Facebook $5 billion US settlement approved to resolve Cambridge Analytica data breach
(WorldNews Business)

US officials approved a record $5 billion (Dh18.3bn) privacy settlement with Facebook to resolve the Cambridge Analytica data scandal, people said, prompting an immediate outcry from lawmakers and privacy advocates who said it didn´t go far enough. Although details of the settlement with the US Federal Trade Commission weren´t announced, the fine is steep but far from devastating for Facebook. The company, which reported revenue of almost $56bn in 2018, had set aside $3bn in anticipation of the fine. `This reported $5bn penalty is barely a tap on the wrist, not even a slap,` said senator Richard Blumenthal, a Connecticut democrat, who called for a hearing on the agreement. `Such a financial...