Money Talks

EU Commission charges Amazon with anti-competitive conduct | Money Talks

The European Commission says Amazon has abused its dominant position in the market to muscle out competitors. It's charged the tech giant with violating the bloc's competition rules by using data on third-party sellers to lure away their clients. The decision could lead to a fine of up to $19 billion or 10 percent of the company's revenue. Amazon had been under investigation since July 2019 after online sellers in the EU filed complaints. But the Seattle-based company denies the charge, saying its platform offers more choices to consumers. It's pointed out that there are many large retailers in the EU and that Amazon makes up just one percent of the global retail market. Despite the company's claims, EU officials say they will continue to crack down on market manipulation by big tech. Sibel Karkus gave us the latest from Berlin. EUcommission #Amazon #AntiCompetitiveConduct

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