Google launches appeal against 2.4-b euro European Union fine

Ellington Financial book value stable in August

Google Appeals Record EU Antitrust Fine

The firm was given 90 days to stop the "anti-competitive" practices, which ends on 28 September, or they could face a five per cent fine, amounting to their average daily global earnings from their parent company, Alphabet.

Google has chose to appeal the record-breaking fine imposed on it by the European Union's highest antitrust authority in July.

The EU had earlier slammed Google in June with a fine of 2.4-billion euro for illegally favoring its shopping centers in the search results.

A Google spokeswoman declined to comment.

The Silicon Valley giant had responded to the fine at the time of its announcement by saying that it "respectfully" disagreed with the legal argument being pursued.

"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". Margrethe Vestager, the EU's antitrust chief, has also threatened further probes on travel or map services.

The appeal lodged by Google will not help it to suspend the fine, however, it can put the money in a blocked account until the final decision.

Google has previously said it disagreed with the European Union decision and had indicated it would file an appeal. "It denied other companies the chance to compete on the merits and to innovate".

The EU Court of Justice told a lower tribunal last Wednesday to re-examine United States chipmaker Intel's appeal against a 1.06 billion euro fine, dealing a rare setback to the Commission. The first relates to Android, its operating system on a smartphone, and the second AdSense, its advertising network.

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