"font-weight:700\">We have a guarantor for our maiden panda bond sale: <\/span><span>The African Development Bank (AfDB) has <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b14c48be-738f-45a5-8d23-28974b1f7d4c\" style=\"\">agreed to provide ins. coverage for USD 345 mn<\/a><\/span><span style=\"font-weight:400;\"> of our maiden USD 500 mn CNY-denominated bond issuance.<\/span><\/li>\n<li><span style=\"font-weight:700\">Al Taamir Leasing and Factoring Al Oula<\/span><span style=\"font-weight:700\">has <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;font-weight:700;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/dfb68a3b-b541-436a-b60f-ee4cad9135ea\" style=\"\">closed a EGP 1.1 bn securitized bond issuance<\/a><\/span><span style=\"font-weight:700;\">.<\/span><\/li>\n<li><span style=\"font-weight:700\">valU to offer Partment users financing solutions:<\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;font-weight:700;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/8ee2cb18-ba4a-4b38-a721-fa2495db5876\" style=\"\"><\/a><\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/8ee2cb18-ba4a-4b38-a721-fa2495db5876\" style=\"\">EFG Hermes\u2019 valU has partnered with proptech startup Partment<\/a><\/span><span style=\"font-weight:400;\"> to offer its users flexible payment plans up to 60 months.<br \/><\/span><\/li>\n<\/ul>\n<div class=\"row\">\n<div class=\"col-md-12 subscribe-box-panel\">\n<div class=\"\">\n<div class=\"title\">\n<h4 class=\"fw-lighter mb-10\">\n          Get <b style=\"font-weight: 700\">Enterprise<\/b> daily<br \/>\n        <\/h4>\n<\/p><\/div>\n<p class=\"mb-10\">The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n<p>     <a href=\"egypt\/en\/user\/NewsLetters\" type=\"button \" class=\"btn-green px-3 d-flex align-items-center\">Subscribe here<\/a>\n    <\/div>\n<\/p><\/div>\n<\/div>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">\u2600\ufe0f <\/span><span style=\"font-weight:700\">TOMORROW\u2019S WEATHER- <\/span><span style=\"\">Get ready for the heat as our favorite weather app warns us<\/span><span> that temperatures will be rising to 36<\/span><span style=\"font-weight:400;\">\u00b0C and is expected to drop to a breezier 22\u00b0C in the evening. <\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Good morning, ladies and gentlemen. It\u2019s an extremely rare occurrence when the news cycle is this slow, but it\u2019s just one of those days when we don\u2019t even have a story that we can earnestly tell you is a \u201cbig story\u201d so far. THE BIG STORY ABROAD Leading this conversation in the international business press [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":587124,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7213],"tags":[633,7198,634],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-587123","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-what-were-tracking-tonight","tag-enterprisepm","tag-meta","tag-what-were-tracking-tonight","wpautop","entry"],"acf":{"mongo_id":"9a450979-6ccc-43c5-a936-a7f1b03e24ae","order":"0","is_powered_by":false,"story_type":"4","photo_url":"https:\/\/ent.news\/2022\/11\/522.jpg","photo_position":"above","homepage_title":"","full_issue_title":"","related_issue":[587121],"teaser":"","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/5\/.c420ec0a-5f02-4b70-bd77-acbf377bb457.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>THIS EVENING: EU privacy regulator hands down record USD 1.3 bn fine to Meta - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2023\/05\/22\/this-evening-eu-privacy-regulator-hands-down-record-usd-1-3-bn-fine-to-meta\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"THIS EVENING: EU privacy regulator hands down record USD 1.3 bn fine to Meta\" \/>\n<meta property=\"og:description\" content=\"Good morning, ladies and gentlemen. It\u2019s an extremely rare occurrence when the news cycle is this slow, but it\u2019s just one of those days when we don\u2019t even have a story that we can earnestly tell you is a \u201cbig story\u201d so far. 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It\u2019s an extremely rare occurrence when the news cycle is this slow, but it\u2019s just one of those days when we don\u2019t even have a story that we can earnestly tell you is a \u201cbig story\u201d so far. THE BIG STORY ABROAD Leading this conversation in the international business press [&hellip;]","og_url":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/22\/this-evening-eu-privacy-regulator-hands-down-record-usd-1-3-bn-fine-to-meta\/","og_site_name":"EnterpriseAM Egypt","article_published_time":"2023-05-22T00:00:00+00:00","og_image":[{"url":"https:\/\/i0.wp.com\/ent.news\/2022\/11\/522.jpg?fit=%2C&ssl=1","type":"","width":"","height":""}],"author":"enterpriseam admin","twitter_card":"summary_large_image","twitter_misc":{"Written by":"enterpriseam admin","Est. reading time":"1 minute"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/22\/this-evening-eu-privacy-regulator-hands-down-record-usd-1-3-bn-fine-to-meta\/#article","isPartOf":{"@id":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/22\/this-evening-eu-privacy-regulator-hands-down-record-usd-1-3-bn-fine-to-meta\/"},"author":{"name":"enterpriseam