January 10, 2025 04:41 pm (IST)

Make this your homepage

South Asia / Southeast Asia / China

Los Angeles wildfire toll climbs to 10, thousands of structures destroyed | 8 labourers still trapped in Assam's flooded mine even after 3 days of rescue ops | SC refuses to hear petitions seeking review of its same-sex marriage judgement, says there is 'no error' | 'They should wind up the alliance': Omar Abdullah on AAP-Congress fight over Delhi elections | Pune woman killed by her colleague in full public view for not paying back his money, no one intervenes | Los Angeles wildfire leaves 5 dead, forces 1 lakh including celebs to flee, Hollywood hills ablazed | PM Modi condoles death of six people in Tirupati stampede incident | Days after condemning Pak airstrikes, India in a first engages with Afghanistan's Taliban regime | 6 dead in stampede near Tirupati temple during token distribution to offer prayers | Prominent journalist-film producer Pritish Nandy dies of cardiac arrest at 73

Alibaba

Wallpaper Cave

China fines Alibaba record $2.78 over anti-monopoly violations

India Blooms News Service | @indiablooms | Apr 10, 2021, at 02:48 pm

#China #Alibaba #China

Beijing/Sputnik: The Chinese State Administration for Market Regulation said on Saturday it had fined the e-commerce giant Alibaba 18.228 billion yuan ($2.78 billion) over anti-monopoly violations.

The body launched an investigation into Alibaba’s anti-monopoly violations in late 2020, with the company expressing readiness to cooperate with the authorities.

“In line with the articles 47 and 48 of the Anti-Monopoly Law of China as well as given the nature, duration and scale of Alibaba Group’s illegal activities, the Chinese State Administration for Market Regulation imposed on April 10, 2021, an administrative punishment, deciding to fine the company 4 percent of its internal net sales in 2019 (455.712 billion yuan), which amounts to 18.228 billion yuan,” the body said in a statement.

Support Our Journalism

We cannot do without you.. your contribution supports unbiased journalism

IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.