News Snapshot:
The company, owned by billionaire Jack Ma, one of China’s most successful entrepreneurs, has been accused of abusing its dominant market position for several years. Photo: Reuters/Thomas Peter Online retail giant Alibaba Group Holding ( BABA ) received a record $2.75bn (£2bn) fine on Saturday from Chinese regulators for anti-monopoly violations. The company, owned by billionaire Jack Ma, one of China’s most successful entrepreneurs, has been accused of abusing its dominant market position for several years. The State Administration for Market Regulation (SAMR) said Alibaba, which is listed in New York and Hong Hong, restricted competition by stopping some sellers...
