EU fines Google 2.42b euros for breaching antitrust rules
The European Union’s competition watchdog slapped a record 2.42 billion euro ($2.72 billion) fine on internet giant Google on Tuesday for breaching antitrust rules with its online shopping service.
European regulators said “Google has abused its market dominance as a search engine by giving an illegal advantage to another Google product, its comparison shopping service.”
It gave the Mountain View, California, company 90 days to stop or face fines of up to 5 percent of the average daily worldwide turnover of parent company Alphabet.
The European Commission, which polices EU competition rules, alleges Google elevates its shopping service even when other options might have better deals.
The Commission said Google “gave prominent placement in its search results only to its own comparison shopping service, whilst demoting rival services. It stifled competition on the merits in comparison shopping markets.”
Google maintains it’s just trying to package its search results in a way that makes it easier for consumers to find what they want.
“When you shop online, you want to find the products you’re looking for quickly and easily. And advertisers want to promote those same products. That’s why Google shows shopping ads, connecting our users with thousands of advertisers, large and small, in ways that are useful for both,” Kent Walker, senior vice president at Google, said in a statement.
“We will review the Commission’s decision in detail as we consider an appeal, and we look forward to continuing to make our case,” he said.
The fine is the highest ever imposed in Europe for anti-competitive behavior, exceeding a 1.06 billion euros penalty on Silicon Valley chip maker Intel in 2009.
But the penalty is likely to leave a bigger dent in Google’s pride and reputation than its finances. Alphabet has more than $92 billion (82 billion euros) in cash, including nearly $56 billion (50 billion euros) in accounts outside of Europe.
- Gold, silver prices down
Job and Career Fair kicks off
The Job and Career Fair that aims to provide job opportunities for youths started here Friday. Minister for Labor and Employment Farmullha Mansoor inaugurated the two-day fair amid a program at the Nepal Police Club Friday. The expo is organized by the Adhikari Creative Concern.
NCEA's general assembly picks new working committee
The 12th General Assembly of the Nepal Carpet Exporters' Association held Friday in the capital has unanimously chosen an 18-member new working committee. Ram Bahadur Gurung has been elected President while Dipak Bajracharya senior Vice President.
- Gold, silver prices up
- Changing vehicle equation
Effect of monetary policy on risk, stability and financial crises
The crisis of 2008–09 has reignited a new interest in understanding money and credit fluctuations in the macro economy, and the crucial roles they could play in the amplification, propagation, and generation of shocks both in normal times and, even more so, in times of financial distress. This may reopen a number of fundamental fault lines in modern macroeconomic thinking between theories that treat the financial system as irrelevant, or, at least, not central to the understanding of economic outcomes, and those that reserve a central role for financial intermediation.
Air pollution control measures for Kathmandu Valley
According to the World Air Quality Index website, Air quality index of Ratnapark, Kathmandu was 158 on April 22 which is unhealthy. This means children and people with respiratory diseases should avoid outdoor exertion at this pollution level. If this quantity increases to more than 300, air quality level is considered as hazardous which means everyone should avoid outdoor exertion.
The return trip
It took us over five hours, drenched in rain, walking through treacherous ratomato sluggishly. It should not have taken more than two hours in a normal day. It was the cruellest irony that no sooner did we reach Panchkhal and sat at the Pipal Chautari to rest, than the bus we had left behind, arrived with people in the bus bursting with laughter on seeing us.
Prospects for Nepali talents in the Diaspora
When Indu, a Nepali American teen studying in Virginia, asked Panta whether she could inspire Nepali youngsters into music industry and convince their parents to consider Nepali music as a path to professionalism, the female heartthrob of Nepali music could not fully convince her.
Traffic Police in Kathmandu
As busy and hassling as the traffic system in Kathmandu is, the Traffic Police here have to handle an equally strenuous job. Over 1,400 traffic officers in and around the Kathmandu Valley battle against the pestering traffic and air pollution each day.
Menstrual taboo outdated
I have seen my sisters and friends isolated and treated in discriminatory manner during their first menstruation cycle. They were not allowed to look at the sun, to touch water source, flower, fruits, any male family member, nor even hear their voice. The activist may claim the situation has changed and I do agree but still during every month my loved ones turns into untouchables beings.