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EU antitrust case against Google based on 19 complainants: sources

April 24, 2015 admin case, companies, europe, expand-the-case, focus-on-price, illegal-uploads, its-preliminary, madonna, microsoft, picture, regulatory, statutory

By Foo Yun Chee and Eric Auchard BRUSSELS/BERLIN (Reuters) – The European Union's decision to take on Google last week stems from official complaints by 19 companies in Europe and the United States, including Microsoft and a number of small firms, people familiar with the matter said on Friday. The list of complainants in the European Commission's charge sheet, which includes companies not directly involved in the charges around Google's shopping service, would make it easier for the regulator to expand the case beyond its preliminary focus on price-comparison shopping sites. Being an official party to the case gives the companies an insider track on the regulatory proceedings as they will be able to get a copy of the detailed EU charge sheet and argue their case at a hearing of competition experts should Google ask for one.

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China’s PICC gets approval to set up online payment firm

April 20, 2015 admin 32-3-million, 400-million, bengaluru, central, central-bank, china, customers-buy, diego, equity-stake, get-approval, million-yuan, notice, regulatory, said-on-monday

A unit of People’s Insurance Company of China Co (PICC), one of China’s biggest insurers, has received regulatory approval to set up a third-party payment firm, challenging banks for control of the crucial market. The China Insurance Regulatory Commission said on Monday it granted PICC Life Insurance Co permission to invest 200 million yuan ($32.3 million) to establish a wholly-owned subsidiary, Beijing Baofutong Ltd, according to an online notice posted by the insurance regulator. The PICC unit still requires to get approval from the central bank and comply with legal procedures to set up a third-party payment service, the notice said.