Malaysia Competition Commission imposes $20 million fine on Grab for violating competition law

MyCC has imposed a daily penalty of 15,000 ringgit starting from today for as long as Grab fails “to take remedial actions as directed by the commission in addressing the competition concerns”. On Thursday, Malaysia’s competition regulator proposed to levy a fine of $20.53 million (86 million ringgit) on ride-hailing firm Grab for violating the…

FB’s cryptocurrency get major backing

Backers include PayPal, Visa Inc, Uber Technologies Inc and Mastercard Inc. In a significant development, Facebook Inc’s cryptocurrency has received backing from more than a dozen companies including PayPal Holdings Inc, Visa Inc, Uber Technologies Inc and Mastercard Inc. According to a report from the Wall Street Journal, each company will invest nearly $10 million…