Google could face record-high fine in EU antitrust case
The European Union (EU) is reportedly preparing to impose a record-high fine on tech giant Google (Alphabet) within the next few weeks, according to a WSJ report.
Google has long been the subject of many antitrust investigations in Europe, surrounding its adverts, Android OS as well as its comparison shopping service. The reported record-high fine in this case would apply to the company’s controversial practices with comparison shopping.
EU regulators have accused Google of giving its own service an undue advantage over services of its competitors. In other words, Google allegedly tried to make shoppers inclined to buy its or its partners’ products.
Citing anonymous sources, the WSJ reported that the EU might fine Google 10 per cent of its annual revenue, which means the fine could be as much as $9 billion. Last year, some reports suggested that Google could face analogous fines for each antitrust suit.
The EU’s earlier record antitrust fine was against Intel in 2009, when it was slapped with a hefty fine of 1.06 billion euros or around 1.18 billion U.S. dollars.
The People’s Party (ÖVP) has won the parliamentary elections and 31-year-old leader Sebastian Kurz would be the youngest national leader in Europe. Kurz will be having a tough task of dealing with European leadership.
IBM is using blockchain for improving speed and security for cross-border transactions. The solution offered by IBM is focused on banking sector.
Tesla Motors has fired hundreds of employees after annual performance review. The company confirmed the move but the management hasn’t mentioned the exact number of employees fired during the current performance review.
Tesla Motors has announced recall of 11,000 Model X vehicles to fix a seat cable issue. The voluntary recall involves Model X SUVs manufactured between October 28, 2016 and August 16, 2017.
Norway is planning to add additional tax burden on consumers planning to buy electric cars.
German government has raised the growth outlook for 2017 to two percent from earlier estimate of 1.5 percent. The growth outlook for 2018 has been raised to1.9 percent from earlier estimate of 1.6 percent.