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The EU hits meta with a record fine over data transfers to the US.

Plus, debt talks are set to resume in Washington in a last-ditch effort to avoid a default.

And Russia claims victory in the Ukrainian city of Bakmut.

It's the first city of any size that Russia has been able to take since early July.

So symbolically, it's very important.

It's Monday, May 22.

I'm Luke Vargas with the Wall Street Journal, and here is the AM edition of What's News, the top headlines and business stories moving your world today.

We are exclusively reporting that Facebook owner Meta has been fined $1.3 billion by European Union privacy regulators.

For sending user information to the United States, according to people familiar with the matter.

And Wall Street Journal technology reporter Sam Schechner is here to fill in details on this breaking news.

Sam, tell us what do we know about this fine coming through this morning.

Well, this is set to be the biggest fine under EU's privacy laws that's ever been issued.

Previously, the record was from 2021 a nearly 750 million euro fine against Amazon, which is still tied up in appeals.

And so this will far outstrip that as the record fine.

And I think the reason that is is because a board of EU privacy regulators in Brussels decided that this required an extraordinary fine to kind of as a show of force.

And it shows that EU privacy regulators are trying to take a more strident and aggressive view of their enforcement powers.

Just to be clear, Sam, what is the precise issue with these data transfers?

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