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Recode Daily: The U.K. slaps Facebook with its first fine for Cambridge Analytica

Plus, Tesla will build its first non-U.S. factory in Shanghai; while Trump is at the NATO summit in Belgium, tech and media moguls ice skate in Idaho; investment wisdom on cocktail napkins.

Facebook CEO Mark Zuckerberg
Facebook CEO Mark Zuckerberg at last year’s Allen & Company Sun Valley Conference in Sun Valley, Idaho.
Drew Angerer / Getty Images

Facebook has been slapped with its first fine for allowing Cambridge Analytica to improperly access data about millions of people. A U.K. data watchdog called the Information Commissioner’s Office announced a $664,000 preliminary fine — the maximum amount allowed — potentially opening the door for governments around the world to hit the social media giant with other tougher penalties and stricter regulation. Meanwhile, Facebook is testing augmented reality advertisements in its News Feed, allowing U.S. users to try on advertised products through a process similar to that of a Snapchat filter. [Tony Romm and Elizabeth Dwoskin / The Washington Post]

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Tesla will build a battery and automobile factory in Shanghai, its first wholly owned plant located outside of the United States. The goal is to produce 500,000 electric vehicles a year, rivaling production at its Fremont, Calif., factory and marking the biggest step in Tesla’s overseas expansion. Meanwhile, BMW, the largest U.S. auto exporter, has announced that it will move production of some of its best-selling SUV models from the U.S. to China and increase prices on U.S.-produced cars as a result of newly imposed tariffs that make production more expensive. [Neal E. Boudette / The New York Times]

While President Trump is at the NATO summit in Brussels, Belgium — a stop on his way to Monday’s private summit with Vladimir Putin — some of the biggest names in tech and media, from Amazon’s Jeff Bezos to Disney’s Bob Iger, are at the Sun Valley Resort in Idaho for the annual Allen & Co. conference. And some of them may be striking deals. A heat wave didn’t stop the resort from hauling out the ice resurfacing machine to get its outdoor skating rink ready for its high-rolling guests. In existing media M&A news: Fox has increased its bid for the Sky satellite TV company, topping Comcast’s last offer for the asset by 12 percent. [Michael J. de la Merced / The New York Times]

Apple is creating a new artificial intelligence/machine-learning team under John Giannandrea, who earlier this year was hired from Google, where he led the machine intelligence, research and search teams. Giannandrea, a former senior engineer at General Magic, will also have oversight of Siri. [Matthew Panzarino / TechCrunch]

Google is working on four new advertising products designed to automate the ad-buying process, include a new commerce tool — a partnership with Shopify — that will make it easier for companies to run advertisements across several popular Google services. The company’s ad tools are designed to create a central marketing portal for Google services and will open up more Google products to ads while also further incorporating the tech firm’s machine learning systems into the process. [Mark Bergen / Bloomberg]

The New York Times says its 55 newsletters now have more than 14 million subscribers collectively. Here’s an inside look at their “secret sauce” for good newsletters. [Melina Delkic / The New York Times]

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Everything you ever needed to know about investing, scribbled on cocktail napkins.

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