New EU rules raise the accountability bar for Google, Amazon and Facebook

Google and Amazon will have to tell companies how they rank products on their platforms, while Facebook and other tech firms will have to be more transparent about their terms and conditions under the new EU rules approved on Wednesday.

The platform-to-business (P2B) law, proposed by the European Commission in April last year, is the latest move by Europe to rein in online giants and ensure they treat smaller rivals and users fairly.

Lawmakers at the European Parliament gave the green light to the new laws on Wednesday, which will have to be rubber-stamped by the European Council in the coming months before they take effect.

Negotiators from all three bodies reached a political deal in February.