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Today's Top Stories

  • Russia halts all gas supplies to Europe in response to economic sanctions
  • Instagram fined $402 million by Ireland's Data Protection Commission 
  • European lawmakers believe crypto "key" to cracking down on organized crime

Econ Bytes

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Russia Has Cut off Gas Supplies to Europe Indefinitely

 

Europe's energy crisis just got worse as Russia announced all gas supplies will be halted to the region. Citing "the sanctions imposed against our country and against a number of companies by Western states," the Kremlin is pressuring Europe to lift all economic measures. In response to the news, European gas prices jumped on Monday, and many fear rationing of fuel during the Winter. Topped off by Tuesday's announcement that Russia will accept gas payments in Yuan and Rubles instead of dollars, it's clear Russia is trying to punish the Western economy

 

Tech Bytes

The Verge

 

Instagram Was Fined $402 Million for Mishandling Teens’ Data in EU

 

After an investigation into how the site handles teen's data, Instagram was fined roughly $402 million by Ireland's Data Protection Commission (DPC). The decision was finalized just last Friday (although the initial investigation took around two years to complete), marking the largest fine the DPC has imposed on Meta. Essentially, the DPC argues Instagram violated the GDPR by allowing 13-17 year olds to set up business accounts on the platform. Meta, of course, intends to appeal the fine, but the company is unlikely to escape European scrutiny in its entirety. 

 

Notable Decliners

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Earnings

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  • Thursday: DocuSign, Zscaler
  • Friday: Kroger 

Crypto Bytes

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Crypto Is ‘Key’ to Cracking Down on Crime, Says Europol

 

Bitcoin and other cryptocurrencies have been targeted for their use by criminals, but lawmakers and regulators now believe the open nature of the blockchain can help tackle organized crime. Due to the ability to "track" crypto transactions, speakers at the annual "Global Conference on Criminal Finance & Cryptocurrencies" discussed the unprecedented opportunity present in Crypto to investigate money laundering networks. For Europe, crypto assets will be treated like any other asset when it comes to anti-money laundering supervision, and new rules require service providers to collect and store information identifying people involved in transactions. 

 

Notable Gainers

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