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Alphabet Inc. (GOOGL)
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S.Korea fines Google $177 mln for blocking Android customization
SEOUL, Sept 14 (Reuters) - South Korea's antitrust regulator has fined Alphabet Inc's Google 207 billion won ($176.64 million) for blocking customized versions of its Android operating system (OS), in the U.S. technology giant's second setback in the country in less than a month.
The Korea Fair Trade Commission (KFTC) said on Tuesday Google's contract terms with device makers amounted to an abuse of its dominant market position that restricted competition in the mobile OS market.
"The Korea Fair Trade Commission's decision is meaningful in a way that it provides an opportunity to restore future competitive pressure in the mobile OS and app market markets," KFTC Chairperson Joh Sung-wook said in a statement.
The antitrust regulator said this could be the ninth-biggest fine it has ever imposed.
KFTC said Google hampered competition by making device producers abide by an "anti-fragmentation agreement (AFA)" when signing key contracts with it regarding app store licenses.
Under the AFA, manufacturers could not equip their handsets with modified versions of Android, known as "Android forks". That has helped Google cement its market dominance in the mobile OS market, the KFTC said.
Under the ruling, Google is banned from forcing device makers to sign AFA contracts, allowing manufacturers to adopt modified versions of Android OS on their devices.
In one instance, Samsung Electronics Co Ltd launched a smartwatch with a customized OS in 2013 but switched to a different OS after Google regarded the move as an AFA violation, KFTC said. Samsung Electronics declined to comment.
The fine comes on the day that an amendment to South Korea's Telecommunications Business Act - popularly dubbed the "anti-Google law" - came into effect.
The bill was passed in late August and it bans app store operators such as Google from requiring software developers to use their payment systems. The requirement had effectively stopped developers from charging commission on in-app purchases.
Last year, India's antitrust body ordered an investigation into allegations that Google was abusing its market position to promote its payments app as well as forcing app developers to use its in-app payment system.
Do you guys think this stock is still a good dca for the long term starting at these prices? Thinking like 10-15 years
AOC wears Tax The Rich dress while attending $30,000 per ticket gala event. How much did the 'menstruating person' pay to attend that event for the Rich? Is AOC age 31, now among the Rich after winning office as a poor bartender?
HAHA money managers can't hold anymore they need to lock in gains. See you $1000 points down at $1800
No news at all but still it’s declining for days
Where are all those noisy 'experts' who shouted how GOOGL could not weaken.
This is now the dreaded September effect the market is suffering through.
Not that you asked but I'll tell you anyway: GOOG and MSFT are my favored stocks.
THE LOWER WE DIP IN THIS MONTH, THE BIGGER THE DISCOUNT ON THOSE NOVEMBER 19th CALLS. 😎
RARE OPPORTUNITY AHEAD OF OCTOBER EARNINGS. BRING ON THE DISCOUNT DIPS.
More News: Google reportedly plans to add free channels to its smart TV platform
If you build it (a better mouse trap) they will come. 😎
Man where are all the folks telling me I’d lose all my money in puts. Thanks for the free money my friends. If you couldn’t see it was due for a pullback you are in the wrong game.
Dems push for federal probe of alleged ad collusion between Google and Facebook
Four Democratic members of Congress are calling for an investigation into whether an alleged secret 2018 agreement between Google and Facebook concerning digital advertising violated federal antitrust law. Sens. Elizabeth Warren (D-MA) and Richard Blumenthal (D-CT) and Reps. Pramila Jayapal (D-WA) and Mondaire Jones (D-NY) wrote a letter to Attorney General Merrick Garland and Acting US Attorney General Nicholas Ganjei of Texas asking them to determine whether federal charges might be warranted.
“If the reports are accurate, the behavior appears to be a clear violation of Section 1 of the Sherman Antitrust Act (Sherman Act), which criminalizes “mak[ing] any contract” “in restraint of trade or commerce,” the letter states.
Attorneys General in ten states filed suit against Google in December over a program reportedly nicknamed “Jedi Blue,” according to an unredacted draft version viewed by the Wall Street Journal. The Texas attorney general’s office led the suit, alleging that Facebook and Google worked to sabotage “header bidding,” which allows advertisers, including competitors, to bypass Google’s ad auctions. Google “repeatedly used its monopolistic power to control pricing,” according to the complaint.
The Jedi Blue agreement allegedly guaranteed that Facebook would receive a fixed percentage of advertising bids on Google. In return, Facebook agreed to curtail its involvement with header bidding in ad auctions, the complaint states.
In February, the parent company of a West Virginia newspaper chain filed an antitrust suit against the two companies, alleging that they were siphoning digital ad revenue away from news organizations. HD Media alleged in its complaint that the Jedi Blue agreement was an illegal quid pro quo.
Now the members of Congress want the Justice Department to investigate whether Google and Facebook should be subject to sanctions, including possible criminal penalties.
The Jedi Blue deal amounts to bid rigging, the letter suggests, in violation of the Sherman Act which states that a “contract … or conspiracy, in restraint of trade or commerce … is declared to be illegal.” Criminal penalties could range up to $100 million for a company found in violation and up to $1 million in fines and ten years in prison if an individual is found guilty.
Thank you shorts for the profits.
Love you google $60.00 a share gain. Steak tonight.
Very bullish and long on google, it is a major part of my portfolio but STRONGLY suggest that you check-out Dynatrace, DT, it was rated Highest in 2021 Gartner Peer Insights Customers Choice for Application Performance monitoring. I think this is a significant opportunity to grow wealth in any portfolio but don't take my word for it, research and decide for yourself.
CMG selling Mexican Food and just got upgraded to $2600, while GOOG/GOOGL temporary being manipulated lower lol. EASY MONEY BUYING THE DIPS
GOOG/GOOGL GOING TO $3500-$4000.
So ROKU dropped YOUTUBE TV from it's line up....I lost the channel a couple days ago on one of my ROKU devices, and lost it on my second ROKU device yesterday....so I went to Target and bought two Firesticks to replace the ROKU's....FireStick is a lot better, much much faster, and I love the Alexa ready voice command function.....to ROKU I say.....to hell with you if you cant get along with GOOG....my ROKU devices are going in the trash....good riddance!
I didn't buy Google 12 months ago when it was $1400. Now it is 2800. I want it to repeat. Otherwise I will be P'd off.
Why did it go up?? It was down to 2830…
More discount plz 🤣
Considering we are in the midst of a stock market correction, GOOG stock price held up nicely today. Let's hope this strength can continue in spite of the current ongoing political climate that is not friendly toward big business. .
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