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Tag: China

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...
Climate change: China absent from key UK meeting

Climate change: China absent from key UK meeting

Science
WPA PoolA critical meeting on climate change, organised by the UK, appears to be the latest victim of an ongoing row with China. Ministers from around 35 countries are due to participate in today's summit on climate and development.But while the US, EU, India and others are taking part, China is notable by its absence. The UK says that China was invited to the event but is not participating. Relations between the UK and China have deteriorated in recent weeks after angry exchanges about human rights. Why are people not doing more about climate change?The people under threat from Uganda's melting glacierConsumers pose 'growing threat' to tropical forestsJust a few days ago China imposed sanctions on nine UK citizens - including five MPs- for spreading what it called "lies and disinformation...
Elon Musk denies Tesla cars are used for spying in China

Elon Musk denies Tesla cars are used for spying in China

Technology
EPAElon Musk, the chief executive of the US electric carmaker Tesla, says his firm would be "shut down" if its vehicles were used for spying on China.His comments came in response to reports that China's military had banned Tesla cars from its facilities.The military had raised security concerns about the data collected by cameras installed in the cars.China is Tesla's largest market after the US, accounting for about a quarter of the firm's global sales in 2020.On Saturday, Mr Musk said if a business did engage in spying on a foreign government, "the negative effects for that company would be extremely bad"."There's a very strong incentive for us to be very confidential with any information," Mr Musk told an influential Chinese business forum via video link. "If Tesla used cars to spy in ...
China tries Canadian Michael Spavor behind closed doors

China tries Canadian Michael Spavor behind closed doors

World
March 19 (UPI) -- A Chinese court said it tried behind closed doors on Friday one of two Canadian citizens facing espionage charges after being detained by the Asian nation in late 2018, stating the verdict will be announced at a later date. In a brief statement, the Liaoning Dandong Intermediate People's Court, near China's southern border with North Korea, said Michael Spavor and his defense lawyers appeared in court Friday where he was tried "for spying overseas and illegally providing state secrets." Advertisement Spavor is one of two Canadians along with Michael Kovrig who were arrested in China within weeks of Canadian authorities detaining Meng Wanzhou, the chief financial officer of Huawei, on Dec. 1, 2018, at the request of the United States, which had issued a warrant for her ar...

Vanguard gave up on mutual funds in China, but it may have found a different way into the market

Finance
A logo of Ant Group is pictured at the headquarters of the company, an affiliate of Alibaba, in Hangzhou, Zhejiang province, China October 29, 2020.Aly Song | ReutersBEIJING — Vanguard's experiment with financial technology in China is showing early signs of success.In less than a year, more than 1 million users have signed up for "BangNiTou," a smartphone-based investment advisory product run through the American mutual fund giant's joint venture with Alibaba-affiliate Ant Group.That's according to a release from BangNiTou on Thursday, just four days after Vanguard said it would drop its own pursuit of a mutual fund license in China. Instead, the company plans to focus on its partnership with Ant.Ant operates Alipay — one of the two dominant mobile payment apps in China — on which BangNiT...