Latest news with #EUDigitalMarketsAct
Irish Examiner
4 days ago
- Business
- Irish Examiner
Thousands of hotels in Europe to sue Booking.com over ‘abusive' practices
is facing a class-action lawsuit from more than 10,000 European hotels, arguing the accommodation mega-site used its muscle to distort the market to their detriment over a 20-year period. The Association of Hotels, Restaurants and Cafes in Europe (Hotrec), which represents the industry within the EU and is bringing the legal action, recently extended to August 29 a deadline for hotel owners to join the suit because of high demand. The lawsuit, expected to be one of the largest ever filed in the European hospitality sector, is also backed by 30 national hotel associations, including Ireland's. 'Over 10,000 hotels have already joined the pan-European initiative to claim compensation for financial losses caused by use of illegal 'best price' (parity) clauses,' Hotrec said in a statement. It alleges the 'best price' pledge on was extracted from hotels under huge pressure not to offer rooms at lower prices on other platforms, including their own websites. The hotel industry says the Netherlands-based platform also used the clauses to prevent customers making what it called 'free-rider' bookings, which it defined as using its services to find a hotel but then booking directly with the management, cutting out 'Registration [to the legal action] continues to grow steadily, and the response so far demonstrates the hospitality industry's strong desire to stand up against unfair practices in the digital marketplace,' Hotrec said. The litigation, which experts say will be an uphill battle, seeks damages for the period from 2004 to 2024, when did away with the best price clause to comply with the EU Digital Markets Act. Hotrec said the class action, to be heard in Amsterdam, follows a European Court of Justice (ECJ) ruling from 2024, 'which found that parity clauses violated EU competition law'. 'European hoteliers have long suffered from unfair conditions and excessive costs. Now is the time to stand together and demand redress,' said Hotrec's president Alexandros Vassilikos, calling out 'abusive practices in the digital market' in Europe. called Hotrec and other hotel associations' statements 'incorrect and misleading' in an emailed statement, adding it had not received 'formal notification of a class action'. It said the ECJ ruling did not find that 'best price' clauses were anti-competitive but 'simply stated that such clauses fall within the scope of EU competition law and that their effects must be assessed on a case-by-case basis'. The company referred to a statement about its 'commitment to fair competition', in which it argued 'past parity clauses served to foster competitive pricing rather than restrict it'. It cited a poll in which 74% of hoteliers said made their business more profitable, with many reporting higher occupancy rates and lower customer acquisition costs. However, other industry representatives criticised the company's practices as extractive. 'As they gained control of the market, Booking was able to increase its commission rates and exert much greater pressure on hoteliers' margins,' Véronique Siegel, president of the hotels division of French hospitality sector association Umih, told public broadcaster France Inter. 'For a room that the customer pays €100 for, if you take away Booking's commission, the hotelier receives €75 at best, with which they have to pay their employees and invest.' Despite the friction, appears unavoidable for many hotels, offering an online reach and visibility hard to achieve for smaller, independent establishments. A study by Hotrec and the University of Applied Sciences and Arts Western Switzerland found Booking Holding, the website's parent company, controlled 71% of the European market in 2024, compared with 68.4% in 2019. The corporation is valued at $170bn (€147.1bn), three times that of Volkswagen. Rupprecht Podszun, director of the institute for competition law at Düsseldorf's Heinrich Heine University, said was a classic example of how a digital platform could conquer an entire sector, creating a 'winner takes all' dynamic. He said the legal action would probably be protracted and turn on the thorny question of how damages could be measured. 'Judges will have to form an opinion and then it will go through all the appeals — everything at great expense and with all the tricks available under the law,' he told Germany's daily Süddeutsche Zeitung. 'The case is a revolt of the hotels, saying: 'You can't just do what you want with us.'' The Guardian
See - Sada Elbalad
6 days ago
- Business
- See - Sada Elbalad
Over 10,000 European Hotels Launch Legal Action Against Booking.com
Israa Farhan More than 10,000 hotels across Europe have joined a class action lawsuit against seeking compensation for financial losses allegedly caused by the platform's long-standing use of restrictive pricing policies. The suit, coordinated by the Hotel Claims Alliance and supported by HOTREC, the umbrella association representing hotels, restaurants, and cafés across the EU, aims to recover damages incurred between 2004 and 2024. Central to the claim are the so-called "best-price" clauses that prevented hotels from offering lower prices on their websites or other booking platforms. Thirty national hotel associations, including Germany's IHA, are backing the initiative. The lawsuit is to be filed in Amsterdam, where is headquartered. It references a ruling by the European Court of Justice on September 19, 2024, which found such clauses to be anti-competitive and unlawful under EU regulations. The platform officially discontinued the practice in 2024 following the enforcement of the EU Digital Markets Act. HOTREC President Alexandros Vassilikos stated that European hoteliers have endured years of unfair commercial conditions, calling the lawsuit a united stand against digital market abuses. Due to overwhelming interest, the deadline to join the lawsuit has been extended until August 29. In response, stated it has not received formal notification of legal proceedings and described HOTREC's