China
Chinese regulators fine Alibaba $2.78 billion over monopolistic market abuse
- Regulators in China have punished e-commerce giant Alibaba with a massive $2.78 billion (18.2 billion yuan) fine over practices deemed to be an abuse of the company's dominant (and monopolistic) market position.
- Alibaba in particular has remained under scrutiny since last year, when co-founder Jack Ma criticised Chinese regulators as being "behind the times", after the company's financial arm Ant Group was investigated.