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EU to propose plans to boost European firms and compete with U.S. tech giants
The European Commission said on Wednesday that it will launch initial proposals to help companies in Europe benefit from its rich industry data. The proposal will also help the companies compete better against U.S.-based tech giants such as Facebook Inc., Alphabet Inc.’s Google, and Amazon.com Inc as well as Chinese online companies.
The core of the EU's data strategy is to create a single European data market with smaller data markets centered on certain key industries. Other factors on the proposal includes new rules pertaining to cross-border data use, data interoperability and standards related to manufacturing, climate change, the auto industry, healthcare, financial services, agriculture, and energy.
The Commission will also consider other rules to prevent larger online platforms from unilaterally imposing conditions for access and use of data or benefiting from this in a disproportionate manner.
European digital and antitrust chief Margrethe Vestager and European industry chief Thierry Breton are due to present the proposals around noon. A final draft will be prepared by the end of the year following feedback from interested parties.
Asian shares recorded a turbulent session on Friday as weak economic data from the United States and surging coronavirus infections worldwide dragged market confidence. The decline followed despite upbeat U.S. tech gains and signs of rebound ...
Apple, Google, Amazon, and Facebook’s chief executive officers faced Republican and Democratic U.S. lawmakers on Wednesday for the much-anticipated congressional hearing. The CEOs were questioned for alleged abuse of their market power ...
European shares traded lower earlier on Thursday after underwhelming earnings reports dampened a U.S. Fed vow to continue rolling out stimulus plans in a bid to soften the economic blow of the COVID-19 pandemic. The pan-European STOXX lost ...
On Wednesday, European stocks rose slightly after mixed earnings reports. However, the new wave of the coronavirus outbreak kept investors cautious while they also wait for the U.S. Federal Reserve’s announcement. The Stoxx Europe 600 ...
European stocks traded slightly higher on Tuesday ahead of a U.S. decision to roll out additional stimulus plans despite the underwhelming quarterly earnings reports from the luxury goods market. The pan-European STOXX index inched higher ...
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