SINGAPORE (July 5): Singapore's Competition and Consumer Commission (CCCS) said on Thursday the merger of Grab and Uber had substantially lessened competition in the ride-hailing business in the city-state and proposed to impose financial penalties on the two parties.

The commission said it had proposed the financial penalties because Uber and Grab carried out the transaction despite having anticipated potential competition concerns, leading to lesser competition in the sector in Singapore.

Uber sold its Southeast Asian business to bigger local rival Grab, marking the US company's second retreat from an Asian market. Uber received a 27.5% stake in Grab in return.

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