Economic news

Amazon settlement with EU antitrust regulators possible by year end -sources

2022.11.25 15:31



© Reuters. The logo of Amazon is seen at the company’s logistics center in Bretigny-sur-Orge, near Paris, France, November 25, 2022. REUTERS/Benoit Tessier

By Foo Yun Chee

BRUSSELS (Reuters) -U.S. online retail giant Amazon (NASDAQ:) may be able to end two EU antitrust investigations by the end of the year after tweaking concessions to address concerns over its use of sellers’ data, two people familiar with the matter said on Friday.

Settling the EU investigations means the company will avoid a fine of as much as 10% of its global turnover.

Faced with charges of using its size, power and data to push its own products to gain an unfair advantage over rival merchants that also use its platform, Amazon in July offered to refrain from using sellers’ data for its own competing retail business and its private label products.

The European Commission then sought feedback from rivals and customers and subsequently said the company needed to improve its concession.

Amazon has increased the range of data which it cannot use, one of the people said.

“It is possible an EU decision will come by the end of the year,” the person said.

The EU competition enforcer declined to comment.

Asked for comment, Amazon reiterated that it had engaged constructively with the Commission to address their concerns.

The company’s other concession is equal treatment of sellers when ranking their offers for the “buy box” on its website that generates the bulk of its sales.

It has offered to set up a second buy box for a rival product if it differs substantially in price and delivery from the product in the first box.

Bloomberg was the first to report the possibility of an EU decision by the end of the year.



Source link

Related Articles

Leave a Reply

Back to top button
bitcoin
Bitcoin (BTC) $ 101,316.15 2.29%
ethereum
Ethereum (ETH) $ 3,681.66 3.79%
tether
Tether (USDT) $ 0.999909 0.02%
xrp
XRP (XRP) $ 2.36 5.68%
bnb
BNB (BNB) $ 702.85 0.68%
solana
Solana (SOL) $ 210.20 2.06%
dogecoin
Dogecoin (DOGE) $ 0.362779 4.99%
usd-coin
USDC (USDC) $ 1.00 0.28%
staked-ether
Lido Staked Ether (STETH) $ 3,673.90 3.96%
cardano
Cardano (ADA) $ 0.98252 3.65%
tron
TRON (TRX) $ 0.263443 3.25%
avalanche-2
Avalanche (AVAX) $ 42.65 8.20%
chainlink
Chainlink (LINK) $ 24.65 9.11%
wrapped-steth
Wrapped stETH (WSTETH) $ 4,355.17 4.22%
shiba-inu
Shiba Inu (SHIB) $ 0.000024 5.58%
the-open-network
Toncoin (TON) $ 5.46 5.02%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 101,055.08 2.35%
sui
Sui (SUI) $ 4.40 1.29%
stellar
Stellar (XLM) $ 0.404331 4.42%
polkadot
Polkadot (DOT) $ 7.61 7.16%
hedera-hashgraph
Hedera (HBAR) $ 0.274328 5.79%
weth
WETH (WETH) $ 3,683.53 3.75%
bitcoin-cash
Bitcoin Cash (BCH) $ 483.20 7.25%
uniswap
Uniswap (UNI) $ 14.52 11.48%
leo-token
LEO Token (LEO) $ 9.23 3.40%
hyperliquid
Hyperliquid (HYPE) $ 24.43 3.06%
litecoin
Litecoin (LTC) $ 108.27 10.14%
pepe
Pepe (PEPE) $ 0.000019 10.26%
near
NEAR Protocol (NEAR) $ 5.73 7.42%
wrapped-eeth
Wrapped eETH (WEETH) $ 3,883.35 3.81%
aptos
Aptos (APT) $ 11.96 4.80%
bitget-token
Bitget Token (BGB) $ 4.55 8.34%
ethena-usde
Ethena USDe (USDE) $ 1.00 0.03%
internet-computer
Internet Computer (ICP) $ 11.15 6.38%
usds
USDS (USDS) $ 0.999824 0.06%
aave
Aave (AAVE) $ 338.12 8.58%
crypto-com-chain
Cronos (CRO) $ 0.176223 4.76%
ethereum-classic
Ethereum Classic (ETC) $ 29.34 7.22%
polygon-ecosystem-token
POL (ex-MATIC) (POL) $ 0.516755 6.18%
vechain
VeChain (VET) $ 0.050599 6.86%
render-token
Render (RENDER) $ 7.86 5.72%
monero
Monero (XMR) $ 213.92 1.54%
mantle
Mantle (MNT) $ 1.16 0.34%
mantra-dao
MANTRA (OM) $ 4.02 0.19%
fetch-ai
Artificial Superintelligence Alliance (FET) $ 1.41 10.96%
bittensor
Bittensor (TAO) $ 494.95 3.90%
whitebit
WhiteBIT Coin (WBT) $ 24.96 0.24%
arbitrum
Arbitrum (ARB) $ 0.852245 8.02%
dai
Dai (DAI) $ 1.00 0.17%
filecoin
Filecoin (FIL) $ 5.62 7.42%