China fines Alibaba $2.8 billion in anti-monopoly probe

Exterior of Alibaba Group Beijing Headquarters on November 10, 2019 in Beijing, China.

VCG | Visual China Group | Getty Images

Chinese regulators hit Alibaba with a 18.23 billion yuan ($2.8 billion) fine in its anti-monopoly investigation of the tech giant.

In a Saturday statement, China’s State Administration for Market Regulation accused Alibaba of abusing its market dominance.

Regulators opened a probe into the company’s monopolistic practices in December. The investigation’s main focus was a practice that forces merchants to choose one of two platforms, rather than being able to work with both.

The government said that “choose one” policy and others allowed Alibaba to bolster its position in the market and gain unfair competitive advantages.

This is breaking news. Please check back for updates.

Source link





SABIC expects vaccine rollout to boost petrochemical sales, earnings

SABIC CEO Yousef bin Abdullah Al-Benyan delivers the company's earnings report on Jan. 31, 2021. Saudi Arabia.Photo courtesy of SABICA boost in fourth...

Brits enjoy cheap pints before second lockdown

A server wearing a face mask or covering due to the Covid-19 pandemic, pours a pint of Camden Pale Ale inside a pub...

2021 Acura TLX First Drive | Impressions, specs, photos

Buildup for the 2021 Acura TLX started more than a year ago when Acura released the stunning Type S Concept. It was long,...

Orsted to link huge offshore wind farm to hydrogen production

This photograph shows turbines at the Borkum Riffgrund 2 wind farm, which Orsted owns 50% of.CharlieChesvick | iStock Unreleased | Getty ImagesDanish energy...

About 1 in 5 Parents Are ‘Vaccine Hesitant’

Dr. Paul Offit, director of the Vaccine Education Center at Children's Hospital of Philadelphia, reviewed...