Magical Trade
Thursday, May 19, 2022
  • Home
  • Trade News
  • Email Whitelisting
  • Privacy Policy
No Result
View All Result
  • Home
  • Trade News
  • Email Whitelisting
  • Privacy Policy
No Result
View All Result
Magical Trade
No Result
View All Result
Home Trade News

Google loses antitrust battle with EU as court upholds 2017 order to pay $2.8 billion fine

by
November 10, 2021
in Trade News
0
0
SHARES
0
VIEWS
Share on FacebookShare on Twitter

RELATED POSTS

Asia stock markets sell off; Hong Kong’s Hang Seng down nearly 3% and Tencent shares plunge more than 7%

Amazon Stock Plunges in Wake of Target, Walmart Debacles. This Is Why.

The European Union flag is seen with Google’s logo.

Jaap Arriens | NurPhoto | Getty Images

The EU’s General Court ruled Wednesday that the European Commission was right in fining Google for an antirust breach — in what represents a landmark moment for EU policy which could impact the business models of major tech players.

The ruling comes after the European Commission, the executive arm of the EU, said in 2017 that Google had favored its own comparison shopping services and fined the company 2.42 billion euros ($2.8 billion) for breaching antitrust rules. Alphabet-unit Google contested the claims using the EU’s second-highest court.

“The General Court finds that, by favoring its own comparison shopping service on its general results pages through more favorable display and positioning, while relegating the results from competing comparison services in those pages by means of ranking algorithms, Google departed from competition on the merits,” the court said in a press release Wednesday.

In addition, the court also confirmed the fine at 2.42 billion euros. “The General Court concludes its analysis by finding that the amount of the pecuniary penalty imposed on Google must be confirmed,” the court added.

Wednesday’s verdict can be appealed and taken to the EU’s highest court. The European Commission and Google were not immediately available for comment when contacted by CNBC on Wednesday.

The legal precedent

This is not the first time that the EU’s General Court has ruled on an antirust case brought by the European Commission and directed at a tech giant.

The chamber ruled in July 2020 that the commission had failed to prove that the Irish government had given a tax advantage to Apple — this was after the Brussels-based institution ordered the Republic of Ireland to recoup 13 billion euros from the iPhone maker in 2016.

The court ruling marked a significant blow to Margrethe Vestager, the EU’s competition chief, and her team. It essentially said they didn’t do a good job in proving their case.

Vestager decided to appeal the decision, pushing it to the EU’s highest court, the European Court of Justice, where the case is yet to be ruled upon.

At the time, the ruling from the General Court also shone a light on one of the main challenges for European competition policy: In antitrust cases, it’s the commission that has to bare the brunt of the evidence and not the defendant.

Impact for Big Tech?

The EU is currently discussing how to toughen its rulebook to ensure fairer competition across the 27 member nations.

Thomas Vinje, an antitrust partner at law firm Clifford Chance, told CNBC Tuesday that the General Court’s ruling “will put the wind in the sails of the DMA [Digital Markets Act].”

The DMA is one of the big legislative pieces that the EU is working on and which, when approved, will look to tackle any behavior that closes off European markets. It could lead to changes in parts of the business models of the tech giants.

One of the potential changes is ending self-preferencing — when, for instance, app search results on an Apple product display options developed by the tech giant. The idea is to give smaller app developers the same chance of being found and chosen by consumers. Legislators are also looking at restricting target-advertising to bring more privacy to users. This could also affect how Big Tech operates.

ShareTweetPin

Related Posts

Asia stock markets sell off; Hong Kong’s Hang Seng down nearly 3% and Tencent shares plunge more than 7%

by
May 19, 2022
0

SINGAPORE -- Shares in Asia-Pacific slipped Thursday morning after heavy losses on Wall Street overnight. The Nikkei 225 in Japan...

Amazon Stock Plunges in Wake of Target, Walmart Debacles. This Is Why.

by
May 19, 2022
0

Amazon.com shareholders just got another reality check from Walmart and Target. The surprising inability of two major U.S. retailers to...

Only two Asia-Pacific markets are in positive territory so far this year

by
May 19, 2022
0

In this article .STI .JKSE As of the Wednesday market close, Singapore's Straits Times index is in first place regionally,...

Asia stock markets sell off; Hong Kong’s Hang Seng down 3% and Tencent shares plunge 8%

by
May 19, 2022
0

SINGAPORE -- Shares in Asia-Pacific slipped Thursday morning after heavy losses on Wall Street overnight. The Nikkei 225 in Japan...

Stock futures dip slightly after Dow’s worst day since 2020

by
May 19, 2022
0

Traders work on the floor of the New York Stock Exchange (NYSE) on May 18, 2022 in New York City....

Next Post

MBA: Mortgage Applications Increase in Latest Weekly Survey

Borrowers rush to refinance, as mortgage rates drop for a second week

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

email

Get the daily email about stock.

Please Enter Your Email Address:



By opting in you agree to our Privacy Policy. You also agree to receive emails from us and our affiliates. Remember that you can opt-out any time, we hate spam too!

MOST VIEWED

  • Fund manager believes FAANG is dead — says now it’s all about MANTA

    0 shares
    Share 0 Tweet 0
  • Forget Tesla — this auto stock is the one to buy right now, analyst says

    0 shares
    Share 0 Tweet 0
  • Bank of America names its top global tech stocks — including one it says has upside of 100%

    0 shares
    Share 0 Tweet 0
  • ‘Conviction sell’: UBS says avoid these global stocks amid rising headwinds

    0 shares
    Share 0 Tweet 0
  • These are the global stocks to own if stagflation hits, according to Credit Suisse

    0 shares
    Share 0 Tweet 0
  • Home
  • Trade News
  • Email Whitelisting
  • Privacy Policy
All rights reserved by www.magicaltrade.net
No Result
View All Result
  • Email Whitelisting
  • Home
  • Privacy Policy

All rights reserved by www.magicaltrade.net