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.
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Uber has announced an agreement with TPG Capital to acquire Transplace, which provides the widest portfolio of technology services and solutions in the logistics and transportation industry. The estimated amount of the deal is a considerable $ 2.25 billion, but about $ 750 million Uber will pay in the form of its own shares, and […]
Shares of Twitter, which rose 28.5% since the beginning of 2021 and 88.3% over the past 12 months, rose sharply by 5% after the publication of quarterly results above analysts’ forecasts. Twitter reported sharp revenue growth of 74% to $ 1.19 billion from a forecast of $ 1.06 billion. The company’s revenue growth in the […]
The Ministry of Infrastructure has developed a draft order that will allow Ukraine to establish production of hydrogen-powered cars. This was reported on the website of the ministry. It is noted that today in Ukraine there are no requirements for hydrogen transport. These are electric vehicles on hydrogen fuel cells. They run on compressed hydrogen. […]
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The robotics company Miso Robotics has launched the robot Flippy, which is able to replace part of the staff in the kitchen of the restaurant. “Flippy goes on sale in the midst of the pandemic and supports the cooking of 19 different dishes, including fries and burgers made of the artificial meat of the Impossible […]Next
During his visit to Kyiv, French Minister of Economy, Finance and Reconstruction Bruno Le Mer will sign four strategic intergovernmental agreements worth a total of 1.3 billion euros. He said this in an interview with Interfax-Ukraine. “During my visit, France will sign four strategic intergovernmental agreements with Ukraine totaling 1.3 billion euros. This is very […]Next
Global automakers lost about $ 250 billion in the first half of this year due to the coronavirus pandemic. It is noted that Toyota Motor Corp. and Volkswagen AG – the world’s two largest automakers in terms of sales – suffered the largest significant revenue losses in the first half. “Japan’s Toyota lost $ 35.45 […]Next
Group DF officially registered in 27 countries of the EU trademark “Ukraine Tomorrow”. Group DF, that is controlled by businessman Dmitry Firtash, announced the end of the official registration in the Office for Harmonization in the Internal Market (OHIM) of trademarks for goods and services “Ukraine Tomorrow” (TM), “Ukraine Morgen” and “Ukraine Tomorrow”, around which […]Next
Monte Paschi Italian bank turned up under the threat of nationalization. It was reported by international business publication Bloomberg, referring to its own sources. According to official information, currently a European financial institution needs an additional capitalization for the amount of 5 billion euros. However, currently it is impossible to realize such a task, due […]Next
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In May Ukraine produced 2.3 million tons of the steel. This figure is to 5.7% higher than was in the same period in 2015. This is confirmed by the monthly data of the international organization World Steel Association. It is a non-profit organisation with its headquarters in Brussels, Belgium and a second office in Beijing, China, […]Next
American oil and gas giant ConocoPhillips is in talks to acquire rival company Concho Resources, Bloomberg agency reported, citing to the sources that familiar with the matter. “Companies may announce the operation in the next few weeks,” – say the interlocutors of the agency. However, there is no final decision yet, and negotiations may fail. […]Next
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Last working week, the National Bank, as in the previous five weeks, did not buy or sell currency on the interbank market. This is evidenced by NBU data. In total, since the beginning of the year, the regulator has bought $ 290.5 million on the interbank market and sold $ 70 million. In 2020, the […]Next
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