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
New Amazon “FBA Liquidations” and “FBA Grade and Resell” programs
New Amazon FBA programs give unsold inventory new life Amazon has introduced “FBA Liquidations” and “FBA Grade and Resell” programs to help merchants resell customer-returned or overstocked items. Once fully implemented, the programs are expected to save more than 300...
5 main reasons shipping costs from China will continue to rise
Logistics problems with "Made in China" products Covid-19 pandemic has led to drastic inflation in shipping costs and delays for goods purchased from China. Let’s go through the main factors that cause this havoc: Severe congestion at largest US ports Online shopping...
Facebook restricts targeted advertising to teenagers
Facebook will stop advertisers from targeting minors Facebook plans to prohibit companies from targeting ads to minors based on their web and app activity, as well as their expressed interests. Instead, the company will restrict targeting categories for users under 18...
