Turkey fines Google for abusing dominant position
- Wall St weighed down by inflation jitters
- AT&T (T) to Merge Media Assets with Discovery (DISCA) in Blockbuster Deal, Valuation Estimated at $150 Billion
- Bitcoin (BTC) Hits 3-Month Lows Before Bouncing as Musk Confirms Tesla Has Not Sold Any BTC
- Morgan Stanley Sees a Path for Amazon.com (AMZN) to Hit $6,000 In the Next 12 Months
- Bill Gates Left Microsoft (MSFT) Board Amid Probe Into 'Intimate Relationship': WSJ
FILE PHOTO: A 3D printed Google logo is seen in this illustration taken April 12, 2020. REUTERS/Dado Ruvic/Illustration/File Photo
Get instant alerts when news breaks on your stocks. Claim your 1-week free trial to StreetInsider Premium here.
ISTANBUL (Reuters) -Turkey's Competition Board has fined Alphabet Inc's Google more than 296 million lira ($36.65 million) for abusing its dominant position in search engine services, the regulator said on Wednesday.
In a statement, it said Google had favored its own price comparison for accommodations and its local search services over those of competitors.
Google must ensure within six months that competitors are not disadvantaged and report to the board annually for five years on the issue, the regulator added.
Google responded that its search services were designed to efficiently meet consumer demand for information, and that offering more travel and accommodation options actually boosted competition.
"We will evaluate the decision (of the board) and continue working with the Competition Authority by maintaining our usual constructive approach," the company said in a statement.
Turkey's Competition Authority has fined Google for abusing its market position over various issues. Last year, it fined the company nearly 200 million lira over unfair access to advertising space.
($1 = 8.0772 liras)
(Reporting by Ebru Tuncay; Writing by Ali Kucukgocmen; Editing by Daren Butler and Richard Chang)
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Morgan Stanley Upgrades Trip.com Group Limited (TCOM) to Overweight
- EU regulator backs month-long storage of Pfizer vaccine in fridges
- Going home: COVID sparks Chinese exodus from Italian textile town
Create E-mail Alert Related CategoriesReuters
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!