EU executive to rule MasterCard fee illegal: source
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The European Union's executive arm will rule on Wednesday that MasterCard's  method of charging fees for international purchases violates EU antitrust rules, a source familiar with the situation said.
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The European Commission is told to compensate a firm whose takeover it was found to have wrongly blocked.
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The European Commission's former chief accountant, who said the EU budget was open to fraud, will fight her dismissal.
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Secret subpoenas threaten stability - EC Exclusive The European Commission is set to call for an immediate halt on the illegal transfer of financial information to the United States Treasury.â¦
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American Express yesterday said it was seeking &quot;billions of dollars&quot; in damages from Visa and MasterCard over alleged &quot;illegal and anticompetitive practices&quot;.
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THE Office of Fair Trading yesterday threatened to crack down on the credit card industry over its charging policy. It announced it was issuing the MasterCard network with a final warning to justify the fees
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A federal judge has ruled that Visa  USA, the largest U.S. credit card group, must stop charging a  special fee when a big debit card client jumps to rival  MasterCard Inc. .
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Vivendi Universal and its former chief Jean-Marie Messier have each been fined 1 million euros (&#36;1.35 million) for misleading financial information issued by the company when Messier was in charge, Messier's lawyer said Tuesday.
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The European Union said that from next year, an airline association IATA ticket pricing system under which members may fix prices among themselves for flights within the EU will be banned as a restrictive business practice.
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Vivendi Universal and its former chief Jean-Marie Messier have each been fined 1 million euros ($1.35 million) for misleading financial information issued by the company when Messier was in charge, Messier&#39;s lawyer said Tuesday.
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The incoming head of the European Commission has been trying to end a dispute which threatens to leave the EU without an executive.
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International credit card company  MasterCard Inc  may have violated European Union  antitrust rules by restricting competition between banks, the  EU&#039;s top competition authority said on Friday.
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The European Commission puts forward a plan to stop governments from blocking cross-border bank takeovers.
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Operators say operators should set prices Mobile World Congress EU telecoms commissioner Viviane Reding has warned mobile executives in Barcelona today that she will impose caps on roaming charges for data and text messaging if they do not cut prices by 1 July.â¦
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Olaf accused of irregularities and conflicts of interest The EU's anti-fraud chief is to be brought before the European Parliament over allegations of conflicts of interest and operational irregularities at Olaf.â¦
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(InfoWorld) - Executives from the financial data transfer company Swift and the president of the European Central Bank (ECB) faced tough questions in a European Parliament committee meeting Wednesday, about the illegal sharing of private data with U.S. authorities. ECB chief Jean-Claude Trichet denied that the bank should have stepped in to prevent the breach of European data protection laws, saying that the bank could only advise the Society for Worldwide Interbank Financial Telecommunication SCRL (Swift). "We have no judicial competence in the field of data protection," he said. Swift's Chief Financial Officer Francis van Bever explained that the company has two information storage facilities, one in the U.S. and the other in Holland. Each facility holds identical data: they serve as back-ups for each other in case one were to crash. "Each facility is subject to local laws," Van Bever said. "We were obliged to respond to the subpoena from the U.S. authorities." European law is unclear, he said, adding that after getting external legal advice in Belgium, Swift concluded that transferring the data to the U.S. authorities would be legal. "We didn't check with local data protection authorities because we thought what we were doing was legal," he said. U.S. agencies ordered Swift to share millions of pieces of information about people and companies from around the world in the wake of the terrorist attacks on Sept. 11, 2001. The information was deemed essential in tracing the financing of terrorism, and Swift complied with the order. However, European data protection laws forbid transfers of European citizens' personal data outside the E.U. if the country receiving the data has aÂ weaker data protection regimeÂ than Europe's. The U.S. is considered such a country under European laws. In June the New York Times revealed that Swift has been sharing the data with U.S. authorities for years, sparking investigations in Europe into how the European laws could so easily have been breached. Last week, Belgium's privacy commission concluded a two-month investigation, accusing Swift of breaking Belgian and Europe-wide data protection laws. However, it stopped short of proposing fines for the company, which it agreed was caught between conflicting legal requirements on each side of the Atlantic. Many European parliamentarians drew a parallel between the Swift case and the ongoing attempts to strike a data sharing agreement that would allow the U.S. authorities access to personal data about passengers flying to the U.S.. They were unimpressed by what more than one member of the European parliament referred to as "buck-passing" when it came to handing out responsibility for the data protection breach. Trichet tried to move the debate beyond casting blame by suggesting ways of avoiding similar problems in future. "This problem is ongoing," he said. "The system we have in place is imperfect. It is very important to clarify the situation and work out what to do about such data transfers across the Atlantic." He added that any agreement between the E.U. and the U.S. should then form the basis for a global solution, because the problem is worldwide. "We need a global legal framework for situations like this," Trichet said. Swift's van Bever agreed. "We would welcome such clarification," he said, adding that the double taxation treaty could be a role model. The treaty is signed by many countries around the world and is designed to prevent people being taxed twice on the same income by different tax authorities.
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The costs of policing a new U.S.  Internet gambling ban for banks and credit card companies will  be determined by regulators in the coming months, industry  officials said on Monday.