Summary
The European Union fined Google €2.95 billion for allegedly favoring its own advertising technology over competitors. The European Commission stated that Google's actions violated competition laws, leading to higher costs and decreased earnings for competitors and publishers. Google plans to appeal the decision.
Key Facts
- The EU fined Google €2.95 billion for its advertising practices.
- The European Commission accused Google of using its own technology to gain an unfair advantage.
- This is the third time the EU has penalized Google for competition law breaches.
- Google argues the decision is wrong and plans to appeal.
- The fine is one of the largest issued by the EU to a tech company.
- Competitors faced higher costs, possibly resulting in more expensive services for consumers.
- Google has 60 days to propose changes to its practices or face further EU action.
