European Commission

Eurozone Joblessness Rises to a Record 12%

Unemployment across the 17 European Union countries that use the euro has struck 12 percent for the first time since the currency was launched in 1999, official figures show.

European Court Upholds Most of $1 Billion-Plus Microsoft Fine

A European court has upheld most of a massive fine levied against Microsoft by the European Commission's competition watchdog, closing a case against the software giant that began in 1998. The court's final ruling trimmed the fine by $49 million to about $1.1 billion.

European Regulators Raid Drugmakers in Collusion Probe

European antitrust officials raided drug makers including AstraZeneca Plc (AZN) as part of an investigation into possible collusion to keep cheap generic medicine off the shelves. The European Commission said it raided a "limited number" of pharmaceutical companies that may have obstructed the sale of generic medicines Bloomberg News said.

In Europe, a Closer Antitrust Look at Google

The EC says its launching a formal, in-depth investigation into Google's treatment of search rivals, setting the stage for yet another potential legal entanglement over whether Google is unfairly taking advantage of its dominant market position.

European Commission Unveils Planned Debt Rules

The European Commission presented plans to punish countries whose excessive debt levels pose a potential risk to the euro. The proposals include automatic fines for countries that mismanage their finances and economies, BBC News said.

European Commission Raises Economic Growth Forecasts

The European Commission upped its forecast for economic growth in the European Union and the 16-member euro zone in 2010, based on strong growth in industrial exports. The commission said that the 27-member EU would probably grow by 1.8% in 2010, compared with an earlier forecast of 0.9%, The Wall Street Journal reported. The commission forecast growth of 1.7% for the euro zone, compared with an earlier forecast of 0.9%.

Euro-Zone Countries Should Be Ready to Cut Debt, ECB Says

Euro-zone countries should prepare to implement more measures aimed at cutting "excessive deficits" if economic growth disappoints, the European Central Bank said. The 16 members of the euro-zone should "be prepared to accelerate consolidation where necessary to correct their excessive deficits," the ECB said, according to The Wall Street Journal. "If previously overly optimistic macroeconomic forecasts fail to materialize, countries should swiftly adopt additional consolidation measures to ensure that commitments are fulfilled."

Greek Economy Shrank More than Estimated in Second Quarter

Greece's economy contracted more than previously thought in the second quarter, according to new figures. The country%u2019s statistics agency said that the economy shrank at an annual rate of 3.7% in the second quarter, compared with an initial estimate of a 3.5% decline, The Wall Street Journal reported. The economy contracted 1.8% from the previous quarter, rather than the initial estimate of 1.5%.

EC Probes IBM Over Two Antitrust Allegations

In one case, European Commission regulators are investigating allegations that Big Blue is unfairly tying its operating system to its mainframe computer business, effectively cutting out the competition.

Is Intel's Antitrust Battle with FCC Nearing Its End?

The chip giant and the Federal Trade Commission are putting their antitrust battle on hold, as the parties review a potential settlement agreement that could end one of two major antitrust entanglements Intel currently faces.

Microsoft Publicly Takes Google to Task Over Its Practices

Microsoft criticized Google for failing to adequately respond to a recent European Commission investigation into its market share and practices. In a blog post, Microsoft's deputy general counsel wrote that Google is trying to place the blame on Microsoft rather than take responsibility for its own actions.

GM and Spyker Seal a Deal
for Saab

After a year-long search, General Motors finally found a buyer for Saab in Spyker Cars, a Dutch sports-car maker. The offer comprises $74 million in cash and $326 million in preferred shares. Saab workers and customers finally have a strong reason to be hopeful.