GOOGLE gets hit with a $2.72bn fine

The European Commission, which polices EU competition rules, slapped Google with a $2.72bn fine for anti- competitive behavior and gave the company 90 days to stop the practice or face further fines of up to five percent of average daily worldwide revenue of its parent company Alphabet.

According to the European Commission Google gave prominent placement to its own services while demoting rival services. This denied other companies the chance to compete on merits and innovations while also denying EU consumers a genuine choice of services.

This comes on the heels of Google recently deciding to terminate the practice of reading its users Gmail messages to sell ads.

Link: http://caribbeanbusiness.com/eu-fines-google-a-record-2-4-billion-euros-in-antitrust-case/

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The Caribbean Association of Banks, Inc. is the representative body and recognized voice for banks and other financial institutions in the Caribbean. We seek to influence policies and legislation which impact the sector by advocating on our members’ behalf and participating in the global network of similar institutions.

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