The latest fine takes penalties imposed by the EU on Qualcomm to over 1 billion euros BRUSSELS – The EU hit US chipmaking giant Qualcomm with an antitrust fine of 242 million euros ($271 billion) Thursday, in another blow against a tech titan that is fighting competition battles in Asia and the US.The fine is the second mega penalty levelled against Qualcomm by Brussels, which made it pay 997 million euros in January 2018.”Our investigation found that Qualcomm abused (its market) dominance between mid-2009 and mid-2011 by engaging in predatory pricing,” an EU statement said.The chips in question in the EU case “are key components so that mobile devices can connect to the internet,” EU anti-trust commissioner Margrethe Vestager said in a statement.”Qualcomm sold these products at a price below cost to key customers with the intention of eliminating a competitor,” she added.The EU competition enforcer has the power to fine companies up to 10 percent of global sales, but fined Qualcomm about two percent of its world turnover, which stood at $22.73 billion in 2018. The EU said that Qualcomm sold the chipsets to Chinese giants Huawei and ZTE, strategic customers, “with the intention of eliminating Icera, its main… Read full this story
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