EU poised to fine Apple about 500 million euros

The European Union is set to fine Apple about 500 million euros (S$725 million) over alleged breaches of EU competition law, the Financial Times reported on Sunday citing unnamed sources.

The fine is expected to be announced early next month, the FT said.

Last year, the European Commission accused Apple of distorting competition in the music streaming market via App Store rules that prevent developers from informing users of other purchasing options.

Both the European Commission and Apple declined to comment on the FT report.