Europe’s policies are becoming a predicament for the US tech companies. In a recent development, Google Inc (NASDAQ:GOOGL) is under fire from European Parliamentary which has accused the search engine giant of promoting its own services and putting hurdles in the way of local competitors. The parliament is going to pass a bill tomorrow after which, Google Inc (NASDAQ:GOOGL) might face a break up. In a program on Bloomberg, Caroline Hyde discussed this issue and said that European parliament is missing its hold. Accusing Google Inc (NASDAQ:GOOGL) of pointless accusations will deplete the tech industry of Europe.
Hyde said that this is not an industry issue anymore. Google Inc (NASDAQ:GOOGL)’s battle in Europe is taking a political turn and it is now becoming an issue between Europe and US. US parliament is in favor of nurturing an open environment. US companies, because of their unprecedented innovation and grasp, are outpacing Europe’s companies. This is making European parliament unhappy. Google Inc (NASDAQ:GOOGL) and Apple recently faced wrath of the European regulatory authorities regarding tax issues.
Hyde said that the parliament has still not decided about the exact words and resolution of the vote. She quoted a Belgian expert who thinks that Google Inc (NASDAQ:GOOGL) is being a victim is useless investigation. She also quoted Digital advisor of European parliament, who was once arguing vehemently against Google Inc (NASDAQ:GOOGL). He has now announced that there will not be any break up of Google Inc (NASDAQ:GOOGL).
Hyde thinks that the parliament cannot force regulators to break up Google Inc (NASDAQ:GOOGL) or shut down its service. She said that this problem is going on since 4 years, but there seems to be no end of it.
David Tepper’s Appaloosa Management hold around 600,000 Google Inc (NASDAQ:GOOGL) shares.