Alibaba Slapped With $2.75bn Fine

The world’s biggest online retailer – China’s Alibaba – has been hit with a record fine equivalent to $2.75bn (just over £2bn).

BBC reports that regulators in China said the internet giant had abused its dominant market position for several years.

The company in a statement said it has accepted the ruling and would “ensure its compliance”.

Analysts say the fine shows China intends to move against internet platforms that it thinks are too big.

The company is China’s Amazon meets eBay, our correspondent says. Retail is its main activity but its work has spread to digital payments, credit and cloud computing.

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