Latest news with #Ribera
Yahoo
4 days ago
- Business
- Yahoo
EU hits food delivery company Delivery Hero with 329 mn-euro-fine
The EU on Monday slapped German food delivery company Delivery Hero and its Spanish subsidiary Glovo with a fine worth 329 million euros ($376 million) after they violated antitrust rules. EU regulators concluded Delivery Hero used its stake in Glovo between 2018 and 2022 to limit competition by exchanging sensitive information, agreeing not to poach each other's employees, and to divide among themselves national markets for food delivery. Based in Germany, Delivery Hero has held a 94 percent stake in Spain's Glovo since July 2022, but the EU's formal probe -- launched last year -- focuses on the period before it took sole control. They are two of the biggest food delivery companies in Europe, delivering meals from restaurants, grocery shopping and other non-food products to customers at home ordering via their apps or websites. The European Commission, which acts as the EU's competition watchdog, said the two companies admitted their involvement in the cartel and agreed to pay the fines to settle the case. "Cartels like this reduce choice for consumers and business partners, reduce opportunities for employees and reduce incentives to compete and innovate," it said. Delivery Hero will have to pay a fine worth 223 million euros, while Glovo must pay around 106 million euros, the commission said. "This case is important because these practices were facilitated through an anticompetitive use of Delivery Hero's minority stake in Glovo," EU competition chief Teresa Ribera said in a statement. The two companies had agreed not to actively steal each other's employees, initially covering managers before it was extended to all staff including logistics experts. Their agreement did not cover delivery drivers who were not employees at the time of the infringements, but classified as self-employed. The EU's decision is the first where the commission finds a cartel in the labour market and Ribera said it was "also the first time the Commission is sanctioning a no-poach agreement, where companies stop competing for the best talent and reduce opportunities for workers". - Cartel by WhatsApp - The two companies exchanged commercially sensitive information regarding prices and costs via email as well as WhatsApp chats where, for example, officials would discuss which markets to enter. The commission said Delivery Hero and Glovo agreed to avoid entering countries where one company was already present, and coordinated which one should enter in markets where neither had a presence yet. As of July 2020, the two companies had fully ceased to compete with each other by carefully avoiding being present in the same markets, reducing consumer choice and thus contributing to higher prices. Delivery Hero confirmed it had reached a settlement agreement with the commission in the antitrust probe, saying it had already set aside a provision for the fine. "Today's settlement allows Delivery Hero to address the European Commission's concerns while allowing stakeholders to move on swiftly," it said in a statement. Delivery Hero provides its services in more than 70 countries worldwide including 16 from the European Economic area (EEA) including the EU's 27 states as well as Iceland, Liechtenstein, and Norway. Glovo, now Delivery Hero's subsidiary, is present in over 20 countries worldwide, including eight in the EEA. aro-raz/ec/rl
Yahoo
4 days ago
- Business
- Yahoo
EU hits food delivery company Delivery Hero with 329 mn-euro-fine
The EU on Monday slapped German food delivery company Delivery Hero and its Spanish subsidiary Glovo with a fine worth 329 million euros ($376 million) after they violated antitrust rules. EU regulators concluded Delivery Hero used its stake in Glovo between 2018 and 2022 to limit competition by exchanging sensitive information, agreeing not to poach each other's employees, and to divide among themselves national markets for food delivery. Based in Germany, Delivery Hero has held a 94 percent stake in Spain's Glovo since July 2022, but the EU's formal probe -- launched last year -- focuses on the period before it took sole control. They are two of the biggest food delivery companies in Europe, delivering meals from restaurants, grocery shopping and other non-food products to customers at home ordering via their apps or websites. The European Commission, which acts as the EU's competition watchdog, said the two companies admitted their involvement in the cartel and agreed to pay the fines to settle the case. "Cartels like this reduce choice for consumers and business partners, reduce opportunities for employees and reduce incentives to compete and innovate," it said. Delivery Hero will have to pay a fine worth 223 million euros, while Glovo must pay around 106 million euros, the commission said. "This case is important because these practices were facilitated through an anticompetitive use of Delivery Hero's minority stake in Glovo," EU competition chief Teresa