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Big tech companies are "threatened" by the European Union + Apple is now in trouble in China.

Amazon $AMZN+1.5%, Alphabet $GOOG+1.4%, Apple $AAPL+0.5%, Microsoft $MSFT+0.5%, Meta $META+0.1% and ByteDance (is a Chinese internet technology company) now have six months to comply with stricter market rules.

European Internal Market Commissioner Thierry Breton

The European Commission, the EU's executive arm, on Wednesday appointed six companies with annual sales of more than 7.5 billion euros ($8 billion) or 45 million monthly active users within the bloc to comply with stricter market rules - for example, they can't prevent users from uninstalling any pre-installed software or apps or treat their own services more favourably. They have 6 months to do so.

In addition to the Digital Markets Act, the EU has also introduced the Digital Services Act, which aims to make platforms legally responsible for the content they transmit. Failure to comply with these requirements could lead to hefty fines and temporary bans on the European market.

"If these companies don't comply, and I hope all of them will comply, we will have the possibility to fine them up to 10% of their global revenues," Thierry Breton, the EU's internal market commissioner, told CNBC on Wednesday. The fine could be increased to 20% if the company in question continues to fail to comply with the rules. The next step then if that didn't work would be a temporary ban.

"And if they continue, yes, we have tools, including breaking up these companies, but I never want to use them. And I can tell you that the discussions we're having with all of these companies are professional and I believe they're moving in the right direction," Breton said. However, as you can see from the direct sentence, in my opinion it is bububu, but all parties want to come to an agreement and I don't believe any of the companies will have problems here in Europe.

For the record, other companies could be added to this list, including Netflix, PornHub and Airbnb.

I'll add to this post a message on Apple $AAPL+0.5%, which is currently catching up to local politics and the eternal "haggling" with the west. Its decline came after reports that Beijing in recent weeks told employees of some central government agencies to stop using their Apple mobile phones at work.

The broader ban is not surprising and shows how China is trying to limit Western companies' market access to the country, said U.S. Representative Mike Gallagher, chairman of the House of Representatives panel on China. "This is textbook Chinese Communist Party behavior - promote the PRC's (People's Republic of China) national champions in telecommunications and slowly reduce market access for Western companies," Rep. Gallagher told Reuters.

Well, what can I say, it's just China, and we find these various bans and such on a fairly regular basis. I'm certainly not worried about Apple's strength, there are enough companies already eyeing the Indian market and moving more there anyway. 😊

And what do you have to say about such news? 😊🍀

I don't really get it and it annoys me terribly ( to put it politely). As soon as a country, or in this case the EU, needs money it goes after companies that are doing well. It pisses me off that when a country or the EU needs money and they have a huge debt they go after these companies. Otherwise, I'm not worried about Apple. Apple will and probably already is building factories in India and will target India, so I don't see a problem there.

Agreed also, and I see it the same way, with Apple for sure but also with the others mentioned I'm not worried that they might hack them in any significant way.

I don't understand the EC with these companies, it is unnecessarily annoying and unpleasant for Western companies. Rather than fighting the invasion of Chinese technology and supporting European industry.

Agreed. 👍

I'm really curious to see how this all plays out. In general, it bothers me that the EU is getting into the business of someone who "just" wants to make money and does it perfectly legally. If I had a business and the EU wanted to "tame" me just on the basis of being successful, I wouldn't like that either.

Aren't there some restrictions on doing business in China? In America, there are no regulations on doing business?

I won't go into too much detail, but I agree, it bothers me like Christopher's, but just the same, there is something everywhere, has been and will be. Everyone might want total freedom but that will come, without regulation etc so it's just a no-brainer and I don't know what that world would look like, but that's a bigger playing field than just the stock market.

I'm not saying it isn't. It just doesn't seem right to me unless the company is intentionally harming others.

Agreed, and well, I'll reply to Michal separately, but basically I want to say the same thing. Personally, I'm pissed off about this too. I mean, as long as I'm doing business and legally, it's none of anyone's business what volume, for how much, etc...I mean, I don't like what the EU is like at all, because democracy, well...anyway, we're just stuck listening to someone else's orders. On the other hand, it's everywhere, total freedom never has been as far back as history can remember and never will be.

And exactly which regular ones bother you? Do you mind the regulation that companies have to delete your meta data? Because a lot of those regulations are about the handling of data, where I think it's great that they do that because it gives people more freedom to not have so much advertising coming at them. And of course you can say, what do I care about other people, everyone is the maker of their own luck, but everyone has a different intelligence and critical thinking and I think it's great to have an authority that doesn't let our data just be resold.

I wonder who's going to win this skirmish... east or west... nobody in my opinion and we'll just drag everybody down...

Sure, I think there is no end to this and there never has been, it has always been the case that the West and the East have not been very friendly, on the other hand it is funny to see what the media is, but at the same time neither would work without the other, trade is based on expansion, exports and how could the economy grow if there was only one big country ...

It's a fact that they can't exist without each other but they don't act like it :)