In a shocking turn of events, Google has been handed a massive €2.4 billion fine by the European Commission after allegedly abusing its dominance as a search engine provider to give illegal advantage to its own shopping services.
The company is now forced to end the anti-competitive conduct within a window of 90 days.
Otherwise, it will face penalty payments of up to five percent of the average daily global turnover of its parent company Alphabet.
“Google has abused its market dominance as a search engine by giving an illegal advantage to another Google product, its comparison shopping service,” the Commission stated in a press release.
The European Commission has fined Google €2.42 billion for antitrust violations pertaining to its Google’s Shopping search comparison service — in what is widely considered the most significant antitrust ruling in Europe since the 2004 Microsoft decision.
She went on to issue formal charges against Google Shopping in 2015, and supplemental charges in 2016.
Google’s search engine is massively dominant in the region, accounting for more than 90 per cent of the market.
Security firm Trend Micro is the latest corporate to jump into the startup investment world after it unveiled a $100 million corporate fund today.
Trend Micro is hoping that, beyond supplying the necessary cash, it can appeal to startups by giving them an avenue into its experience, products and a network that it says spans more than 28,000 partner companies.
These learnings will influence Trend Micro’s cybersecurity solution planning across the company,” it said in a statement.