Ribera said in a statement. The two companies had agreed not to actively steal each other's employees, initially covering managers before it was extended to all staff including logistics experts. Their agreement did not cover delivery drivers who were not employees at the time of the infringements, but classified as self-employed. The EU's decision is the first where the commission finds a cartel in the labour market and Ribera said it was "also the first time the Commission is sanctioning a no-poach agreement, where companies stop competing for the best talent and reduce opportunities for workers". - Cartel by WhatsApp - The two companies exchanged commercially sensitive information regarding prices and costs via email as well as WhatsApp chats where, for example, officials would discuss which markets to enter. The commission said Delivery Hero and Glovo agreed to avoid entering countries where one company was already present, and coordinated which one should enter in markets where neither had a presence yet. As of July 2020, the two companies had fully ceased to compete with each other by carefully avoiding being present in the same markets, reducing consumer choice and thus contributing to higher prices. Delivery Hero confirmed it had reached a settlement agreement with the commission in the antitrust probe, saying it had already set aside a provision for the fine. "Today's settlement allows Delivery Hero to address the European Commission's concerns while allowing stakeholders to move on swiftly," it said in a statement. Delivery Hero provides its services in more than 70 countries worldwide including 16 from the European Economic area (EEA) including the EU's 27 states as well as Iceland, Liechtenstein, and Norway. Glovo, now Delivery Hero's subsidiary, is present in over 20 countries worldwide, including eight in the EEA. aro-raz/ec/rl 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
France 24
5 days ago
- Business
- France 24
EU hits food delivery company Delivery Hero with 329 mn-euro-fine
EU regulators concluded Delivery Hero used its stake in Glovo between 2018 and 2022 to limit competition by exchanging sensitive information, agreeing not to poach each other's employees, and to divide among themselves national markets for food delivery. Based in Germany, Delivery Hero has held a 94 percent stake in Spain's Glovo since July 2022, but the EU's formal probe -- launched last year -- focuses on the period before it took sole control. They are two of the biggest food delivery companies in Europe, delivering meals from restaurants, grocery shopping and other non-food products to customers at home ordering via their apps or websites. The European Commission, which acts as the EU's competition watchdog, said the two companies admitted their involvement in the cartel and agreed to pay the fines to settle the case. "Cartels like this reduce choice for consumers and business partners, reduce opportunities for employees and reduce incentives to compete and innovate," it said. Delivery Hero will have to pay a fine worth 223 million euros, while Glovo must pay around 106 million euros, the commission said. "This case is important because these practices were facilitated through an anticompetitive use of Delivery Hero's minority stake in Glovo," EU competition chief Teresa Ribera said in a statement. The two companies had agreed not to actively steal each other's employees, initially covering managers before it was extended to all staff including logistics experts. Their agreement did not cover delivery drivers who were not employees at the time of the infringements, but classified as self-employed. The EU's decision is the first where the commission finds a cartel in the labour market and Ribera said it was "also the first time the Commission is sanctioning a no-poach agreement, where companies stop competing for the best talent and reduce opportunities for workers". Cartel by WhatsApp The two companies exchanged commercially sensitive information regarding prices and costs via email as well as WhatsApp chats where, for example, officials would discuss which markets to enter. The commission said Delivery Hero and Glovo agreed to avoid entering countries where one company was already present, and coordinated which one should enter in markets where neither had a presence yet. As of July 2020, the two companies had fully ceased to compete with each other by carefully avoiding being present in the same markets, reducing consumer choice and thus contributing to higher prices. Delivery Hero confirmed it had reached a settlement agreement with the commission in the antitrust probe, saying it had already set aside a provision for the fine. "Today's settlement allows Delivery Hero to address the European Commission's concerns while allowing stakeholders to move on swiftly," it said in a statement. Delivery Hero provides its services in more than 70 countries worldwide including 16 from the European Economic area (EEA) including the EU's 27 states as well as Iceland, Liechtenstein, and Norway.
