The European Union has issued a directive for Apple to cease geo-blocking content on several of its platforms, including the App Store, Apple Arcade, Music, iTunes Store, Books, and Podcasts. Geo-blocking, the practice of limiting access to content based on a user’s location, is considered discriminatory by the EU, as it creates barriers for consumers depending on where they live or are based. The European Commission has expressed its concerns, warning that if Apple does not address these issues within the next month, national regulators across EU member states could step in with enforcement actions.
European Commissioner Margrethe Vestager underscored the EU’s commitment to ensuring fair access to digital services, stating that no company, regardless of its size, should be allowed to unfairly limit customers’ access to services based on nationality, place of residence, or other factors unrelated to the services provided. Apple now has one month to submit a detailed plan that addresses these concerns and outlines how the company will eliminate geo-blocking practices from its platforms. Failure to meet this deadline could result in penalties or legal consequences as the EU continues to prioritise consumer rights and digital market fairness across Europe.
South Korea’s ruling party has proposed a new chips act designed to offer subsidies to chipmakers and provide an exemption from the national cap on working hours. The legislation comes as the country faces increased competition from rivals in China, Taiwan, and other nations, along with potential risks from measures threatened by incoming United States President Donald Trump. The semiconductor sector is crucial for South Korea‘s economy, accounting for 16% of total exports last year.
President Yoon Suk Yeol recently warned of challenges posed by Trump’s threat of steep tariffs on Chinese imports, which could lead Chinese rivals to cut export prices and impact South Korean chip firms abroad. The bill, which requires approval from the main opposition party, also includes provisions allowing extended working hours for some research and development employees. However, Samsung’s labour union has opposed this, arguing that the company is deflecting blame for its financial struggles.
Samsung has apologised for disappointing profits as it lags behind competitors like TSMC and SK Hynix in the AI chip market. Global competition has intensified as countries like China, Japan, and the United States have been subsidising their chip manufacturers. In a recent statement, lawmaker Lee Chul-gyu stressed that the proposed act would help South Korean companies remain competitive amid the ongoing semiconductor trade tensions between the United States and China.
The US Supreme Court will review a high-stakes securities fraud case involving Nvidia, the chipmaker widely known for its AI hardware. Nvidia faces accusations from shareholders who claim the company misled investors about its exposure to the cryptocurrency market. The case, originating from a 2018 class-action lawsuit led by Swedish investment firm E. Ohman J:or Fonder AB, alleges Nvidia downplayed the extent to which its revenue was driven by crypto mining—a volatile business tied to fluctuating cryptocurrency values. The lawsuit contends that Nvidia’s failure to fully disclose this dependency led to an inflated stock price that plummeted when the crypto market softened in late 2018.
Nvidia’s legal defence argues that the plaintiffs did not meet the rigorous legal standards set by the 1995 Private Securities Litigation Reform Act, which requires concrete evidence of intentional or reckless deception to pursue securities fraud claims. The Ninth Circuit Court of Appeals revived the lawsuit after a federal judge initially dismissed it, ruling that the plaintiffs presented sufficient claims that Nvidia’s CEO, Jensen Huang, knowingly or recklessly misrepresented the company’s crypto-related revenues.
The case is one of two before the Supreme Court this month that could alter the legal landscape for securities fraud litigation. The other case, brought against Meta Platforms’ Facebook, also examines the threshold for holding corporations accountable for alleged deception. With President Biden’s administration backing the shareholders in the Nvidia case, the rulings, expected by mid-2024, could make it significantly harder for private parties to sue companies for alleged fraud, depending on the Court’s decision.
Ecosia, the Berlin-based eco-conscious search engine and Qwant, France’s privacy-focused search platform, are teaming up to build a European search index. The joint venture, named European Search Perspective (EUP), seeks to reduce reliance on tech giants like Google and Microsoft, whose search APIs have become increasingly costly. This collaboration is set to foster innovation, particularly in integrating generative AI technologies into search experiences.
Both companies currently rely on Big Tech for their search backends but are determined to develop a sustainable alternative that aligns with their unique values. EUP’s index, expected to launch in early 2025, will serve traffic in France before expanding to Germany and other European languages. The partnership will enable Qwant and Ecosia to retain their distinct user experiences while benefiting from shared resources and investment.
Privacy and data sovereignty are at the heart of the initiative. Unlike major competitors, EUP’s index won’t personalise results based on user data, maintaining a privacy-first approach. This move aligns with Europe’s growing emphasis on strategic autonomy in technology, especially as AI advances create both opportunities and risks. As the first step toward a more independent tech ecosystem, EUP represents a significant shift in Europe’s search market, challenging the dominance of US tech giants and laying the groundwork for a more diverse, innovative digital future.
India’s financial crime agency is intensifying its probe into Flipkart and Amazon over alleged violations of foreign investment laws, with plans to summon executives from both companies after recent raids on their sellers. The Enforcement Directorate (ED) seized documents in last week’s raids, which a senior government source claims substantiate violations of India’s foreign investment laws. Under these laws, foreign e-commerce companies are restricted to operating as marketplaces without holding inventory, though the ED alleges that both Amazon and Flipkart have been exerting control over certain sellers.
This investigation adds to the growing regulatory scrutiny faced by the two e-commerce giants, which hold significant market shares in India’s $70 billion e-commerce sector. Previous findings from India’s antitrust authority suggested that both companies favour select sellers, allowing them to bypass marketplace-only regulations. One prominent Amazon seller, Appario, was reportedly raided and found to receive exclusive support from Amazon, including reduced fees and advanced retail tools.
