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Alessio Jacona / Flickr cc

The EU's competition chief Margrethe Vestager announced Thursday the EU is fining Facebook 110 million euros (roughly $122 million) for giving "incorrect or misleading" information during the Commission's 2014 review of Facebook's acquisition of WhatsApp.

Why it matters: Experts have pointed out that Facebook's ability to identify WhatsApp as a lucrative acquisition in 2014 poses an antitrust issue. Facebook's ability to analyze the enormous amounts of data it collects about users online and offline habits helps it make strategic investments that other companies would be unable to assess.

Double whammy: The penalty comes one day after French and Dutch courts ruled that Facebook had violated European data privacy standards. Facebook was sanctioned 150,000 euros as a result.

The details: The EU approved the merger with the understanding that Facebook would not be able to combine WhatsApp's data of over 1 billion users with its' own (and Instagram's) user data. But last year Facebook announced it would use some of WhatsApp's user data to better target ads (Facebook's largest revenue source) and improve user experience. Facebook said in a statement that the errors in its filing were unintentional.

Between the lines: Europe has been coming down hard on American tech companies violating privacy and antitrust laws, a sign of changing attitudes toward U.S. tech giants trying to penetrate and profit in those markets.

Our thought bubble: These fines are a slap on the wrist for Facebook, a company that makes roughly $27 billion annually in revenue. But the increased scrutiny means Facebook has to tread carefully as it tries to expand its business model in Europe, forcing Facebook to instead focus its revenue growth on emerging markets. Next to the U.S., however, Europe is Facebook's largest revenue driver.

Go deeper

Capitol review panel recommends more police, mobile fencing

Photo: Olivier Douliery/AFP via Getty Images

A panel appointed by Congress to review security measures at the Capitol is recommending several changes, including mobile fencing and a bigger Capitol police force, to safeguard the area after a riotous mob breached the building on Jan 6.

Why it matters: Law enforcement officials have warned there could be new plots to attack the area and target lawmakers, including during a speech President Biden is expected to give to a joint session of Congress.

Financial fallout from the Texas deep freeze

Illustration: Annelise Capossela/Axios

Texas has thawed out after an Arctic freeze last month threw the state into a power crisis. But the financial turmoil from power grid shock is just starting to take shape.

Why it matters: In total, electricity companies are billions of dollars short on the post-storm payments they now owe to the state's grid operator. There's no clear path for how they will pay — something being watched closely across the country as extreme weather events become more common.

U.S. Chamber decides against political ban for Capitol insurrection

A pedestrian passes the U.S. Chamber of Commerce headquarters as it undergoes renovation. Photo: Andrew Harrer/Bloomberg via Getty Images

The U.S. Chamber of Commerce revealed Friday it won't withhold political donations from lawmakers who simply voted against certifying the presidential election results and instead decide on a case-by-case basis.

Why it matters: The Chamber is the marquee entity representing businesses and their interests in Washington. Its memo, obtained exclusively by Axios, could set the tone for businesses debating how to handle their candidate and PAC spending following the Jan. 6 Capitol attack.