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Real-time News
On November 27th, according to an unpublished court document from the Delhi High Court, Apple is challenging Indias newly revised antitrust penalty law. Under this law, the American company could face fines of up to $38 billion. This is the first judicial challenge to Indias antitrust penalty law, which came into effect last year. The law authorizes the Competition Commission of India (CCI) to calculate fines based on a companys global turnover when it determines that the company has abused its market dominance. Since 2022, Match Group, which owns Tinder, has been engaged in a protracted legal battle with several Indian startups over Apples App Store policies with the CCI. In this 545-page, non-public legal document, Apple is asking the judge to invalidate the 2024 amendments that allow penalties based on global turnover. The company argues that its "maximum penalty risk" is approximately $38 billion, calculated as 10% of the average global services business turnover over the three years prior to fiscal year 2024. Apple emphasizes that "penalties based on global turnover...are clearly arbitrary, unconstitutional, and seriously disproportionate and unfair."The total number of oil rigs in the United States for the week ending November 28 will be released in ten minutes.Court documents show that Apple could face fines of up to $38 billion in an antitrust case in India under new laws.The Atlanta Feds GDPNow model projects U.S. GDP growth of 3.9% in the third quarter, down from a previous estimate of 4.2%.British Chancellor of the Exchequer Reeves: Trade agreements mean we can exceed growth expectations.
