EU fines intel $1.45 billion

The European union on wednesday fined intel Corp. a record euro 1.06 billion($1.45 billion), saying the world's biggest computer chip maker used illegal sales tactics to shut out smaller rival AMD. The fine exceeded a euro 899 million monopoly abuse panelty for microsoft Corp. last year. Intel called the decision "wrong" and said it would appeal.

EU says, intel broke EU competition law by exploiting its dominant position with a deliberate strategy to keep AMD out of the market that limited choice.

Company to appeal:

Intel president and CEO Paul Otellini said the company would appeal to the EU courts because "the decision is wrong" and "there has been absolutely zero harm to consumers".