EU hits Google with record €2.4bn euro antitrust fine

Bookmark this
July 27, 2017

The European Union’s competition watchdog has slapped a record 2.42 billion euro ($2.72 billion) fine on internet giant Google for breaching antitrust rules with its onlineshopping service.

European regulators said Tuesday that “Google has abused its market dominance as a search engine by giving an illegal advantage to another Google product, its comparison shopping service.”

It gave the Mountain View, California, company 90 days to stop or face fines of up to 5 percent of the average daily worldwide turnover of parent company Alphabet.

The European Commission, which polices EU competition rules, alleges Google elevates its shopping service even when other options might have better deals.

The Commission said Google “gave prominent placement in its search results only to its own comparison shopping service, whilst demoting rival services. It stifled competition on the merits in comparison shopping markets.”

Google maintains it’s just trying to package its search results in a way that makes it easier for consumers to find what they want.

“When you shop online, you want to find the products you’re looking for quickly and easily. And advertisers want to promote those same products. That’s why Google shows shopping ads, connecting our users with thousands of advertisers, large and small, in ways that are useful for both,” Kent Walker, senior vice president at Google, said in a statement.

“We will review the Commission’s decision in detail as we consider an appeal, and we look forward to continuing to make our case,” he said.

The fine is the highest ever imposed in Europe for anti-competitive behavior, exceeding a 1.06 billion euros penalty on Silicon Valley chip maker Intel in 2009.

But the penalty is likely to leave a bigger dent in Google’s pride and reputation than its finances. Alphabet has more than $92 billion (82 billion euros) in cash, including nearly $56 billion (50 billion euros) in accounts outside of Europe.


FRANCE24/(AP)


Advertisement

Recent Articles

Bank of Beirut Internship

Bank of Beirut Internship

in Community News

CALLING ALL 3rd Year UNI STUDENTS; Work experience with the Bank of Beirut, Lebanon. This is initiated by the World Patriarchal Maronite Foundation for Integral Development and Bank of Beirut, in cooperation with Western Sydney University (WSU).

May 31, 2019

عودة لبنان الى قائمة الفاتيكان للحج الديني

عودة لبنان الى قائمة الفاتيكان للحج الديني

in World News, Local News, Church News

زار وفد من الوكالة الفاتيكانية للسياحة الدينية بيروت لدفع الترتيبات الخاصة بعودة الوكالة إلى لبنان وادراجه في لائحة دول السياحة الدينية بعد انقطاع امتد لسنوات

February 7, 2019 By AL-MOHAJER

Israeli Museum under Fire over 'McJesus' Exhibit

Israeli Museum under Fire over 'McJesus' Exhibit

in World News

A fast-food clown nailed to a cross has united its Finnish creator with Holy Land Christians demanding the artwork's removal from an exhibition at an Israeli museum.

January 15, 2019

Salameh: Money Transfer Firms Must Not Pay in Dollar to Recipients

Salameh: Money Transfer Firms Must Not Pay in Dollar to Recipients

in Local News

Central Bank Governor Riad Salameh on Monday called on all money transfer companies operating in Lebanon, such as Western Union and OMT, to exclusively use Lebanese currency when dispensing foreign cash transfers to recipients.

January 15, 2019