FINWIRES · TerminalLIVE
FINWIRES

Alphabet's Google Fined by EU Over Digital Markets Act Violations

By

Alphabet's (GOOGL) Google was fined a total of 890 million euros ($1.04 billion) by the European Commission on Thursday after the regulator found the company violated the Digital Markets Act through self-preferencing in Google Search and anti-steering practices on Google Play.

The Commission fined Google 460 million euros over its Google Search practices and 430 million euros for restricting app developers from steering users to alternative purchasing channels outside Google Play.

The European Commission ordered Google to end the violations within 60 days by treating third-party services fairly in search rankings and allowing app developers to freely communicate and promote offers outside Google Play.

Failure to comply could result in periodic penalty payments of up to 5% of Google's total worldwide turnover, it added.

Google said the Commission's implementation of the Digital Markets Act degrades products for European users and raises security risks on Google Play.

The company said it is reviewing the decision and evaluating all options, including an appeal.

Alphabet shares were down 4.7% in premarket activity.

Related Articles

Wire

Eden Innovations Says Amrize Requests Installation of Additional Automated Dispensing Equipment Setups in US, Canada

Eden Innovations (ASX:EDE) said Amrize requested its wholly-owned US unit to install additional EdenCrete Pz7 bulk storage tanks and automated dispensing equipment at three concrete plant locations in Texas, Minnesota, and the greater Toronto area in Canada, according to a Thursday Australian bourse filing.The installations are accompanied by orders for the supply for EdenCrete Pz7, totaling around $32,000.Eden Innovations' shares climbed 2% in recent trading on Thursday.

ASX:EDE
Wire

Wesfarmers Faces Return Uncertainty at Western Australia Project Amid Price Volatility, Jefferies Says

It remains unclear whether Wesfarmers (ASX:WES) will generate an acceptable return on investment from the Covalent Lithium project in Western Australia due to uncertainty and volatility in lithium prices, Jefferies said in a Wednesday note.The project is an integrated operation comprising the Mt Holland mine and concentrator and the Kwinana refinery.The company recently approved a final investment decision to expand the Mt Holland mine and concentrator capacity with joint venture partner Sociedad Quimica y Minera de Chile.The expansion will increase nameplate spodumene concentrate production to 760,000 tonnes per year from about 380,000 tonnes per year on a 100% basis, while reducing unit operating costs and accelerating cash flows.Wesfarmers said its share of capital expenditure for Mt Holland is estimated at between AU$645 million and AU$715 million in nominal terms to be funded through existing cash and debit facilities.The company incurred roughly AU$2.8 billion of costs related to the project, Jefferies said.Jefferies maintained a hold rating and AU$73 price target on Wesfarmers.Wesfarmers shares fell nearly 2% in midday trade Thursday.

ASX:WES
Wire

oOh!media Signs Out-of-Home Content Agreement With Cricket Australia for 2026, 2027 Test Season

oOh!media (ASX:OML) said Thursday signed an out-of-home content agreement with Cricket Australia to deliver official cricket news, match countdowns, highlights, and live scores across the entire 2026 to 2027 Australian NRMA Insurance Men's Test season.The company in a statement said that the program will keep fans connected with the game across oOh!'s full digital network comprising airports, billboards, retail centers, street furniture, rail, offices and study environments while creating new opportunities for brands to align with live sporting moments.The company's shares fell past 2% in recent Thursday trade.

ASX:OML