Google has been fined 2.42 billion euros ($2.7 Billion) by the European Commission after it ruled the company had abused its power by promoting its own shopping comparison service at the top of search results.
It is the biggest fine the EU has ever imposed on a single company in an antitrust case, exceeding a 1.06-billion-euro sanction handed down to U.S. chipmaker Intel in 2009. The ruling also orders Google to end its anti-competitive practices within 90 days or face a further penalty. 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 five percent of its parent company Alphabet’s average daily worldwide earnings.
Important Takeaways from Above News-
- Alphabet Inc. is the parent company of Google.
- Sundar Pichai is the CEO of Google.
- It is the USA based Company.