US, European Union Forge Fresh Data Sharing Pact

• The E.U. and U.S. broke the deadlock on cross-border data-transfer pact to relieve tech giants like Meta Platforms Inc (NASDAQ: FB), Bloomberg reports.
• The U.S. also agreed to provide energy to Europe as the Russian invasion of Ukraine threatened to disrupt the continent’s energy supplies, CNBC reports.
• This new pact will “enable predictable and trustworthy data flows, balancing security, the right to privacy and data protection,” European Commission President Ursula von der Leyen said. 
• Concerns escalated when the E.U. Court of Justice toppled the so-called Privacy Shield in 2020, a trans-Atlantic transfer accord, over longstanding fears that the existing framework did not protect Europeans from U.S. surveillance.
• Price Action: FB shares traded higher by 0.51% at $220.68 on the last check Friday.