Tech Firms Risk Fines of 10% of Sales in EU Power Curb Bid
- Companies could face orders from EU to divest businesses
- EU has said gatekeeper rules should complement antitrust law
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Tech giants deemed to be gatekeepers could face fines as high as 10% of annual revenue if they don’t comply with new European Union rules on data usage to be unveiled Tuesday, according to a draft of the regulation seen by Bloomberg News.
Companies that could include Google, Amazon.com Inc., and Apple Inc. will be banned from using any data from business users to compete with them or from treating their own services more favorably in rankings, among other obligations. Nasdaq futures pared gains.