DIRS.INFO The most relevant business & tech news

☆ Crown Princess Mary Elizabeth: Why Denmark will give the world the first Australian-born Queen
▼ + stars: | 2024-01-02 | by ( Hilary Whiteman | ) edition.cnn.com time to read: +8 min

Brisbane, Australia CNN —The fairy tale rise of an Australian sales executive to the upper ranks of European royalty is set to be completed Sunday when Crown Princess Mary Elizabeth of Denmark becomes the country’s Queen Consort. Margrethe’s eldest son, Crown Prince Frederik, will become King, while his wife, Crown Princess Mary, will become the first Australian to become Queen, a development that has delighted her supporters back home. Crown Prince Frederik of Denmark and Australian born Crown Princess Mary Elizabeth Donaldson married in May 2004. I will hand over the throne to my son Crown Prince Frederik,” Margrethe said. Danish Crown Princess Mary photographed during the Copenhagen Fashion Week Autumn/Winter 18 on January 30, 2018 in Copenhagen, Denmark.

Persons: Crown Princess Mary Elizabeth of, Consort, Queen Margrethe II, It’s, hasn’t, King Eric III, Margrethe’s, Crown Prince Frederik, Crown Princess Mary, it’s, King, Mary, Prince Frederik of Denmark, Princess Mary Elizabeth Donaldson, Bjarke, Jeremy Rockliff, Princess Mary, ”, King Frederik, ” Rockliff, Prince Christian, “, –, Queen of, Prince Frederik, ” Margrethe, ” Kristian Ring, Hansen Holt, Juliet Rieden, Margrethe, Queen Elizabeth II, Queen Margrethe, Reiden, Prince Joachim, Princess Marie, didn’t, Rieden, Frederik, she’d, Christian Vierig, She’s, she’s, Prince Frederik’s, Genoveva Casanova, Casanova, ‘, Britain’s King Charles III, ” Reiden Organizations: Australia CNN, Crown, Royal House, Getty Images Tasmanian, CNN, Ukraine, ABC, Australian, Monarchs, Copenhagen Cathedral, Mary Foundation, Lecturas, Royal, of State, CNN’s Royal Locations: Brisbane, Australia, Crown Princess Mary Elizabeth of Denmark, Tasmania, Denmark, Sydney, Danish, Copenhagen, Hobart, AFP, Gaza, Queen of Denmark, Scottish, British, Houston , Texas, Europe, Mexican, Spanish, Christiansborg Palace, Mary

The European Commission in its 2016 decision said Apple benefited from two Irish tax rulings for more than two decades that artificially reduced its tax burden to as low as 0.005% in 2014. "The judgment of the General Court on 'tax rulings' adopted by Ireland in relation to Apple should be set aside," he said in a non-binding opinion. "It is therefore necessary for the General Court to carry out a new assessment," Pitruzzella said. Her biggest legal victory to date came in September when the General Court upheld her decision against a 700-million-euro Belgian tax scheme for 55 multinationals. Vestager is currently investigating IKEA brand owner Inter IKEA's Dutch tax arrangement in a case dating from 2017, Nike's (NKE.N) Dutch tax rulings and Finnish food and drink packaging company Huhtamaki's (HUH1V.HE) tax rulings granted by Luxembourg.

Persons: Mike Blake, Margrethe Vestager's, Apple, Apple's, Giovanni Pitruzzella, CJEU, Pitruzzella, Michael McGrath, Court’s, Vestager, Stellantis Organizations: REUTERS, Rights, EU, Apple, European Commission, of Justice, Justice, Court, Ireland, Dublin, Starbucks, IKEA, Inter IKEA's, Thomson Locations: La Jolla , California, U.S, Rights LUXEMBOURG, Ireland, Belgian, Luxembourg

LONDON (AP) — Apple might end up on the hook after all for billions of euros in back taxes to Ireland in the latest twist in a longrunning European Union dispute, following a legal opinion Thursday from an adviser to the bloc's top court. The ECJ's opinions aren’t legally binding, but are often followed by the court. The Court of Justice is expected to come up with its legally binding decision next year. “We thank the court for its time and ongoing consideration in this case," Apple said in a prepared statement. "The General Court’s ruling was very clear that Apple received no selective advantage and no State aid, and we believe that should be upheld.”The European Commission declined to comment.

