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<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="461" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/03/107381656-1709554734955-gettyimages-1232607338-AA_30042021_335705-820x461.jpeg" alt="" class="wp-image-470146" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/03/107381656-1709554734955-gettyimages-1232607338-AA_30042021_335705-820x461.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/107381656-1709554734955-gettyimages-1232607338-AA_30042021_335705-300x169.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/107381656-1709554734955-gettyimages-1232607338-AA_30042021_335705-160x90.jpeg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/107381656-1709554734955-gettyimages-1232607338-AA_30042021_335705-768x432.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/107381656-1709554734955-gettyimages-1232607338-AA_30042021_335705-1536x864.jpeg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/107381656-1709554734955-gettyimages-1232607338-AA_30042021_335705.jpeg 1600w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Photo: via CNBC</figcaption></figure>



The European Union on Monday began an investigation into Apple, Alphabet and Meta, in its first probe under the sweeping new Digital Markets Act tech legislation.



“Today, the Commission has opened non-compliance investigations under the Digital Markets Act (DMA) into&nbsp;Alphabet’s&nbsp;rules on steering in Google Play&nbsp;and&nbsp;self-preferencing on Google Search,&nbsp;Apple’s rules on steering in the App Store&nbsp;and&nbsp;the choice screen for Safari&nbsp;and&nbsp;Meta’s&nbsp;‘pay or consent model,’” the European Commission said in a statement.



The first two probes focus on Alphabet and Apple and relate to so-called anti-steering rules. Under the DMA, tech firms are not allowed to block businesses from telling their users about cheaper options for their products or about subscriptions outside of an app store.



“The way that Apple and Alphabet’s implemented the DMA rules on anti-steering seems to be at odds with the letter of the law. Apple and Alphabet will still charge various recurring fees, and still limit steering,” the EU’s competition chief, Margrethe Vestager, said during a news conference Monday.



Apple has already fallen foul of the EU’s rules. This month, the company was fined 1.8 billion euros ($1.95 billion) after the European Commission said it found that Apple had applied restrictions on app developers that prevented them from informing iOS users about alternative and cheaper music subscription services available outside of the app.



In a third inquiry, the&nbsp;commission said it is investigating whether Apple has complied with its DMA obligations to ensure that users can easily uninstall apps on iOS and change default settings. The probe also focuses on whether Apple is actively prompting users with choices to allow them to change default services on iOS, such as for the web browser or search engine.



The commission said that it is “concerned that Apple’s measures, including the design of the web browser choice screen, may be preventing users from truly exercising their choice of services within the Apple ecosystem.”



Apple said it believes it is in compliance with the DMA.



“We’re confident our plan complies with the DMA, and we’ll continue to constructively engage with the European Commission as they conduct their investigations. Teams across Apple have created a wide range of new developer capabilities, features, and tools to comply with the regulation,” an Apple spokesperson told CNBC on Monday.



The fourth probe targets Alphabet, as the European Commission looks into whether the firm’s display of Google search results “may lead to self-preferencing in relation to Google’s,” other services such as Google Shopping, over similar rival offerings.



“To comply with the Digital Markets Act, we have made significant changes to the way our services operate in Europe,” Oliver Bethell, director of competition at Alphabet, said in a statement.



“We have engaged with the European Commission, stakeholders and third parties in dozens of events over the past year to receive and respond to feedback, and to balance conflicting needs within the ecosystem. We will continue to defend our approach in the coming months.”



Alphabet pointed to a blog post from earlier this month, wherein the company outlined some of those changes — including giving Android phone users the option to easily change their default search engine and browser, as well as making it easier for people to see comparison sites in areas like shopping or flights in Google searches.



<h2 class="wp-block-heading" id="h-meta-investigation"><a></a>Meta investigation</h2>



The fifth and final investigation focuses on Meta and its so-called pay and consent model. Last year, Meta introduced an ad-free subscription model for Facebook and Instagram in Europe. The commission is looking into whether offering the subscription model without ads or making users consent to terms and conditions for the free service is in violation of the DMA.



