Hours after President Trump said Sunday he had "second thoughts" about escalating the trade war with China, the White House sought to explain his remark because it was...Politicsread more
Clouding the G-7 gathering, which represents the world's major industrial economies, are the tit-for-tat tariffs between Washington and Beijing.Politicsread more
President Donald Trump said that he would have a major trade deal with U.K. after it leaves the European Union.Politicsread more
Despite Kudlow's expectations, China said on Saturday that it strongly opposes Trump's decision to levy additional tariffs on $550 billion worth of Chinese goods, and warned...Politicsread more
President Donald Trump said Sunday he was not happy after North Korea launched short-range ballistic missiles over the weekend.Politicsread more
Carl Medlock used to work at Tesla. Now he's one of the few people in the U.S. that can fix the company's original Roadster electric vehicles.Technologyread more
The Goldman Sachs technology M&A team, led by Sam Britton, has cashed in on its software focus and decades of experience to dominate 2019's biggest deals.Technologyread more
American small and medium-size companies that rely on China are scrambling to adjust their business plans in response to the escalating trade war.Traderead more
Here are the products that stand to be the most affected by China's new tariffs on $75 billion worth of U.S. goods.Marketsread more
The summit comes amid fears over a global economic slowdown, and U.S. tensions over trade allies, Iran and Russia.Politicsread more
The world's second biggest economy is past a point where it cannot ignore its enormous debt anymore, according to an analyst.China Economyread more
Europe and the U.S. have struck a new deal to allow the easy transfer of citizens' personal data across the Atlantic by companies such as Facebook and Apple after the last agreement was ruled "invalid" by top judges .
The latest European Union (EU)-U.S. deal is called the "Privacy Shield" and has put safeguards in place to protect people's data from mass surveillance and to allow European citizens to seek redress if they feel their data has been misused in America.
Here's what you need to know :.
The former agreement, known as "Safe Harbor", was deemed "invalid" by the European Court of Justice (ECJ), the EU's top court.
The Safe Harbor agreement allowed U.S. companies to transfer European citizens' data to America, provided where it was being sent to had privacy protections that met EU standards.
In the wake of the U.S. surveillance revelations by former National Security Agency (NSA) contractor Edward Snowden, Austrian student Max Schrems filed a complaint against Facebook to the Irish data protection authority.
He claimed that Snowden's leaks showed Facebook wasn't sufficiently protecting user data as the NSA was carrying out mass surveillance on technology companies, claims the social network has denied. When the case was escalated to the ECJ, judges found that Schrems had a case and the Safe Harbor agreement was ended.
The Privacy Shield will include the following elements:
Lawyers said that the EU-US data transfer agreement now has "serious teeth".
"The new framework will require stronger compliance and data protection measures which will give individuals enhanced guarantees and assurances around the safety and protection of their data," Dyann Heward-Mills, Baker & McKenzie's head of data protection, told CNBC by email.
Many groups that represent technology companies, which had warned of massive disruption to business if a new deal was not found, welcomed the result.
However, Schrems has his concerns.
"A couple of letters by the outgoing Obama administration is by no means a legal basis to guarantee the fundamental rights of 500 million European users in the long run, when there is explicit US law allowing mass surveillance," he wrote in a letter.
"We don't know the exact legal structure yet, but this could amount to obviously disregarding the Court's judgment… I doubt that a European can walk to a US court and claim his fundamental rights based on a letter by someone."
Schrems added that he may event challenge the proposals depending on the final text.
National data protection authorities in Europe will get a chance to have their say on the proposals. Member states will also be able to give their opinion.
Some are convinced that the agreement will face legal challenges.
"Keeping in mind that this new safe harbor will almost certainly be challenged by civil liberties groups – and possibly even some data protection authorities – pretty much immediately, only the foolhardy would place want to place their trust in a new safe harbor right now," Phil Lee, partner at law firm Fieldfisher said.