Fidelity bank banner Camano banner
Uber, partner fined $9.5m in Singapore

By News Express on 24/09/2018

Views: 365


Singapore’s anti-trust watchdog fined ride-hailing firms Grab and Uber, a combined 9.5 million dollars over their merger-deal, and ordered Uber to sell vehicles from its local leasing business to any rival that makes a reasonable offer.

The deal invited regulatory scrutiny in the region, with the Competition and Consumer Commission of Singapore (CCCS) in a rare move – launching an investigation just days after the deal was announced.

The CCCS on Monday said it had finalised several measures to lessen the impact of the transaction on drivers and riders, and open up the market for new players.

It also said it had found the merger to have substantially reduced competition in the market.

The regulator said it has fined Uber S$6.6 million and Grab S$6.4 million, to deter future completed, irreversible mergers that harm competition.

It also ordered Grab to remove its exclusivity arrangements with drivers and taxi fleets.

“Mergers that substantially lessen competition are prohibited.

”CCCS has taken action against the Grab-Uber merger because it removed Grab’s closest rival, to the detriment of Singapore drivers and riders,” CCCS Chief Executive, Toh Han Li, said in a statement.

The regulator said effective fares on Grab rose 10 to 15 per cent after the deal, and that the firm now holds a Singapore market share of around 80 per cent.

It told Grab to maintain its pre-merger pricing algorithm and driver commission rates.

It also ordered Uber to sell vehicles of its Singapore-based Lion City Rentals to any potential competitor who makes a reasonable offer based on fair-market value.

It prohibited Uber from selling those vehicles to Grab without regulatory approval.

Lion City’s fleet totalled 14,000 vehicles as of December.

Uber said it believed the CCCS’s decision was based on an “inappropriately narrow definition of the market, and incorrectly describes the dynamic nature of the industry,” saying it would consider appealing.

Grab said it completed the transaction within its legal rights, and maintained it did not intentionally or negligently breach competition laws.

It added that it had not raised fares since the deal, and said for drivers to have full maximum choice, all transport players, including taxi operators, should also be subjected to non-exclusivity conditions.

It said it would abide by remedies set out by the CCCS. (NAN)

Source News Express

Posted 24/09/2018 7:10:10 PM

 


 

CLASSIFIED ADS

 

You may also like...
Anti-Party Activities: APC upholds Banire’s 10-year-suspension

Farmer-herder clashes have left over 3,600 people dead:...

CMD trains 40,000 public officers, promotes 400 staff...

Insecurity: Dickson raps Buhari, lambasts APC

Ambode launches offensive, exposes arch-rival Sanwo-Olu •How he...

Buhari tasks security agencies, orders hitch-free polls in...

Gambia’s new President plans massive overhaul, but keeps...

3 killed as rival cults clash in Akwa...

Clergyman tasks journalists on influx of quacks

Judiciary on trial again

HIV: Vaginal ring passes test

Why I don’t complain about Fayose’s administration: Governor...

 

Latest News Boko Haram fighters kill 23 soldiers: Security sources Catholic Priest stabbed during mass BREAKING: Bauchi State Finance Commissioner resigns Nigeria deports 4 Ghanaians At least 60 killed in bus collision INEC lists condition to issue Okorocha senator's return certificate Bayelsa Judicial Commission of Inquiry invites Sylva, Lokpobiri, NDDC Boss, other APC chieftains 47,000 applications received for 1,000 teaching positions in Delta State Adeleke’s triumph at Osun Guber Tribunal a victory for democracy — PDP Bauchi Poll: Why election will not hold in Tafawa Balewa LGA — INEC Supplementary Elections: Police restrict vehicular movement in FCT Edo Govt. warns against stigmatisation of Lassa fever survivours

 

Most Read NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (461,160 views) Nigerian female sex addict opens up, says ‘I like it with both men and women’ (410,529 views) Shameless Genevieve Nnaji exposes breasts in public (346,538 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (297,354 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (261,656 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (236,555 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (222,675 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (204,387 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (192,732 views) 10 cars more expensive than Jets (177,653 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (176,951 views) Lagos plane crash: Journalist releases victims’ names (175,829 views)

 

NLNG call for entries

CBN banner

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (81) Business & Economy (4,095) Business Verdict (60) Columnists (1,007) Complaints & Requests (95) Enterprise & Opportunities (208) Entertainment (598) Features (725) Global Business Monitor (327) ICT Monitor (27) International (3,205) Interview (174) Live Commentary (28) Love Matters (153) Maggie's Blog (194) News (44,125) Opinion (1,205) Pidgin (17) Politics (10,303) Religion (961) Sports (1,926) Stock Watch (39) AMA & Al Jazeera Global Update

 

 

 

 

APO Group Partner

 

 

CLASSIFIED ADS

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera