Meituan breathes sigh of relief at $530m fine

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Chinese food delivery group Meituan must swallow a fine of RMB 3.4 billion ($ 530 million) after being convicted of exclusive practice. The company is the latest victim of Beijing’s campaign against tech giants.

Despite the huge fines, some analysts say the company got off lightly.

Ryan McMorrow and Eleanor Olcott report The State Market Regulatory Authority has said that Meituan will delay restaurant approval, change rate levels, and use algorithms, merchant deposits, and data to maintain loyalty to the restaurant’s platform for food in the app. I found that I forced the exclusive sale of. As part of that punishment, Meituan was told to return a deposit worth RMB 1.3 billion paid by the restaurant for an exclusive transaction.

Antitrust regulators have warned the company to “comprehensively correct” its activities by ensuring the fair treatment of drivers and providing reports on their practices over the next three years.

The crackdown on Beijing’s tech sector continues to cause market turmoil.On Wednesday, the Hang SengTech Index, which tracks 30 of China’s largest tech companies, Closed at record lows.. The index fell 1.5%, closing at 5866, below the previous lows reached in August. The index rebounded yesterday, 5.2% increase, In the news that Daily Journal Corp increased its stake in Alibaba Group Holding by 83% in the previous quarter.

But this penalty may be rare good news for China’s tattered tech sector. According to Li Chengdong, CEO of Dolphin Think Tank, the fine is equivalent to 3% of Meituan’s revenue and “does not have a substantial impact on the business.”Some analysts predicted that Meituan would face the highest fines $ 700 million Alibaba was hit by a record RMB 18.2 billion fine In April due to abuse of its market power.

Internet of Things (5)

1.1. Is Samsung’s chip down?

Samsung reported the highest profits in three years.According to the company, operating profit is Won 15.8 tons ($ 13.2 billion) In the third quarter from July to September, it increased by 28% from 12.3 trillion won in the previous year. However, analysts warn that demand may be heading downcycle. Revenues are expected to decline in the next quarter as workers return to the office and “online” is exchanged for “face-to-face.”

2. Does anyone think of children?

A study by children’s digital rights charity 5Rights found that it’s used by dozens of tech companies such as TikTok, Snap, Twitter, and Instagram. “Trick and Nudge” Encourage children to share their location and receive personalized advertising, as well as display harmful material such as eating disorders, self-harm, and suicide.

3. Google and YouTube heat up climate change denials

Google and YouTube have announced new policies such as: Ban Climate change refuses to collect advertising revenue and creator payments for content that contradicts the “established scientific consensus.” This is one of the most obvious steps tech companies have taken to address erroneous climate information.

4.4. Musk off to Texas

Tesla CEO Elon Musk Presentation At a shareholders’ meeting on Thursday, the company relocated its headquarters to Austin, Texas, citing high living costs and limited potential for scale-up in the Bay Area. His comments sparked criticism because Tesla received billions of dollars in subsidies from the Golden State.

5. Open (face) book Richard Waters and Hannah Murphy dissected Francis Haugen, Former Facebook Product Manager has become a whistleblower. Testimony to Congress, which accused Facebook of making more money than welfare, has been underpinned by well-planned media appearances and public relations moves.

Technical Tools — Nokia’s New Tablet

HMD Global, which owns Nokia mobile phones, announced a new Nokia tablet this week. The company is trying to take advantage of the tablet usage boom that began during the pandemic by people using their devices to stream content and make phone calls.

T20 It has a 10.4 inch 2K screen and a 5MP front camera with an 8MP front camera with a flash on the back. With stereo speakers and a fast-charging battery, it can withstand 10 hours of watching a movie. The Android tablet will be available next week, starting at £ 180 with a model with 64GB of storage.

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Meituan breathes sigh of relief at $530m fine Source link Meituan breathes sigh of relief at $530m fine

The post Meituan breathes sigh of relief at $530m fine appeared first on California News Times.

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