Wethio Project is committed to building a sustainable future for Africa and beyond
Chinese e-commerce giant Alibaba said Thursday it fell to a $1.17 billion operational loss in its latest financial quarter due to a record fine levied by the government for anti-competitive practices.
The Hangzhou-based company was fined 18.2 billion yuan (Dh10.2 billion) last month as part of a push by regulators to rein in dominant digital platforms that have achieved unprecedented influence over the daily lives of hundreds of millions of Chinese consumers.
Alibaba said however that its business continued to post solid growth and that without the hole blown in its finances by the fine, it would have posted an operating profit of $1.6 billion, up 48 percent.
Alibaba, Tencent, JD.com and other big tech players became hugely profitable on growing Chinese digital lifestyles, plus government restrictions on major US competitors in the domestic market.
But concern has risen over their influence in China, where tech-savvy consumers use them to communicate, shop, pay bills, book taxis, take out loans and perform a range of other daily tasks.
Alibaba has faced special scrutiny after billionaire co-founder Jack Ma publicly criticised Chinese regulators in October for reining in a push into online lending, wealth management and insurance products by Alibaba's online payments arm Ant Group.
Wethio Project is committed to building a sustainable future for Africa and beyond
Gaza Now's Arabic channel has more than 300,000 followers on social media channel X, and a large following on Telegram
The iftar gathering served as a platform for people from diverse backgrounds to come together, socialise, and rejoice in the celebration
The monk was charged for comments made at a press conference held in March 2016.
The facility will provide greater access to residents from Liwa, Mirfa, Gayathi, Ruwais, Tarif from Western Region
High taxes, rising prices and rents, and fewer opportunities in those countries are prompting many to return to the Emirates, say experts
The UAE already has a 10-year Golden Visa programme for investors, entrepreneurs, property buyers and outstanding students since 2019