Chinese tech giant Alibaba said on Monday that it accepted a record penalty imposed by the country’s anti-monopoly regulator. Regulators slapped a $2.8bn fine after a probe determined that it had abused its market position for years. The fine amounts to about 4% of the company’s 2019 domestic revenue. Alibaba Group’s executive vice chairman Joe […]
By Reuters Staff (Reuters) -Bitcoin rose above $60,000 to approach record highs on the weekend, breaking out of a two-week tight range and propelled by talk of constrained new supplies against evidence of wider adoption. The world’s biggest and best-known cryptocurrency hit $61,222.22 on Saturday, its highest in nearly a month. It was slightly lower […]
IMAGE COPYRIGHTGETTY IMAGES The world’s biggest online retailer – China’s Alibaba – has been hit with a record fine equivalent to $2.75bn (just over £2bn). Regulators in China said the internet giant had abused its dominant market position for several years. In a statement the company said it accepted the ruling and would “ensure its […]
Several Western countries have imposed sanctions on officials in China over rights abuses against the mostly Muslim Uighur minority group. China has detained Uighurs at camps in the north-west region of Xinjiang, where allegations of torture, forced labour and sexual abuse have emerged. The sanctions were introduced as a coordinated effort by the European Union, […]
The oil giant Saudi Aramco has announced that its profits fell sharply last year as lockdowns around the world curbed demand for oil. Earnings in 2020 fell by nearly 45% compared with 2019. Saudi Aramco, one of the largest companies in the world, still made a profit of $49bn (£35bn) however and said shareholders would […]
Tesla boss Elon Musk has lost his title as the world’s richest person after a recent slide in the electric carmaker’s shares, the main driver of his wealth. Tesla shares have tumbled more than 20% since hitting a high of more than $880 in early January. They suffered especially steep falls this week, tied to […]
By Reuters Staff BEIJING (Reuters) – Senior Chinese diplomat Wang Yi said on Monday the United States and China could work together on issues like climate change and the coronavirus pandemic if they repaired their damaged bilateral relationship Wang, a Chinese state councillor and foreign minister, said Beijing stood ready to reopen constructive dialogue with […]
By Diane Bartz, Helen Coster WASHINGTON (Reuters) – Bipartisan members of Congress plan to introduce a bill in coming weeks to make it easier for smaller news organizations to negotiate with Big Tech platforms, said Rep. Ken Buck, the top Republican on the House Judiciary Committee’s antitrust panel. The U.S. bill would be introduced at a time […]
By Thyagaraju Adinarayan, Aaron Saldanha LONDON (Reuters) – A strong start for world equities in 2021 after the fastest bear-to-bull market switch last year has prompted market mavens to flag worries about pricey assets, with BofA calling it the “mother-of-all asset bubbles”. The torrent of cash sloshing around world markets due to the unprecedented stimulus measures […]
By Sachin Ravikumar BENGALURU (Reuters) – Indian shares eased on Wednesday after scaling record highs for two successive sessions, as investors sold off high-flying financial stocks and Nestle slid after reporting disappointing earnings. Strong corporate earnings, progress in COVID-19 vaccinations and a high-spending federal budget have pushed Indian stocks up 12% in February. The NSE […]
