The stock of Alphabet Inc (NASDAQ:GOOGL) closed $1149.49 gaining 0.99% in yesterday’s trading session. Reports have been moving around for over quite some time that Google and Apple Inc (NASDAQ:AAPL) have been taking advantage of the smaller French software developers. They are not rumors anymore since France has gotten to the root of the matter and discovered that it is indeed true the dubious activities have been going on.
France isn’t going to fold its hands to watch the same continue and it has moved ahead to issue out a statement that it will be fining the two U.S business gurus. It is considering making the move at a time when tensions are getting a little bit heated up between the two continents. The trigger according to a person that wanted his identity kept anonymous might have been the decision by Trump to adopt new tariffs targeted at hitting a large number of the European firms.
It was on Wednesday that the French Finance Ministry made the pronouncement that it had proceeded to file a complaint in which case it was pushing the Paris court to issue out orders to the two businesses so that they could do away with the abusive commercial practices. The decision by the court is going to be a defining moment that will shed much light on the way forward.
It is a move that is receiving immense support from most of the market observers around the globe who are standing in solidarity with the French ministry on its efforts to ensure that only the appropriate business activities prevail.
Finance Minister Bruno Le Maire opined, “I learned that when developers develop their applications, and sell to Google and Apple, their prices are imposed, Google and Apple take all their data, Google and Apple can unilaterally rewrite their contracts,”
She went further to outline that she was full of expectations that the European Union would soon be doing the right thing to close all the tax loopholes that benefit Apple, Google and others. The whole world is also closely following on the matter to see what unfolds in the near future but it is crucial to outline that only time will tell.