US, European Union Forge Fresh Data Sharing Pact

March 25, 2022 3:19 PM | 1 min read |

The E.U. and U.S. broke the deadlock on cross-border data-transfer pact to relieve tech giants like Meta Platforms Inc (NASDAQ: FB), Bloomberg reports.
The U.S. also agreed to provide energy to Europe as the Russian invasion of Ukraine threatened to disrupt the continent’s energy supplies, CNBC reports.
This new pact will “enable predictable and trustworthy data flows, balancing security, the right to privacy and data protection,” European Commission President Ursula von der Leyen said.
Concerns escalated when the E.U. Court of Justice toppled the so-called Privacy Shield in 2020, a trans-Atlantic transfer accord, over longstanding fears that the existing framework did not protect Europeans from U.S. surveillance.
Price Action: FB shares traded higher by 0.51% at $220.68 on the last check Friday.