Apple, Meta EU fines could incur Trump’s wrath
Brussels — Apple was fined €500m ($570m) on Wednesday and Meta €200m as EU antitrust regulators handed out the first sanctions under landmark legislation aimed at curbing the power of Big Tech.
The EU fines could stoke tensions with US President Donald Trump, who has threatened to levy tariffs against countries that penalise US companies.
Apple said it would challenge the EU fine. Meta also criticised the EU decision.
“The European Commission is attempting to handicap successful American businesses while allowing Chinese and European companies to operate under different standards,” it said in an emailed statement. Reuters
Read the full story: Apple fined €500m and Meta €200m for breach of EU law
New Intel CEO to streamline workforce
Bengaluru — Intel is set to unveil plans this week to slash more than 20% of its workforce, in a move to streamline operations and reduce bureaucratic inefficiencies, Bloomberg News reported on Tuesday.
The layoffs are part of a broader strategy to refocus on an engineering-driven culture, according to the report.
The layoffs mark a major step under new CEO Lip-Bu Tan, who took over Intel last month, to revive the faltering American firm after years of challenges and management missteps. Reuters
Eurozone business growth grinds to a halt
London — Eurozone business growth has stalled this month, a survey showed on Wednesday, with activity in the bloc’s dominant services industry contracting and the prolonged downturn in manufacturing continuing.
HCOB’s preliminary composite eurozone Purchasing Managers’ Index, compiled by S&P Global, dropped to 50.1 this month from March’s 50.9. It was barely above the 50 mark separating growth from contraction and short of the median estimate for 50.3 in a Reuters poll.
“The service sector has turned into a bit of a party pooper,” said Cyrus de la Rubia, chief economist at Hamburg Commercial Bank.
“Activity has shrunk instead of growing, which it had been doing almost continuously since February 2024. This has pushed the whole economy into stagnation territory.” Reuters
Tesla shares respond well to returning Musk
Bengaluru — Tesla investors breathed a sigh of relief after CEO Elon Musk said he would refocus his attention on the electric automaker, but that promise did not entirely dispel worries that his right-wing shift had irrevocably damaged the company’s brand.
The automaker’s shares rose about 6.5% in premarket trading on Wednesday after Musk said he would cut back his work for US President Donald Trump to a day or two per week from sometime next month after Tesla posted a 71% slump in net income and a sharp drop in automotive revenue.
The billionaire’s work as an adviser to Trump and his embrace of right-wing politics in Europe have drawn widespread opposition, including protests and vandalism at Tesla showrooms. Reuters
Read the full story: Tesla shares surge as Musk plans less work for Trump
US steps up Iran ‘maximum pressure’ campaign
Dubai — New US sanctions against Iran’s energy sector point to Washington’s “lack of goodwill and seriousness” over dialogue with Tehran, Iran’s foreign ministry spokesperson said on Wednesday ahead of Iran-US nuclear talks this weekend.
On Tuesday, Washington targeted an Iranian liquefied petroleum gas magnate with sanctions, which fall within the scope of President Donald Trump’s “maximum pressure” campaign and its objective to drive Iranian oil exports to zero.
Both high-level and expert-level talks are to take place this Saturday in Oman to begin drawing up a framework for a potential deal over Iran’s disputed nuclear programme. Reuters
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