COMPETITION
Internet

Apple has agreed to harmonise its European price structure for iTunes songs which are currently 79p in the UK ($1.55) and 99 cents in the rest of Europe ($1.45) by cutting the price of music downloads in the UK to settle a European Union antitrust case. The European Commission, in its first case involving online music sales, said it’s not a price regulator and won’t set a rate for Apple’s U.K. downloads. “This is an important step towards a pan-European marketplace for music,” Apple Chief Executive Officer Steve Jobs said in an e-mailed statement today. “We hope every major record label will take a pan-European view of pricing.” The Brussels-based commission, the EU’s antitrust regulator, said last April that Apple and the world’s four largest music companies illegally restrict where iTunes users can buy songs by setting higher prices in some countries. The companies could have been fined as much as 10 percent of annual sales for an antitrust violation.

http://www.telegraph.co.uk/news/main.jhtml?xml=/news/2008/01/10/nmusic110.xml