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Ireland fines Instagram, EU blocks Illumina deal, China maintains Chengdu lockdown after earthquake

Notable business headlines include Irish data privacy regulators fining Instagram over teen data use, the European Union blocking life sciences firm Illumina's acquisition of Grail, and China’s city of Chengdu remaining on lockdown following an earthquake.

Video Transcript

- Irish data privacy regulators have issued a $402 million or 405 million euro fine against Instagram following investigation findings that the platform violated children's privacy. The probe found that Instagram allows users between ages 13 and 17 to operate business accounts on Instagram, and that's a feature that lets the teen set up accounts that display their contact details. The Data Protection Commission headquartered in Ireland confirmed that penalty on behalf of the entire European Union after a two year investigation.

Meantime, the European Union blocking life sciences firm Illumina's acquisition of Grail only days after Illumina won its case to buy the company in the US. The EU vetoed the $7.1 billion acquisition over concerns. It would hurt competition and stifle innovation, and they cited the importance of preserving competition between cancer detection test developers.

Illumina said, it's reviewing the commission's order, and it intends to appeal the decision, though, shares, though, are up by more than 4.5%. And authorities in China's Chengdu have enforced strict lockdown measures on the city's 21 million residents, despite a major earthquake that has killed, at least, 65 people in southwestern China. Videos circulating online showed workers wearing COVID-19 protective gear, preventing residents from exiting their apartments following yesterday's 6.8 magnitude earthquake in the surrounding area. Along with those deaths, authorities reported damaged homes, power interruptions, and stranded people from the quake, as well as hundreds of injuries.