European Commission Fines Google $2.7bn For Promoting Its Own Shopping Comparison Service At The Top Of Search Results
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Title : European Commission Fines Google $2.7bn For Promoting Its Own Shopping Comparison Service At The Top Of Search Results
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Title : European Commission Fines Google $2.7bn For Promoting Its Own Shopping Comparison Service At The Top Of Search Results
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The European Commission has fined Google a record breaking 2.42bn euros ($2.7bn; £2.1bn) after it ruled the company had abused its power by promoting its own shopping comparison service at the top of search results.
The amount is the regulator’s largest penalty to date against a company accused of distorting the market.
The ruling also orders Google to end its anti-competitive practices within 90 days or face a further penalty.
The US firm signalled it may appeal.
However, if it fails to change the way it operates the Shopping service within the three-month deadline, it could be forced to make payments of 5% of its parent company Alphabet’s average daily worldwide earnings.
Based on the company’s most recent financial report, that amounts to about $14m a day.
“What Google has done is illegal under EU antitrust rules,” declared Margrethe Vestager, the European Union’s Competition Commissioner.
“It has denied other companies the chance to compete on their merits and to innovate, and most importantly it has denied European consumers the benefits of competition, genuine choice and innovation.”
The European Commission has fined Google a record breaking 2.42bn euros ($2.7bn; £2.1bn) after it ruled the company had abused its power by promoting its own shopping comparison service at the top of search results.
The amount is the regulator’s largest penalty to date against a company accused of distorting the market.
The ruling also orders Google to end its anti-competitive practices within 90 days or face a further penalty.
The US firm signalled it may appeal.
However, if it fails to change the way it operates the Shopping service within the three-month deadline, it could be forced to make payments of 5% of its parent company Alphabet’s average daily worldwide earnings.
Based on the company’s most recent financial report, that amounts to about $14m a day.
“What Google has done is illegal under EU antitrust rules,” declared Margrethe Vestager, the European Union’s Competition Commissioner.
“It has denied other companies the chance to compete on their merits and to innovate, and most importantly it has denied European consumers the benefits of competition, genuine choice and innovation.”
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You are now reading the article European Commission Fines Google $2.7bn For Promoting Its Own Shopping Comparison Service At The Top Of Search Results With link address https://newstoday-ok.blogspot.com/2017/06/european-commission-fines-google-27bn.html