One of the biggest tech companies in the world, Google, faces a big debacle on the European Union as antitrust regulators push a fine over its shopping service and are expected to be settled before the summer break in August. The European Union’s competition authority has been on Google’s tail since 2015 after reports of denting blows from both rivals and consumers.
According to sources, the European Commission has been lurking and investigating for 7 years inside the world’s biggest and well-known search engine; the commission has been compiling a pretty hefty amount of scores of complaints and evidence from users on both the European Union and even with United States rivals.
EU, Google Fiasco
The whole mess started last 2015 when rivals and consumers flocked to report about the search engine’s wrongdoings. Both the EU Commission and Google declined to comment on the ongoing procedures; the US tech giant has been trying to resolve such allegations over the past years but fails to have any productive results.
Google is looking to shed an estimated 10% of their global turnover, or $9 billion to be exact out of its 2016 turnover if proven guilty of the alleged breaching in the EU’s antitrust rules. On top of the fine, the Commission is also going to put Google’s “alleged anti-competitive” practices; the company’s exact plans and actions are still bleak regarding on how they will adopt the new regulations imposed, and on how they can guarantee its rivals the equal treatment in internet shopping results.
The fine is going to be more than hefty, and will likely be one of the biggest fines in the history; trailing behind Intel’s 1.1 billion euro fine in 2009, the estimated fine Google is looking to pay is tallied to be around the 3 billion euro mark. Google had tried 3 times to apprehend and settle the issue with the latter European Competition Commissioner Joaquin Almunia; while the recent and on-going commissioner Margrethe Vestager is showing a strong resistance on depriving and settling tactics the company applies.
Google’s Race to $1 Trillion Market Cap
Even with the impending fine from the EU’s Commission, Google’s mother company Alphabet is still in line to reach the $1 trillion market cap, along with another tech company Amazon. These statistics were provided after Apple’s announcement of reaching the milestone by mid-2018. The unstoppable tech stocks are also surging their way on the market; providing a much-needed boost in the stock market and making the anticipated Trump Trade lackluster and in shambles.
Google or Alphabet, in total, is still looking to be in the pervasive environment even with the decreased on the last hour yesterday after the news of the fine broke. All-in-all, the tech company is still looking to dominate the market with innovative and technological advancements.
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