US Tech Majors Stare At 6-10% Fines As European Union Set Rules To Curb Their Power

Amazon, Apple, Facebook and Alphabet unit Google may have to alter their business practices in Europe or face stiff fines between 6-10% under new draft European Union (EU) rules to be announced on Tuesday.

The rules are the most stringent attempt by the 27-country bloc to rein in the US tech giants’ power that control troves of data and online platforms on which thousands of companies and millions of Europeans rely on.

They also mark the European Commission’s frustration with its antitrust cases against the tech giants, notably Google, which critics say did not address the problem.

Regulatory scrutiny has been growing worldwide of tech giants and their power.

European Competition Commissioner Margrethe Vestager and EU Internal Market Commissioner Thierry Breton will present the rules, a bid not just to rein in tech giants but also to prevent the emergence of anti-competitive dominant companies.

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