financetom
Business
financetom
/
Business
/
Exclusive-Amazon likely to face investigation under EU tech rules next year, sources say
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
Exclusive-Amazon likely to face investigation under EU tech rules next year, sources say
Nov 21, 2024 6:40 PM

BRUSSELS (Reuters) - Amazon ( AMZN ) will likely face an EU investigation next year into whether it favours its own brand products on its online marketplace as European antitrust regulators build up a case under landmark rules, people with direct knowledge of the matter said.

The U.S. online retailer could face a fine of up to 10% of its global annual turnover if it is found guilty of breaching the European Union's Digital Markets Act (DMA) which seeks to rein in the power of Big Tech.

The timing and decision on whether to go ahead with an investigation will be taken by incoming EU antitrust chief Terera Ribera in the coming months, the people said. The Spaniard is set to take up her post next month, replacing outgoing Margrethe Vestager.

Amazon ( AMZN ) said it is compliant with the DMA and has engaged constructively with the Commission on its plans since the designation of two of its services as important gateways between businesses and consumers and thus subject to the new rules.

The DMA, which came into effect last year, prohibits Amazon ( AMZN ) and six other Big Tech companies from giving preference to their products and services on their platforms, among other requirements.

The European Commission, which acts as the EU antitrust enforcer, in March said it was gathering facts and information on Amazon's ( AMZN ) treatment of its own brand products on the Amazon Store.

It declined to comment on Thursday.

In its compliance report published in March, Amazon ( AMZN ) said its ranking models do not differentiate on whether the product is sold by Amazon Retail or a Seller or whether it is an Amazon ( AMZN ) product or a third-party product.

Apple, Alphabet's Google and Meta Platforms are currently being investigated under the DMA, with Ribera set to decide on the outcomes and not Vestager, one of the people said.

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
Update: Real Good Food Signs $60 Million Term Loan; Shares Surge Premarket
Update: Real Good Food Signs $60 Million Term Loan; Shares Surge Premarket
Sep 27, 2024
04:58 AM EDT, 09/27/2024 (MT Newswires) -- (Updates with the stock move in the second paragraph.) Real Good Food ( RGF ) said late Thursday that it entered into an agreement with Emblem Investments Fund I, for a new term loan of $60 million and amended its financing with PMC Financial Services Group. Shares of the company jumped over 36%...
Memecoin Inspired By Baby Hippo 'Moo Deng' Jumps 700% Since Launch, Market Cap Surges Past $190M
Memecoin Inspired By Baby Hippo 'Moo Deng' Jumps 700% Since Launch, Market Cap Surges Past $190M
Sep 27, 2024
After melting hearts with her cute mannerisms, viral internet sensation Moo Deng is helping cryptocurrency traders multiply profits. What happened:  The adorable baby hippo has been charming social media users and attracting long queues at the Thailand zoo where she is housed, ever since the first few videos of her playful nature surfaced. And, as with most viral phenomena these...
Dell Technologies Orders Sales Employees to Work at Office 5 Days per Week
Dell Technologies Orders Sales Employees to Work at Office 5 Days per Week
Sep 27, 2024
05:08 AM EDT, 09/27/2024 (MT Newswires) -- Dell Technologies ( DELL ) has ordered its sales employees to work at the company offices five days a week beginning Sept. 30, multiple news outlets reported Thursday, citing a memo. Working remotely should be the exception rather than the routine, the company said in the memo, adding that the change will help...
News Corp-owned REA sweetens takeover offer for UK's Rightmove to $8.3 bln
News Corp-owned REA sweetens takeover offer for UK's Rightmove to $8.3 bln
Sep 27, 2024
Sept 27 (Reuters) - Australia's REA Group ( RPGRF ), owned by Rupert Murdoch controlled-News Corp ( NWSA ), on Friday bumped up its takeover bid for Rightmove ( RTMVF ) to 6.2 billion pounds ($8.29 billion) after the UK firm rejected three of its previous offers. The new proposal from REA, a property listing firm, comprises of an offer...
Copyright 2023-2026 - www.financetom.com All Rights Reserved