World Bulletin / News Desk
Google has presented detailed proposals to allay anti-competitive concerns about its business practices, the EU antitrust regulator said on Friday, in a move which brings the company a step closer to resolving a two-year investigation.
The European Commission has been investigating the world's most popular search engine following complaints from more than a dozen companies, including Microsoft, that Google has used its market power to block rivals.
Asked if he had received Google's proposal to resolve the matter, EU Competition Commissioner Joaquin Almunia told Reuters: "Yes."
He declined to provide details on the proposal, adding only: "We are analyzing it."
The Commission, which acts as competition regulator in the 27-member European Union, is now expected to seek feedback from Google rivals and other interested parties.
Almunia told Google Executive Chairman Eric Schmidt in December his company had until this month to present a comprehensive offer to allay regulatory concerns and stave off a possible fine.
Such a penalty could be as much as 10 percent of global turnover if a company is found to be in breach of EU rules. That could mean $4 billion if there is no satisfactory resolution in Google's case.
The Commission has said Google may have favored its own search services over
London's benchmark FTSE 100 index dropped 0.6 percent to 7,336.30 points compared with Tuesday's close.
The 12-month inflation rate hit 2.3 percent last month compared with 1.8 percent in January, the Office for National Statistics (ONS) said in a statement.
Gains for Deutsche shares topped 7.0 percent in the early afternoon, before slipping back to trade at 16.16 euros ($17.61) -- still up 5.33 percent -- just after 1400 GMT.
Today is 'day of revolution' for Turkey's energy sector with Monday's solar tender, says Turkish Minister
UBS will be charged with illegal banking practices and dissimulating tax fraud, the sources said, adding UBS's French subsidiary will also go on trial for complicity.
A fresh investment from the World Bank will see Africa receive $57 billion for investment
The move is significant as it means North Korea no longer has access SWIFT's global financial transfer system, further isolating the already heavily-sanctioned country.
Government committed to barring Turkish citizens from trading via foreign exchange brokers, Deputy PM says
Almost 40 percent of foreign-partnered companies founded directly by Syrian nationals or Syrians in partnerships
World Bank's financial arm violated its own guidelines on environmental and social conditions, according to a new report
Despite weak performance, reading close to February 2008 levels just before economic crisis, says top auto association
The Japanese auto giant said the fresh funds, which will include £21.3 million from the UK government, would be used to update its Burnaston factory with new equipment and technology.
The Frankfurt-based firm reported net profit of 1.78 billion euros ($1.9 billion) for last year in a statement, a 4.6-percent increase on 2015's figure and in line with its own and analysts' expectations.
The North Atlantic island posted spectacular growth of 7.2 percent in 2016, one of the strongest rates in the world, on the back of a tourism boom. Wages are rising, as are investments, and real estate projects are flourishing.
The expansion of the Snowy Mountains Scheme in New South Wales state could provide electricity to 500,000 homes, which Prime Minister Malcolm Turnbull described as an "electricity game-changer".