Persons: Giovanni Pitruzzella, Tim Cook, Donald Trump, Margrethe Vestager, ”, Pitruzzella, “, Apple, Court’s Organizations: European Court of Justice, Apple, ”, European Commission, Court of Justice, European Locations: Ireland, European, U.S

☆ Apple’s fight against a $14 billion EU tax bill suffers a setback
▼ + stars: | 2023-11-09 | by ( ) edition.cnn.com time to read: +3 min

But Advocate General Giovanni Pitruzzella at the European Court of Justice (ECJ) — the EU’s highest court — disagreed, saying judges should set aside the General Court ruling and refer the case back to the lower tribunal. “The judgment of the General Court on ‘tax rulings’ adopted by Ireland in relation to Apple should be set aside,” he said in a non-binding opinion. He said the General Court had committed a series of errors in law. “It is therefore necessary for the General Court to carry out a new assessment,” Pitruzzella said. Her biggest legal victory to date came in September when the General Court upheld her decision against a €700 million ($749 million) Belgian tax scheme for 55 multinationals.

Persons: Margrethe Vestager, Apple, Giovanni Pitruzzella, —, ”, ” Pitruzzella, Michael McGrath, Court’s, Vestager Organizations: Apple, European Commission, European Court of Justice, Justice, Court, Ireland, Dublin, Stellantis, Starbucks, Belgian Locations: Luxembourg, Ireland

☆ Setback for Apple as EU court advisor backs EU's $14 bln tax order
▼ + stars: | 2023-11-09 | by ( ) www.cnbc.com time to read: +1 min

Apple iPhone 15 series devices are displayed for sale at The Grove Apple retail store on release day in Los Angeles, California, on September 22, 2023. The tax case against Apple was part of EU antitrust chief Margrethe Vestager's crackdown against deals between multinationals and EU countries which regulators saw as unfair state aid. The General Court in 2020 upheld Apple's challenge, saying that regulators had not met the legal standard to show Apple had enjoyed an unfair advantage. Advocate General Giovanni Pitruzzella at the EU Court of Justice (CJEU) said CJEU judges should set aside the General Court ruling and refer the case back to the lower tribunal. "The judgment of the General Court on 'tax rulings' adopted by Ireland in relation to Apple should be set aside," he said in a non-binding opinion.

Persons: Margrethe Vestager's, Apple, Apple's, Giovanni Pitruzzella, CJEU Organizations: Apple, Grove Apple, European Commission, EU, of Justice Locations: Los Angeles , California, Ireland

☆ Mysterious gold foil figures found in Norway
▼ + stars: | 2023-10-12 | by ( Taylor Nicioli | ) edition.cnn.com time to read: +7 min

The tiny pieces — intricately detailed gold foil figures discovered during excavations of a pagan religious temple — are a rare find in Norway. A total of 35 gold foil figures have been found at the Hov temple site. The remains of the Hov temple were uncovered in 1993 along with two gold figures. The five latest pieces uncovered were buried under the temple's walls and within post holes of the structure, leading researchers to believe the gold figures were placed there intentionally. The gold foils were pressed into a stamp dye made of bronze, similar to the process of making a coin, according to Watt.

Persons: Ingunn Marit Røstad, “ They’re, ” Røstad, “, Nicolai Eckhoff, ” Echkoff, Kathrine Stene, ”, Røstad, Margrethe Watt, Museum’s, ” Watt, Watt, gullgubber, it’s, ” Eckhoff, Eckhoff Organizations: CNN, Museum, University of Oslo, Kulturhistorisk, Science, Bornholms, telltale, Facebook Locations: Norway, Scandinavia, Oslo, Science Norway, Rønne, Denmark

BRUSSELS, Sept 20 (Reuters) - European Union's second-top court on Wednesday backed an EU competition regulator's decision against a 700-million-euro ($748 million) Belgian tax scheme for 55 multinationals, in a major win for EU antitrust chief's crackdown on sweetheart tax deals. The Luxembourg-based General Court had in 2019 annulled Margrethe Vestager's decision after Belgium and about 30 of the companies challenged it. Beneficiaries of the Belgian scheme that dated from 2005 included U.S. manufacturer Magnetrol, oil company BP (BP.L), chemical producer BASF (BASFn.DE), Wabco, Cellio, Atlas Copco (ATCOa.ST) and Belgacom, now Proximus (PROX.BR) . The EU Court of Justice, Europe's top court, in 2021 however sided with the EU competition enforcer and referred the case back to the lower tribunal. Belgium can still appeal to the EU Court of Justice.

