Advertisement

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

The United Australia Lebanese Movement Australia Day Award Ceremony

The United Australia Lebanese Movement Australia Day Award Ceremony

The United Australia Lebanese Movement (UALM) held its 22nd consecutive Australia Day Award Ceremony on 22/01/2020 endorsed by the Australia Day Council of NSW. The UALM is the only organisation outside of Local Government able to hold such an event.

January 26, 2020

Rubber Bullets, Tear Gas, Water Cannons Fired at Stone-Throwing Protesters in Beirut

Rubber Bullets, Tear Gas, Water Cannons Fired at Stone-Throwing Protesters in Beirut

Security forces on Sunday fired rubber bullets, tear gas, pepper spray and water cannons at stone-throwing protesters in central Beirut, a day after almost 400 people were injured in the fiercest clashes yet...

January 20, 2020 By Naharnet Newsdesk

Lebanon ranks first in Huawei's Mideast ICT competition

Lebanon ranks first in Huawei's Mideast ICT competition

Lebanon ranked the first in Huawei's Middle East ICT competition which took place over the weekend in the Chinese city of Shenzhen, a Huawei statement said Monday. A total of 13 teams of 39 students from across the Middle East competed in the final.

December 3, 2019

Hariri Announces Resignation, Urges Political Parties to Protect Lebanon

Hariri Announces Resignation, Urges Political Parties to Protect Lebanon

Prime Minister Saad Hariri on Tuesday submitted his government’s resignation to President Michel Aoun, on the 13th day of an unprecedented popular revolt against the entire political class.

October 30, 2019 By Naharnet Newsdesk