The European Union has decided to slap Google with a massive €2.4 billion fine after finding out it manipulated search results, effectively violating the antitrust law. According to The Verge, after seven years of investigation, Google was found guilty of favoring its own shopping comparison service, Google Shopping, in search results.
The fine was the largest ever handed out for breaching the antitrust law, easily topping the €1 billion penalty given to Intel in 2009. Google Shopping shows price comparison to users and Google effectively deprived its competitors a fair chance to rank up high on search results.
Part of the decision includes ordering Google to change its algorithm to give competitors a fair chance. If the company does not comply, the EU is threatening more damaging penalties amounting to as much as 5% of its average daily turnover.
As Born2Invest reported earlier this month, Google is also facing various allegations, on top of its results manipulation, which could merit more fines from the EU.
If Google goes down in Europe, it would be more of their own doing. In an article published by Business Insider, it revealed that Google maintains a stronghold in Europe than on American soil, prompting critics such as Microsoft’ Steve Ballmer and Yelp to describe it as a monopoly.
When Yelp conducted its own investigation, it found out its organic results often got buried under less important results from Google’s own content. Review sites such as Tripadvisor, which gets unique reviews from travelers around the world, have lower rankings in results compared to Google’s own Google+ review boxes, which only sources reviews from a select few.
Being a monopoly in Europe is not really viewed as a taboo. However, manipulating markets is obviously considered unfair. Google, with its dominance and popularity, is expected to flex its financial muscle and technical expertise to counter the charges thrown at them.
Possible Ka-Booms as Far as the Eyes Can See
Explosive growth in Silver and Gold are but one of many indicators of an overbought market, with large banks and...
How the Ministry of Agriculture is trying to help farmers in Burkina Faso
Burkina Faso is one of the African countries affected by insufficient rainfalls. Due to the global situation and the lockdown...
IOTA secures its supremacy in the energy market with European partnership
Financial and communications tech is being put to use in the environmental field. The IOTA foundation, whose cutting edge ledger...
Green bonds, ESG and Covid bonds in fixed income funds
New types of bonds are increasing their weight in the fixed-income markets, which will help fund managers to seek new...
How to create an Email marketing campaign your audience will love
Whether you sell a product or service, work from a home office or a corporate one, starting an email campaign...
Featured7 days ago
The Italian fintech company Fido closes a €1.1 million financing round
Crowdfunding7 days ago
Three equity crowdfunding campaigns in Italy end with deposits of over €1 million
Business7 days ago
PR Tech: How investments in the media market changed?
Featured5 days ago
Deutsche Bank joins the fintech company Traxpay