China hits Alibaba with record $2.8 billion fine
China slapped a record $2.8 billion fine on Alibaba Group Holding Ltd. after an anti-monopoly probe found it abused its market dominance.
The Chinese government launched an investigation into Alibaba in December to determine whether the company was preventing merchants from selling their products on other platforms, reports TheVerge. China’s market regulator found that Alibaba’s practices had a negative effect on online retail competition and innovation. Alibaba used data and algorithms to strengthen its own position in the marketplace, resulting in an “improper competitive advantage”.
Business Insider noted that the fine comes several months after Alibaba founder Jack Ma angered government officials, including President Xi Jinping. Speaking at a conference last fall, Jack Ma publicly criticized China’s regulatory system, saying that the country’s financial system was “the legacy of the Industrial Age.”
Xi Jinping then reportedly halted a planned $37 billion initial (R540.6 billion) public offering by Ant Group, another Ma company.
After the clash, Ma disappeared from public view for a few months, fueling speculation over his whereabouts.
More Amazon news
Shanghai is still under lockdown. Is Guangzhou next?
A shift in China’s COVID-19 policy remains a distant prospect Shanghai is easing its two-week lockdown, but most of its businesses still are closed. The redirection of goods is becoming more difficult and expensive as cargo facilities in other Chinese cities are now...
Amazon will let sellers build independent online stores
Bloomberg reports that Amazon is working on a product that that will let retailers run independent stores. The project hasn’t been announced officially yet, but former company executives told Bloomberg, that Amazon has been working on it since late 2017 and could...
How can New Year holidays in the US and Canada affect cargo delivery dates
Customs and shipping companies working schedule during the New Year Important information for more accurate forecasting of cargo processing speed in the US and Canada during the New Year holidays. Please note that Customs and shipping companies will not work during...
