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> could be fined up to 10% of its worldwide turnover That "up to" makes me nervous that 10% won't happen, but I love the idea of smacking companies with real f
by notamy 3y ago
> could be fined up to 10% of its worldwide turnover
That "up to" makes me nervous that 10% won't happen, but I love the idea of smacking companies with real fines for not complying / maliciously complying with laws.
- bromuro 3y agoDo we know where does the money from these fines go?
- supermatt 3y agoIt wont happen immediately. Fines will likely happen in the same way that they have for the GDPR violations, which are effectively doubling for every major offence, and are now up to 1.2bn EUR in the case of Meta, for example.
- SigmundurM 3y agoThe first offence has a max fine of 10%. Second offence has a max fine of 20%, as the article says: "If that investigation confirms that Apple failed to comply with the antitrust law, then the iPhone maker could be fined up to 10% of its worldwide turnover – increasing to 20% for repeat infringements …"
- supermatt 3y agothats the maximum. its highly unlikely they will start there, just as they havent with major GDPR violations.
- inglor_cz 3y agoFrankly even 1 % of their worldwide turnover would be a huge slap in the face.
- seanmcdirmid 3y agoIf they did 10% of global turnover, I'm pretty sure the US government would get involved, so I don't think Europe will go there. They would basically be starting a trade war. > but I love the idea of smacking companies with real fines for not complying / maliciously complying with laws. A lot of people don't, or to say, when you have extra-territorial penalties (we are going to fine you on all the money you spend), things get messy really quickly. Apple can also always just exit the European market. At some point it makes no sense to be in it, and Europeans will simply buy their iPhones on overseas trips.
- nojvek 3y agoThe shareholders of Apple would give Timecook a reality check. Apple is struggling to grow. Exiting Europe would start a cascading effect. They would lose trillion from market cap if they exited.
- seanmcdirmid 3y agoIt would never make it that far, so we are just speaking hypothetical, but basing fines on global turn over is specifically targeted at American companies (who make most of their money not in Europe), and would get attention from the USG.