Chinese regulators have fined Alibaba Group Holding Ltd 18 billion yuan ($2.75 billion) for violating anti-monopoly rules and abusing its dominant market position, marking the highest-ever antitrust fine to be imposed in the country.&nbsp;

The penalty, equivalent to around 4% of Alibaba's revenues in 2019, comes amid an unprecedented regulatory crackdown on the home-grown technology conglomerates in the last few months that have weighed on company shares.&nbsp;

Alibaba's billionaire founder Jack Ma's business empire has been particularly put under intense scrutiny after his stinging criticism of China's regulatory system in late October.&nbsp;

In late December, China's State Administration for Market Regulation (SAMR) announced it launched an antitrust probe into the company. That came after authorities halted a planned $37 billion IPO from Ant Group, Alibaba's internet finance arm.&nbsp;

SAMR said on Saturday that after an investigation launched in December, it had determined that Alibaba had been 'abusing market dominance' since 2015 by preventing its merchants from using other online e-commerce platforms.&nbsp;

It said the practice violates China's anti-monopoly law by hindering the free circulation of goods and infringing on the business interests of merchants. &nbsp;

The SAMR ordered Alibaba to make ‘thorough rectifications' to strengthen internal compliance and protect consumer rights.&nbsp;

"This penalty will be viewed as a closure to the anti-monopoly case for now by the market. It's indeed the highest profile anti-monopoly case in China," said Hong Hao, head of research BOCOM International in Hong Kong.&nbsp;

"The market has been anticipating some sort of penalty for some time ... but people need to pay attention to the measures beyond the anti-monopoly investigation, such as the divestment of media assets."&nbsp;

Alibaba said in a statement posted on its official Weibo account that it 'accepted' the decision and would resolutely implement SAMR's rulings. It said it would also work to improve corporate compliance.&nbsp;

(With inputs from agencies)&nbsp;

Chinese regulators have fined Alibaba Group Holding Ltd 18 billion yuan ($2.75 billion) for violating anti-monopoly rules and abusing its dominant market position, marking the highest-ever antitrust fine to be imposed in the country.

Chinese regulators have fined Alibaba Group Holding Ltd 18 billion yuan ($2.75 billion) for violating anti-monopoly rules and abusing its dominant market position, marking the highest-ever antitrust fine to be imposed in the country. The penalty, equivalent to around 4% of Alibaba's revenues in 2019, comes amid an unprecedented regulatory crackdown on the home-grown technology conglomerates in the last few months that have weighed on company shares. Alibaba's billionaire founder Jack Ma's business empire has been particularly put under intense scrutiny after his stinging criticism of China's regulatory system in late October. In late December, China's State Administration for Market Regulation (SAMR) announced it launched an antitrust probe into the company. That came after authorities halted a planned $37 billion IPO from Ant Group, Alibaba's internet finance arm. SAMR said on Saturday that after an investigation launched in December, it had determined that Alibaba had been 'abusing market dominance' since 2015 by preventing its merchants from using other online e-commerce platforms. It said the practice violates China's anti-monopoly law by hindering the free circulation of goods and infringing on the business interests of merchants. The SAMR ordered Alibaba to make ‘thorough rectifications' to strengthen internal compliance and protect consumer rights. "This penalty will be viewed as a closure to the anti-monopoly case for now by the market. It's indeed the highest profile anti-monopoly case in China," said Hong Hao, head of research BOCOM International in Hong Kong. "The market has been anticipating some sort of penalty for some time ... but people need to pay attention to the measures beyond the anti-monopoly investigation, such as the divestment of media assets." Alibaba said in a statement posted on its official Weibo account that it 'accepted' the decision and would resolutely implement SAMR's rulings. It said it would also work to improve corporate compliance. (With inputs from agencies)

China fines Alibaba record $2.75 billion for anti-monopoly violations 

China on Tuesday imposed a $23.6 million fine on US automaker Ford's joint venture for "price fixing" in violation of anti-monopoly laws, a move coinciding with growing trade tensions with the United States.

Changan Ford Motor Co. "set a minimum resale price" since 2013 for vehicles sold in the southwestern city of Chongqing that, "deprived dealers of pricing autonomy and damaged fair competition and legitimate interests of consumers", the State Administration for Market Regulation said in a statement.

The fine amounted to four per cent on the company's sales value in Chongqing in 2018, the regulator said.

Changan Ford Motor Co. is a 50:50 joint venture between the US automaker and Chinese state-owned Changan Automobile Group. It makes Ford passenger vehicles for the domestic market.

Global carmakers have experienced sliding sales in China, the world's largest vehicle market as the country veers toward an ultra-competitive electric future.

After years of strong growth, car sales declined last year for the first time since the 1990s, hit by a slowing economy, US trade tension, and a Chinese crackdown on shady credit practices that have crimped car-financing channels. 
Sales dipped 2.8 per cent in 2018 to 28.1 million units, according to that China Association of Automobile Manufacturers, a pace that has accelerated in recent months.

Government subsidies and pollution concerns have also pushed Chinese consumers to drop gas-guzzling vehicles in favour of electric cars. 
&nbsp;

China on Tuesday imposed a $23.6 million fine on US automaker Ford's joint venture for "price fixing" in violation of anti-monopoly laws, a move coinciding with growing trade tensions with the United States.

China on Tuesday imposed a $23.6 million fine on US automaker Ford's joint venture for "price fixing" in violation of anti-monopoly laws, a move coinciding with growing trade tensions with the United States. Changan Ford Motor Co. "set a minimum resale price" since 2013 for vehicles sold in the southwestern city of Chongqing that, "deprived dealers of pricing autonomy and damaged fair competition and legitimate interests of consumers", the State Administration for Market Regulation said in a statement. The fine amounted to four per cent on the company's sales value in Chongqing in 2018, the regulator said. Changan Ford Motor Co. is a 50:50 joint venture between the US automaker and Chinese state-owned Changan Automobile Group. It makes Ford passenger vehicles for the domestic market. Global carmakers have experienced sliding sales in China, the world's largest vehicle market as the country veers toward an ultra-competitive electric future. After years of strong growth, car sales declined last year for the first time since the 1990s, hit by a slowing economy, US trade tension, and a Chinese crackdown on shady credit practices that have crimped car-financing channels. Sales dipped 2.8 per cent in 2018 to 28.1 million units, according to that China Association of Automobile Manufacturers, a pace that has accelerated in recent months. Government subsidies and pollution concerns have also pushed Chinese consumers to drop gas-guzzling vehicles in favour of electric cars.

China fines Ford joint venture, citing anti-monopoly law

anti-monopoly-laws

Anti Monopoly Laws, News on Anti Monopoly Laws, stories on Anti Monopoly Laws, articles on Anti Monopoly Laws, Anti Monopoly Laws stories at Wion, Anti Monopoly Laws news, Anti Monopoly Laws latest news

anti monopoly-laws

China fines Alibaba record $2.75 billion for anti-monopoly violations

China fines Ford joint venture, citing anti-monopoly law