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Germany moving toward bigger wireless-company fines - report

Jun. 14, 2019 12:02 PM ETVOD, TEF, KKPNF, DTEGY, DTEGFBy: Jason Aycock, SA News Editor2 Comments
  • Germany is eyeing higher penalties for wireless operators that fail to meet network expansion requirements, according to Handelsblatt.
  • That comes through an agreement by coalition partners CDU/CSU and SPD; the German parliament is set to pass a law on the matter on June 27.
  • The fines for companies that miss their goal would rise to as much as €1M from a current €100K.
  • And penalty payments would be raised to as much as €10M from a current €0.5M; companies with sales over €50M would face fines of 2% of average annual sales.
  • Affected companies: Deutsche Telekom (DTEGY -0.8%); Vodafone Germany (VOD -1.3%); Telefónica Deutschland (TEF -1%); Royal KPN (KKNPY -0.9%).
  • Source: Bloomberg

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