Latest news with #Virkkunnen
Yahoo
07-03-2025
- Business
- Yahoo
EU denies picking on US tech giants, says US also tackling monopolisation
By Foo Yun Chee BRUSSELS (Reuters) - Europe's new tech rule aims to keep digital markets open and is not targeted at U.S. tech giants, EU antitrust and tech chiefs told U.S. congressmen, reminding them that U.S. enforcers have in recent years also cracked down on these companies. The comments by EU antitrust chief Teresa Ribera and EU tech chief Henna Virkkunnen came after U.S. House Judiciary Chair Jim Jordan and Scott Fitzgerald, chairman of the subcommittee on the administrative state, regulatory reform and antitrust demanded clarifications on the Digital Markets Act (DMA). See for yourself — The Yodel is the go-to source for daily news, entertainment and feel-good stories. By signing up, you agree to our Terms and Privacy Policy. "The DMA does not target U.S. companies," Ribera and Virkkunnen wrote in a joint letter dated March 6 to Jordan and Fitzgerald seen by Reuters. "It applies to all companies which fulfil the clearly defined criteria for being designated as a gatekeeper in the European Union irrespective of where they are headquartered," they said. Ribera and Virkkunnen also dismissed criticism that the DMA hinders innovation. "By preventing gatekeepers from engaging in unfair practices vis-à-vis smaller companies, the DMA keeps the door open to the next wave of innovation in vital digital markets," they said. They pointed to similar concerns of unfair practices that led to U.S. antitrust investigations and lawsuits filed under the first Trump administration and other recent actions against Alphabet's Google, Amazon, Apple and Meta Platforms. Ribera and Virkkunnen also rejected claims that EU antitrust fines are a form of European tax on American companies. U.S. President Donald Trump in a memorandum last month threatened to impose tariffs against countries which impose fines on U.S. companies. "The objective of DMA enforcement, as in any other piece of EU law, is to ensure compliance – not to issue fines. Possible sanctions, also common to U.S. laws and regulations, are not an end in themselves but a prerequisite for credible engagement," they said.
Yahoo
07-03-2025
- Business
- Yahoo
EU denies picking on US tech giants, says US also tackling monopolisation
By Foo Yun Chee BRUSSELS (Reuters) - Europe's new tech rule aims to keep digital markets open and is not targeted at U.S. tech giants, EU antitrust and tech chiefs told U.S. congressmen, reminding them that U.S. enforcers have in recent years also cracked down on these companies. The comments by EU antitrust chief Teresa Ribera and EU tech chief Henna Virkkunnen came after U.S. House Judiciary Chair Jim Jordan and Scott Fitzgerald, chairman of the subcommittee on the administrative state, regulatory reform and antitrust demanded clarifications on the Digital Markets Act (DMA). "The DMA does not target U.S. companies," Ribera and Virkkunnen wrote in a joint letter dated March 6 to Jordan and Fitzgerald seen by Reuters. "It applies to all companies which fulfil the clearly defined criteria for being designated as a gatekeeper in the European Union irrespective of where they are headquartered," they said. Ribera and Virkkunnen also dismissed criticism that the DMA hinders innovation. "By preventing gatekeepers from engaging in unfair practices vis-à-vis smaller companies, the DMA keeps the door open to the next wave of innovation in vital digital markets," they said. They pointed to similar concerns of unfair practices that led to U.S. antitrust investigations and lawsuits filed under the first Trump administration and other recent actions against Alphabet's Google, Amazon, Apple and Meta Platforms. Ribera and Virkkunnen also rejected claims that EU antitrust fines are a form of European tax on American companies. U.S. President Donald Trump in a memorandum last month threatened to impose tariffs against countries which impose fines on U.S. companies. "The objective of DMA enforcement, as in any other piece of EU law, is to ensure compliance – not to issue fines. Possible sanctions, also common to U.S. laws and regulations, are not an end in themselves but a prerequisite for credible engagement," they said. Sign in to access your portfolio
Reuters
