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Tag: Alibaba

China fines Alibaba $2.8B fine for violating anti-monopoly law

China fines Alibaba $2.8B fine for violating anti-monopoly law

Business
April 10 (UPI) -- Chinese regulators have imposed a record $ 2.8 billion fine on Alibaba for violating anti-trust laws. The fine stems from an anti-monopoly investigation of China's Alibaba Group Holding, known as the world's largest e-commerce company and owner of the South China Morning Post, opened in December. Regulators said in a statement at the time they were looking into practice of limiting Internet merchants to exclusively choose a single platform to sell their wares, South China Morning Post reported. Advertisement China's State Administration for Market Regulation said in a Chinese-language statement Saturday the policy of forcing merchants to choose a single platform from two "infringes on the businesses of merchants on the platforms and the legitimate rights and interests of...

Stocks making the biggest moves midday: Ulta, Alibaba, Netflix & more

Finance
The signage is seen at Alibaba Group headquarters during the company's 11.11 Singles' Day global shopping festival in Hangzhou, Zhejiang province, China, November 11, 2020.Aly Song | ReutersHere are the stocks making headlines in midday trading.Ulta Beauty — Shares of the cosmetics company fell more than 6% after reporting full-year same-store sales and revenue guidance below Wall Street estimates. The company said it sees same-store sales between 15% and 17% for the year, while analysts expected 20.3%, according to Refinitiv.Vail Resorts — The ski resort stock rose nearly 3.8% after Vail's earnings for its fiscal second quarter beat expectations. The company earned $ 3.62 per share versus the $ 2.31 expected by analysts, according to FactSet. The company also said that it saw results co...

Alibaba looking to raise up to $5 billion in U.S. dollar bond issuance after earnings beat

Finance
Signage for Alibaba Group Holding Ltd. covers the front facade of the New York Stock Exchange November 11, 2015.Brendan McDermid | ReutersGUANGZHOU, China — Alibaba is looking to raise up to $ 5 billion via U.S. dollar-denominated bonds, a person familiar with the matter told CNBC.The Chinese e-commerce giant announced the bond offering on Tuesday, in a statement with very few details. Alibaba plans to sell several tranches of bonds with different maturities up to 40 years, the person said.Alibaba's bond offering comes after it reported December quarter earnings that beat expectations and in which it reported its cloud computing division turned profitable for the first time.The debt issuance will be a test of investor appetite for Alibaba. The company is facing an anti-monopoly probe and ...

Stocks making the biggest moves midday: Apple, Alibaba, Nikola, Macy’s & more

Finance
Check out the companies making headlines in midday trading. Nikola — Shares of the electric vehicle company shed 8.5% as the stock continued its slide after the announcement of the end of a garbage truck development deal with Republic Services. The stock lost 10.7% on Wednesday. Wedbush Securities called the announcement "a tough pill to swallow for bulls."Macy's — The retailer slid 3.4 amid weakness in the sector as investors weighed the ongoing impacts of Covid on stores. Kohl's fell 2%.Marathon Oil — Shares of the oil company slid 2.6% as the sector gave back some of its gains from the previous session. On Wednesday, the energy sector advanced 2.2%, making it the top-performing S&P sector. Devon Energy and Apache Corporation also came under pressure on Thursday, each declining ...

Here’s how worried you should be about your stake in Alibaba, now that the U.S. is going after Chinese stocks

Finance
President Donald Trump has a bill on his desk that could kick several Chinese companies off U.S. stock exchanges and inflame an already strained relationship between Washington and Beijing.The Holding Foreign Companies Accountable Act would force companies to give up their listings on Wall Street if they refuse to open their books to U.S. accounting regulators. It could also bar them from raising money from American investors.While the law technically applies to companies from any country, it is mainly targeting Chinese corporations."U.S. policy is letting China flout rules that American companies play by, and it's dangerous," said Sen. John Neely Kennedy, R-La., in a statement.Chinese Foreign Ministry spokeswoman Hua Chunying said at a news conference this week that the bill pol...