EU Fines Google €2.95 Billion for Online Ad Abuse
The European Union has imposed a €2.95 billion penalty on Google for allegedly manipulating its dominant position in online advertising. This is the tech behemoth's third such penalty from the EU. The fine was escalated due to Google's previous transgressions of competition regulations.
Google is accused of favoring its own products in the stock market today, sidelining competitors. The EU contends that Google has abused its market power to maintain a stronghold in the online advertising market.
The EU has given Google 60 days to present a plan addressing these anti-competitive practices. Non-compliance could lead to further actions. While the individual responsible for overseeing this plan is not explicitly named, this duty typically falls to the European Commissioner for Competition, currently Margrethe Vestager.
This decision is part of a global trend of regulatory examination into the practices of major tech companies. Google, however, maintains its innocence, stating it will appeal the fine. It argues that the penalty could harm European businesses.
Google faces a €2.95 billion fine for alleged anti-competitive behavior in the stock market today. The company must now present a plan to address these issues within 60 days. This is Google's third EU fine for violating competition rules, reflecting ongoing concerns about the tech giant's market dominance.
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