UK regulator holding up Microsoft's Activision deal set to get new powers to rein in Big Tech
Publishing timestamp: 2023-04-25 06:17:53
Summary
The U.K.'s Competition and Markets Authority will have the power to fine Big Tech firms up to 10% of their global revenues for breaches of competition rules under the Digital Markets, Competition and Consumers bill. The bill will target tech companies with annual revenues of at least 25 billion globally or 1 billion in the U.K. The new law will also give the CMA the ability to investigate and block acquisitions with greater speed. The law is intended to crack the dominance of tech giants like Amazon, Microsoft, and Apple when it comes to online markets.
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Keywords: microsoft corp, economy, meta platforms inc, internet, business news, amazon.com inc, apple inc, technology, social media, markets, alphabet inc, world markets, activision blizzard inc, media,