The State Administration of Market Control on Saturday, April 10, announced a fine of 18.22 billion yuan ($ 2.78 billion) from Alibaba for antitrust violations. This is stated in a statement published on the regulator’s website.
“Impose a fine of 4% of the company’s domestic sales for 2019 of 455.712 billion yuan, which is a total of 18.228 billion yuan,” – said in a statement posted on the regulator’s website.
According to the authorities, since 2015, Alibaba has abused its dominant position in the market and forced companies trading on its platform to obey the so-called “er xuan and” principle (“choose only one of the two”), ie forbade them to open stores or participate in promotions on other competing platforms.
“The company used market forces, platform rules and data, algorithms and other technical means, took various incentives and penalties to ensure compliance with the” er xuan i “principle, maintained and strengthened its market power and gained unfair competitive advantages,” – said in a statement by the regulator.
In addition to the fine, the agency demanded that the company strengthen internal control and control over compliance with regulatory requirements. Alibaba was obliged to maintain fair competition and report to the authorities within three years.
Alibaba itself, commenting on the regulator’s decision, said it “fully accepts” the punishment and is ready to “fully obey.” “We will strengthen doing business in accordance with the law, strengthen the construction of a system of compliance with regulatory requirements and will better fulfill our social obligations,” the company said.
An antitrust investigation into Alibaba began in late 2020. The company expressed its readiness to actively cooperate with the authorities and conduct normal activities, despite the investigation.
Company Continues Strategic Expansion Adding New Service Capabilities, Talent, and Broadening Nearshore Footprint SAN JOSE, Calif.—January 5, 2023— GlobalLogic Inc., a Hitachi Group Company and Digital Engineering Leader, today announced the acquisition of Hexacta, a Pan-Latin-America digital and data engineering company. The acquisition is part of GlobalLogic’s continued strategy to expand its offerings, and its […]
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The agreement between two chemical corporations will make a company with a market value of $ 120 million. According to information of WSJ, two companies began to discuss the merger in November 2015. Now representatives of the enterprises carry out the last part of the negotiations between the leaders. When companies announced about agreement between […]
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Ukraine can start production of small modular reactors (MMR). Negotiations are underway between the Ministry of Energy and the Czech concern Witkowitz, according to the press service of the agency on Facebook. So far, the parties have agreed to exchange information and set up a working group to further work on the issue. Deputy Minister […]
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The American oil and gas giant Exxon Mobil had one of the worst years in its history. Exxon shares have fallen by 45.36% since the beginning of 2020. The company has lost money for three quarters in a row, and in August they were excluded from the benchmark index of “blue chips” Dow Jones Industrial […]
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Sunday Times newspaper has investigated and reported as Mondelez International (formerly known as Kraft Foods)-the biggest in North America and the second largest worldwide producer of food avoid paying taxes. According to the Sunday Times, the Cadbury owner – Mondelez International Company (formerly known as Kraft Foods), legally evaded taxes in the amount of tens […]
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In 2017, stops its work another bank in Ukraine. This is the PJSC Bank Trust . The decision on liquidation of the financial institution was taken on December 29th at the meeting of the National Bank of Ukraine. Information about this was also posted on the official resource of Guarantee Fund deposits of natural persons. […]
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One of the largest Ukrainian agricultural groups “Kernel”, will pay $ 2.4 million, according to the results of court proceedings, in which it was involved in the case of contamination of the Ukrainian sunflower oil delivered in the EU in April 2008. According to the company report, disclosed on its website on Friday, the court’s […]
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The American company Walt Disney stated that it is experiencing a number of economic problems due to the coronavirus pandemic, as the result of which it is forced to lay off 28,000 employees in the United States. This was reported by Bloomberg. “No matter how frantic this step is, this is the only possible option […]
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