All articles tagged with #eu antitrust fine
Google was fined €2.95 billion ($3.45 billion) by the EU for anti-competitive practices in its adtech business, accused of favoring its own services and abusing market power since 2014. The EU ordered Google to cease self-preferencing and address conflicts of interest, with the company planning to challenge the decision in court. This is part of a long-standing regulatory battle between Google and EU authorities.
The S&P 500 edged higher ahead of a week filled with economic data and Fed Chair Jerome Powell's congressional testimony, with the communications services sector being the weakest and utilities being the biggest gainer. Apple's stock fell after being hit with a $2 billion EU antitrust fine, while Nvidia's market value surpassed $2 trillion for the first time. Investors are anticipating key monthly data on the service sector and non-farm payrolls, and the market is being driven by institutional and retail investors' fear of missing out despite concerns about expensive stock valuations. Additionally, AI server maker Super Micro Computer and shoe maker Deckers Outdoor are set to join the S&P 500 index, while Macy's saw a jump in its stock price after an increased buyout bid.
Google has made a final attempt to overturn a €2.42 billion ($2.6 billion) EU antitrust fine at the Court of Justice of the European Union (CJEU), arguing that regulators failed to prove its practices were anti-competitive. The fine was imposed in 2017 for market abuse related to Google's shopping service. Google's lawyer argued that different treatment of rivals is not inherently anti-competitive and that companies compete by differentiating themselves. The CJEU will make a ruling in the coming months. This case is one of three penalties totaling €8.25 billion that Google has faced in the last decade.
Illumina, a US genetic testing company, is expected to face a record EU antitrust fine for closing its takeover of Grail before obtaining approval from EU regulators. The European Commission is likely to impose a fine of up to 10% of Illumina's global revenue, the maximum allowed under EU merger rules. Illumina has already set aside $458 million for a potential fine. The EU has taken a tough stance against closing deals before final regulatory approval and has fined several companies in the past for this offense. Illumina has challenged the EU's decision to block the deal and is contesting the order to keep Grail separate.