Latest news with #BRUSSELS
Yahoo
3 hours ago
- Business
- Yahoo
Exclusive-Apple set to stave off daily fines, EU to accept App Store changes, sources say
By Foo Yun Chee BRUSSELS (Reuters) -Apple's changes to its App Store rules and fees will likely secure the green light from EU antitrust regulators, people with direct knowledge of the matter said, a move that would stave off potentially hefty daily fines for the iPhone maker. The company last month said developers will pay a 20% processing fee for purchases made via the App Store, though the fees could go as low as 13% for Apple's small-business program. Developers who send customers outside the App Store for payment will pay a fee between 5% and 15%. They will also be able to use as many links as they wish to send users to outside forms of payment. Apple made the changes after the EU antitrust enforcer handed it a 500 million euro ($586.7 million) fine in April and gave it 60 days to comply with the Digital Markets Act aimed at reining in Big Tech and giving rivals more room to compete. The European Commission is expected to approve the changes in the coming weeks, although the timing could still change, the people said. "All options remain on the table. We are still assessing Apple's proposed changes," the EU watchdog said. Apple did not immediately respond to a request for comment. The company earlier this month said it had implemented the changes to avoid punitive daily fines, while criticising the Commission for mandating how it runs its store. The company could have been hit with daily fines of 5% of its average daily worldwide revenue, or about 50 million euros per day. ($1 = 0.8554 euros) (Reporting by Foo Yun Chee; Editing by Jan Harvey)
Yahoo
5 hours ago
- Business
- Yahoo
Universal's $775 million Downtown deal may hinder competition, EU regulators warn
By Foo Yun Chee BRUSSELS (Reuters) -Universal Music Group unit Virgin Music Group's $775 million acquisition of Downtown Music may hinder competition and remove an important competitor, EU antitrust regulators warned on Tuesday. Virgin announced the deal in December last year which subsequently generated pushback from a wide swathe of European independent labels. The European Commission set out its concerns on Tuesday as it opened an in-depth investigation into the deal, confirming a Reuters story last week. "After the acquisition, UMG would likely have the ability and incentive to use commercially sensitive data of third-party record labels for its own business activities notably related to recorded music," the EU executive said in a statement. It said UMG's access to such data may harm rival record labels and may ultimately further strengthen UMG, already a leader in the market for the wholesale distribution of recorded music in Europe. The Commission set a Nov. 26 deadline for its decision. Universal is the world's biggest music company, while Downtown owns a major music publisher and a number of other businesses that help musicians collect royalties. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Reuters
5 hours ago
- Business
- Reuters
Universal's $775 million Downtown deal may hinder competition, EU regulators warn
BRUSSELS, July 22 (Reuters) - Universal Music Group ( opens new tab unit Virgin Music Group's $775 million acquisition of Downtown Music may hinder competition and remove an important competitor, EU antitrust regulators warned on Tuesday. Virgin announced the deal, opens new tab in December last year which subsequently generated pushback from a wide swathe of European independent labels. The European Commission set out its concerns on Tuesday as it opened an in-depth investigation into the deal, confirming a Reuters story last week. "After the acquisition, UMG would likely have the ability and incentive to use commercially sensitive data of third-party record labels for its own business activities notably related to recorded music," the EU executive said in a statement. It said UMG's access to such data may harm rival record labels and may ultimately further strengthen UMG, already a leader in the market for the wholesale distribution of recorded music in Europe. The Commission set a Nov. 26 deadline for its decision. Universal is the world's biggest music company, while Downtown owns a major music publisher and a number of other businesses that help musicians collect royalties.
Reuters
9 hours ago
- Business
- Reuters
EU approves €403 mln in funding for companies to boost medical device innovation
BRUSSELS, July 22 (Reuters) - The European Commission approved on Tuesday up to 403 million euros ($471 million) in public funding for 10 mostly small and medium-sized companies in a bid to support innovation in medical devices. The funding is expected to unlock an additional 826 million euros ($966 million) in private investments to the companies, the commission said in a statement. The commission said the projects are expected to create around 800 jobs and will include the introduction of new digital and artificial intelligence features in medical devices. ($1 = 0.8548 euros)
Washington Post
a day ago
- Business
- Washington Post
Trump's tariffs could upend U.S. trade with E.U., a global export power
BRUSSELS — President Donald Trump's threat to slap 30 percent tariffs on the European Union starting Aug. 1 derailed weeks of delicate negotiations and risks upending what E.U. officials call the most important trade relationship in the world. The E.U. negotiates trade policy for its 27 nations, with a combined population of nearly 450 million, and it is one of the world's top three exporters alongside China and the United States. Brussels says that means it cannot be strong-armed into a bad agreement. Yet even as Trump's last-minute curveball undermined an emerging deal, frustrated E.U. leaders are still trying to negotiate. Much is at stake. More than one-fifth of goods exported by the E.U. go to the U.S.
