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  • Home
  • News
    Bets increase on a soft landing in the U.S

    Bets increase on a soft landing in the U.S

    69% of investors believe metaverse entertainment will change social lifestyles

    69% of investors believe metaverse entertainment will change social lifestyles

    European oil companies want to follow in Chevron’s footsteps to operate in Venezuela

    European oil companies want to follow in Chevron’s footsteps to operate in Venezuela

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    Amgen buys Horizon Therapeutics for US$ 25 billion

    Europe prepares law to make airlines that pollute more pay higher costs

    Europe prepares law to make airlines that pollute more pay higher costs

    Why are Asian investors selling their tech stocks?

    Why are Asian investors selling their tech stocks?

    Here’s what the economy and markets will look in 2023, according to JP Morgan

    Here’s what the economy and markets will look in 2023, according to JP Morgan

    Are technology stocks coming to the end of their reign?

    Are technology stocks coming to the end of their reign?

    Amazon fined millions for manipulating algorithms in its favor

    Amazon fined millions for manipulating algorithms in its favor

  • Markets
    Bets increase on a soft landing in the U.S

    Bets increase on a soft landing in the U.S

    What are CFDs and what are their advantages?

    Getting started with CFD trading

    Goldman Sachs lands with more strength at Santander and BBVA

    Goldman Sachs lands with more strength at Santander and BBVA

    With inflation in recession, what stocks should you consider?

    With inflation in recession, what stocks should you consider?

    Should payment for order flow be maintained in the stock market?

    Should payment for order flow be maintained in the stock market?

    Why are Asian investors selling their tech stocks?

    Why are Asian investors selling their tech stocks?

    Here’s what the economy and markets will look in 2023, according to JP Morgan

    Here’s what the economy and markets will look in 2023, according to JP Morgan

    Are technology stocks coming to the end of their reign?

    Are technology stocks coming to the end of their reign?

    Inflation is starting to ease but not enough

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  • Investing
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    Where to invest in 2023? These are the most likely trends

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    Some interesting options for investing in leisure and travel companies

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    Investing in Auto Trader: vehicle sales at a turning point

  • Technology
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    Microsoft leads the ranking of the best-managed companies in 2022

    Microsoft leads the ranking of the best-managed companies in 2022

    Apple: consequences of the Foxconn conflict will continue until 2023

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    5 must-have skills to get a job in 2023

    5 must-have skills to get a job in 2023

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    The metaverse companies with the highest revenues in 2022

    The metaverse companies with the highest revenues in 2022

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    Nintendo sells 10 million Switch in 3 days and its shares rise

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  • CryptocurrenciesTRENDING
    69% of investors believe metaverse entertainment will change social lifestyles

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    Bitcoin falls after Fed decision to raise interest rates by 0.50%

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    The future of cryptocurrencies, according to Larry Fink

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    How Much Bitcoin Should You Buy: 5 Factors to Consider in 2023

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    Between two extremes: what will the price of Bitcoin be in 2023?

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    FTX crash spreads and affects BlockFi

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    EU organized a party in the metaverse and nobody attended

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    Brazilian Congress approves bill to regulate cryptocurrencies

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INVESTOR TIMES
Home News

Amazon fined millions for manipulating algorithms in its favor

France penalized Amazon nearly $3.5 million for harming sellers on its platform.

Pablo Petovel by Pablo Petovel
12/13/2022 - 6:22
in News
Reading Time: 2 mins read
Share on FacebookShare on TwitterShare on LinkedIn
  • Amazon benefited its products over those of sellers who use the platform to offer similar products and services.
  • France warned Amazon of the problem and summoned it to comply with the rules of the European Union’s competition regulation.
  • However, since it did not comply, it fined Amazon heavily, setting a precedent in the matter.

France imposed a fine of 3.5 million dollars on the e-commerce giant Amazon for various clauses in the contracts signed with the associated sellers on its site that showed significant favoritism in favor of the U.S. company.

France’ s anti-fraud body said in a statement issued earlier this week that the fine is due to the company’s failure to comply with the notices it gave a year ago in order to amend the irregularities it had presented in an investigation carried out the previous year.

The Directorate General for Competition, Consumer Affairs and Fraud Suppression said that the e-commerce company had until March this year to correct the irregularities, but despite having introduced some corrections, there were still various commercial imbalances or clauses that did not follow the regulation.

Fine for Amazon

For this reason, it is imposed the fine that had been warned, of 95 thousand dollars per day of non-compliance, until it corrected the irregularities at the end of April.

The US company had already suffered a fine in mid-2019 by the Paris Commercial Court, which was 4.2 million dollars for imbalances in the clauses of the contracts it imposed on companies using its online commerce platform.

This fine by the French authorities comes after it became known that the company is close to signing an agreement with the European Commission to finalize the extensive process against Amazon for various arbitrary practices with sellers using its platform, according to the Financial Times.

With the fine, one of the largest investigations against a monopoly filed by the EU executive, which could have resulted in a penalty for the company of up to 10 percent of its sales, with a fine of 50 billion dollars, is over.

Amazon is forced to make changes

Among other licenses, the online commerce company committed to increase the visibility of competing retailers.

Amazon will give products from competing retailers the same treatment in its shopping cart, which generates most of the sales on the platform.

It will also create an alternative offer for customers whose delivery speed is of lesser importance.

Also, the company will give sellers using its Prime system the ability to choose any logistics company and negotiate shipping terms directly, rather than having to use Amazon’s logistics services alone.

Tags: AmazonFineFrance

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