Persons: Margrethe Vestager's, Atlas, Europe's, Foo Yun Chee, Bart Meijer, Tomasz Janowski Organizations: Belgian, EU, BP, BASF, Justice, Belgian Finance Ministry, Thomson Locations: BRUSSELS, EU, Luxembourg, Belgium, Brussels, Amsterdam

A sign is pictured outside a Google office near the company's headquarters in Mountain View, California, U.S., May 8, 2019. Google turned to the Court of Justice of the European Union (CJEU) after the General Court in 2021 threw out its challenge to the fine levied by EU antitrust chief Margrethe Vestager in 2017. Google lawyer Thomas Graf said the European Commission had failed to show that the company's different treatment of rivals was abusive and that different treatment alone was not anti-competitive. "Qualifying every different treatment, and in particular different treatment of first party and third party businesses, as abusive would undermine competition. Commission lawyer Fernando Castillo de la Torre dismissed Google's arguments, saying the company had used its algorithms to unfairly favour its price comparison shopping service, in breach of EU antitrust laws.

Persons: Paresh Dave, Margrethe Vestager, Thomas Graf, Graf, Fernando Castillo de la Torre, Google's, Foo Yun Chee, David Evans Organizations: REUTERS, Google, Justice, European Union, European Commission, v, Thomson Locations: Mountain View , California, U.S

The logo of the European Investment Bank is pictured in the city of Luxembourg, Luxembourg, March 25, 2017. Also interested are the politically non-affiliated Italian central banker Daniele Franco, Poland's right-wing former Finance Minister and current EIB Vice President Teresa Czerwinska, and Sweden's socialist former Energy Minister and also current EIB Vice President Thomas Ostros. "We can say we are really spoilt for choice because all the candidates are excellent," German Finance Minister Christian Lindner told reporters on Thursday. The EIB is the lending arm of the EU and is active in 160 countries offering loans, guarantees, equity investments and advisory services. Germany's Deputy Central Bank Governor Claudia Buch and her Spanish counterpart Margarita Delgado are both in the running.

Persons: Eric Vidal, Vincent van Peteghem, Germany's Werner Hoyer, Margrethe Vestager, Nadia Calvino, Daniele Franco, Poland's, Teresa Czerwinska, Thomas Ostros, Christian Lindner, Central Bank Governor Claudia Buch, Margarita Delgado, Buch, Vestager, Emmanuel Macron, Richard Chang Organizations: European Investment Bank, Reuters, Rights, Belgian, Union, European Commission, Finance, Energy, European Central Bank, Germany's, Central Bank Governor, SSM, Thomson Locations: Luxembourg, Rights BRUSSELS, Italian, Spanish, EU, Paris, Spain

☆ New boss will be EIB’s chance to stay relevant
▼ + stars: | 2023-09-07 | by ( Rebecca Christie | ) www.reuters.com time to read: +5 min

Flags are seen behind the logo of the European Investment Bank in the city of Luxembourg, Luxembourg, March 25, 2017. Reuters/Eric Vidal Acquire Licensing RightsBRUSSELS, Sept 7 (Reuters Breakingviews) - The European Investment Bank has a chance to remake itself when it gains a new leader next year. The EIB has been making infrastructure loans since 1958, and now channels some 65 billion euros in annual financing to the economy. To do that, the next EIB chief will need to let the bank shoulder more risk, as suggested by Vestager on Thursday. By comparison, the World Bank has $240 billion loans outstanding.

Persons: Eric Vidal, Werner Hoyer, Nadia Calviño, Denmark’s Margrethe Vestager, Daniele Franco, Teresa Czerwińska, Thomas Östros, Vestager, Margrethe Vestager, Spain’s Nadia Calviño, Poland’s Teresa Czerwińska, Italy’s Daniele Franco, Sweden’s Thomas Östros, Denmark’s Vestager, Neil Unmack, Streisand Neto Organizations: European Investment Bank, Reuters, Rights, Spanish, World Bank, AAA, European Union, Financial Times, European Investment, Union, Thomson Locations: Luxembourg, Rights BRUSSELS, Italian, Europe, Ukraine, France, Spain

For the Biden administration, “the only thing they can pretty much do to counteract Saudi cuts is to bring more oil into the market from other countries,” León said. “Iran and Venezuela are the best candidates,” he added, even if it’s politically unpalatable to fully reopen talks with them. Domestic producers of oil from shale won’t fill the void in the short term. The SPAC buying Donald Trump’s social network gets more time for its deal. Shareholders in Digital World Acquisition Corporation voted to give the firm 12 more months to close its merger with Truth Social.

