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Amazon slammed with record-breaking fines over privacy concerns

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The EU has ruled that Amazon may be infringing its 300 million users’ right to privacy

The European Union is fining Amazon $888 million for violating its data protection rules.

CNPD is the EU’s lead privacy watchdog. It accused Amazon of “processing personal data in violation of the EU’s General Data Protection Regulation”.

The online retail giant lashed back, saying they findings are “without merit”.

Amazon says there has been “no data breach”

“There has been no data breach, and no customer data has been exposed to any third party,” Amazon said in a statement.

“These facts are undisputed. We strongly disagree with the CNPD’s ruling.”

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Data and privacy concerns

This comes after years of criticism for Amazon over data privacy concerns. The company says it collects data to ‘improve the customer experience’, but some regulators remain concerned.

Lawmakers say that this data trove may give the online retail giant an unfair advantage in the market.

EU privacy watchdog cracks down on US tech giants

Amazon isn’t the only US-based tech giant facing these criticisms. This comes after an ongoing EU investigation into American tech giants.

The investigation is also looking into Microsoft. Particularly, the use of Microsoft 360 to transfer data.

William is an Executive News Producer at TICKER NEWS, responsible for the production and direction of news bulletins. William is also the presenter of the hourly Weather + Climate segment. With qualifications in Journalism and Law (LLB), William previously worked at the Australian Broadcasting Corporation (ABC) before moving to TICKER NEWS. He was also an intern at the Seven Network's 'Sunrise'. A creative-minded individual, William has a passion for broadcast journalism and reporting on global politics and international affairs.

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Will Australia’s foreign investment rule create an economic boost?

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Australian Treasurer Dr. Jim Chalmers announced an overall of foreign investment rules ahead of the budget.

Australia is set to announce a significant decline in its projected gross debt, signalling a more optimistic outlook for the country’s fiscal health.

The Airport Economist, Professor Tim Harcourt at UTS joins to discuss.

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Research key to investment success

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What is the importance of research in the investing and super landscape in Australia?

Wyld Money dives into the world of financial freedom. Whether you’re a seasoned investor or just getting started, join us for actionable tips and tricks to unlock your earning potential, and retire on your own terms.

In this episode, Mark is joined by Peter Green, Director of Research at Lonsec Research. #wyld money

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Why “stagflation” will be the greatest financial threat of 2024

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With inflation soaring and economic growth tapering off, concerns about stagflation are on the rise

Stagflation, a situation characterised by high inflation coupled with stagnant economic growth, presents a unique challenge that many are ill-prepared to face.

Mark Wyld from MW Wealth joins to unpack what defines “stagflation”. #featured

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