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Spotify CEO Daniel Ek has criticized Apple for failing to comply with the EU’s Digital Markets Act, labeling the company's actions a “farce” and accusing it of delaying compliance. He contends that Apple's plans for alternative app stores still impose harmful fees on developers. The EU is expected to decide on Apple's compliance by the end of March, following a €1.8 billion fine last year related to restrictive App Store practices.
The EU is set to invest €1 billion to enhance domestic battery component production, incentivizing companies to reduce reliance on Chinese materials. This initiative aims to bolster the region's clean energy supply chain while addressing vulnerabilities exposed by the recent bankruptcy of Northvolt, a Swedish battery manufacturer. Despite the ambitious plans, challenges remain, as sourcing restrictions may elevate production costs and slow the rollout of green technologies.
The European Union's new competition chief, Teresa Ribera, has emphasized the need to counter China's growing influence in the clean-tech sector. In her first interview, she highlighted that Europe and the US have underestimated China's ambitions and called for urgent measures to protect local industries from being undermined by Chinese exports.
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.
UBS maintains a "Buy" rating on STMicroelectronics with a target price of 34 euros, citing credible medium-term targets despite a focus on short-term recovery. Meanwhile, the DAX index closed lower amid mixed performances in tech and automotive sectors, while geopolitical tensions are raising concerns for financial stability. The ECB warns of potential distortions in global trade, and the Atlanta Fed predicts stable low inflation for US companies in the coming year.
President Macron and Chancellor Scholz face political challenges as the EU Commission, led by Ursula von der Leyen, grapples with internal conflicts over new commissioner appointments. The hearings for candidates Raffaele Fitto and Teresa Ribera are critical, with potential delays jeopardizing von der Leyen's fresh start amid rising tensions with the incoming Trump administration. The EU needs a strong voice to navigate trade policy and transatlantic relations effectively.
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.
The incoming EU antitrust chief, Teresa Ribera, advocates for an overhaul of merger rules to foster the growth of European firms capable of competing with global giants. She emphasizes the need for the EU's competition authority to adapt its merger enforcement approach to enhance the competitiveness of EU companies, aligning with the bloc's goal of establishing industrial champions to rival those from the US and China.
Teresa Ribera
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Spotify CEO accuses Apple of failing to meet EU compliance standards
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