Persons: Biden, ” León, León, ’, Margrethe Vestager, Didier Reynders, Vestager, Donald Trump’s Organizations: European Investment Bank, European Commission, Truth Locations: Iran, Venezuela, States, Washington

☆ Adobe's Figma deal faces EU competition investigation
▼ + stars: | 2023-08-07 | by ( Foo Yun Chee | ) www.reuters.com time to read: +2 min

REUTERS/Dado Ruvic/IllustrationBRUSSELS, Aug 7 (Reuters) - Adobe's (ADBE.O) $20 billion bid for cloud-based designer platform Figma could reduce competition in global markets for interactive product design tools and also shut out rivals, EU antitrust regulators said on Monday. The European Commission said it opened a full-scale investigation into the deal after a preliminary review triggered concerns, confirming a Reuters story last month. The deal would remove an important rival and could allow Photoshop maker Adobe to restrict competition in the global markets for supply of interactive product design tools, the EU antitrust watchdog said. It said the acquisition could also affect Figma's potential for growth into an effective competitor to Adobe's asset creation tools and effectively reduce competition in interactive product design tools by bundling Figma with Adobe's Creative Cloud suite. The EU competition enforcer said it would decide by Dec. 14 whether to clear or block the deal.

Persons: Dado Ruvic, Competition Margrethe Vestager, Adobe, Foo Yun, Sharon Singleton, David Goodman Organizations: REUTERS, European Commission, Reuters, Tech, Zoom Video Communications, Adobe, Competition, EU, Thomson Locations: BRUSSELS

☆ An ‘Oppenheimer’ Reading List
▼ + stars: | 2023-07-28 | by ( Amanda Taub | ) www.nytimes.com time to read: +2 min

Rhodes’s Pulitzer-winning book has been having a renaissance among people grappling with the potential destructive force of other new technologies. Writing in The Atlantic, Charlie Warzel called it “a kind of holy text for a certain type of A.I. researcher — namely, the type who believes their creations might have the power to kill us all.”Long before “Oppenheimer,” a different portrayal of atomic science captured my imagination. (I think it works best as a live play, but if you’re looking for streaming options, the BBC did make a television version starring Daniel Craig in 2002 and a radio version starring Benedict Cumberbatch and Simon Russell Beale in 2013.) But inside, readers found that the entire thing was devoted to one single article: “Hiroshima,” by John Hersey.

Persons: Rhodes’s Pulitzer, Charlie Warzel, ”, “ Oppenheimer, Michael Frayn, Werner Heisenberg, Nils Bohr, Heisenberg, Bohr, Margrethe —, Daniel Craig, Benedict Cumberbatch, Simon Russell Beale, John Hersey, Hersey, Suzanne Batchelor, “ Organizations: BBC, Yorker Locations: Copenhagen, Danish, Hiroshima, ”, Central Texas, “ Hiroshima

The U.S. tech giant has racked up 2.2 billion euros ($2.5 billion) in EU antitrust fines in the previous decade for practices in breach of EU competition rules, including tying or bundling two or more products together. Teams, which Microsoft added to Office 365 in 2017 for free to eventually replace Skype for Business, soared in popularity during the pandemic especially after it offered video conferencing. Reuters reported earlier this month that the EU antitrust watchdog was set to open a probe after Microsoft declined to offer bigger price cuts on its Office without Teams. German rival alfaview, which last week filed a complaint similar to Slack's with the EU executive, welcomed the EU investigation. EU fines for antitrust violations can go as high as 10% of a company's global turnover.

Persons: Margrethe Vestager, Niko Fostiropoulos, Foo Yun Chee, Sudip Kar, Gupta, David Evans, Jane Merriman Organizations: Microsoft, European Union, European Commission, Salesforce, Skype, Business, Reuters, EU, Commission, Thomson Locations: BRUSSELS, U.S, Europe

☆ Analysis: French backlash scuppers appointment of US economist for EU Big Tech regulation
▼ + stars: | 2023-07-19 | by ( Foo Yun Chee | ) www.reuters.com time to read: +4 min

Vestager said she accepted Scott Morton's decision to quit with regret but economists warned that the debacle will leave the bloc's competition commissioner weakened. Vestager should have been more transparent on possible conflicts of interest, said EU lawmaker Paul Tang from the Netherlands. That didn't help the candidature of Scott Morton," he said. Vestager's defence of her choice at a hearing on Tuesday was disappointing, said EU lawmaker and French lawyer Stephanie Yon-Courtin, who opposed Scott Morton's appointment. The issue with this nomination was neither American nor French, it is a matter of European interest," she said.