“The Commission is concerned that the binary choice imposed by Meta’s ‘pay or consent’ model may not provide a real alternative in case users do not consent, thereby not achieving the objective of preventing the accumulation of personal data by gatekeepers.”



Thierry Breton, the EU’s internal market commissioner, said during the news conference that there should be “free alternative options” offered by Meta for its services that are “less personalized.”



“Gatekeepers” is a label for large tech firms that are required to comply with the DMA in the EU.



“We will continue to use all available tools, should any gatekeeper try to circumvent or undermine the obligations of the DMA,” Vestager said.



Meta said subscriptions are a common business model across various industries.



“Subscriptions as an alternative to advertising are a well-established business model across many industries, and we designed Subscription for No Ads to address several overlapping regulatory obligations, including the DMA. We will continue to engage constructively with the Commission,” a Meta spokesperson told CNBC on Monday.



<h2 class="wp-block-heading" id="h-tech-giants-at-risk-of-fines"><a></a>Tech giants at risk of fines</h2>



The commission said it intends to conclude its probes within 12 months, but Vestager and Breton during the Monday briefing stressed that the DMA does not dictate a hard deadline for the timeline of the inquiry. The regulators will inform the companies of their preliminary findings and explain measures they are taking or the gatekeepers should take in order to address the commission’s concerns.



If any company is found to have infringed the DMA, the commission can impose fines of up to 10% of the tech firms’ total worldwide turnover. These penalties can increase to 20% in case of repeated infringement.



The commission said it is also looking for facts and information to clarify whether Amazon may be preferencing its own brand products on its e-commerce platform over rivals. The commission is further studying Apple’s new fee structure and other terms and conditions for alternative app stores.



This month, the tech giant announced that users in the EU would be able to download apps from websites rather than through its proprietary App Store — a change that Apple has resisted for years.



The EU’s research into Apple and Amazon does not comprise official investigations.

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<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="462" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/03/106912016-1626438957428-gettyimages-1232945042-BC_CancelledMarch2021_5997-820x462.jpeg" alt="" class="wp-image-469883" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/03/106912016-1626438957428-gettyimages-1232945042-BC_CancelledMarch2021_5997-820x462.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/106912016-1626438957428-gettyimages-1232945042-BC_CancelledMarch2021_5997-300x169.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/106912016-1626438957428-gettyimages-1232945042-BC_CancelledMarch2021_5997-160x90.jpeg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/106912016-1626438957428-gettyimages-1232945042-BC_CancelledMarch2021_5997-768x432.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/106912016-1626438957428-gettyimages-1232945042-BC_CancelledMarch2021_5997.jpeg 929w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">The logo of cryptocurrency exchange Binance displayed on a smartphone with the word “cancelled” on a computer screen in the background. Budrul Chukrut | SOPA Images | LightRocket via Getty Images</figcaption></figure>



One of two Binance executives detained in Nigeria has escaped custody, while the Nigerian government has filed new tax evasion charges against the global cryptocurrency exchange.



Nigeria’s Federal Inland Revenue Service (FIRS) Monday announced that four new charges relating to tax evasion had been filed at the Federal High Court in Abuja, according to multiple local media reports.



Binance faces charges of alleged non-payment of Value-Added Tax (VAT) and company income tax, failure to submit tax returns and complicity in aiding customers to evade taxes through its platform, the reports said.



Alongside the company, two senior executives — U.S. citizen Tigran Gambaryan and British-Kenyan Nadeem Anjarwalla — were both charged and remanded in custody by Nigerian authorities.



Reports emerged over the weekend that Anjarwalla escaped on Friday from the Abuja guest house where the pair was detained.



“We were made aware that Nadeem is no longer in Nigerian custody. Our primary focus remains on the safety of our employees and we are working collaboratively with Nigerian authorities to quickly resolve this issue,” a Binance spokesperson told CNBC.



