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Global Markets: Europe hits Google with record fine

By Commodity News Service Canada

June 27 (CNS Canada) – The following is a glance at the news moving markets in Canada and globally.

– European Union antitrust regulators have hit Google with a record 2.42 billion euro fine (C$3.60 billion) saying Google’s online searches disproportionately direct customers to its own online business. Google, a unit of Alphabet, says it is only trying to package its search results to make it easier for its customers to find what they want. The European Commission has given Google 90 days or face further fines.

– British Columbia’s Liberal party failed to pass its first piece of legislation following its minority win in May’s election. The bill would have banned corporate and union donations to political parties and given the Green party official party status. The Liberal party acknowledged it expected to lose a confidence vote expected by Thursday and was attempting to pass the election reform bill prior to that. The opposition NDP and Green parties viewed the bill as election posturing and have agreed to work together to defeat the Liberals.

– The Canadian softwood lumber industry faces additional tariffs this morning on lumber it ships to the United States. The U.S. Department of Commerce added 6.87 per cent to the average anti-dumping tariff, raising the average duty to almost 27 per cent. The Canadian government has vowed to defend the industry and says Canada has won similar cases in the past in cases heard by the World Trade Organization or North American Free Trade Agreement panels.

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