admin","@id":"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d"},"headline":"THIS EVENING: EU privacy regulator hands down record USD 1.3 bn fine to Meta","datePublished":"2023-05-22T00:00:00+00:00","mainEntityOfPage":{"@id":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/22\/this-evening-eu-privacy-regulator-hands-down-record-usd-1-3-bn-fine-to-meta\/"},"wordCount":300,"publisher":{"@id":"https:\/\/enterpriseam.com\/egypt\/#organization"},"image":{"@id":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/22\/this-evening-eu-privacy-regulator-hands-down-record-usd-1-3-bn-fine-to-meta\/#primaryimage"},"thumbnailUrl":"https:\/\/i0.wp.com\/ent.news\/2022\/11\/522.jpg?fit=%2C&ssl=1","keywords":["EnterprisePM","meta","WHAT WE\u2019RE TRACKING TONIGHT"],"articleSection":["WHAT WE\u2019RE TRACKING TONIGHT"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/22\/this-evening-eu-privacy-regulator-hands-down-record-usd-1-3-bn-fine-to-meta\/","url":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/22\/this-evening-eu-privacy-regulator-hands-down-record-usd-1-3-bn-fine-to-meta\/","name":"THIS EVENING: EU privacy regulator hands down record USD 1.3 bn fine to Meta - 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The weekend is finally here and temperature has shot up, bidding us to stay in the shade and in the vicinity of our air conditioners. THE BIG STORY TODAY Integrated Diagnostics Holdings (IDH) could soon delist its shares from the Egyptian Stock Exchange (EGX)\u2026","rel":"","context":"In &quot;WHAT WE\u2019RE TRACKING TONIGHT&quot;","block_context":{"text":"WHAT WE\u2019RE TRACKING TONIGHT","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-tonight\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":585721,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/04\/27\/legislation-and-advertising-practices-are-bringing-winds-of-change-for-user-data-commodification\/","url_meta":{"origin":587123,"position":2},"title":"Legislation and advertising practices are bringing winds of change for user data commodification","author":"enterpriseam admin","date":"27 April 2023","format":false,"excerpt":"Personal data has turned into a commodity in and of itself","rel":"","context":"In &quot;DATA PRIVACY&quot;","block_context":{"text":"DATA PRIVACY","link":"https:\/\/enterpriseam.com\/egypt\/category\/data-privacy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/4\/923.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":580093,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/12\/07\/this-evening-seven-companies-and-consortiums-to-begin-feasibility-studies-on-green-hydrogen-plants-china-is-scrapping-covid-zero-policies\/","url_meta":{"origin":587123,"position":3},"title":"THIS EVENING: Seven companies and consortiums to begin feasibility studies on green hydrogen plants + China is scrapping covid-zero policies","author":"enterpriseam admin","date":"7 December 2022","format":false,"excerpt":"Good afternoon, friends, and happy almost-THURSDAY to us all. It\u2019s a busy news day here at home \u2014 a theme we expect to carry through until the typical end-of-December lull. THE BIG STORY TODAY More green hydrogen momentum: Egypt signed MoUs with seven companies and consortiums to begin conducting feasibility\u2026","rel":"","context":"In &quot;WHAT WE\u2019RE TRACKING TONIGHT&quot;","block_context":{"text":"WHAT WE\u2019RE TRACKING TONIGHT","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-tonight\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/12\/652.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":676761,"url":"https:\/\/enterpriseam.com\/egypt\/2025\/12\/04\/finmin-to-allocate-egp-10-bn-to-startups-and-entrepreneurs-in-2026\/","url_meta":{"origin":587123,"position":4},"title":"FinMin to allocate EGP 10 bn to startups and entrepreneurs in 2026","author":"enterpriseam admin","date":"4 December 2025","format":false,"excerpt":"Good afternoon, friends. Congratulations on another workweek done and dusted.THE BIG STORY TODAY- ?2026 set to bring good news for our startups and entrepreneurs: The Finance Ministry is currently working with the Central Bank of Egypt and other relevant ministries to launch a first-of-its-kind financing initiative worth EGP 10 bn\u2026","rel":"","context":"In &quot;WHAT WE\u2019RE TRACKING TONIGHT&quot;","block_context":{"text":"WHAT WE\u2019RE TRACKING TONIGHT","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-tonight\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2025\/11\/1565.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":543507,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/03\/meta-comes-back-to-earth-after-shedding-users-for-the-first-time\/","url_meta":{"origin":587123,"position":5},"title":"Meta comes back to earth after shedding users for the first time","author":"enterpriseam admin","date":"3 February 2022","format":false,"excerpt":"EARNINGS WATCH- Weak Q4 drags Meta back to reality: Shares in Facebook\u2019s parent company plummeted more than 20% in after-hours trading, on the back of weak fourth-quarter financials (pdf) that saw its earnings drop 8% y-o-y for the quarter to hit USD 10.3 bn. 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