07-03-2025
- Business
- Reuters
EU denies picking on US tech giants, says US also tackling monopolisation
BRUSSELS, March 7 (Reuters) - Europe's new tech rule aims to keep digital markets open and is not targeted at U.S. tech giants, EU antitrust and tech chiefs told U.S. congressmen, reminding them that U.S. enforcers have in recent years also cracked down on these companies. The comments by EU antitrust chief Teresa Ribera and EU tech chief Henna Virkkunnen came after U.S. House Judiciary Chair Jim Jordan and Scott Fitzgerald, chairman of the subcommittee on the administrative state, regulatory reform and antitrust demanded clarifications on the Digital Markets Act (DMA). "The DMA does not target U.S. companies," Ribera and Virkkunnen wrote in a joint letter dated March 6 to Jordan and Fitzgerald seen by Reuters. "It applies to all companies which fulfil the clearly defined criteria for being designated as a gatekeeper in the European Union irrespective of where they are headquartered," they said. Ribera and Virkkunnen also dismissed criticism that the DMA hinders innovation. "By preventing gatekeepers from engaging in unfair practices vis-à-vis smaller companies, the DMA keeps the door open to the next wave of innovation in vital digital markets," they said. They pointed to similar concerns of unfair practices that led to U.S. antitrust investigations and lawsuits filed under the first Trump administration and other recent actions against Alphabet's (GOOGL.O), opens new tab Google, Amazon (AMZN.O), opens new tab, Apple (AAPL.O), opens new tab and Meta Platforms (META.O), opens new tab. Ribera and Virkkunnen also rejected claims that EU antitrust fines are a form of European tax on American companies. U.S. President Donald Trump in a memorandum last month threatened to impose tariffs against countries which impose fines on U.S. companies. "The objective of DMA enforcement, as in any other piece of EU law, is to ensure compliance – not to issue fines. Possible sanctions, also common to U.S. laws and regulations, are not an end in themselves but a prerequisite for credible engagement," they said.
Reuters
28-02-2025
- Business
- Reuters
Industry groups urge quick adoption of EU cybersecurity label that favours Big Tech
BRUSSELS, Feb 28 (Reuters) - Twenty-three industry groups across Europe have urged EU tech chief Henna Virkkunnen to adopt a draft cybersecurity certification scheme (EUCS) for cloud services that was tweaked last year in favour of Amazon (AMZN.O), opens new tab, Alphabet's (GOOGL.O), opens new tab Google and Microsoft (MSFT.O), opens new tab. The call came amid signs that the European Commission may delay adopting or even scrap the proposal, which has gone through several changes since it was unveiled by EU cybersecurity agency ENISA in 2020. The labelling scheme aims to help governments and companies pick a secure and trusted vendor for their cloud computing needs. The global cloud computing industry generates billions of euros in yearly revenue. "We would like to respectfully urge your support for the swift adoption of the European Cybersecurity Certification Scheme for Cloud Services," the groups said in a joint letter dated February 11 to Virkkunnen seen by Reuters. They said the March 2024 draft"made good progress in balancing between robust security standards and the inclusive, open-market principles that are critical for the growth and resilience of Europe's digital economy". The groups said the 2024 changes - which included scrapping provisions requiring U.S. tech giants to set up a joint venture or cooperate with an EU-based company to store customer data in the bloc in exchange for the highest level of the cybersecurity label - allow the scheme to focus on technical criteria rather than political ones. Signatories to the letter include Allied for StartUps, the American Chamber of Commerce in Estonia, Finland, Italy, Romania and Spain, the Association of German Banks, Germany's Association of the Internet Industry and Italian startup group InnovUp. The Irish Business and Employers Confederation, Dutch group Nederland Digitaal and Portugal's Association for the Promotion and Development of the Information Society also signed the letter. The Commission confirmed receipt of the letter and said it would reply in due course.
