Big Tech crackdown looms as EU, UK ready new rules

TikTok, Twitter, Facebook, Google, Amazon and other Big Tech companies are facing rising pressure from European authorities as London and Brussels advanced new rules Tuesday to curb the power of digital companies.  

The U.K. government unveiled draft legislation that would give regulators more power to protect consumers from online scams and fake reviews and boost digital competition. 

Meanwhile, the European Union was set to release a list of the 19 biggest online platforms and search engines that face extra scrutiny and obligations under the 27-nation bloc's landmark digital rules taking effect later this year.  

The updates help solidify Europe’s reputation as the global leader in efforts to rein in the power of social media companies and other digital platforms.