The families of the two employees declined to comment at this time, but issued statements on March 20, following a hearing at which Nigerian authorities extended their detainment.



Anjarwalla’s wife, Elahe Anjarwalla, said she was “completely heartbroken” that he would not be home in time to celebrate their son’s first birthday.



“Nadeem has no authority to make high level decisions at Binance and I am once again asking from the bottom of my heart that the Nigerian authorities please allow him and Tigran to return home whilst they continue their discussions with Binance. I am also calling on the British and Kenyan governments to do more to get Nadeem back home to us,” she said.



Gambaryan’s wife Yuki said she did not know what to tell their two children about their father’s absence.



“Tigran is globally recognized for his work in law enforcement and many of his peers would say that Tigran’s continuous efforts are what keep crypto currencies safe and clean,” she said.



“Please let him come home to continue this good work. The longer that our husbands are away from our families, the harder it is becoming for us to go about our daily lives.”



<h2 class="wp-block-heading" id="h-background"><a></a>Background</h2>



Gambaryan and Anjarwalla were taken into custody in Nigeria on Feb. 26, although neither was charged at the time with any crimes. The Abuja government accused their employer of wreaking havoc on the country’s local currency.



The Nigerian naira is one of the worst-performing currencies in the world and has lost nearly 70% of its value to the U.S. dollar over the past year. Locals have flocked to cryptocurrencies in recent years to shelter their savings from the plunging currency and a soaring inflation rate that hit nearly 30% two months ago.



But Binance’s troubles in Nigeria appear to be less about a crypto crackdown and more of an attack on what Abuja sees as a bad actor in the space.



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="461" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/03/107375463-1708428203684-gettyimages-2015599138-AFP_34JR9E8-1-820x461.jpeg" alt="" class="wp-image-469884" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/03/107375463-1708428203684-gettyimages-2015599138-AFP_34JR9E8-1-820x461.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/107375463-1708428203684-gettyimages-2015599138-AFP_34JR9E8-1-300x169.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/107375463-1708428203684-gettyimages-2015599138-AFP_34JR9E8-1-160x90.jpeg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/107375463-1708428203684-gettyimages-2015599138-AFP_34JR9E8-1-768x432.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/107375463-1708428203684-gettyimages-2015599138-AFP_34JR9E8-1-1536x864.jpeg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/107375463-1708428203684-gettyimages-2015599138-AFP_34JR9E8-1.jpeg 1920w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">IBADAN, Nigeria &#8211; Feb. 19, 2024: Demonstrators are seen at a protest against the hike in price and hard living conditions in Ibadan on February 19, 2024. Samuel Alabi | Afp | Getty Images</figcaption></figure>



Nigeria has expressed two chief concerns with Binance — the fact that the government doesn’t know where money goes or how it moves through the exchange, and that the exchange was allegedly facilitating speculation on the price of the naira through its peer-to-peer marketplace.



The government alleged that Binance was laundering money and that $26 billion worth of untraceable funds had moved through the exchange.



Authorities in Abuja have also contended that traders using this P2P platform to trade the local currency for U.S. dollar-pegged stablecoins, like tether, were colluding on the price to maximize the exchange value. Binance has since shut down its peer-to-peer trading platform in Nigeria.



This is not the first time that Abuja has taken issue with Binance. In July 2023, Nigeria’s Securities and Exchange Commission put out a circular warning people against doing business with the exchange, noting that “any investing public dealing with this entity” was doing so at a “high level of risk” that “may result in total loss of investments.”