announcement as a public statement rather than an active class action. The company maintains that all partner accommodations are free to determine their own pricing and distribution strategies. read more Gold prices rise, 21 Karat at EGP 3685 NATO's Role in Israeli-Palestinian Conflict US Expresses 'Strong Opposition' to New Turkish Military Operation in Syria Shoukry Meets Director-General of FAO Lavrov: confrontation bet. nuclear powers must be avoided News Iran Summons French Ambassador over Foreign Minister Remarks News Aboul Gheit Condemns Israeli Escalation in West Bank News Greek PM: Athens Plays Key Role in Improving Energy Security in Region News One Person Injured in Explosion at Ukrainian Embassy in Madrid News Israeli-Linked Hadassah Clinic in Moscow Treats Wounded Iranian IRGC Fighters Arts & Culture "Jurassic World Rebirth" Gets Streaming Date News China Launches Largest Ever Aircraft Carrier News Ayat Khaddoura's Final Video Captures Bombardment of Beit Lahia Business Egyptian Pound Undervalued by 30%, Says Goldman Sachs Videos & Features Tragedy Overshadows MC Alger Championship Celebration: One Fan Dead, 11 Injured After Stadium Fall Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt Arts & Culture South Korean Actress Kang Seo-ha Dies at 31 after Cancer Battle Arts & Culture Lebanese Media: Fayrouz Collapses after Death of Ziad Rahbani Sports Get to Know 2025 WWE Evolution Results
Business Wire
7 days ago
- Business
- Business Wire
Approov Closes £5M Series A Funding to Redefine Mobile App Security for the AI Era in Round Led by Maven Capital Partners
EDINBURGH, Scotland & PALO ALTO, Calif.--(BUSINESS WIRE)--Approov Limited, a leading innovator in mobile app and API security, has successfully closed a £5 million (US$ 6.7 million) Series A funding round. The investment, spearheaded by the Investment Fund for Scotland, managed by Maven Capital Partners ('Maven'), also saw participation from Souter Investments, and existing investors Lanza techVentures and Scottish Enterprise. Mobile ecosystems face AI-driven threats and regulations like the EU Digital Markets Act and UK laws. Independent app and API security is urgently needed. Approov delivers essential trust across fragmented platforms including non-GMS Android & HarmonyOS. Share This funding milestone enables Approov to bolster its Research & Development team in Edinburgh, driving the creation of advanced technologies to secure mobile applications and APIs against evolving threats in real time, including those powered by AI. The company's patented app attestation solutions protect apps from tampering and fraudulent API access, offering a critical defense in today's rapidly shifting cyber threat landscape. 'As the threat landscape continues to evolve, developers and enterprises alike are recognizing that mobile app security cannot be an afterthought. This funding marks a pivotal moment in our mission to ensure that every mobile app instance is authenticated and that backend APIs are protected from fraud, abuse, and unauthorized access.' — Ted Miracco, CEO of Approov Addressing Mobile Security Amid Global Regulatory Shifts The timing of this investment is particularly significant as global regulatory landscapes are undergoing transformative changes. The EU's Digital Markets Act (DMA) and the Digital Markets, Competition, and Consumers (DMCC) bill are reshaping the mobile app ecosystem, paving the way for competition beyond the app store duopolies controlled by Apple and Google. Approov's technologies empower developers to securely distribute apps directly to consumers, bypassing traditional gatekeepers and reclaiming up to 30% of revenues typically lost to platform fees. 'As mobile ecosystems face AI-driven threats and new regulations like the EU Digital Markets Act and UK consumer laws, the need for strong, independent app and API security is urgent. Approov delivers essential trust across fragmented platforms, including non-GMS Android and HarmonyOS. Maven Capital Partners' investment reflects growing recognition that API protection—across any device or OS—is key to securing digital infrastructure in this new cyber risk era.' — Dr. Edward Amoroso, CEO, TAG Infosphere; Former Chief Information Security Officer, AT&T Key Driver in This Investment Round Was Approov Intellectual Property Approov's patented solution provides real-time app attestation and runtime API protection, preventing exploits from tools such as rooted devices, emulators, app tampering frameworks, and credential stuffing bots. Trusted by global customers in healthcare, fintech, connected vehicles, and e-commerce, Approov helps ensure secure digital engagement even in the most hostile environments. 'Approov is a leading innovator in mobile app and API security with proven applications in multiple target sectors. With their strong IP and the growing demand for API-level defences across the industry, the business is uniquely positioned to lead this next era of mobile security. We look forward to working with Ted and the team to drive the business forward at such an exciting point in the company's growth journey.' — Craig McGill, Investment Manager, Maven Capital Partners, UK, LLC. 'This investment validates Approov's vision of a safer mobile app ecosystem. With increasing cyber risks driven by AI, Approov solutions provide the robust, scalable security mobile developers need to protect their applications and API communications. We are grateful for the confidence our investors have shown and are excited about the opportunity to expand our footprint in this critical market.' — Dr. Lucio Lanza, Chairman, Approov Limited and Founder Lanza techVentures About Approov: Approov's app attestation technology has been adopted by major organisations in high-stakes industries, demonstrating its real-world effectiveness. By reducing API attacks by over 95% and preventing bot attacks, man-in-the-middle exploits, and app tampering, Approov is creating a safer digital ecosystem. For more information about Approov's mobile security solutions, please visit ABOUT MAVEN CAPITAL PARTNERS LLP Maven (a subsidiary of Mattioli Woods plc) is a leading private equity house