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HEADLINES & GLOBAL NEWS By   Dec 24, 2020 01:58 PM EST The giant China-based company, Alibaba Group Holding Ltd., faces a probe into suspected monopolistic practices. Ant Group Co, their partner, was summoned to a high-level meeting over financial regulations, intensifying inspection over Jack Ma s internet empire, the billionaire s twin pillars. On Thursday, the inquiry was announced, which marks the formal start of the Communist Party s squelching of Alibaba, Ma s crown jewel sprawling territory, across e-commerce to logistics and social media. Alibaba s pressure is on Ma, centered on a broader effort to rein in the most influential internet sphere. China released in November their draft on anti-monopoly rules, which gave them wide latitude to rein in entrepreneurs who until recently enjoyed scarce freedom to develop their realms.

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