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<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="462" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/03/107383365-1709744654471-gettyimages-2063429669-_s2_1499_zbm0kcgb-820x462.jpeg" alt="" class="wp-image-468257" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/03/107383365-1709744654471-gettyimages-2063429669-_s2_1499_zbm0kcgb-820x462.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/107383365-1709744654471-gettyimages-2063429669-_s2_1499_zbm0kcgb-300x169.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/107383365-1709744654471-gettyimages-2063429669-_s2_1499_zbm0kcgb-160x90.jpeg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/107383365-1709744654471-gettyimages-2063429669-_s2_1499_zbm0kcgb-768x432.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/107383365-1709744654471-gettyimages-2063429669-_s2_1499_zbm0kcgb.jpeg 929w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Federal Reserve Bank Chairman Jerome Powell testifies before the House Financial Services Committee in the Rayburn House Office Building on Capitol Hill on March 06, 2024 in Washington, DC.  Chip Somodevilla | Getty Images</figcaption></figure>



The Federal Reserve has a lot to do at its meeting this week, but ultimately may not end up doing a whole lot in terms of changing the outlook for monetary policy.



In addition to releasing its rate decision after the meeting wraps up Wednesday, the central bank will update its economic projections as well as its unofficial forecast for the direction of interest rates over the next several years.



As expectations have swung sharply this year for where the Fed is headed, this week’s two-day session of the Federal Open Market Committee will draw careful scrutiny for any clues about the direction of interest rates.



Yet the general feeling is that policymakers will stick to their recent messaging, which has emphasized a patient, data-driven approach with no hurry to cut rates until there’s greater visibility on inflation.



“They’ll make it clear that they’re obviously not ready to cut rates. They need a few more data points to feel confident that inflation is heading back to target,” said Mark Zandi, chief economist at Moody’s Analytics. “I expect them to reaffirm three rate cuts this year, so that would suggest the first rate cut would be in June.”



Markets have had to adjust to the Fed’s approach on the fly, scaling back both the timing and frequency of expected cuts this year. Earlier this year, traders in the fed funds futures market were anticipating the rate-cutting campaign to kick off in March and continue until the FOMC had cut the equivalent of six or seven times in increments of quarter percentage points.



Now, the market has pushed out the timing until at least June, with only three cuts anticipated from the current target range of 5.25%-5.5% for the Fed’s benchmark overnight borrowing rate.



The swing in expectations will make how the central bank delivers its message this week all the more important. Here’s a quick look at what to expect:



<h2 class="wp-block-heading" id="h-the-dot-plot"><a></a>The ‘dot plot’</h2>



Though the quarterly plot of individual members’ expectations is pretty arcane, this meeting likely will be all about the dots. Specifically, investors will look at how the 19 FOMC members, both voters and nonvoters, will indicate their expectations for rates through the end of the year and out to 2026 and beyond.



When the matrix was last updated in December, the dots pointed to three cuts in 2024, four in 2025, three more in 2026, and then two more at some point to take the long-range federal funds rate down to around 2.5%, which the Fed considers “neutral” — neither promoting nor restricting growth.



Doing the math, it would only take two FOMC members to get more hawkish to reduce the rate cuts this year to two. That, however, is not the general expectation.



“It only takes two individual dots moving higher to raise the 2024 median. Three dots are enough to push the long-run dot 25bp higher,” Citigroup economist Andrew Hollenhorst said in a client note. “But the combination of inconclusive activity data and slowing year-on-year core inflation should be just enough to keep dots in place and [Fed Chair Jerome] Powell still guiding that the committee is on track to gain ‘greater confidence’ to cut policy rates this year.”



<h2 class="wp-block-heading"><a></a>The rate call for March</h2>



More immediately, the FOMC will conduct a largely academic vote on what to do with rates now.



Simply put, there is zero chance the committee votes to cut rates at this week. The statement from the last meeting all but ruled out an imminent move, and public statements from virtually every Fed speaker since then have also ruled out a decrease.



What this statement could indicate is perhaps a thawing in the outlook and an adjustment of the bar that the data will need to clear to justify future cuts.



“We still expect the Fed to cut interest rates in June, although we don’t expect officials to provide a strong steer either for or against” following the March meeting, wrote Paul Ashworth, chief North America economist at Capital Economics.



<h2 class="wp-block-heading"><a></a>The economic outlook</h2>



Along with the “dot plot,” the Fed will release its quarterly update on the economy, specifically for gross domestic product, inflation and the unemployment rate. Collectively, the estimates are known as the Summary of Economic Projections, or SEP.