focused on the provision of flexible funding for high growth businesses, and one of the most active SME investors in the UK. Headquartered in Glasgow, and with offices throughout the UK, Maven has over 100 investment and support professionals providing a truly nationwide coverage. Maven has over £790 million funds under management and available to invest, and manages assets for a variety of client funds, including Venture Capital Trusts, MBO Fund, UK regional fund mandates, and Maven Investor Partners, a syndicate of institutional, family office and experienced investors. ABOUT THE INVESTMENT FUND FOR SCOTLAND Operated by the British Business Bank, the Investment Fund for Scotland (IFS) provides a mix of debt and equity funding. IFS will offer a range of commercial finance options with smaller loans from £25k to £100k, debt finance from £100k to £2 million and equity investment up to £5 million. It works alongside the in-region small business finance ecosystem, local intermediaries such as accountants, fund managers and banks, to support Scotland's smaller businesses at all stages of their development. The funds in which the IFS invests are open to businesses with material operations, or planning to open material operations across Scotland. Supported by Nations and Regions Investments Limited, a subsidiary of British Business Bank plc, the Bank is a development bank wholly owned by HM Government. Neither Nations and Regions Investments Limited nor British Business Bank plc are authorised or regulated by the Prudential Regulation Authority (PRA) or the Financial Conduct Authority (FCA).
Euronews
18-07-2025
- Business
- Euronews
Dutch competition watchdog's fitness for purpose questioned by reports
The management and governance structure of the Netherlands' national competition authority is ineffective at handling societal, political, policy and organisational developments, according to reports commissioned by the Dutch Economy Minister Vincent Karremans. Currently part of the national Economy Ministry, the Authority for Consumers & Markets (ACM) needs to become a self-governing autonomous decision-making body, according to the reports. One of the reports says that 'roles and responsibilities are too intertwined" with the ministry and that there are too many contingent dependencies. The other, carried out by PwC, concluded that there are problems in ACM's business operations, resulting in 'certain areas where relevant standards or national frameworks are not being met, or are being met to a lesser extent.' The ACM oversees various markets in the Netherlands including energy, telecom, healthcare, transport and postal services; it monitors compliance with regulations and protects consumer interests. With more and more digital legislation being introduced in the last years, the mandate of the ACM has expanded and it now also oversees companies' compliance with the EU Digital Markets Act (DMA) and the Digital Services Act (DSA), rules to ensure fair competition online and to combat illegal content and products. Martijn Snoep, the head of the ACM, told Euronews last December that his agency is 'well equipped' for the new tasks, saying that the regulator planned to have clear enforcement priorities. Staff appointments Currently, the Minister of Economic Affairs appoints the chair and other members of the ACM, nor does the agency have full control over the organisation and personnel policy relating to the rest of its staff. The regulator also lacks budgetary freedom, which, according to the reports, results in 'lack of agility'. 'This is evident, for example, in the policy areas of energy and digital markets, which will result in many new tasks and associated expenses for the ACM in the near future, both in its role as supervisor and (particularly) as regulator,' the reports say. The ACM said in a recent letter that its merger and acquisition oversight is 'currently insufficiently efficient and effective'. In addition, it initiated fewer investigations in 2024 than the previous year, which can be explained by the significant capacity allocated to probes initiated in 2023 that continued into 2024. 'The amount of fines imposed increased slightly in 2024, but has fallen sharply over the past three years compared to previous years. A significant decline in competition is particularly noticeable. [… ] While fines should not be a goal in themselves, they do contribute to the deterrent effect of oversight. This, therefore, remains a point of attention for me,' Minister Karremans said in his letter to parliament. The ACM has initiated an improvement process for its business operations, the letter said. Karremans, part of the outgoing government, said that his successor will have to decide on revising the ACM's organisational structure. The Netherlands will have a parliamentary election on 29 October.
Miami Herald
07-07-2025
- Business
- Miami Herald
Apple appeals EU's $580 million fine on digital markets act violations
July 7 (UPI) -- Apple on Monday appealed a $580 million fine from the European Commission, which claimed that the company broke the rules controlling how app developers could communicate with users. The fine "goes far beyond what the law requires," the company said in a statement on Monday. "As our appeal will show, the EC is mandating how we run our store and forcing business terms which are confusing for developers and bad for users," Apple said. The European Commission previously fined Apple $580 million for a breach of the EU Digital Markets Act in April. Apple changed its EU app store policies in June, the company introduced a commission structure of either 5% or 13% on top of a 2% user acquisition fee for developers depending on if they want their app to show up in App Store search suggestions, promotional material or are able to receive automatic updates. The company believed this structure made it confusing for consumers and developers. As there isn't another app store with this structure. The appeal is focused on pushing back on the expansion of the Digital Markets Act due to the "unlawfully expanded steering". Copyright 2025 UPI News Corporation. All Rights Reserved.