Persons: Margrethe Vestager, Fiona Scott Morton, Scott Morton, Emmanuel Macron, Vestager, Scott Morton's, Paul Tang, Stephanie Yon, Alexandre De Streel, Jean Tirole, Jacques Cremer, Foo Yun Chee, Elaine Hardcastle Organizations: Union, Apple, Microsoft, Commission, EU, U.S . Department of Justice, Big Tech, European Union, Amazon, Namur University, Toulouse School of Economics, Thomson Locations: BRUSSELS, U.S, France, Yale, Netherlands, American

☆ U.S. professor declines EU job offer after backlash from lawmakers
▼ + stars: | 2023-07-19 | by ( Silvia Amaro | ) www.cnbc.com time to read: +1 min

American citizen and Yale professor Fiona Scott Morton decided not to take up a key job in the heart of the European Union after facing significant backlash from politicians in the bloc. Scott Morton had been nominated earlier this month to take the role of chief competition economist, a prominent role in the team of Margrethe Vestager, the EU's competition chief. I have determined that the best course of action is for me to withdraw and not take up the Chief Economist position," she said in a letter to Vestager shared online Wednesday morning. The EU's competition chief faced intense questioning from European lawmakers Tuesday for nominating Scott Morton. The criticism focused on her nationality (the fact that she isn't European) and her previous work consulting for Big Tech.

Persons: Fiona Scott Morton, Scott Morton, Margrethe Vestager, Vestager, Emmanuel Macron Organizations: Yale, European Union, Big Tech Locations: Brussels

☆ US economist's Big Tech experience is good for EU, EU's Vestager says
▼ + stars: | 2023-07-18 | by ( ) www.reuters.com time to read: 1 min

BRUSSELS, July 18 (Reuters) - U.S. economist Fiona Scott Morton's experience from her consulting work for Big Tech, will stand her in good stead in her new job as chief economist at the European Commission, EU antitrust chief Margrethe Vestager told EU lawmakers on Tuesday as she defended her choice. "I think it's a good thing to come with experience, she knows our system inside out," Vestager said, addressing concerns of conflicts of interest due to Scott Morton's consulting work for Big Tech. Reporting by Foo Yun CheeOur Standards: The Thomson Reuters Trust Principles.

Persons: Fiona Scott Morton's, Margrethe Vestager, Vestager, Scott Morton's, Foo Yun Chee Organizations: Big Tech, European Commission, Thomson Locations: BRUSSELS

BRUSSELS, July 18 (Reuters) - French President Emmanuel Macron on Tuesday criticised EU antitrust chief Margrethe Vestager's decision to hire a U.S. economist over a European to help oversee Big Tech, adding her previous work could lead to conflicts of interest. Macron added he was "attached to reciprocity", and noted that the U.S. and China would not have appointed an overseas national in such a role. Scott Morton will advise the European Commission on its investigations into Big Tech and its enforcement of a series of landmark rules to rein in tech giants. Macron pointed to her previous work for "many companies" as something that could also result in conflicts of interest. She said previous chief economists at the Commission had also done consulting work without posing any issues.

Persons: Emmanuel Macron, Margrethe Vestager's, Vestager, Fiona Scott Morton, Barack Obama's, Macron, Scott Morton, Jean Tirole, Scott Morton's, Sudip Kar, Bernadette Baum, Sharon Singleton, Jan Harvey Organizations: Big Tech, U.S . Department of Justice, European Union, Commission, Thomson Locations: BRUSSELS, Europe, China

☆ EU's competition chief Margrethe Vestager under fire for hiring a U.S. economist
▼ + stars: | 2023-07-18 | by ( Silvia Amaro | ) www.cnbc.com time to read: +2 min

Executive Vice President Margrethe Vestager is answering questions from lawmakers on considering giving a top job in her cabinet to a U.S. citizen. Europe's powerful competition chief, Margrethe Vestager, is under fire for hiring an American citizen for one of her team's top jobs. Vestager, who's been leading investigations into Big Tech for almost 10 years, is due to answer questions from European lawmakers Tuesday after appointing Fiona Scott Morton, a professor at the Yale School of Management, as chief competition economist at the European Commission, the EU's executive arm. Laurence Boone, France's secretary for Europe, said on Twitter that she had spoken with Vestager about this nomination, adding that "Europe has many talented economists." "I invite the European Commission to reconsider its choice," he added.

