KUALA LUMPUR, Sept 8 (Bernama) -- Bursa Malaysia closed almost flat on Tuesday as buying interest rotated away from index heavyweights towards smaller-cap construction stocks, with sentiment affected by geopolitical uncertainty, said an analyst. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) eased 0.39 of a point to 1,714.40 from Monday’s close of 1,714.79. The benchmark index opened 1.65 points lower at 1,713.14 and moved between 1,710.44 and 1,714.50 throughout the trading session. The broader market was almost evenly balanced, with decliners leading gainers 548 to 546, while 598 counters were unchanged, 1,107 were untraded and 25 were suspended. Turnover expanded to 4.13 billion units valued at RM3.14 billion from 3.60 billion units valued at RM2.45 billion on Monday.
Meta Platforms is set to receive its first EU antitrust fine for tying its classified advertisements service, Marketplace, with its Facebook social network, according to sources with direct knowledge of the matter.
Key Takeaways:
- Imminent Fine: The European Commission will issue the fine more than a year and a half after accusing Meta of giving Marketplace an unfair advantage by bundling it with Facebook.
- Abuse of Dominance: The EU competition watchdog also accused Meta of abusing its dominance by imposing unfair trading conditions on competing online classified ads services that advertise on Facebook or Instagram.
- Potential Financial Penalty: Meta could face a fine of up to US$13.4 billion (RM62.5 billion), representing 10% of its 2023 global revenue, although EU fines are typically lower than the maximum cap.
- Timing of Decision: The Commission is likely to issue its decision in September or October before EU antitrust chief Margrethe Vestager leaves office in November, although this timeline could change.
- Meta's Response: Meta reiterated previous comments, stating, "The claims made by the European Commission are without foundation. We continue to work constructively with regulatory authorities to demonstrate that our product innovation is pro-consumer and pro-competitive," said Meta spokesperson Matt Pollard.
- Failed Settlement: Last year, Meta sought to settle the EU investigation by curbing the use of competitors' advertising data for Facebook Marketplace, but the concession was rejected by the EU enforcer. A similar offer was accepted by the UK competition regulator.
- Additional Charges: This month, the Commission charged Meta with failing to comply with landmark tech rules due to its newly introduced pay or consent advertising model launched in November.
Meta's upcoming fine marks a significant step in the EU's antitrust actions against major tech companies, emphasizing the region's commitment to regulating competitive practices in the digital market.
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