Germany Announces New Curbs on Meta’s Power

Date:

CHOOSE YOUR CHOICE GIFT CARD OFFER TODAY


Germany’s Federal Cartel Office said Wednesday (May 4) it plans to impose tougher regulations on Facebook owner Meta Platforms.

CHOOSE YOUR CHOICE GIFT CARD OFFER TODAY

According to Reuters, the office determined that Meta has “paramount significance for competition across markets,” a designation that gives the regulator more authority to limit the market power of Big Tech companies.

Legislation adopted in Germany last year gives the cartel office the power to ban activity it determines to be anti-competitive. In a statement issued Wednesday, the cartel office said that Meta operates a robust, growing, ad-supported social media ecosystem that is used by a large portion of Germany’s population.

CHOOSE YOUR CHOICE GIFT CARD OFFER TODAY

Read more: US Chamber Urges Judge to Toss Antitrust Appeal of Facebook Case

The office said the new classification would form the foundation for a swifter conclusion to ongoing antitrust proceedings against Meta, which also owns WhatsApp and Instagram.

CHOOSE YOUR CHOICE GIFT CARD OFFER TODAY

See also: German Cartel To Appeal Court’s Suspension Of Facebook Restrictions

CHOOSE YOUR CHOICE GIFT CARD OFFER TODAY

The Cartel Office in 2019 ordered Facebook to limit its data collection, arguing the social media giant had abused its position in the market to harvest user info without their permission. The matter is still pending in court.

In 2020, the office began abuse proceedings against Meta connected to the links between its Oculus virtual reality products and social media network, Reuters said.

A Meta spokesperson told Reuters the company would comply with the cartel office’s decision.

“Even if we do not share the reasoning that has led to the Federal Cartel Office’s decision, we will continue to concentrate on providing our users in Germany with the best possible experience in keeping with all the laws and regulations,” the spokesperson said.

CHOOSE YOUR CHOICE GIFT CARD OFFER TODAY

Learn more: Facebook’s eCommerce Division Faces Exec Departures, Frustrated Retailers

The news comes as Facebook is struggling to get its eCommerce project off the ground, according to recent reports, leaving retailers frustrated. Meta has defended the project, calling it a “multiyear journey.”

——————————

NEW PYMNTS DATA: THE TRUTH ABOUT BNPL AND STORE CARDS – APRIL 2022

About: Shoppers who have store cards use them for 87% of all eligible purchases — but this doesn’t mean retailers should boot buy now, pay later (BNPL) options from checkout. The Truth About BNPL And Store Cards, a PYMNTS and PayPal collaboration, surveys 2,161 consumers to find out why providing both BNPL and store cards are key to helping merchants maximize conversion.



Source link

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Share post:

Subscribe

Popular

More like this
Related

Best Websites to Make Money Online in Nigeria (2022) ⋆ Naijaknowhow

- Advertisement - There are plenty of websites to...

HBO Max not working? Here’s what to do

HBO Max is a popular streaming service home...

What is PayPal and how does it work – Travel Daily News International

What is PayPal and how does it work  Travel...