In Europe, it’s a shot across the bow for U.S. tech giants. New draft rules tied to the Digital Services Act and Digital Markets Act (collected under the Digital Services Act Package) would broaden European Union regulators’ power to rein in Big Tech. In fact,...
The International Monetary Fund (IMF) said Monday (Nov. 30) in a statement that the second wave of the coronavirus is stifling an economic rebound in the eurozone and additional funding could be necessary. “Rising infections and re-imposed lockdowns have damaged confidence and lowered mobility,” according to...
The European Central Bank (ECB) has plans to independently investigate an incident that affected its TARGET2 real-time gross settlement system on Oct. 23 this year, which resulted in a near 10-hour outage, according to a press release. An initial probe determined that a software defect...
Governments across Europe are re-imposing social distancing measures as COVID-19 roars back from a summer lull, prompting widespread concern of a new round of economic damage, The Wall Street Journal (WSJ) reported on Sunday (Oct. 25). Spain announced a state of emergency, WSJ reported, allowing...
European Union (EU) regulators are drawing up a list of up to 20 large internet companies, possibly including Facebook and Apple, to be targeted with far more strict regulations in the future to limit their market power, according to a report from the Financial Times...
Europe is falling back into COVID-19’s grip as the virus delivers a harsh rebuke in country after country whose residents thought they’d beaten it, The New York Times reported. The publication’s assessment was based in part on a speech by European Central Bank Chief Economist...
If the European Union (EU) gets its way, the 27-nation bloc will have the power to split or force the sale of giant technology companies that threaten smaller rivals and their customers. EU Commissioner Thierry Breton, who has taken the lead on the overhaul of...
The impact of the coronavirus in Europe hit the United Kingdom (U.K.) especially hard. The Wall Street Journal reported England, Scotland, Wales and Northern Ireland saw its gross domestic product, the value of goods and services, shrink more than 20 percent in the second quarter...
European banks are preparing to take huge losses on their loans as COVID-19 keeps taking its toll on financial institutions. The Financial Times reported the European Union’s (EU) largest banks estimated there will be at least 23 billion euros ($26.8 billion) in potential losses in...
