China orders Alibaba founder Jack Ma to break up fintech empireDecember 29, 2020 - 10:40 AMT PanARMENIAN.Net - China has escalated its campaign to rein in the vast tech empire controlled by Jack Ma, the co-founder Alibaba and one of the country’s richest people, The Guardian reports. Authorities in Beijing, who had on Christmas Eve ordered an investigation into allegations of “monopolistic practices” by Ma’s online retail giant, have now ordered his financial technology company Ant Group to scale back its operations. Pan Gongsheng, a deputy governor of China’s central bank, said Ant’s corporate governance was “not sound” and ordered it to “return to its origins” as a payment services provider. Pan, who had summoned Ant representatives to a meeting with regulators in Beijing, said Ant must “strictly rectify illegal credit, insurance and wealth management financial activities”. Ant divisions offering those services are the business’s fastest-growing and most profitable operations, analysts said. In a statement, Ant Group said it would establish a “rectification working group” and “fully implement requirements” sought by the regulator. The crackdown on Ma’s business activities has wiped more than $10bn (£7.4bn) from his fortune, and knocked him into second place on the list of China’s richest people with an estimated $49bn, according to the Bloomberg billionaires index. The wealthiest person in China is now Pony Ma (no relation), the chairman and chief executive officer of the rival tech firm Tencent. Top stories Authorities said a total of 192 Azerbaijani troops were killed and 511 were wounded during Azerbaijan’s offensive. In 2023, the Azerbaijani government will increase the country’s defense budget by more than 1.1 billion manats ($650 million). The bill, published on Monday, is designed to "eliminate the shortcomings of an unreasonably broad interpretation of the key concept of "compatriot". The earthquake caused a temporary blackout, damaged many buildings and closed a number of rural roads. Partner news | Government reveals details from Pashinyan’s meeting in border village Prime Minister Nikol Pashinyan has met with a group of residents of a border village in Armenia’s northern Tavush province Narek Manasyan wins European Boxing Championships silver for Armenia Armenia’s Narek Manasyan (92kg) won Armenia’s second silver medal at the European Boxing Championships 2024 on April 28. Blinken urges Azerbaijan to continue negotiations with Armenia Secretary of State Antony J. Blinken has urged Azerbaijani President Ilham Aliyev to continue negotiations with Armenia. Pashinyan, Blinken talk Armenia-U.S. ties over the phone Prime Minister Nikol Pashinyan had a phone conversation with US Secretary of State Antony Blinken on April 28, Pashinyan’s office reports. |