US tech giants face 6-10% fines as EU set rules to curb their power

Amazon, Apple , Facebook and Alphabet unit Google may have to change their business practices in Europe or face hefty fines between 6-10% under new draft European Union (EU) rules to be announced on Tuesday.

The rules are the most serious attempt by the 27-country bloc to rein in the power of the US tech giants which control troves of data and online platforms on which thousands of companies and millions of Europeans rely on.

They also mark the European Commission’s frustration with its antitrust cases against the tech giants, notably Google, which critics say did not address the problem.