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EU fines Apple and Meta €700m, risking Trump fury

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Apple Inc. and Meta Platforms Inc. were hit by relatively modest European Union fines totaling €700 million ($798 million) for violating tough new antitrust rules for Big Tech, following warnings of harsh retaliation from US President Donald Trump.

EU regulators levied the penalties — €500 million against Apple and €200 million against Meta — under its Digital Markets Act, which includes a list of dos and don’ts mainly aimed at Silicon Valley giants.

“Apple and Meta have fallen short,” EU antitrust chief Teresa Ribera said on Wednesday.

“All companies operating in the EU must follow our laws and respect European values.”

The punishments — the first under the DMA — are far lower than previous penalties under traditional EU competition law, and are likely to be seen as an attempt to avoid further provoking Trump, who recently laid out a swath of tariffs on global economies.

He’s specifically called out the EU’s tech regulations as the kind of non-tariff trade barrier that his so-called reciprocal tariffs are intended to target.

The European Commission said that Apple had failed to allow developers to link out from its App Store in order to make sales outside of the company’s marketplace.

Meta’s business model for ad-free services on Instagram and Facebook also fell foul of the tech law, which gives regulators fining powers of up to 10% of a company’s global annual revenue.

Both firms must comply with the EU decision within 60 days, or face the risk of further financial penalties.

Apple was also warned that its new fee structure for app developers — itself a plan devised to comply with EU rules — isn’t in line with the EU Big Tech rulebook.

Apple responded fiercely to the EU penalty, accusing the bloc’s regulators of discriminating against the company and forcing it to give away its technology for free.

The Cupertino, California-based company said it would appeal the fine to the EU courts. Just last year, the company was hit with a €1.8 billion EU fine for shutting out music-streaming rivals on the iPhone.

Meta’s head of global affairs Joel Kaplan also hit back, saying the EU “is attempting to handicap successful American businesses while allowing Chinese and European companies to operate under different standards.”

The EU decision “isn’t just about a fine; the commission forcing us to change our business model effectively imposes a multi-billion-dollar tariff on Meta while requiring us to offer an inferior service,” said Kaplan.

“And by unfairly restricting personalized advertising the European Commission is also hurting European businesses and economies.

”The White House didn’t immediately respond to a request for comment.Asked about whether the commission had deliberately kept the fines low to avoid provoking Trump, the Brussels-based EU commission said the fines were “proportionate” to the alleged gravity and duration of breaches of the DMA, which became applicable two years ago.

“This is about enforcement. It’s not about trade negotiations,” commission spokesperson Arianna Podesta told reporters.

Still, the size of the fines “suggest an easing of European regulatory pressure on US tech giants,” according to Bloomberg Intelligence analyst Tamlin Bason.

“Penalties under the competition law could have been as much as 10% of total revenue, but ended up being less than 0.15% of each company’s 2024 sales, likely reflecting caution on aggressive enforcement against a tense backdrop in US-EU relations,” Bason said.

Despite its fine, Apple did see EU watchdogs close an investigation into online browsers after it rejigged how it offers users more choice on their iPhones.

EU regulators also backtracked on their decision to target Facebook Marketplace under the DMA. Meta was hit by a €798 million EU fine for alleged abuses on that service last year under standard antitrust law.

Apple shares rose 3.5% and Meta advanced 7% in early New York trading while the S&P 500 Index was up 3%.

Over recent years the EU has made costly penalties against firms, including more than $8 billion in fines against Alphabet Inc.’s Google and a separate order for Apple to pay Ireland back taxes of €13 billion.

Under its abuse-of-dominance rules, it has also forced changes out of Amazon.com Inc.’s marketplace platform and Apple’s tap-and-go chip, while also investigating Microsoft Corp. video conference software, Teams.

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Business

Dangote Refinery’s IPO Ends Tomorrow

“The level of investor interest reflects growing confidence in our business and in the strong financial results we have delivered,” the company said.

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[File photo] Opening ceremony of Dangote Refinery’s IPO on the NGX, September 14,2026

Dangote Petroleum Refinery & Petrochemicals has confirmed that its Initial Public Offering (IPO) will close on Tuesday, 27 October 2026 as scheduled, with no extension.

In a statement, the management said that the IPO has become a historic ownership moment, an opportunity for Africans at home and abroad to own a stake in one of the continent’s most strategic industrial assets.

“Investors recognise that this refinery is not merely an energy asset. It is a platform for industrial growth, foreign-exchange generation, regional trade, energy security and economic development across Africa,” management said.

The offer was structured to ensure ordinary investors participate alongside institutions, broadening ownership of the world-class asset.

“The level of investor interest reflects growing confidence in our business and in the strong financial results we have delivered,” the company said.

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Business

Dangote Visit London Stock Exchange Ahead of November Cement Listing

Unlike an initial public offering, a secondary listing would let Dangote Cement, already listed on the Nigerian Exchange, set up an additional presence in London.

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Aliko Dangote visited the London Stock Exchange on Friday, October 23, 2026, as Dangote Cement Plc prepares a proposed $1 billion share sale and a secondary listing in the United Kingdom.

The company is reportedly targeting November 2026 for the listing, subject to market conditions and regulatory approval.

A video circulating on social media captured the visit, with exchange officials and attendees welcoming Africa’s richest man.

The trip is part of efforts to pull international investment into his business empire.

The proposed deal could see Dangote Cement offer about 10% of its equity to international investors, potentially raising roughly $1 billion.

The final timetable is not fixed and remains subject to market conditions and regulatory requirements.

Unlike an initial public offering, a secondary listing would let Dangote Cement, already listed on the Nigerian Exchange, set up an additional presence in London.

That could raise the company’s visibility with international institutional investors, including pension funds, asset managers and other investment firms.

The share sale has not been completed. Its final structure, valuation and pricing are still subject to confirmation.

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Olagunju to head JPMorgan’s Proposed Nigerian Merchant Bank

The proposed bank would expand JPMorgan’s presence beyond its representative office in Lagos. It could undertake a broader range of regulated banking activities after securing a final licence.

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The Central Bank of Nigeria has granted JPMorgan approval-in-principle to establish a merchant bank in Nigeria.

The regulator also approved Adedapo Adedayo Olagunju as Managing Director of the proposed JPMorgan Merchant Bank Nigeria Limited.

The approval came on Friday, October 23, 2026. The bank has not received its final operating licence.

Olagunju has led JPMorgan’s West African operations since 2018.

He is an Oxford-trained banker with more than two decades of experience in treasury management, financial markets, institutional banking and structured finance.

His appointment puts him in line to head the American bank’s proposed Nigerian merchant bank once final licensing is completed.

The CBN also approved four non-executive directors and three independent non-executive directors for the proposed institution.

The proposed bank would expand JPMorgan’s presence beyond its representative office in Lagos. It could undertake a broader range of regulated banking activities after securing a final licence.

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