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Report
TikTok fined $368 million by E.U. regulators for not protecting children
The Street
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9/18/2023
Caroline Woods brings you the biggest news of the day, including rising oil prices and TikTok having to pay a big fine for failing to protect children in the E.U.
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Sports
Transcript
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00:00
I'm Caroline Woods filling in for JD Durkin, reporting from the New York Stock Exchange.
00:04
Here's what we're watching on the street today.
00:06
Wall Street is looking ahead to the Federal Reserve's September policy meeting, which kicks
00:12
off on Tuesday. Investors are expecting a 99 percent chance that the central bank holds rates
00:18
steady this month and a 30 percent chance it raises rates again when it meets in November.
00:23
This comes as the cost of oil continues to rise, with crude prices nearing
00:28
over $90 a barrel. The three-week rally in oil prices only complicates the Fed's fight
00:34
as it looks to tamp down inflation. Meanwhile, TikTok is in hot water across the pond. A major
00:40
European tech regulator has fined the company $368 million, claiming it hasn't done enough to
00:47
protect children who use the app. The Irish Data Protection Commission, which is in charge of
00:52
overseeing TikTok within the EU, found that in 2020 TikTok's default settings set children's
00:58
accounts to public rather than private, meaning anyone on the internet could view the profile.
01:04
The agency also found that TikTok's family pairing setting didn't actually require anyone
01:09
to verify themselves as a parent or guardian when overseeing a child's account. However, TikTok is
01:15
pushing back, stating, quote, "Most of the decision's criticisms are no longer relevant
01:20
as a result of measures reintroduced at the start of 2021." TikTok was also fined $16 million by the
01:27
UK this past April for breaking the region's data protection law. That'll do it for your
01:33
daily briefing. From the New York Stock Exchange, I'm Caroline Woods with The Street.
01:38
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