EU antitrust regulators hit Google with record 2.42 billion euro fine

EU antitrust regulators hit Google with record 2.42 billion euro fine

EU antitrust regulators hit Google with record 2.42 billion euro fine

European Competition Commissioner Margrethe Vestager addresses a news conference in Brussels, Belgium, April 20, 2016.

Intel now holds the title for the biggest fine for anticompetitive behavior, with a €1bn sanction handed down in 2009 after they moved to block AMD chips from entering the market with various deals and rebates for those who bought chips from Intel.

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"As U.S. -based companies, we wish to go on record that enforcement action against Google is necessary and appropriate, not provincial", they wrote. It would be the first sanction against the way the Google search engine works. Smaller price comparison websites argue Google has harmed their businesses by prominently displaying results that have purchased placement - complete with photos and prices of the product - ahead of the results provided by competitors, which are often just standard links with no images or other frills.

The fine is far larger - more than twice as much - as the roughly €1.1 billion that was expected prior to the announcement. Intel's fine, which it is appealing, amounted to about 3% of sales.

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The final decision is expected to be made on Wednesday by the European Union college of commissioners, the collective decision-making body, according to people familiar with the status of the investigation.

The search company was expected to incur a fine of up to 10 percent of total revenues as part of the EU's probe into Google's dominance in search and shopping.

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"We continue to engage constructively with the European Commission and we believe strongly that our innovations in online shopping have been good for shoppers, retailers and competition", said Mark Jansen, a spokesman for Google. The European Commission has already hit Apple Inc., Facebook Inc. and Starbucks Corp. with various decisions for breaching the bloc's competition rules, hitting their financial accounts.

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