The European Union Imposes a Record Fine of $846 Million on Meta for Antitrust Violations
The European Commission has imposed a fine of €797.72 million (approximately $840.24 million) on Meta Platforms,
the parent company of Facebook, for violating the EU’s antitrust rules.
Topic
Meta:
The violations involve linking its online classified ads service, Facebook Marketplace,
to its social network and imposing unfair trading terms on other online classified ad providers.
In response, Meta announced its intention to appeal the decision while affirming its commitment to compliance and working swiftly and constructively to resolve the disputed points with the European Commission.
On the trading front, Meta’s stock dropped by 2.43%, equivalent to about $14.02, trading near $563.14 during US stock market transactions.
This fine is part of the EU’s broader efforts to combat monopolistic practices and ensure fair competition in the online classified ads market.
G7:
Continued Sanctions on Russia and Support for Ukraine Until Peace is Achieved
Leaders of the G7 nations reaffirmed their commitment to imposing strict sanctions on Russia for its invasion of Ukraine, declaring that Russia remains the sole obstacle to achieving a just and lasting peace.
In a joint statement following their meeting, the group pledged continued support for Kyiv as the thousandth day of Russia’s aggressive war on Ukraine approaches. The G7 includes Italy (currently holding the rotating presidency),
the United States, Canada, Japan, France, Germany, and the United Kingdom.
The statement emphasized the group’s determination to continue imposing severe costs on Russia through stringent sanctions,
export controls, and other effective measures while underscoring their unity and solidarity with Ukraine.
USA:
U.S. Treasury Announces $16 Billion Bond Issuance
The U.S. Department of the Treasury announced on Thursday its plan to issue new 20-year bonds worth $16 billion this week,
with auction results expected next Wednesday.
This issuance is part of the U.S. government’s efforts to diversify its funding sources and address the federal budget deficit.
Last month, the department sold similar bonds worth $13 billion at a yield of 4.590% with a bid-to-cover ratio of 2.59 times.
The European Union Imposes a Record Fine of $846 Million