3/23, 7:37 AM (Source: TeleTrader)
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EU could unveil Digital Markets Act this week - report

The European Union is ready to in the coming days reveal a critical law, the Digital Markets Act, meant to limit the market domination of tech giants, despite heavy lobbying from some of the most influential tech companies, the Financial Times reported on Wednesday.

The legislation is currently set to target firms with a market capitalization of at least €75 billion which own one influential online "platform," such as a social network or a web browser. The act will for the first time establish regulations under which major tech companies will have to compete in the EU market. Apart from the five members of Big Tech, firms that will also likely be affected by the new legislation are the accommodation platform and e-commerce group Alibaba.

Some of the companies that would be affected by the law have voiced opposition against such legislation. Meta global affairs president Nick Clegg warned that the law "risks fossilizing how products work and preventing the constant iteration and experimentation that drives technological progress."

Baha Breaking News (BBN) / SP