Search
00
GBAF Logo
trophy
Top StoriesInterviewsBusinessFinanceBankingTechnologyInvestingTradingVideosAwardsMagazinesHeadlinesTrends

Subscribe to our newsletter

Get the latest news and updates from our team.

Global Banking and Finance Review

Global Banking & Finance Review

Company

    GBAF Logo
    • About Us
    • Profile
    • Privacy & Cookie Policy
    • Terms of Use
    • Contact Us
    • Advertising
    • Submit Post
    • Latest News
    • Research Reports
    • Press Release
    • Awards▾
      • About the Awards
      • Awards TimeTable
      • Submit Nominations
      • Testimonials
      • Media Room
      • Award Winners
      • FAQ
    • Magazines▾
      • Global Banking & Finance Review Magazine Issue 79
      • Global Banking & Finance Review Magazine Issue 78
      • Global Banking & Finance Review Magazine Issue 77
      • Global Banking & Finance Review Magazine Issue 76
      • Global Banking & Finance Review Magazine Issue 75
      • Global Banking & Finance Review Magazine Issue 73
      • Global Banking & Finance Review Magazine Issue 71
      • Global Banking & Finance Review Magazine Issue 70
      • Global Banking & Finance Review Magazine Issue 69
      • Global Banking & Finance Review Magazine Issue 66
    Top StoriesInterviewsBusinessFinanceBankingTechnologyInvestingTradingVideosAwardsMagazinesHeadlinesTrends

    Global Banking & Finance Review® is a leading financial portal and online magazine offering News, Analysis, Opinion, Reviews, Interviews & Videos from the world of Banking, Finance, Business, Trading, Technology, Investing, Brokerage, Foreign Exchange, Tax & Legal, Islamic Finance, Asset & Wealth Management.
    Copyright © 2010-2025 GBAF Publications Ltd - All Rights Reserved.

    Editorial & Advertiser disclosure

    Global Banking and Finance Review is an online platform offering news, analysis, and opinion on the latest trends, developments, and innovations in the banking and finance industry worldwide. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.

    Home > Finance > Meta, Apple fined 700 million euros for violating EU antitrust rules
    Finance

    Meta, Apple fined 700 million euros for violating EU antitrust rules

    Meta, Apple fined 700 million euros for violating EU antitrust rules

    Published by Global Banking and Finance Review

    Posted on April 23, 2025

    Featured image for article about Finance

    LONDON (Reuters) -European Union regulators on Wednesday imposed fines on Apple and Meta totalling 700 million euros ($877 million) for violating new antitrust rules, the first sanctions under landmark legislation aimed at curbing Big Tech's power.

    Here is some reaction to the penalties:

    APPLE IN AN EMAILED STATEMENT:

    "Today's announcements are yet another example of the European Commission unfairly targeting Apple in a series of decisions that are bad for the privacy and security of our users, bad for products, and force us to give away our technology for free."

    META IN AN EMAILED STATEMENT:

    "The European Commission is attempting to handicap successful American businesses while allowing Chinese and European companies to operate under different standards.

    "This isn't just about a fine; the Commission forcing us to change our business model, effectively imposing a multi-billion-dollar tariff on Meta while requiring us to offer an inferior service."    

    "FORTNITE" MAKER EPIC GAMES CEO TIM SWEENEY: 

    "Great news for app developers worldwide! (...) Today's decision benefits all developers - European developers and American developers alike. It highlights the need for America to similarly pass the Open App Markets Act to bring competition back to digital markets. 

    "Lobbyists and shills funded by American Big Tech had better not misportray Europe's modest fine for Apple's lawbreaking as a "European tax on American companies". To do so would be to try to gaslight the administration into a trade war to protect Apple's lawlessness."

    ANDREAS AUDRETSCH, DEPUTY PARLIAMENTARY LEADER OF GREEN PARTY IN GERMAN FEDERAL PARLIAMENT:

    "The fines (...) are clearly too low. The Commission should have taken tougher action; in previous proceedings, the Commission had imposed significantly higher fines in the billions. 

    "There must be no doubt that the Commission is prepared to exhaust all legal means to enforce European law. This is particularly important at a time when Donald Trump and U.S. tech oligarchs are deliberately trying to undermine European law.

    "There must be no subjugation of Europe. If Apple and Meta let the 60-day deadline pass without paying the fines, further steps must be taken."

    COMPUTER & COMMUNICATIONS INDUSTRY ASSOCIATION (CCIA) EUROPE'S SENIOR VICE PRESIDENT AND HEAD OF OFFICE DANIEL FRIEDLAENDER: 

    "The DMA’s (Digital Markets Act) credibility is being weakened by its unpredictable enforcement and shifting demands, combined with sweeping product-design mandates from the European Commission that disrupt the user experience and limit EU businesses' ability to reach consumers."

    "(...) The DMA has become highly politicised, and could even force some companies to provide services at a loss. There is a huge opportunity for regulatory simplification in Europe – so far, however, the DMA decisions are going in the opposite direction."

    INTERNATIONAL ASSOCIATION OF PRIVACY PROFESSIONALS' (IAPP) DIRECTOR OF RESEARCH & INSIGHTS JOE JONES:

    "The fines land at a time of heightened scrutiny by the current U.S. Administration on the application of EU laws to U.S. companies.

    "(...) Open questions include not only how will addressed companies respond to EU regulatory enforcement but how will overseas governments, including and especially the U.S., respond. The U.S. Administration has declared it will consider responsive actions like tariffs to combat certain foreign government policies levied against U.S. companies.

    "The EU’s digital rulebook not only has grown in size but has grown more complex as well as robust in its application, with fines and corrective measures being imposed.

