financetom
Business
financetom
/
Business
/
Spain fines Booking.com $448 million for abusing dominant position
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
Spain fines Booking.com $448 million for abusing dominant position
Jul 30, 2024 6:21 AM

MADRID, July 30 (Reuters) - Spain's anti-trust watchdog

fined the online reservation group Booking.com 413.2 million

euros ($448 million) for abusing its dominant market position in

the country for the last five years.

The regulator, CNMC, said in a statement on Tuesday it was

imposing two fines of 206.6 million euros on Booking.com, a unit

of New York-listed Booking Holdings ( BKNG ).

Booking.com had since 2019 been taking advantage of its

70%-90% market share to impose unfair conditions on hotels, and

restricted competition from other providers, CNMC said.

Booking Holdings ( BKNG ) intends to appeal the fines as it strongly

disagrees with the "outcome of CNMC's investigation", a company

spokesperson said in an email, adding it considers the issue

should be debated under the European Union's Digital Markets Act

rules.

The group can appeal the fines in Spain's high court, CNMC

said.

The proceedings stemmed from two complaints filed by the

Spanish Association of Hotel Managers (AEDH) and the Madrid

Hotel Business Association in 2021.

CNMC said the booking website bans hotels from offering

lower prices on their own sites than on Booking.com, while

unilaterally imposing price discounts on hotel rooms without

consulting the hotels.

Booking.com also forces Spanish hotels to sue in the

Netherlands in case of conflict, CNMC said.

To keep its high market share, Booking.com offers benefits

to hotels who bring it more fees, limiting the ability of

alternative service providers to convince hotels to work with

them.

($1 = 0.9232 euros)

(Reporting by Inti Landauro, editing by Sarah Young, Louise

Heavens and Emelia Sithole-Matarise)

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
Tata Power Renewable Energy wins 200-MW project in collaboration with SJVN
Tata Power Renewable Energy wins 200-MW project in collaboration with SJVN
Nov 28, 2023
The firm and dispatchable renewable energy (FDRE) project, designed with a hybrid of solar, wind, and battery storage, is aimed at providing a stable and dispatchable energy supply during peak hours. Shares of Tata Power Company Ltd ended at ₹270.75, up by ₹12.60, or 4.88%, on the BSE.
Suzlon's S144–3 MW wind turbines get big boost from Indian government
Suzlon's S144–3 MW wind turbines get big boost from Indian government
Nov 15, 2023
Th Suzlon wind turbines received the RLMM (Revised List of Models & Manufacturers) listing from the Ministry of New and Renewable Energy, marking an important milestone for the successful commercialisation of the product. Shares of Suzlon Energy Ltd ended at ₹40.49, up by ₹1.85, or 4.79%, on the BSE.
This sustainable jewellery brand is luring some women away from gold
This sustainable jewellery brand is luring some women away from gold
Oct 30, 2023
Aulerth's offerings range from ₹5,000 to as high as ₹2.8 lakh. Are women willing to spend this much on jewellery made from scrap? Founder and CEO Vivek Ramabhadran definitely believes so. Aulerth produces couture-inspired pieces in association with designers like JJ Valaya, Suneet Varma, among others. It has reported 33% repeat customers in the past year and expects a spike to 40% soon.
SJVN secures 200-MW wind power project at ₹3.24 per unit
SJVN secures 200-MW wind power project at ₹3.24 per unit
Nov 16, 2023
Projected to generate 482 million units in its inaugural year post-commissioning, the cumulative energy generation over a 25-year span is anticipated to reach 12,050 million units. Shares of SJVN Ltd ended at ₹75.17, down by ₹0.50, or 0.66%, on the BSE.
Copyright 2023-2026 - www.financetom.com All Rights Reserved