Google Inc. is facing another round of European fines after the data regulatory authorities in the Netherlands issued an ultimatum to the company, commanding it to improve its renovated privacy policy.
The company, which is an owner of the largest search engine in the world, may be imposed a fine estimated to about €15 million ($18.7 million) in case it fails to meet the deadline to comply with Dutch requirements. The deadline expires at the end of February 2015.
The Chief of the Dutch data protection agency, Jacob Kohnstamm, said in a statement, cited by the Financial Times: “Google catches us in an invisible web of our personal data without telling us and without asking us for our consent. This has been ongoing since 2012 and we hope our patience will no longer be tested.”
The fine, if imposed, would not only be the third one in a row in Europe, but also the largest that has ever been set to the company by an European regulatory authority. The Data Protection Agency in the Netherlands had an objection against the way Google stores personal data. That is why the regulators required that the U.S. search engine ask its customers for “unambiguous consent” before their personal details can be shared.
The demands of the Dutch regulator delivers a strike on Googles business model, as the company relies on the ability to make accurate profiles of its hundreds of millions of users with the help of their personal details.
Google responded in regard to the order of the Dutch regulatory authority in a statement, cited by the Financial Times: “We are disappointed with the Dutch regulator’s order, especially as we have already made a number of changes to our privacy policy in response to their concerns.”
Google Inc. was down 1.09% to close at $515.84 per share yesterday, marking a one-year decrease of 2.84%. The company is valued at $352.81 billion. According to CNN Money, the 43 analysts offering 12-month price forecasts for Google Inc. have a median target of $640.00, with a high estimate of $750.00 and a low estimate of $530.00. The median estimate represents a +24.07% increase from the last price of $515.84.
TradingPedia.com is a financial media specialized in providing daily news and education covering Forex, equities and commodities. Our academies for traders cover 