The ED’s latest actions follow a pattern of increased regulatory focus on large e-commerce and delivery platforms, with recent antitrust findings indicating similar preferential treatment by food delivery services Zomato and Swiggy. As India’s retail landscape continues to expand, regulatory bodies are pushing for stricter compliance to ensure fair competition and protect smaller businesses.
India’s antitrust regulator, the Competition Commission of India (CCI), has found that food delivery giants Zomato and Swiggy violated competition laws by favouring select restaurants on their platforms. According to the CCI’s investigation, Zomato used ‘exclusivity contracts’ to offer lower commissions to certain partners, while Swiggy promised growth to restaurants that listed exclusively with them. These practices, the report states, hinder market competition, as they prevent smaller players from gaining a fair foothold.
The investigation, which began in 2022 following a complaint by the National Restaurant Association of India, also highlights restrictive pricing practices on both platforms. Zomato imposed conditions to maintain price and discount parity across online platforms, even threatening penalties for non-compliance. Swiggy, on the other hand, pressured some partners by suggesting their ranking on the app would drop if they failed to match prices elsewhere. Swiggy later claimed that it discontinued its exclusivity program in 2023 but has plans to launch similar initiatives in smaller cities.
The probe has potential implications for Swiggy’s $1.4 billion IPO and lists the CCI investigation as an “internal risk” in its prospectus. Both companies have faced additional scrutiny recently, as India’s largest retail distributors have urged the CCI to investigate alleged predatory pricing in their quick-commerce grocery services. The CCI’s final decision on penalties or required changes to Zomato’s and Swiggy’s business practices is expected in the coming weeks, though the companies may challenge the findings.
The Federal Trade Commission (FTC) has charged Sitejabber, an online review platform, for violating its new rules on fake reviews. This marks one of the agency’s first enforcement actions under updated regulations designed to curb deceptive practices. The FTC alleges that Sitejabber misled consumers by using point-of-sale reviews—feedback collected before customers had received any products or services—to falsely inflate businesses’ review scores.
The company allowed its clients to publish these premature reviews, giving a false impression that they reflected actual customer experiences. The FTC has now ordered Sitejabber to stop this practice and prohibited it from assisting other businesses in misrepresenting reviews. The new rules, which took effect last month, aim to tackle deceptive online review practices, including those involving AI-generated reviews and fake review websites masquerading as independent.
The FTC’s crackdown is part of a broader effort to address the rising problem of fake reviews on e-commerce platforms like Amazon. With the new regulations in place, the agency intends to prevent misleading online content that could deceive consumers into making purchasing decisions based on false information.
The US Supreme Court is currently deliberating whether to allow a securities fraud lawsuit against Facebook, now Meta, to proceed. Investors, led by Amalgamated Bank, allege that the company misled them by failing to disclose details about a 2015 data breach involving Cambridge Analytica, which ultimately affected millions of users. The case questions whether Facebook’s public risk disclosures should have included specific details about this incident rather than presenting it as a potential future risk.
During the hearing, justices debated whether Facebook’s statements to investors were misleading by suggesting the risk was hypothetical. Conservative Chief Justice John Roberts noted that risk disclosures might imply past occurrences, while Justice Clarence Thomas highlighted how a lack of explicit detail might lead investors to believe the incident had never happened. The case has significant implications for the interpretation of the Securities Exchange Act, which requires firms to report business risks transparently.
This lawsuit is one of two upcoming US Supreme Court cases examining corporate transparency in investor disclosures. A ruling in favor of the investors could heighten the standards companies must meet in alerting investors to both past and potential risks, with the decision expected by June.
Cyprus’ financial regulator, the Cyprus Securities and Exchange Commission (CySEC), has extended the suspension of FTX’s European branch by another six months, lasting until 30 May 2025. The continued suspension means that FTX EU remains barred from accepting new clients, providing services, or advertising, though it can still process transactions to return funds to existing clients.
The extension comes as the second anniversary of FTX’s bankruptcy filing approaches. After FTX declared Chapter 11 bankruptcy in the US in November 2022, CySEC halted FTX Europe’s license, questioning the firm’s management suitability and ensuring the protection of client assets. FTX Europe, initially acquired by FTX in 2021 for $323 million, has since been resold to its original owners for $32.7 million following legal disputes over the acquisition price.
FTX Europe’s website currently only supports balance viewing and withdrawal requests. Clients who do not withdraw funds will have their balances moved to a client-segregated account, which will be held for up to six years.
Italy’s data protection authority has criticised Intesa Sanpaolo for underestimating the severity of a data breach that affected thousands of customers, including Prime Minister Giorgia Meloni. The breach, which involved an Intesa employee accessing the data of around 3,500 clients, was initially reported with a higher number of affected individuals. However, the bank later clarified that the number was lower than what had been reported in the media.
The data watchdog instructed Intesa to notify all impacted customers within 20 days and noted that the bank had not adequately communicated the full scope of the breach. The authority emphasised that the breach posed a significant risk to the affected individuals’ rights and freedoms, including potential harm to their financial status and reputation. Intesa had already dismissed the employee involved and informed both the data protection authority and prosecutors.
The authority is now reviewing the bank’s security measures and has asked Intesa to provide an update within 30 days. In response, the bank assured that it had prioritised customer data security and had taken steps to enhance its systems and control procedures. Intesa also stated there was no evidence that the data had been shared outside the bank.
