EU Deems Google News Proposal 'Not Strong Enough,' Grants More Time; GOOG $398

The European Commission on May 8 stated Alphabet's Google prior remedies proposal in its Digital Markets Act probe was 'not strong enough' and granted the company additional time to address competition concerns over news search practices, with a final decision potentially including fines still pending. This follows Google's May 6 submission of changes to news result displays and anti-spam policies to avert additions to €9.5 billion ($11.2 billion) in existing EU fines, which initially boosted GOOG shares 2.8% to $395.14 on May 7. The extension sustains regulatory uncertainty for Alphabet, with shares at $397.99 amid muted reaction.