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| EU hits Google with $2.7bn fine over abuse of market dominance | EU hits Google with $2.7bn fine over abuse of market dominance |
| (about 1 hour later) | |
| The European Commission has fined American IT giant Google €2.42 billion ($2.7 billion) for breaching competition rules with its online shopping service. | The European Commission has fined American IT giant Google €2.42 billion ($2.7 billion) for breaching competition rules with its online shopping service. |
| The firm was accused of putting its Shopping Box at the top of search results, making other shopping websites less visible. | The firm was accused of putting its Shopping Box at the top of search results, making other shopping websites less visible. |
| The Commission has been investigating Google’s parent company Alphabet for several years. | The Commission has been investigating Google’s parent company Alphabet for several years. |
| EU regulators said on 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.'' | EU regulators said on 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.'' |
| Google argued the allegation from Brussels "just doesn't fit the reality of how most people shop online." | Google argued the allegation from Brussels "just doesn't fit the reality of how most people shop online." |
| "They reach merchant websites in many different ways: via general search engines, specialist search services, merchant platforms, social media sites, and online ads served by various companies," Kent Walker, Google's general counsel, has written, as quoted by CNBC. | "They reach merchant websites in many different ways: via general search engines, specialist search services, merchant platforms, social media sites, and online ads served by various companies," Kent Walker, Google's general counsel, has written, as quoted by CNBC. |
| "And of course, merchants are reaching consumers directly like never before. On the mobile web — and more than half of Europe's internet traffic is mobile these days — dedicated apps are the most common way for consumers to shop," he added. | "And of course, merchants are reaching consumers directly like never before. On the mobile web — and more than half of Europe's internet traffic is mobile these days — dedicated apps are the most common way for consumers to shop," he added. |
| The company has been given 90 days to stop the practice or face a fine of five percent of Alphabet's daily turnover. | The company has been given 90 days to stop the practice or face a fine of five percent of Alphabet's daily turnover. |
| Alphabet stock fell 1.1 percent to $962 in premarket trading. | |
| READ MORE: Google Russia agrees to pay $8mn antitrust fine | READ MORE: Google Russia agrees to pay $8mn antitrust fine |
| In a separate case, EU Commissioner for Competition Margrethe Vestager has been investigating Android, Google’s operating system for smartphones, and its advertising business. | In a separate case, EU Commissioner for Competition Margrethe Vestager has been investigating Android, Google’s operating system for smartphones, and its advertising business. |
| She has also been looking at whether Google unfairly banned competitors from websites that used its search bar and ads. | She has also been looking at whether Google unfairly banned competitors from websites that used its search bar and ads. |
| Last summer, Vestager ordered Apple to pay €13 billion in back taxes in Ireland. The EU antitrust commissioner has repeatedly said she's not biased against US companies.. | Last summer, Vestager ordered Apple to pay €13 billion in back taxes in Ireland. The EU antitrust commissioner has repeatedly said she's not biased against US companies.. |