    EUROPEAN CONSUMER GROUP BEUC DIRECTOR GENERAL AGUSTIN REYNA:

    "Today’s decisions are important to show Big Tech that if they choose to operate on the EU's Single Market they must play by our rules.

    "Apple and Meta have had ample time to comply with the (DMA) but instead have delayed compliance and tried to twist the rules to their advantage. Consumers deserve better choices, and businesses need fairer market conditions in digital markets, so the Commission must enforce the law.

    "The (DMA) is a gamechanger in terms of opening up digital markets to more competition. The Commission must enforce the (law) effectively so that gatekeepers comply with all its provisions and consumers can reap the benefits of more and better choice in digital services."

    RASMUS ANDRESEN, BUDGET AND FINANCIAL SPOKESPERSON FOR THE GREENS/EFA IN EUROPEAN PARLIAMENT:

    "It is a long-overdue and important step that the EU Commission is finally using its regulatory power to rein in the U.S. tech giants. 

    "(...) With this action, Europe is sending a clear signal: the digital internal market is not a lawless space for billion-dollar tech companies. It is about fairness, real competition, and the protection of consumer rights and small businesses.

    "Trump’s calls for an end to EU tech regulation are extremely dangerous. It is good that the EU Commission is responding with the application of legislation. We decide on our own rules.

    "But competition rules alone are not enough. We also need consistent and fair taxation of tech companies. It is unacceptable that an entire industry makes massive profits while simultaneously avoiding its responsibilities to society. The EU Commission should finally present a proposal to fairly tax the large tech companies in Europe."

    GERMAN ECONOMY MINISTRY SPOKESPERSON:

    "More competition in the European Union benefits not only consumers, but also all European, as well as non-European, SMEs and start-ups."

    ($1 = 0.8773 euros)

    (Reporting by Foo Yun Chee in Brussels, Supantha Mukherjee in Stockholmm and Holger Hansen and Miranda Murray in Berlin;Compiled by Josephine Mason; Editing by Chizu Nomiyama )

    Related Posts
    Oil set to close lower for second straight week
    Oil set to close lower for second straight week
    UK consumer sentiment rises to joint-highest of year, GfK says
    UK consumer sentiment rises to joint-highest of year, GfK says
    Asia stocks join Wall St rally, brace for BOJ hike
    Asia stocks join Wall St rally, brace for BOJ hike
    France's Macron says he hopes EU will pass Mercosur clauses during delay
    France's Macron says he hopes EU will pass Mercosur clauses during delay
    EU countries agree on financial support for Ukraine, Costa says
    EU countries agree on financial support for Ukraine, Costa says
    EU leaders set to agree on loan to Ukraine backed by EU budget - draft text
    EU leaders set to agree on loan to Ukraine backed by EU budget - draft text
    Trading Day: Three cheers for 'whacky' inflation
    Trading Day: Three cheers for 'whacky' inflation
    UK car production steadies as JLR recovers and Nissan launches EV production
    UK car production steadies as JLR recovers and Nissan launches EV production
    New Zealand's business confidence hits highest level in 30 years, ANZ survey shows
    New Zealand's business confidence hits highest level in 30 years, ANZ survey shows
    Nike fails to contain margin bleed amid tariffs, turnaround, as shares fall
    Nike fails to contain margin bleed amid tariffs, turnaround, as shares fall
    Yen dips after BOJ raises rates in widely anticipated move
    Yen dips after BOJ raises rates in widely anticipated move
    Irish central bank raises growth forecasts, says economy resisting US headwinds
    Irish central bank raises growth forecasts, says economy resisting US headwinds

    Why waste money on news and opinions when you can access them for free?

    Take advantage of our newsletter subscription and stay informed on the go!

    Subscribe

    Previous Finance PostSerbia's NIS oil company seeks third sanctions waiver from US
    Next Finance PostEU exports to US surge by 22.4% in February

    More from Finance

    Explore more articles in the Finance category

    Kering to buy jewellry producer Raselli Franco

    Kering to buy jewellry producer Raselli Franco

    New Zealand consumer confidence hits highest level in four years

    New Zealand consumer confidence hits highest level in four years

    Italy's Nexi rejects TPG offer for digital banking assets

    Italy's Nexi rejects TPG offer for digital banking assets

    Exclusive-Starbucks supplier Cuisine Solutions hires Morgan Stanley and Rothschild for potential sale, sources say

    Exclusive-Starbucks supplier Cuisine Solutions hires Morgan Stanley and Rothschild for potential sale, sources say

    New EU draft text on Russian assets offers uncapped guarantees for Belgium

    New EU draft text on Russian assets offers uncapped guarantees for Belgium

    Hogan Lovells and Cadwalader plan merger to create law firm with $3.6 billion in revenue

    Hogan Lovells and Cadwalader plan merger to create law firm with $3.6 billion in revenue

    Pirelli says 99.3% of 500 million euro bond converted, diluting Sinochem and Camfin stakes

    Pirelli says 99.3% of 500 million euro bond converted, diluting Sinochem and Camfin stakes

    ECB policymakers see steady rates next year but cut not off table, sources say

    ECB policymakers see steady rates next year but cut not off table, sources say

    Britain names Christian Turner as ambassador to the US

    Britain names Christian Turner as ambassador to the US

    Trump administration imposes sanctions on two more ICC judges

    Trump administration imposes sanctions on two more ICC judges

    Norway reaches 2026 fisheries agreement with Russia, cod quota at lowest level since 1991

    Norway reaches 2026 fisheries agreement with Russia, cod quota at lowest level since 1991

    Ukraine-US fund approves investment policies as it eyes first projects in 2026

    Ukraine-US fund approves investment policies as it eyes first projects in 2026

    View All Finance Posts