Investing

An European Union Funded Competitor For Google (GOOG)

According to TechCrunch, the EU has decided to fund a new search engine business called Theseus. The German government is putting up an extraordinary $165 million.

The Associate Press writes that Theseus is "aiming to develop the world’s most advanced multimedia search engine for the next-generation Internet." German heavyweights including Siemens (SI) and SAP (SAP) will help with research work.

France is considering kicking in another $112 million.

The EU is concerned about having fallen so far behind the US is information technology and internet innovation.

While the project may never challenge Google (GOOG), it could be troublesome for Microsoft (MSFT) and Yahoo! (YHOO) who are fighting to protect their share of the search business. If Theseus got even a small portion of global search activity it would have a profound impact on the long-term recovery efforts at Yahoo!.

But, it may be that the Europeans are only dreaming. They are late to the game.

Douglas A. McIntyre

Take This Retirement Quiz To Get Matched With An Advisor Now (Sponsored)

Are you ready for retirement? Planning for retirement can be overwhelming, that’s why it could be a good idea to speak to a fiduciary financial advisor about your goals today.

Start by taking this retirement quiz right here from SmartAsset that will match you with up to 3 financial advisors that serve your area and beyond in 5 minutes. Smart Asset is now matching over 50,000 people a month.

Click here now to get started.

Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.