$GOOGL - Google has been fined 2.42bn euros ($2.7bn; £2.1bn) by the European Commission after it ruled the company had abused its power by promoting its own shopping comparison service at the top of search results.

The amount is the regulator's largest penalty to date against a company accused of distorting the market. The ruling also orders Google to end its anti-competitive practices within 90 days or face a further penalty. The commission said it was leaving it to Google to determine what alterations should be made to its Shopping service rather than specifying a remedy. "What Google has done is illegal under EU antitrust rules," declared Margrethe Vestager, the European Union's Competition Commissioner. "It has denied other companies the chance to compete on their merits and to innovate, and most importantly it has denied European consumers the benefits of competition, genuine choice and innovation."

Submitted June 27, 2017 at 08:07AM by Sam_Foley http://ift.tt/2tfD0n1