Total income reached to Dh5.607 billion compared to Dh4.431 billion, a solid expansion of 26.5 per cent YoY
The European Commission on Monday said it has warned Facebook parent company Meta that it is breaching EU antitrust laws by distorting competition in markets for online classified advertising and abusing its dominant position.
The Commission said in a preliminary view that it would further investigate and that it could impose a fine of up to 10 per cent of the company’s annual global turnover, if there is sufficient evidence of an infringement of European Union rules.
“The claims made by the European Commission are without foundation,” Meta spokesperson Tim Lamb said in a statement.
“We will continue to work with regulatory authorities to demonstrate that our product innovation is pro-consumer and pro-competitive,” Lamb added.
Sources familiar with the matter last month told Reuters the EU antitrust regulators were drawing up charges against Meta over its use of customer data and the tying of its classified advertisements service to its social network.
The Commission said on Monday that it was concerned that Meta is imposing “unfair trading conditions” on competitors of its own classified ads service, Facebook Marketplace, that want to advertise on its social networks Facebook or Instagram.
The EU competition enforcer launched an investigation into Facebook in June last year, focusing on whether the social network unfairly uses advertisers’ data to compete with them in the online classified ads sector. — Reuters
Total income reached to Dh5.607 billion compared to Dh4.431 billion, a solid expansion of 26.5 per cent YoY
Sheikh Abdullah bin Salem bin Sultan Al Qasimi, Deputy Ruler of Sharjah, presented the awards to the winners in various categories
Move aims to deepen multi-sectoral cooperation
Brands in the UAE and the region have been advised to create the right awareness schemes that they’re deemed neutral
This continuous rise in investment is attributed to an emerging trend of financialisation of savings
The UAE registered trademarks totalling 4,610 in Q1
One of the driving forces behind the growth is the adventurous spirit of millennials and Gen Z
Figure reflects the emirate’s growing appeal as a preferred investment hub for innovative technology companies