Thursday, July 26, 2012

Google Inc(NASDAQ: GOOG) May Face Further Antitrust Probes from EU

The European Union may launch more antitrust probes against internet search engine behemoth Google Inc(NASDAQ:GOOG), EU Competition Commissioner Joaquin Almunia said on Wednesday.

He told reporters in Brussels that while no new investigation had been launched against the company, he did not exclude further probes in the future.

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Mountain View-based Google is already battling an on-going investigation on violating antitrust laws in the EU, while the U.S. Federal Trade Commission and regulators in Argentina and South Korea are probing the company to check for monopolistic practices which could be thwarting competition in its core area of web searches.

Google is trying to settle concerns raised by the EU’s commission that it was promoting its own search services, while stifling offerings by competitors. A spokesman for the company said that it was working in cooperation with the regulator. EU’s antitrust agency began the probe against Google on allegations that its search results often did not show up services offered by competitors.

Joaquin said that regulators would review the solutions offered by Google and reach an amicable settlement for the on-going investigation.

Shares of GOOG ended higher by 0.07% to $607.99 on Wednesday. Earlier this week, the stock had posted strong gain following its quarterly earnings.

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