Persons: Margrethe Vestager, who's, Fiona Scott Morton, Laurence Boone, Jean, Noël Organizations: Big Tech, Yale School of Management, European Commission, Twitter, Commission, CNBC Locations: Europe, Brussels

☆ EU Commission sticks to US economist pick for senior antitrust job
▼ + stars: | 2023-07-14 | by ( Foo Yun Chee | ) www.reuters.com time to read: +2 min

BRUSSELS, July 14 (Reuters) - The European Commission stuck to its guns on Friday, saying it was not reconsidering EU antitrust chief Margrethe Vestager's pick of a U.S. economist to a senior job helping to oversee Big Tech despite criticism from French ministers and EU lawmakers. Fiona Scott Morton, 56, the former chief economist at the U.S. Department of Justice during former President Barack Obama's tenure, will take up her three-year stint on Sept. 1 when the current chief economist, Pierre Regibeau, retires. She will be the first non-EU national, first U.S. national and first woman for the job. They cited the strategic importance of the post, potential conflicts of interest due to Scott Morton's previous work with Big Tech, and her previous public antitrust comments. Head of the centre-right group European People's Party Manfred Weber, president of the liberals' group Renew Europe Stephane Sejourne, head of the socialists group Iratxe Garcia Perez and the heads of the green party Philippe Lamberts and Terry Reintke said they opposed the new hire.

Persons: Margrethe Vestager's, Fiona Scott Morton, Barack Obama's, Pierre Regibeau, Vestager, Scott Morton's, Dana Spinant, European People's Party Manfred Weber, Europe Stephane Sejourne, Iratxe Garcia Perez, Philippe Lamberts, Terry Reintke, Scott Morton, Foo Yun Chee, Jan Harvey Organizations: European Commission, Big Tech, U.S . Department of Justice, EU, European People's Party, Thomson Locations: BRUSSELS, U.S, Europe

BRUSSELS/PARIS, July 13 (Reuters) - France's foreign minister and government minister have called EU antitrust chief Margrethe Vestager to reconsider her appointment of a U.S. economist and former antitrust official to a senior job at the European Commission overseeing Big Tech. Vestager on Tuesday announced the hiring of Fiona Scott Morton, the former chief economist at the U.S. Department of Justice during former President Barack Obama's tenure. Scott Morton will take up her post on Sept. 1 when the current chief economist, Pierre Regibeau, retires. French foreign minister Catherine Colonna said she was astonished at the appointment. "I invite the @EU_Commission to reconsider their choice."

Persons: Margrethe Vestager, Fiona Scott Morton, Barack Obama's, Scott Morton, Pierre Regibeau, Catherine Colonna, Jean, Noel Barrot, Foo Yun Chee, Conor Humphries Organizations: European Commission, Big Tech, Vestager, Tuesday, U.S . Department of Justice, Charles River Associates, DG, Thomson Locations: BRUSSELS, PARIS, France, Europe

☆ Illumina hit with record $476 million EU antitrust fine over Grail deal
▼ + stars: | 2023-07-12 | by ( Foo Yun Chee | ) www.reuters.com time to read: +3 min

SummaryCompanies Fine corresponds to 10% of Illumina global turnoverGrail given symbolic 1,000-euro fine for active roleIllumina says fine disproportionate, will appealBRUSSELS, July 12 (Reuters) - U.S. genetic testing company Illumina (ILMN.O) was fined a record 432-million-euro ($476 million) by the EU on Wednesday for closing its takeover of cancer test maker Grail (GRAL.O) before securing EU antitrust approval. By closing the deal prematurely, Illumina was able to exercise a decisive influence over Grail, the EU enforcer said, calling the move unprecedented and a very serious infringement. Illumina and Grail knowingly and deliberately did so by implementing their tie-up as we were still investigating," EU antitrust chief Margrethe Vestager said in a statement. The company has challenged the EU veto of the deal, its decision to examine the deal despite not meeting the EU merger criteria and the EU order to keep Grail separate so that it can unwind the deal. It said success in the second case would nullify the EU fine and expects the EU court to rule in late 2023 or early 2024.