Time of India
13-05-2025
- Business
- Time of India
Spain investigating hacking link in blackout that hit daily services
Following last month's widespread blackout, Spain's National Cybersecurity Institute (Incibe) is reportedly scrutinising the cyber defenses of small electricity generators. Investigators are trying to determine if these smaller entities presented a vulnerability that malicious actors could have exploited to disrupt the national power grid. According to a report by The Financial Times, Incibe's inquiries are intensifying the debate surrounding the blackout's cause, particularly whether Spain's reliance on renewable energy played a role. However, senior government officials have expressed "concerns" regarding the cyber security measures in place at smaller power facilities, especially the numerous solar and wind farms that have emerged as Spain has become a leader in renewables, the report said, citing a source familiar with the situation. Cyberattack may be a cause of Spain Blackout While the exact cause of the Iberian power grid collapse on April 28 remains unknown, Spain's energy and environment ministry stated that a cyber attack has not been ruled out, emphasising that "everything remains on the table." Separately, Spain's National High Court has initiated an investigation into the possibility of a cyber attack being the cause. Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like 7 Mahalaxmi by Runwal Enterprises starting from 4.07 Cr* 7 Mahalaxmi Book Now Undo The government revealed last week that Spain experienced 1,00,000 cyber attacks across all sectors in the past year, with 70% targeting businesses and organisations. This announcement coincided with a 1.1 billion euros investment to bolster national cybersecurity. On April 28, a blackout impacted Spain and Portugal, affecting the daily lives of 50 million people across the Iberian Peninsula. The power outage caused widespread disruption, halting subway operations, interrupting phone services, disabling traffic signals, and rendering ATMs unusable. Spanish power distributor Red Eléctrica initially estimated a 6 to 10-hour timeframe for restoring electricity. European Commission Executive Vice President Teresa Ribera, formerly a Spanish minister, stated that current evidence does not suggest sabotage or a cyberattack as the cause. "We are investigating with the utmost caution to determine the specific causes of this incident, which is one of the most serious in Europe in recent times," Ribera commented. AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Agriland
07-05-2025
- Business
- Agriland
EU Commissioner to visit Shannon region
An EU Commissioner to set to visit the Shannon region to see first-hand concerns about flooding, nature restoration and rural transition. EU Executive Vice-President for a Clean, Just and Competitive Transition, Teresa Ribera accepted the invitation from Independent Ireland MEP Ciaran Mullooly following a meeting in Strasbourg. MEP Mullooly said he was 'pleased that the commissioner now had a better understanding of the major issues of concern to farmers, caused by the new Nature Restoration Act and previous historical flooding along the River Shannon catchment area.' Shannon region MEP Mullooly met with the Save Our Shannon Committee in Athlone in February to discuss their concerns. Today (Wednesday, May 7), he handed over a letter from the committee seeking EU support to address ongoing threats to farm incomes, harvesting and livestock losses caused by serious, annual flooding along the River Shannon. 'I am pleased that Commissioner Ribera was in a position to listen to the first-hand stories I presented today of farmers such as Michael Silk from Meelick, Co. Galway, who have spent the last 30 years campaigning for recognition of the special circumstances that the farmers in this region have to live in,' Mullooly said. Commissioner Ribera said she was acutely aware of the issues surrounding the Nature Restoration Act. However, she felt compensation and financial supports must be dealt with in the context of negotiations on the Multi-Annual Funding Framework, or EU budget, and the Common Agricultural Policy (CAP). MEP Mullooly also raised his proposal for a new Just Transition Fund for the Midlands. He emphasised the need to simplify the fund and introduce pre-funding of up to 40% for community groups unable to raise initial funds. He also highlighted the need for greater EU support for local community-led groups in renewable energy scheme projects, enabling citizens to participate and invest in their communities. Executive Vice-President Ribera promised to discuss both matters with her relevant colleagues in the commission.
