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An Italian assistant to MEP Fulvio Martusciello faces extradition to Belgium over Huawei-linked corruption charges, including money laundering and criminal association. Luciana Simeone is accused of distributing funds for MEPs to sign letters supporting 5G deployment, avoiding direct mention of Huawei. The investigation implicates several MEPs and intermediaries in a cash-for-influence scheme, with payments allegedly funneled through fake invoices.
The EU Court has upheld a €172.3 million fine on UBS for its role in a cartel involving the trading of European government bonds, alongside six other banks. While fines for Unicredit and Nomura were slightly reduced, the court confirmed the serious anticompetitive behavior of the banks during a financial crisis. In other news, Google's AI feature is now available in Switzerland, and a 30-employee firm has shut down due to a computer disaster. Additionally, the Federal Court annulled the election of Senator Simon Stocker due to residency issues.
The EU General Court has upheld fines totaling €172.3 million on UBS and reduced penalties for Unicredit and Nomura in a cartel case involving the trading of European government bonds. The court confirmed the banks' collusion harmed competition, particularly during the financial crisis, with EU Vice President Margrethe Vestager condemning their actions as unacceptable. NatWest was exempt from fines for disclosing the misconduct, while other banks faced varying outcomes due to statute limitations and lack of sales.
The European Union's new competition chief, Teresa Ribera, has indicated that a potential split of Google's business remains a consideration. In an interview, she emphasized that divestments could be a strategy to curb the excessive market power of Big Tech firms, a stance previously supported by her predecessor and the US Department of Justice.
Apple's stock has shown resilience, stabilizing at $229.00 despite market uncertainties, following a dip earlier in November. Analysts from UBS maintain a "Neutral" rating with a target of $236, while JPMorgan upgraded its rating to "Overweight" with a target of $265, citing positive App Store revenue trends. Meanwhile, Apple faces challenges in diversifying its product portfolio as it continues to rely heavily on iPhone sales for revenue.
Brussels has imposed an €800 million fine on Facebook's parent company, while discussions in the U.S. about breaking up Google provide the EU with political support to potentially mandate a split of its advertising business. Finland's Economy Minister, Wille Rydman, criticized the EU's extensive state subsidies, claiming they undermine the single market. Meanwhile, EU Competition Chief Margrethe Vestager expressed her surprise at a €13 billion legal victory over Apple, having anticipated a loss in the case regarding tax state aid.
Meta Platforms Inc. has been fined €798 million ($841 million) by EU regulators for abusing its dominance in the classified ads market by linking its Facebook Marketplace to its social network. The European Commission has mandated that Meta cease this practice and stop imposing unfair trading conditions on competing second-hand goods platforms.
The outcome of the upcoming US election could significantly impact Europe's regulatory stance on big tech, with concerns about corporate dominance and antitrust actions at the forefront. While Biden's administration aligned with EU ambitions to rein in tech giants, uncertainty looms over how a potential Harris or Trump administration would approach regulation, especially given their mixed signals and ties to Silicon Valley. The fate of key antitrust figures like Lina Khan will also be a critical indicator of future transatlantic tech policy.
Europe's competition officials warn that proposed changes to merger rules aimed at creating corporate giants may backfire, potentially harming the economy. While calls for consolidation in sectors like telecoms and banking grow, officials emphasize the need to address regulatory fragmentation rather than relax competition rules. The focus should remain on fostering strong competition to prepare European firms for global challenges.
Margrethe Vestager
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huawei scandal implicates meps in alleged cash for influence scheme
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