- Briefing Your roundup of Asian tech and startup news that matter
Jack Ellis · · 1 min readIn brief: Grab accuses watchdog of ‘double standard’ in Uber deal probe
Photo credit: Grab
Grab responds to regulator’s verdict that Uber deal is anti-competitive (Singapore). The ride-hailing firm said the Competition and Consumer Commission of Singapore’s (CCCS) provisional finding – particularly on Grab’s exclusivity requirements with driver-partners – is “one-sided” and a “double standard [that] goes against the spirit of increasing choices for drivers and riders” since other market players and new entrants are allowed to have such agreements. Earlier this month, the CCCS provisionally found that Grab’s takeover of Uber’s Southeast Asian operations “substantially lessened competition” in the city-state. It imposed financial penalties on the parties and proposed several additional remedies, including the removal of driver exclusivity obligations, a return to pre-deal pricing, and asset sales. The regulator may still order a reversal of the merger if it decides that the parties have not done enough to allay its anti-competition concerns. (Reuters)
Other news
Pinduoduo shares rocket 36 percent following US float (China/US). The Chinese budget ecommerce firm debuted on New York’s Nasdaq exchange today with an opening price of US$19 per share. The IPO has raised about US$1.6 billion for Pinduoduo, which is backed by Tencent and is seen as a key rival to Alibaba. (Business Insider)
Editing by Eileen C. Ang
(And yes, we’re serious about ethics and transparency. More information here.)
Stay updated on the go with our mobile app.
Get latest insights with smoother, more personalized experience through TIA mobile app.
