China’s state-run anti-monopoly bureau has tightened its regulations on big tech players, as shown by its recent move against the country’s largest e-commerce company, Alibaba Group. Alibaba was hit with a record antitrust fine of 18.2 billion yuan (more than A$3.6 billion) over the weekend for supposedly abusing its market dominance. The company, which operates the digital payment platform Alipay and offers bank loans to entrepreneurs, issued a public apology: Alibaba accepts the penalty with sincerity and will ensure its compliance with determination. To serve its responsibility to society, Alibaba will operate in accordance with the law with utmost diligence,…
This story continues at The Next Web
Or just read more coverage about: Alibaba
China’s record fine against Alibaba spells the end of Big Tech’s romance with the state
The Next Web
0 shares
1 views
You might like
Related news coverage
Tesla: What are the issues for Elon Musk's electric car company in today's Q1 earnings?
Proactive Investors
Tesla Inc (NASDAQ:TSLA) will pop the trunk on quarterly earnings after markets close on Monday, pressing ignition on a week when it..
-
How To Play The $2.6 Trillion Clean Energy Investment Boom
MENAFN.com
-
A big festival for small screens: Visions du R�el goes virtual again
MENAFN.com
-
China's big tech 'rectification' continues after Alibaba record fine
Energy Daily
-
Alibaba slapped with record fine by Chinese regulators over market abuse practices
Proactive Investors
Advertisement
More coverage
March 2020-March 2021: Europe And Beyond – OpEd
Eurasia Review
For months, many argue that our Covid (C-19) response is a planetary fiasco, whose size is yet to surface with its mounting..