What: Amazon reached a settlement with the European Union on three antitrust investigations, as the e-commerce giant addressed EU concerns over clauses applicable to third-party sellers, saving itself a fine that could reach 10% of its worldwide turnover, i.e. billions of dollars.

Why it is important: Amazon was accused of using its size, power and data to promote its own products and gain an unfair advantage over rival merchants selling on its online platform which has resulted in the company agreeing not to use third-party seller data for its own competitive retail business.

Amazon has also agreed to create a second purchase option for competing products in the event that an Amazon product appears as the first choice if it differs substantially in price and delivery speed.

Finally, Amazon agreed that sellers under Amazon's Prime function could choose their own logistics and delivery services, other than those approved and chosen by Amazon.

Amazon avoids fines through agreement with the EU