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Tech Giants Face EU Fines Of Up To 10 Percent Of Turnover

BRUSSELS: New draft EU rules may penalise US tech giants such as Amazon, Apple, Facebook and Google if they don’t change their business practices in Europe.

The rules are the most serious attempt by the 27-nation bloc to rein in the tech giants’ control of troves of data and online platforms. on which thousands of companies and millions of Europeans rely.

One of the proposed rules, dubbed the Digital Markets Act, calls for fines of up to 10 percent of annual turnover for online gatekeepers found breaching the new regulations.

The draft also sets out a list of do’s and don’ts for gatekeepers, which will be classified according to criteria such as number of users, revenues and the number of markets in which they are active.

Another – known as the Digital Services Act – targets “very large” online platforms, delivered as those with more than 45 million users.

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