Time for world top-ranking technology firm Intel to cash in some of its chips. Europe has hit the American microprocessor giant Intel with a new record fine of one billion, sixty million euros.This is punishment. Brussels says Intel has been trying to squeeze its smaller rival AMD out of the market by resorting to illegal business practices. The European Union’s Competition Commissioner Neelie Kroes presented the findings of an eight-year investigation: “Intel made direct payments to computer manufacturers to halt or delay the launch of products using their rival’s chips, and to limit their distribution once available.” Both companies are headquartered in California. But Intel has denied the charges that it is abusing market dominance. Bruce Sewell, one of its lawyers, went into detail: “Intel has never required a customer to agree not to buy from AMD in order to obtain a discount, nor raised a customer’s prices when it decided to purchase from AMD. Like every company Intel competes to win as much business as it can, and every time Intel wins a sale, or secures preferential marketing terms, one of our competitors loses out on that sale or marketing relationship. This is the essence of true competition.” Brussels said the company has harmed millions of European consumers by deliberately muscling out competitors for years. Kroes told it to cut it out, and pay up within three months. Intel is also under investigation in Japan, South Korea and at home.