MSFT - Apple Faces EU Antitrust Probe For Breaking Digital Rules Tim Cook's Company May Face Fine Up To 10% Of Global Revenue | Benzinga
Brussels has accused Apple Inc. (NASDAQ:AAPL) of violating European Union regulations. The tech giant could face a penalty of up to 10% of its global annual revenue.
What Happened: Belgium has accused Apple of stifling competition on its app store, marking the first time EU regulators have used new digital rules on a big tech group, reported the Financial Times on Monday.
The regulatory action is under the Digital Markets Act, which aims to break the dominance of large technology platforms and support startups.
If Apple is found guilty, it could face a penalty of up to 10% of its global annual revenue. The fines could increase to 20% if the offense is repeated, the EU stated.
"Apple's new slogan should be ‘act different'. Today we take further steps to ensure Apple complies with the DMA rules," Thierry Breton, the EU internal market commissioner, said.
The commission’s preliminary findings have to be finalized ...