The confrontation between Google and newspaper owners has been a long time coming. European publishers have been pushing regulators for over 10 years to tackle the power of Google, which (they say) has caused billions of euros in advertising revenue losses.
Official complaints were lodged in France in 2019 by a group of newspapers and magazines as well as the French Press Agency and yesterday, it seems, they have won this round.
This fine comes after Google failed to adhere an order, instructing them to negotiate a fair deal with publishers (the operative word being “fair”). As part of the ruling , Google has also been ordered to enter negotiations within two months of fresh requests from the plaintiff press publishers or face daily fines reaching as much as 900,000 euros a day.
It doesn’t end there either, Google are still at risk of further penalties as French regulators are expected to issue a decision on the actual substance of the current case, which could include more fines, at the end of the year.
Our market is looking a bit better today! What’s happening on the JSE?
- Indeed we are looking slightly more positive with our mining stocks help lift the resources index by 0.8%.
- A relief rally in Naspers has also helped the Industrials index gain 0.5%.
- Financials are taking some pain today, down nearly 2% as the Rand starts gaining momentum in the absolute wrong directio, and pretty fast too. Just in the matter of the morning, we have slipped to almost touch 14.60/$.
- The JSE is +0.35%… for how long? Time will tell…