Again, there’s not a lot of expectations that the Fed will change its outlook from December, which reflected cuts for inflation and an upgrade for GDP. For this meeting, the focus will fall squarely on inflation and how that affects the expectations for rates.



“While inflation has hit a bump in the road, the activity data suggest the economy is not overheating,” Bank of America economist Michael Gapen wrote. “We think the Fed will still forecast three cuts this year, but it is a very close call.”



Most economists think the Fed could raise its GDP forecast again, though not dramatically, while possibly tweaking the inflation outlook a touch higher.



<h2 class="wp-block-heading"><a></a>Big picture</h2>



On a broader scale, markets likely will be looking for the Fed to follow the recent plotline of fewer cuts this year — but still cuts. There also will be some anticipation over what policymakers say about its balance sheet reduction. Powell has indicated the issue will be discussed at this meeting, and some details could emerge of when and how the Fed will slow and ultimately halt the reduction in its bond holdings.



It won’t be just Wall Street watching, either.



Though not official policy, most central banks around the world take their cues from the Fed. When the U.S. central bank says it is moving cautiously because it fears inflation could spike again if it eases too soon, its global counterparts take notice.



With worries escalating over growth in some parts of the globe, central bankers also want some type of go signal. Higher interest rates tend to put upward pressure on currencies and raise prices for goods and services.



“The rest of the world is waiting for the Fed,” said Zandi, the Moody’s economist. “They would prefer not to have their currencies fall in value and put further upward pressure on inflation. So they would really, really like the Fed to start leading the way.”

107383365-1709744654471-gettyimages-2063429669-_s2_1499_zbm0kcgb

Here’s everything to expect from the Federal Reserve’s policy meeting Wednesday

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="510" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/03/107389251-1710843088447-gettyimages-901988866-AFP_VS5GN-820x510.jpeg" alt="" class="wp-image-467993" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/03/107389251-1710843088447-gettyimages-901988866-AFP_VS5GN-820x510.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/107389251-1710843088447-gettyimages-901988866-AFP_VS5GN-300x186.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/107389251-1710843088447-gettyimages-901988866-AFP_VS5GN-145x90.jpeg 145w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/107389251-1710843088447-gettyimages-901988866-AFP_VS5GN-768x477.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/107389251-1710843088447-gettyimages-901988866-AFP_VS5GN-1536x954.jpeg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/107389251-1710843088447-gettyimages-901988866-AFP_VS5GN-scaled.jpeg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A man walks past a poster that informs customers that bitcoin can be used in this shop in Tokyo on January 06, 2018.  Toru Yamanaka | Afp | Getty Images</figcaption></figure>



Japan’s government pension fund on Tuesday said it is requesting information on “illiquidity assets” such as bitcoin, as part of research into potential new investments.



The Government Pension Investment Fund (GPIF) of Japan, the world’s largest pension fund by assets under management on several different rankings, said it is looking for “basic information” on illiquid assets other than those in which it already invests.



GPIF said it currently puts funds in domestic and foreign bonds and stocks, real estate, infrastructure and private equity. It is now looking for information about other assets such as forests, farmland, gold and bitcoin and how these might be incorporated into the portfolio of pension funds.



There is no indication that GPIF will invest in bitcoin or other cryptocurrencies.



GPIF’s statement comes days after bitcoin hit an all-time high and after the world’s largest cryptocurrency has rallied more than 130% over the last year.



That rally is in part thanks to the launch of bitcoin exchange-traded funds in the U.S. this year, which has attracted billions of dollars of inflows.



Pension funds have been very cautious about stepping into cryptocurrency investments due to the latter’s volatile nature. Some have nevertheless dipped their toes, with South Korea’s pension fund — the National Pension Service — buying shares of Coinbase last year.



In Japan, the government in February proposed a law that would, if passed, allow investment funds to hold digital assets like cryptocurrencies.

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