In today’s top Europe, Middle East and Africa news, the Dutch antitrust watchdog has fined Apple $55 million for failure to allow Netherlands-based dating app providers to use non-Apple payment methods; British fashion retailer Ted Baker has rejected two takeover offers.
Plus, Amazon and Microsoft do not raise competition concerns; Wirex, the London-based cryptocurrency exchange platform, has withdrawn its application for a U.K. license; and JPMorgan Chase & Co. is offering a 1.5% interest rate for savings account customers at its digital bank in the United Kingdom.
The Dutch antitrust watchdog has fined Apple 50 million euros ($55 million) for the tech giant’s failure to comply with an order to allow Netherlands-based dating app providers to use non-Apple payment methods.
Apple submitted a new proposal Sunday (March 27) that said it will comply with the order, but that came in too late to be considered ahead of the weekly ACM fine, the report noted.
British fashion retailer Ted Baker has rebuffed two takeover offers from private equity investor Sycamore Partners Management, saying the proposals greatly undervalue the company, Reuters reported Monday (March 28).
The retailer said the offerings from Sycamore did not “compensate shareholders for the significant upside that can be delivered by Ted Baker as a listed company,” the report stated
Amazon and Microsoft can breathe a sigh of relief — for now. Two of the biggest providers of cloud computing networks don’t raise competition concerns, the European Union’s Commissioner for Competition told Reuters Monday (March 28).
“No, so far we’ve had no concerns,” Margrethe Vestager told the news outlet when asked if she was troubled about potential abuse by their dominance.
Wirex, the London-based cryptocurrency exchange platform, has withdrawn its application for a license from the United Kingdom’s Financial Conduct Authority (FCA), CoinDesk.com reported Monday (March 28).
As a result, Wirex and other firms including Blockchain.com, Copper and Revolut that failed to receive approval by the U.K. financial watchdog must cease operating on April 1.
JPMorgan Chase & Co. (JPMC) is offering a 1.5% interest rate for savings account customers at its digital bank in the United Kingdom, Yahoo! Finance reported Monday (March 28).
The move is expected to start an interest rate war among financial institutions. The average rate for a saving account in the U.K. during the first quarter was 0.45%, according to Swanlowpark.
The European Union is proposing new rules to establish common cybersecurity and information security measures across EU institutions and to reinforce the EU Agency for Cybersecurity.
While the region has been stepping up their efforts for years to shield their economies and critical sectors from cyberattacks, the recent events in Ukraine have sped up the preparations.