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Alibaba accepts fine of $2.8 billion by China for anti-competitive tactics

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Alibaba Group, the world’s biggest e-commerce company, was fined 18.3 billion yuan ($2.8 billion) by Chinese regulators on Saturday for anti-competitive tactics, as the ruling Communist Party tightens control over fast-growing tech industries.

Party leaders worry about the dominance of China’s biggest internet companies, which are expanding into finance, health services and other sensitive areas. The party says anti-monopoly enforcement, especially in tech, is a priority this year.

ALSO READ; Sports has the power to change Nigeria and the world!

Alibaba was fined for “abusing its dominant position” to limit competition by retailers that use its platforms and hindering “free circulation” of goods, the State Administration for Market Regulation announced. It said the fine was equal to 4% of its total 2019 sales of 455.712 billion yuan ($69.5 billion).

“Alibaba accepts the penalty with sincerity and will ensure its compliance with determination,” the company said in a statement. It promised to “operate in accordance with the law with utmost diligence.”

The move is a new setback for Alibaba and its billionaire founder, Jack Ma, following a November decision by regulators to suspend the stock market debut of Ant Group, a finance platform spun off from the e-commerce giant. It would have been the world’s biggest initial public stock offering last year.

Ma, one of China’s richest and most prominent entrepreneurs, disappeared temporarily from public view after criticizing regulators in a November speech.

That was followed days later by the Ant Group suspension, though finance specialists said regulators already had been worried Ant lacked adequate financial risk controls.

Alibaba, launched in 1999, operates retail, business-to-business and consumer-to-consumer platforms. It has expanded at a breakneck pace into financial services, film production and other fields.

The government issued anti-monopoly guidelines in February aimed at preventing anti-competitive practices such as exclusive agreements with merchants and use of subsidies to squeeze out competitors.

The next month, 12 companies including Tencent Holdings, which operates games and the popular WeChat messaging service, were fined 500,000 ($77,000) each on charges of failing to disclose previous acquisitions and other deals.

Regulators said in December they were looking into possibly anti-competitive tactics by Alibaba including a policy dubbed “choose one of two,” which requires business partners to avoid dealing with its competitors.

Also in December, regulators announced executives of Alibaba, its main competitor, JD.com, and four other internet companies were summoned to a meeting and warned not to use their market dominance to keep out new competitors.

 

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I Heard He Had His Pu.bic Hairs Put On His Face- 50 Cent Trolls Mayweather’s Hair Again

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GhGossip

When it comes to trolling in the Hip Hop world, no one does it better than Hip Hop legend and business mogul 50 Cent as he is on the ‘neck’ of Floyd Mayweather again with his trolls.

50 Cent, born Curtis Jackson and Boxing legend Floyd Mayweather has been in a very long ‘unsettled’ beef for a very long time now with both successful business men throwing shades at each other with the least opportunity.

But 50 Cent is way above Mayweather in trolls as he mostly makes the Boxing champ always feels uncomfortable on social media. Recall he started trolling Mayweather with his hair when the former welterweight Boxing champion made a public appearance with a heavy mustache could of months ago.

50 Cent in a post on social media posted the photo of his former best friend Mayweather with the heavy mustache trolling him that he took some hair from his ‘a$$’ and implanted it around his mouth.

The television guru couple of months ago wanted to settle the long beef with his former best friend in a boxing match after he threw a challenge to Mayweather of which Mayweather accepted the challenge for the boxing match.

But 50 Cent knowing what he was doing later called off the match 48 hours after Mayweather accepted the match saying the head of the ‘The Money Team’ can’t read two paragraphs of his best New Times Selling Book.

Well 50 Cent is back again trolling Mayweather about his hair when camera captured the Boxing champ with fully grown hair on his head during a pre-match brawl with YouTuber Jack Paul last night.

Floyd like you can’t show people my hair. LOL

WTF going on, on champ head… I heard he had his pubic hairs put on his face. Lol #bransoncognac#lecheminduroi

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Patience Ozokwor, Others React As Aki And Paw Reveals Intentions To Resume Acting Together

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GhGossip

In a post sighted on his Instagram page Osita wrote: “@chineduikedieze How far Edu? Just over here soliloquising. I just they see Dm and old clips everywhere. Guess is time to answer the call of nature and drop something. How you see am?”

Chinedu replied and wrote; @ositalheme, this will be interesting ooo
Should we give them a movie or series?

Guys what do you think?
Should we give you a movie or tv series,
What should we call it?

Celebrities and fans could not hold themselves as they trooped under the comment section to react to the news. Below are some reactions

“@patienceozokwo wrote “Whatever you call it we will watch”

@alexxekubo wrote “Yesssssssss we are ready”

@dilly_cious wrote “They may not look funny again because they look like big rich men now with pot bellies… Not the smallish aki and paw paw we know”

@thevc_store wrote “They are no longer funny now they have grown older cos they now act serious roles. The fun was in their mischievousness as children”

@badgirlsimz wrote “it won’t be interesting”

crazeclown wrote: AHHHHH PLEASEEEEEE I BEG UNA 😢 A MOVIE AND SERIES

adaameh wrote : All join 🙌🙌🔥🔥❤️❤️

aphricanace wrote: Yessooo…movie for sure!!!! We want another classic like 2 rats or aki na ukwa 🔥❤️

realchidimmaaneke wrote: We can’t wait to see you both

amazingklef wrote:A very funny series and movies !

officialowengee wrote: Give us a Movie, whatever name you decide will be good

mary_lazarus wrote: Very nice🙌🙌🙌

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DJ Cuppy slams troll who can’t stand her ‘transition to motherhood’ with puppies

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Celebrity disc jockey, Dj Cuppy savagely responds to a follower who subtly attacked her for showing extra care to her puppies.

The billionaire’s daughter had shared photos of her puppies wrapped in cosy towels as she affirms how the transition to motherhood has touched and made her a softer person.
“Motherhood is already making me a better person… I might even do giveaway soon,” Cuppy wrote while sharing photos of her puppies.

DJ Cuppy slams troll who can't stand her 'transition to motherhood' with puppies

In reaction, a follower expressed exhaustion of the renowned DJ’s act as he blatantly stated that he is so done with her behaviours.

“I cannot stand Cuppy anymore,” he wrote.

DJ Cuppy, however, did not let it cool before savagely firing back by telling the fan to ‘sit down’ since she cannot stand her anymore.

See their exchange below …

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