China fines Alibaba $2.78B for market abuses —state media

Chinese regulators have hit e-commerce giant Alibaba with a massive 18.2 billion yuan ($2.78 billion) fine over practices deemed to be an abuse of the company's dominant market position, state-run media reported on Saturday.

Xinhua news agency said the State Administration for Market Regulation had assessed the fine after concluding an investigation into Alibaba that began in December. —Agence France-Presse