EU Set to Fine Apple 500 Million Euros Over Alleged Breaches of Competition Law
EU to Impose Hefty Fine on Apple
The European Union is preparing to levy a fine of approximately 500 million euros (equivalent to $539 million) on tech giant Apple over alleged violations of EU competition laws. This comes as a result of an investigation into the company’s business practices, as reported by the Financial Times, citing sources familiar with the matter.
Imminent Announcement of Fine
The fine is expected to be officially announced in the early days of next month, according to the report by the FT. The impending penalty stems from allegations that Apple has been distorting competition within the music streaming market through its App Store rules, which restrict developers from informing users about alternative purchasing options.
EU’s Accusations Against Apple
Last year, the European Commission accused Apple of engaging in anti-competitive behavior that severely impacts fair competition in the market. The specific focus of these accusations is on the restrictions placed on developers within the App Store, which hinder their ability to inform users about alternative purchasing options in the music streaming sector.
No Comment from European Commission or Apple
Both the European Commission and Apple have refrained from making any comments in response to the report published by the Financial Times. This development leaves the situation open to further speculation as the impending fine continues to hang over the technology company.
It is important to note that the exchange rate at the time of reporting is $1 = 0.9282 euros.
