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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...