TikTok fined $368 million by E.U. regulators for not protecting children

The Street

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.

Transcript

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 [BLANK_AUDIO]

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