EU Fines Google $2.7 Billion

As reported by Reuters news agency, the European Union antitrust regulators hit Alphabet unit Google with a record $2.7 billion (2.42-billion-euro) fine on Tuesday, taking a tough line in the first of three investigations into the company’s dominance in searches and smartphones. It is the biggest fine the EU has ever imposed on a single company in an antitrust case.

The fine is equivalent to 3 percent of Alphabet’s turnover. The EU competition enforcer has also charged Google with using its Android mobile operating system to crush rivals, a case that could potentially be the most damaging for the company, with the system used in most smartphones. The company has also been accused of blocking rivals in online search advertising. The European Commission said the company has 90 days to stop favoring its own shopping service or face a further penalty of up to 5 percent per day of Alphabet’s average daily global turnover.

Reuters report found here.

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s