IMF Deputy Dan Katz Visits China as Key Economic Review Nears 
U.S.-EU Tensions Rise After $140 Million Fine on Elon Musk’s X Platform 
Australia Moves Forward With Teen Social Media Ban as Platforms Begin Lockouts 
Fed Meeting Sparks Division as Markets Brace for Possible Rate Cut 
Japan’s Nikkei Drops as Markets Await Key U.S. Inflation Data 
Europe Confronts Rising Competitive Pressure as China Accelerates Export-Led Growth 
Vietnam’s November Trade Sees Monthly Decline but Strong Year-on-Year Growth 
Proxy Advisors Urge Vote Against ANZ’s Executive Pay Report Amid Scandal Fallout 
Firelight Launches as First XRP Staking Platform on Flare, Introduces DeFi Cover Feature 
RBI Cuts Repo Rate to 5.25% as Inflation Cools and Growth Outlook Strengthens 
Germany’s Economic Recovery Slows as Trade Tensions and Rising Costs Weigh on Growth 
OpenAI Moves to Acquire Neptune as It Expands AI Training Capabilities 
Netflix Nearing Major Deal to Acquire Warner Bros Discovery Assets 
Boeing Executive Says Trump’s Equity Stake Plan Won’t Target Major Defense Contractors 
Austria’s AA Credit Rating Affirmed as Fitch Highlights Stable Outlook 
Spirit Airlines Reverses Pilot Furlough Plans Amid Updated Staffing Outlook 
Canon went to court to challenge the EU's sanction related to its acquisition of Toshiba Medical Systems Corporation in 2016 but was defeated. With the decision, the European Union's General Court upheld the €28 million €28 million fine that was previously imposed on the company.
According to Reuters, Canon, a Japanese optical, imaging, and industrial products manufacturer, is now facing a hefty fine, and this was revealed on Wednesday, May 18. It was the second-top court in Europe that sustained the sanction that was originally handed down in 2019.
The European Commission stated in its 2019 decision that Canon violated the rules by the "warehousing" two-step transaction structure where an interim buyer has been assigned to buy the medical unit of Toshiba before it could actually obtain regulatory clearance from the EU's competition agency.
It was reported that under the EU merger regulations, companies that close a deal first without obtaining the EU regulatory approval could be fined by up to 10% of the deal price. The fine is also applicable if companies provide misleading information during the regulatory review.
This unusual method of acquisition allowed Toshiba to book proceeds just in time for the financial year-end ending in March. Originally, this would have been impossible because the company was cash-strapped due to its accounting scandal.
The EU competition slapped Canon with a fine for the said "warehousing," and this week, the Luxembourg-based General Court backed the decision. The judge said, "The European Commission was therefore right to observe that the Court's case-law distinguishes between the concepts of 'concentration' and 'implementation of a concentration.'"
Meanwhile, as previously reported by ITN News, Toshiba Medical Systems' name was changed to Canon Medical Systems Corp. after the acquisition was completed following the deal agreement in 2016.
Canon Inc. and Canon Medical Systems Corp. announced the new name of the newly-acquired company in January 2018. Canon Group was declared the winner in the bidding for the acquisition of CMS with its reported bid of $6.21 billion.
