>> The biggest fine ever given to a single company in an antitrust case. Google slapped with a €2.42 billion punishment on Tuesday for distorting Internet search results in favor of its own shopping channel, that's $2.7 billion. That penalty imposed by the European Commission, which has given the tech giant 90 days to end the anti-competitive practice.
The fine is equivalent to 3% of Google's 2016 worldwide revenues. And is more than double the previous record breaker of €1.06 billion imposed on US chip maker Intel in 2009. The European Commission says that if the practice does not stop, Google could face further punishment of up to 5% of parent company Alphabet's daily global turnover.
The fine, a result of a seven year investigation prompted by scores of complaints from Google rivals such as Yelp and TripAdvisor. The European Commission says Google acted illegally under EU antitrust rules.>> It has denied other companies the chance to compete on their merits and to innovate. And most importantly, it has denied European consumers the benefits of competition, genuine choice and innovation.
>> But this won't be the end of Google's tussle with the Commission, there are two other ongoing cases. Google accused of using its Android mobile operating system to crush rivals, and of blocking rivals in online search advertising. On Tuesday, Google said it disagreed with the EC decision, and was considering an appeal.