Tech Firms Risk Fines of 10% of Sales in EU Power Curb Bid (bloomberg.com) 13
Tech giants deemed to be gatekeepers could face fines as high as 10% of annual revenue if they don't comply with new European Union rules on data usage to be unveiled Tuesday, Bloomberg News reported Monday, citing a draft. From the report: Companies that could include Google, Amazon, and Apple will be banned from using any data from business users to compete with them or from treating their own services more favorably in rankings, among other obligations. Nasdaq futures pared gains. A company that "systemically infringes" the obligations could face orders by the European Commission to make behavioral and structural changes, such as divesting businesses. Companies will be considered to be in systematic non-compliance if the EU has issued at least three fines within a period of five years. The new Digital Markets Act will target "gatekeeper" firms, defined by the European Commission by a number of criteria, including the number of users in the millions and overall revenue in the billions of dollars, as well as their significant impact on the single market, the document said. The designations will be updated by the commission every two years, according to the document.
Europe. (Score:2, Troll)
Re: Europe. (Score:2)
Oh poor USA... are we projecting already?
Look at me. We're the empire now! ;)
(Frankly, I don't wish anything bad on anyone, including the US. So this is sad to me. It's just that after almost a century of being the world's bully, this slight glimps of an incoming power-humbling is overdue. I just hope we're not gonna be dicks to you guys too, because then we deserve no better.)
Re: (Score:1)
Hey EU! (Score:2, Troll)
Nice cloud infrastructure your governments rely on there! Shame if something should happen to it...
Re: Hey EU! (Score:2)
What do you mean?
You really think Google, Facebook, Amazon & co provide oir infrastructure?
And even if they get Cisco and similars to break their contracts with the EU, and lose ever doing business there again even if they com crawling back...
Guess what: Nokia, Ericsson, Huawei & co are happy to replace them.
Oh, and guess where chip fabs get their expensive EUV machines from ... Call me when you got your own ASML.
Dear USA: You are not as irreplaceable as you think. I'm sorry. Dubbya and Trump ruined
Bye Bye Europe (Score:2)
If they hit Facebook (or any large internet company) with a fine of 10% of revenue (For Facebook, ~70 billion revenue in 2019 or a 7 billion dollar fine), Facebook and everyone else would be out of that market overnight.
This might a good strategy for a small country. Make a law you know companies will violate. Make the fine based on global sales. Then Profit!!!!
btw. If Europe is doing this, China will follow. Recognize Taiwan as part of China or pay a fine based on global revenue. Give Aid and Comfort
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Facebook revenue in Europe is about 16bn Euro/year, so pulling out over a 7bn Euro fine would be idiotic.
Re: (Score:2)
What are you talking about? These fines are based on annual world-wide revenue.
Re: Bye Bye Europe (Score:2)
Oh noes! /s
Less vulture capitalism and fewer criminal businesses in the EU? The horrors!
Three? (Score:2)
Sun-Tsu's rule was:
The first time, the leader is at fault. He may not have been perfectly clear about it.
So he makes sure it is perfectly understood, and moves on.
The second time, the follower is at fault. He knew it perfectly well, as was made sure the last time.
So his head comes clean off.
There is no third time.
Same old same old (Score:5, Insightful)
Europe: *does something*
America: WAHHH YUROP HATES FREEDOM AND DEMOCRACY!! LEAVE R GUY ALONE. COMUNISM!!!!
Re: (Score:3)
Can't innovate or build on their own?
ROTFLMAO!!!!
How much of everything you own was made in southeast Asia or China?