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Google has been handed a record-breaking fine EUR2.42bn fine by the European Union for abusing its dominance of the search engine market in building its online shopping service.
European regulators gave the tech giant 90 days to stop its illegal activities or face fines of up to 5% of the average daily worldwide turnover of parent company Alphabet.
Commissioner Margrethe Vestager, in charge of competition policy, said: “Google has come up with many innovative products and services that have made a difference to our lives. That’s a good thing. But Google’s strategy for its comparison shopping service wasn’t just about attracting customers by making its product better than those of its rivals. Instead, Google abused its market dominance as a search engine by promoting its own comparison shopping service in its search results, and demoting those of competitors.
“What Google has done is illegal under EU antitrust rules. It denied other companies the chance to compete on the merits and to innovate. And most importantly, it denied European consumers a genuine choice of services and the full benefits of innovation.” (Guardian – Continue Reading)
Federal Reserve Chairwoman Janet Yellen is unlikely to offer any hint the central bank is wavering on its strategy to raise U.S. interest rates when she makes the rounds in London this week.
Yellen and a majority of her colleagues indicated two weeks ago the central bank is still on track to raise the cost of borrowing once more in 2017. There’s little reason to signal a different coarse and put the central bank’s credibility on the line in an appearance Tuesday at a U.K. forum to evaluate the global economy.
“She is unlikely to say anything new on the outlook for monetary policy so soon after the June Federal Open Market Committee meeting,” said economist Andrew Hunter at Capital Economics. (MarketWatch – Continue Reading)
The Bank of England plans to increase capital requirements for U.K. lenders by 11.4 billion pounds ($14.5 billion) to tackle risks posed by consumer credit growth and prepare for the uncertain outcome of Brexit talks.
The BoE set the countercyclical capital buffer at 0.5 percent of risk-weighted assets for U.K. loans effective in June 2018. “Absent a material change in the outlook,” the central bank will increase the level again to 1 percent in November.
Each increase of 0.5 percent will swell banks’ cushion of common equity Tier 1, the highest-quality capital, by 5.7 billion pounds, according to the BoE’s Financial Stability Report published on Tuesday. The BoE also proposed boosting the leverage ratio to 3.25 percent of exposures excluding central-bank reserves. (Bloomberg – Continue Reading)
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