CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.

Uber to submit appeal to Singapore regulator; Grab to pay S$6.42 million fine

Uber is requesting the annulment of the fine and disputing the regulator for saying that it had intentionally breached the law.

anonymous

Publication date : 2018-10-22T09:59:00+0100

Uber1

Uber Technologies will be making an appeal on the S$6.58 million anti-competition fine slapped by the Singapore competition regulator.

Last month, the Competition and Consumer Commission of Singapore (CCCS) fined both ride-hailing firms Grab and Uber a total of S$13 million after concluding that the merger in Singapore had driven up prices. The conclusion of the investigation led to fines and restrictions imposed on their businesses which will make the Singapore market more open to competitors.

Uber said it will be making the appeal independently.

“Our objective is not to challenge the remedies of the decision, which are in fact almost identical to the commitments that Uber and Grab voluntarily offered to the CCCS.

“Rather, we aim to clarify that the conclusion that our transaction with Grab led to a substantial lessening of competition, and that Uber intentionally breached the law, is unsupported and incorrect,” Uber said in a statement issued on Monday.

Grab, who was fined S$6.42 million, has decided against appealing on the regulator’s decision. Lim Kell Jay, head of Grab Singapore told The Straits Times the firm made the choice to pay up because they did not want the matter to drag on.

Uber had in March sold its Southeast Asian business to the region’s ride hailing giant Grab in exchange for a 27.5% stake in the company.

According to startup analytics portal Crunchbase, San-Francisco based Uber currently operates in over 60 countries and employs more than 5,000 staff. It has raised a total of US$22.2 billion in over 20 funding rounds.

Uber is said to be exploring an initial public offering (IPO) by the first half of next year, and banks are valuing the business to as much as US$120 billion.

The IPO would be a well-watched listing like the IPOs of other tech titans such as Alibaba, Tencent, and Facebook. The largest IPO on record is still Alibaba’s US$25 billion IPO in 2014.

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This information has been prepared by IG, a trading name of IG Markets Limited and IG Markets South Africa Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. International accounts are offered by IG Markets Limited in the UK (FCA Number 195355), a juristic representative of IG Markets South Africa Limited (FSP No 41393). South African residents are required to obtain the necessary tax clearance certificates in line with their foreign investment allowance and may not use credit or debit cards to fund their international account.

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