Chinese authorities have fined Alibaba a record amount

News

Chinese authorities have fined Alibaba a record amount

12.04.2021 News

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.

Other articles

  • The rate of bitcoin has approached 40 thousand dollars
    News

    The rate of bitcoin has approached 40 thousand dollars

    During the trading session on Monday, July 26, bitcoin accelerated growth and traded at $ 39,177 thousand (+ 10.58%). This is evidenced by data from the portal Coindesk. After that, the cryptocurrency rate slowed down and was at $ 38,939 thousand (+ 9.91%), after which it began to move further. Last night the rate of […]

  • Uber buys Transplace, a logistics technology company, for $ 2.25 billion
    News

    Uber buys Transplace, a logistics technology company, for $ 2.25 billion

    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 rose after the announcement of 74% revenue growth
    News

    Shares of Twitter rose after the announcement of 74% revenue growth

    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 […]

  • Ukraine creates conditions for the development of hydrogen electric transport
    News

    Ukraine creates conditions for the development of hydrogen electric transport

    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. […]

  • PrivatBank warned about a new fraud
    News

    PrivatBank warned about a new fraud

    PrivatBank warns users about a new fraud scheme that uses a fake website and at the same time the bank’s logo. This was reported by the press service of the Bank. It is noted that the Bank’s security service found the site p-invest.site, which was registered by unknown individuals in the United States and which […]

  • The Rada assessed the scale of corruption in Ukrzaliznytsia
    News

    The Rada assessed the scale of corruption in Ukrzaliznytsia

    In 2020, corruption caused JSC Ukrzaliznytsia 8 billion hryvnias in losses. The head of the Temporary Investigation Commission of the Verkhovna Rada on UZ Yulia Hryshyna with reference to NABU data announced this. “NABU has carried out significant analytical work on Ukrzaliznytsia’s procurement. Detectives estimated Ukrzaliznytsia’s losses from corruption in procurement at UAH 8 billion […]

  • Shmygal announced an area for investment of 10 billion euros
    News

    Shmygal announced an area for investment of 10 billion euros

    The development of critical materials could attract billions of euros in investment in Ukraine, according to Prime Minister Denis Shmygal. He said this at a summit conference on the strategic partnership between Ukraine and the EU on critical raw materials and batteries. “Ukraine creates conditions for attracting investors. The current rules of access to subsoil […]

  • About 2,500 Boeing 737s will be tested for malfunction
    News

    About 2,500 Boeing 737s will be tested for malfunction

    The US Federal Aviation Administration (FAA) has ordered the state airline to inspect about 2,500 Boeing 737 aircraft for defective relays and cabin pressure drops. “An undetected failure of both relays could slow the crew’s detection of insufficient cabin pressure and result in the crew losing their ability to work due to hypoxia and, as […]

Read also

Chinese authorities have fined Alibaba a record amount
News

Viber starts public accounts in Ukraine

The public service is the channel  of sales department and marketing for news distribution.  Michael Shmilov, the Viber director informs that application interface could optimise by the concrete organisation. After public account creation, the administrators could send the messengers to subscribers in different ways: through CRM system manually  or through chat-bots in private messengers. The […]

Next
Chinese authorities have fined Alibaba a record amount
News

Robot has learned how to cook 19 dishes and will replace some of the staff in the kitchen

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
Chinese authorities have fined Alibaba a record amount
News

Ukraine and France will sign agreements worth 1.3 billion euros

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
Chinese authorities have fined Alibaba a record amount
News

Global automakers have lost $ 250 billion due to the pandemic

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
Chinese authorities have fined Alibaba a record amount
News

Group DF registered brand “Ukraine tomorrow” in 27 EU countries

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
Chinese authorities have fined Alibaba a record amount
News

Italian bank Monte Paschi is under the threat of nationalization

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
Chinese authorities have fined Alibaba a record amount
News

For UkrLandFarming appeared new opportunities to attract investment in Ukraine

Seeing a clear plan of debt restructuring, international lenders agreed to continue cooperation with UkrLandFarming in the agricultural sector.  “Today we can see that efficiency UkrLandFarming fully restored, the financial situation is stable, and the lenders are configured to work with the holding in the future”, – said Nick Piazza, CEO of SP Advisors finance […]

Next
Chinese authorities have fined Alibaba a record amount
News

Ukraine had remained in the top-10 steel producers

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
Chinese authorities have fined Alibaba a record amount
News

ConocoPhillips is in talks to acquire rival Concho Resources

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
Chinese authorities have fined Alibaba a record amount
News

“Epicenter” is accused of unfair competition and pressure on suppliers

The owner of the largest online store Rozetka.ua,  Vladislav Chechetkin accused the retailer “Epicenter” which is developing a network of building supermarkets, in the non-competitive behavior and pressure on suppliers. “Epicenter” for a long time, probably two years, requires the suppliers not to sell the goods in Rozetka.ua. This solicitation sounds like: if your product […]

Next
Chinese authorities have fined Alibaba a record amount
News

Ukrainska pravda changed its owner

Olena Prytula, editor-founder of the Ukrainska pravda online publication, and Tomasz Fiala, CEO of Dragon Capital, have entered into an agreement under which 100% of the corporate rights to the publication and all its assets will pass to the Dragon Capital Group. This was reported on the website of the investment company. It is noted […]

Next
Chinese authorities have fined Alibaba a record amount
News

Zelensky commented on the court’s decision to dismiss NABU head Sytnyk

The President’s Office stated that the decision of the Kyiv District Administrative Court (KDAC) to dismiss NABU Director Artem Sytnyk could not be considered final, as it would be appealed. This was announced on Tuesday, October 27 by the press service of the President’s Office. The President also noted that any differences over anti-corruption bodies […]

Next
Chinese authorities have fined Alibaba a record amount
News

The Ukrainian startup Moggie raised investments in Sweden in the amount of $ 70 thousand

Until quite recently, the Petcube took the lead position in the Ukrainian niche of gadgets for pets. But a startup team of the Moggie project proved their importance. The company is developing a smart collar for cats and mobile application, which in pairs or individually will allow owners to monitor the health of their pets, […]

Next
Chinese authorities have fined Alibaba a record amount
News

The National Bank has not been on the interbank market for six weeks

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
Chinese authorities have fined Alibaba a record amount
News

VISA AND GEORGIA’S TBC-BACKED NEOBANK – SPACE ANNOUNCE STRATEGIC PARTNERSHIP

Visa signs partnership agreement with FTSE250 TBC Bank’s Space, the first Georgian neobank, to develop innovative banking solutions in Georgia and beyond in the growing digital payments landscape. TBILISI, 14 November 2019 – Visa, the world’s leader in digital payments, and Space, the first fully digital bank in Georgia, today announced they have signed a […]

Next
Chinese authorities have fined Alibaba a record amount
Analytics News

Top 5 of the best business schools

A Business, as well as any other sphere of professional activity, demands from the person a certain complex of knowledge, abilities and tendencies. In any case, if you actually plan to achieve stable success as the entrepreneur, the corresponding education will become some kind of catalyst in the course of achievement of this purpose. The  […]

Next
WP2Social Auto Publish Powered By : XYZScripts.com