Brussels Edition: EU competition chief defends big tech move

EU Competition Chief Ribera defends latest Big Tech action as Meta hit with statement of objections

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Welcome to the Brussels Edition. I'm Suzanne Lynch, Bloomberg's Brussels bureau chief, bringing you the latest from the EU each weekday. Make sure you're signed up. The European Union launched a fresh shot across the bows at US tech this morning, sending a statement of objections to Meta over allegedly blocking the use of rival artificial intelligence assistants on WhatsApp. The accusation, which was rejected by Meta, is the latest action by the European Commission towards US technology companies, this time over alleged anti-competitive practices rather than content. In an interview with Bloomberg Television shortly after the announcement, EU Competition Chief Teresa Ribera said the development was purely about addressing market dominance – not politics. "The abuse of a dominant position in a given market that prevents any other alternative for final users is not good news for anyone… it's not good news in Europe; it's not good news in the United States," she said. "This is the message that we wanted to send to Meta." Asked how the US would react to the latest action by Brussels against an American tech company, Ribera said it was about enforcement of the law. "This is not connected to politics but connected to well-functioning markets and consumers," she said, adding that the origin or headquarters of any given company was not considered. The Trump administration and senior members of Congress have railed against EU regulation of Big Tech, arguing that US companies are being targeted and that Brussels is trying to stifle free speech – a characterization that the commission rejects. Ribera, who is due to visit the US next month, also confirmed that she's keeping an eye on the ongoing maneuvers over Paramount and Netflix's bid for Warner Brothers – one of the biggest deals of the year. "We will be paying attention to whatever operation – consolidation, acquisition – that may take place," she said. "For the time being, it's not clear." The Spanish commissioner, who is effectively number two at the EU's executive branch, also underscored the need for new companies to be able to make their mark on developing technologies like artificial intelligence. "I think it is good that there are many players that could challenge the traditional incumbents," she said, adding that it's important that companies "looking to the future" are not prevented from developing their services "because of those that have succeeded in the past." Her comments come ahead of a key series of meetings this week on the EU's competitiveness agenda, culminating in an EU leaders' retreat in Belgium on Thursday. The Latest Bank of France Governor Francois Villeroy de Galhau unexpectedly quit early in a move that leaves the choice of his successor to Emmanuel Macron instead of a possible future president from the far right. Socialist António José Seguro won the race to be Portugal's president, defeating far-right challenger André Ventura in a runoff that reaffirmed the country's tradition of consensus-driven leadership after a turbulent campaign. The EU is exploring possibilities for fresh defense funding after an initial €150 billion loan program was oversubscribed, Andrea Palasciano reports. Spanish train services were disrupted today as drivers started a three-day strike to protest safety conditions, following two deadly accidents in January. Hungary's opposition party, the Tisza Party, published a detailed policy program over the weekend as it seeks to present itself as a credible alternative to Prime Minister Viktor Orban ahead of April elections. Seen and Heard on Bloomberg Helen Jewell, CIO of fundamental equities at BlackRock, said investors need to have diversified portfolios "because we don't know exactly how that AI story is going to play out." She said focus remains in the energy space. "There simply is not the energy and the energy infrastructure at the moment to supply what AI will need in terms of data centers," she told Bloomberg TV. "So we continue to lean into that space." Chart of the Day UniCredit plans to return about €50 billion to investors through 2030 as CEO Andrea Orcel vows to further improve profitability and capital generation over the next five years. The Milan-based bank will pay out 80% of profit in a mix of cash dividends and share buybacks as ordinary distribution and will evaluate additional returns on a yearly basis depending on excess capital. Coming up Croatia Prime Minister Andrej Plenkovic speaks to reporters this afternoon ECB President Christine Lagarde speaks at the European Parliament later today Address by George Theocharides, Chairman of the Cyprus Securities and Exchange Commission (CySEC) at EU Policy Series event at Bloomberg Brussels Bureau, 5:30 p.m. Final Thought Different kinds of medical cannabis at pharmacy's packaging hub. Photographer: Ben Kilb/Bloomberg A few years ago in Germany, one would have had to wander through a park at night or arrange an illicit street pickup to buy marijuana. Now, all it takes is five minutes and an internet connection. Since Germany liberalized its cannabis laws two years ago, online telemedicine platforms with suggestive names like Cannadoc24 and Weed.de have become the preferred way for buyers—technically, patients—to access both pharmacist-vetted weed and doctors' notes to order it legally. Like the Brussels Edition? Don't keep it to yourself. Colleagues and friends can sign up here. How are we doing? We want to hear what you think about this newsletter. Let our Brussels bureau chief know. We're improving your newsletter experience and we'd love your feedback. If something looks off, help us fine-tune your experience by reporting it here. Follow us You received this message because you are subscribed to Bloomberg's Brussels Edition newsletter. 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