'Apple Set To Be First Big Tech Group To Face Charges Under EU Digital Law; Brussels To Announce iPhone Maker Is Failing To Adhere To New Rules Designed To Open Up Its App Store To Competition' - Financial Times
Portfolio Pulse from Benzinga Newsdesk
Apple is set to face charges from the European Commission for allegedly stifling competition on its App Store, marking the first use of the EU's Digital Markets Act against a Big Tech company. The charges could lead to daily penalties of up to 5% of Apple's average daily worldwide turnover. The EU is also investigating Alphabet and Meta for similar issues.
June 14, 2024 | 3:34 pm
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Apple is facing charges from the European Commission for allegedly stifling competition on its App Store. This could lead to daily penalties of up to 5% of its average daily worldwide turnover. The charges are the first under the EU's Digital Markets Act.
The charges from the European Commission could result in significant financial penalties for Apple, potentially impacting its stock price negatively in the short term. The regulatory scrutiny also adds uncertainty to Apple's business operations in the EU.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100
NEGATIVE IMPACT
The Vanguard FTSE Europe ETF (VGK) could be impacted by the EU's charges against Apple, as Apple is a significant component of the ETF. Increased regulatory scrutiny and potential penalties on Apple could affect the ETF's performance.
As Apple is a significant component of the Vanguard FTSE Europe ETF (VGK), any negative impact on Apple's stock due to regulatory charges could affect the ETF's performance. Investors in VGK should monitor the situation closely.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 50