Persons: Illumina, Margrethe Vestager, Grail, Ilumina, Foo Yun Chee, Elaine Hardcastle Organizations: EU, European Commission, Regulators, U.S . Federal Trade Commission, Thomson Locations: BRUSSELS, U.S, EU

☆ Broadcom's $61 billion VMware deal wins conditional EU antitrust OK
▼ + stars: | 2023-07-12 | by ( Foo Yun Chee | ) www.reuters.com time to read: +1 min

BRUSSELS, July 12 (Reuters) - U.S. chipmaker Broadcom (AVGO.O) secured EU antitrust approval on Wednesday for its $61 billion proposed acquisition of cloud computing firm VMware (VMW.N) after offering remedies to help rival Marvell Technology (MRVL.O). The deal, Broadcom's largest ever, will help the chipmaker diversify into enterprise software. Broadcom offered Marvell and other rivals interoperability commitments related to its Fibre Channel Host-Bus Adapters (FC HBAs), a kind of storage adapters, the European Commission said, confirming a Reuters story last month. Marvell and other rivals will also have guaranteed access to the source code for all of Broadcom's current and future FC HBA drivers through an irrevocable open source license. "The commitments offered by Broadcom will enable its only rival Marvell, to continue competing on equal footing and ensure a similar protection for any future entrants," EU antitrust chief Margrethe Vestager said in a statement.

Persons: Marvell, Margrethe Vestager, Foo Yun Chee, Jason Neely Organizations: chipmaker Broadcom, VMware, Marvell Technology, Broadcom, Marvell, Fibre, HBAs, European Commission, Reuters, FC HBAs, FC HBA, U.S . Federal Trade Commission, European Union, Thomson Locations: BRUSSELS, Australia, Brazil, Canada, South Africa, Taiwan

☆ EU looks to take lead in metaverse world, avoid Big Tech dominance
▼ + stars: | 2023-07-11 | by ( Foo Yun Chee | ) www.reuters.com time to read: +1 min

BRUSSELS, July 11 (Reuters) - The European Commission on Tuesday set out a plan in a bid to take the lead in the metaverse - shared virtual worlds accessible through the internet - and to prevent Big Tech dominating a nascent sphere that could boost economic growth. The EU initiative comes as Facebook owner Meta Platforms (META.O), Microsoft (MSFT.O) and Apple (AAPL.O) work on metaverse products or services, prompting fears that the companies may get an unfair advantage over smaller rivals. "We need to have people at the centre and shape it according to our EU digital rights and principles, to address the risks regarding privacy or disinformation. Last week, she said that there are no plans to regulate the metaverse for now but expects the raft of rules enacted in recent years, including privacy, market power and the upcoming artificial intelligence regulation to apply to the new field. Reporting by Foo Yun CheeOur Standards: The Thomson Reuters Trust Principles.

Persons: Margrethe Vestager, Foo Yun Chee Organizations: European Commission, Big Tech, Meta, Microsoft, Apple, EU, Thomson Locations: BRUSSELS, EU

☆ Metaverse has set off no alarms or need for controls yet - EU's Vestager
▼ + stars: | 2023-07-06 | by ( Foo Yun Chee | ) www.reuters.com time to read: +2 min

BRUSSELS, July 6 (Reuters) - The metaverse, shared virtual worlds accessible through the internet, has not triggered any concerns so far or the need for legislation to rein it in, EU antitrust chief Margrethe Vestager said on Thursday. An initiative that she will present on the metaverse next week aims to help competition regulators understand the industry's dynamics, Vestager said. "Actually we see that there is a lot of innovation when it comes to virtual worlds. The initiative to be announced next week proposes a toolbox with guidelines on taking part in virtual worlds and one to fight counterfeiting, according to a document seen by Reuters. It also proposes standards for open and interoperable virtual worlds to avoid the dominance of a few and the introduction of regulatory sandboxes.

Persons: Margrethe Vestager, Vestager, Foo Yun, Ros Russell, Devika Organizations: Facebook, Meta, Microsoft, Apple, Reuters, Commission, Big Tech, Thomson Locations: BRUSSELS, Europe

Search resuls for: "Margrethe"

25 mentions found