China fines online travel firm 672 million euros
The Chinese Market Regulation Authority has imposed a fine of over 672 million euros on "Trip.com" for violating antitrust laws by abusing its dominant market position, entering into exclusive agreements with hotels, and forcing some operators to refrain from working on competing platforms, which led to reduced competition and harmed the interests of hotels and consumers. The authority also confiscated 215 million euros from the company's illicit profits and confirmed that these improper behaviors hindered the healthy development of the sector. The company has accepted the penalty and committed to sweeping reforms, vowing to abandon unfair competition.
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