Financial Daily Dose 9.5.2019 | Top Story: YouTube Fined $170 Million for Violating Kids’ Privacy Law

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Google will pay a “record $170 million fine and make changes to protect children’s privacy on YouTube” as part of a deal it reached this week with the FTC and NY AG’s office, both of whom had accused YouTube of “violating the federal Children’s Online Privacy Protection Act, or COPPA.” Though the fine is the largest ever obtained under COPPA, critics decried what amounts to a “slap on the wrist for one of the world’s richest companies” – NYTimes  and WSJ and Law360 and HuffPost

UK lawmakers have defied PM Johnson for a second consecutive day, advancing a bill “to block a withdrawal from the European Union without a deal” and denying his request for a snap election, “at least until their no-deal Brexit measure becomes the law of the land” – NYTimes and WSJ and Bloomberg

Despite serious mistrust between the nations and a recent round of new US tariffs, Chinese and US trade negotiators will resume talks in October, with Chinese Vice Premier Liu He traveling to Washington for the sit-down – Bloomberg and NYTimes and WSJ and MarketWatch

Federal Judge Richard Leon has approved a DOJ settlement allowing CVS Health to move forward with its $70 billion acquisition of health insurer Aetna Inc., “removing a cloud of uncertainty for the merged company” – WSJ and Bloomberg and Law360

Wells Fargo CEO C. Allen Parker has committed to conducting an “extensive review” of customer account closing practices and fees after a Times article last month prompted Senator Elizabeth Warren to push Wells for an official explanation – NYTimes

Options Clearing Corp., the “central clearinghouse serving as a backstop for trades in the options market,” has agreed to pay $20 million and improve its compliance regulations as part of a deal confirmed by authorities yesterday with the SEC and CFTC – WSJ and Law360

Fed officials are growing increasingly concerned about a US economy relying too heavily on consumer spending – Bloomberg

They’re considering another quarter-point rate cut as part of the central bank’s response – WSJ

Turns out that DJ D Sol is (perhaps unsurprisingly) all about the VIPs, and he’s bringing that focus on exclusivity to the partnership ranks at Goldman Sachs by “culling upper ranks he feels have grown bloated” – WSJ

Have no fear, thirsty Star Wars fans, your Disney-bought Coke-product thermal detonator collectible bottles are now TSA approved – NYTimes

An interesting look at the “enduring” fascination with tiny living, even as many of us know we could never pull it off – NYTimes

MDR

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