Alphabet (NASDAQ:GOOGL) Inc. is trading up 0.07% at 2893.95
Google said on Wednesday it was appealing against a 500 million euro ($591 million) fine imposed by France’s antitrust watchdog in July over a dispute with local media about paying for news content.
The fine came amid increasing international pressure on online platforms such as Google, part of Alphabet (NASDAQ:GOOGL) Inc, and Facebook (NASDAQ:FB) to share more of the revenue they make from using media outlets’ news.
“We disagree with a number of legal elements, and believe that the fine is disproportionate to our efforts to reach an agreement and comply with the new law,” said Sebastien Missoffe, head of Google France.
“We continue to work hard to resolve this case and put deals in place. This includes expanding offers to 1,200 publishers, clarifying aspects of our contracts, and sharing more data as requested by the French Competition Authority.”
The French antitrust body imposed the sanction on Google for failing to comply with its orders on how to conduct the talks with publishers.
It said on Wednesday that Google’s appeal, which will be ruled on by Paris’ court of appeal, would not hold up the fine, which the U.S. tech giant must still pay. It could not say how long the appeal process would take.
On technical fronts Alphabet (NASDAQ:GOOGL) Inc RSI stood at 76.01 and currently stock is trading above all Moving Average. So, BUY position can be taken with following target and stoploss:
TRADE SIGNAL – : Alphabet (NASDAQ:GOOGL) Inc – BUY: 2893.95, TARGET: 2907.58, STOP LOSS : 2886.79