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Snowflake shares were gaining ground Wednesday after the cloud data warehouse software company posted better-than-expected results for the quarter ended Oct. 31.
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Snowflake shares were gaining ground Wednesday after the cloud data warehouse software company posted better-than-expected results for the quarter ended Oct. 31.

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Washington
CNN
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The US government plans to rein in the vast data broker industry with new, privacy-focused regulations that aim to safeguard millions of Americans’ personal information from data breaches, violent criminals and even artificial intelligence chatbots.
The coming proposal by the Consumer Financial Protection Bureau would extend existing regulations that govern credit reports, arrest records and other data to what the agency describes as the “surveillance industry,” or the sprawling economy of businesses that traffic in increasingly digitized personal information.
The potential rules, which are not yet public or final, could bar data brokers from selling certain types of consumer information — including a person’s income or their criminal and payment history — except in specific circumstances, the CFPB said.
The push could also see new restrictions on the sale of personal information such as Social Security numbers, names and addresses, which the CFPB said data brokers often buy from the major credit reporting bureaus to create their own profiles on individual consumers.
Issued under the Fair Credit Reporting Act, the regulations would seek to ensure that data brokers selling that sensitive information do so only for valid financial purposes such as employment background checks or credit decisions, and not for unrelated purposes that may allow third parties to use the data to, for example, train AI algorithms or chatbots, the CFPB said.
The announcement follows an agency study into the data broker industry this year that found widespread concerns about how consumer data is being collected, used and shared. The inquiry received numerous submissions from the public warning about the disproportionate risks that unregulated data sharing can have on minorities, seniors, immigrants and victims of domestic violence.
“Reports about monetization of sensitive information — everything from the financial details of members of the U.S. military to lists of specific people experiencing dementia — are particularly worrisome when data is powering ‘artificial intelligence’ and other automated decision-making about our lives,” CFPB Director Rohit Chopra said in a statement. “The CFPB will be taking steps to ensure that modern-day data brokers in the surveillance industry know that they cannot engage in illegal collection and sharing of our data.”
The CFPB’s proposal will first be floated with a group of small businesses for feedback before being publicly unveiled in a formal rulemaking, the agency said.
The CFPB isn’t the only US agency clamping down on the massive data industry. Last year, the Federal Trade Commission proposed a sweeping set of regulations that may restrict how all businesses collect and use consumer data, taking aim at what FTC Chair Lina Khan has described as the “persistent tracking and routinized surveillance of individuals.”
The agency initiatives reflect how Congress has continually failed to produce a comprehensive, national-level consumer privacy law, despite years of lawmaker negotiations and the rise of privacy regulations overseas that increasingly affect US businesses.
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London
CNN
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Microsoft
(MSFT) is buying a 4% stake in the London Stock Exchange as part of a deal that will see the market operator spend at least $2.8 billion over 10 years on the software provider’s cloud services.
The companies announced the partnership in a joint statement on Monday, touting the benefits it will deliver to the stock exchange’s customers through improved data and analytics. Shares of the London Stock Exchange Group (LSEG) gained 4% in early trade.
The partnership “creates attractive revenue growth opportunities for both companies,” LSEG CEO David Schwimmer said in the statement.
As part of the deal, the London Stock Exchange’s data platform and other technology infrastructure will migrate into Microsoft’s Azure cloud environment.
The companies also plan to work together to develop new products and services for data and analytics using Microsoft Azure, Microsoft Teams and Microsoft’s artificial intelligence (AI) capabilities.
As a start, the exchange will be able to share its data and analytics with Teams and Microsoft 365, which includes Excel and PowerPoint.
“The partnership will build on the good progress made by LSEG on the integration of Refinitiv and enhance its position as a world-leading financial markets infrastructure and data provider,” the statement said.
LSEG completed its $27 billion acquisition of Refinitiv last year, making it the second largest financial data company after Bloomberg. Its data and analytics business makes up two-thirds of group revenue.
The deal with Microsoft includes a commitment by LSEG to spend at least $2.8 billion on the software provider’s cloud-related products and services over the 10-year term of the partnership. This is consistent with existing long-term spending plans, according to the statement.
Microsoft will buy its LSEG shares from Blackstone and Thomson Reuters
(TRI). The purchase is expected to complete in the first quarter of 2023.
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CNN Business
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Texas Attorney General Ken Paxton sued Google on Thursday, alleging the tech giant had violated the state’s biometric privacy law by “indiscriminately” collecting voiceprints and facial recognition data from users and non-users of the company’s products without their consent.
The lawsuit, filed in Texas’ Midland County District Court, claims the company’s broad application of facial recognition technology in Google Photos, as well as its use of voice recognition technology in its line of smart speakers and other home products, is a violation of the state’s Capture or Use of Biometric Identifier Act.
Google
(GOOG) didn’t immediately respond to a request for comment.
In Google Photos, Google scans uploaded images to identify and categorize pictured subjects, including people who may not have been aware their faces would be analyzed or stored, the complaint said. The company has also allegedly listened in on Texans “without regard to whether a speaker has consented to Google’s indiscriminate voice printing,” according to the complaint.
The complaint describes Google’s Nest Hub Max, a smart home display with a built-in camera, as “a modern Eye of Sauron—constantly watching and waiting to identify a face it knows.”
“All across the state, everyday Texans have become unwitting cash cows being milked by Google for profits,” the complaint said.
Texas is one of just a few states with a law governing the use of biometric data, and this marks the second time that Texas has invoked the 2009 law to file a suit against a company. In February, the state claimed a now-shuttered Facebook photo-tagging tool — which was the subject of a $650 million biometric privacy settlement in Illinois last year — had also been a violation of the Texas biometric law.
Texas has multiple lawsuits ongoing against Google, including two other consumer protection cases and an antitrust case targeting Google’s dominance in digital advertising.
– CNN’s Rachel Metz contributed to this report.
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