UK economy grows at fastest tick in nearly 2 years

The hot UK summer weather helped boost consumer spending, particularly of food and drink. (AFP)
Updated 09 November 2018

UK economy grows at fastest tick in nearly 2 years

  • UK economy expanded by a quarterly rate of 0.6 percent in the July to September period
  • The hot summer weather helped boost consumer spending, particularly of food and drink

LONDON: Official figures show that the British economy grew in the third quarter of the year at its fastest pace for nearly two years.
The Office for National Statistics said Friday that the economy expanded by a quarterly rate of 0.6 percent in the July to September period. That’s up from the previous quarter’s 0.4 percent and the highest recorded since the fourth quarter of 2016, just after the country voted to leave the European Union.
The statistics agency said the hot summer weather helped boost consumer spending, particularly of food and drink.
The high growth figure for the July-September quarter means Britain’s economy grew faster than the 0.2 percent quarterly tick recorded by the 19-country eurozone during the period.


Indonesia’s anti-trust watchdog levies $3 million in fines on Grab and partner

Updated 03 July 2020

Indonesia’s anti-trust watchdog levies $3 million in fines on Grab and partner

  • Grab infringed the anti-monopoly laws after evaluating the case
  • Grab is Southeast Asia’s most valuable startup with a valuation of $14 billion

JAKARTA: Indonesia’s anti-trust watchdog announced fines totaling more than $3 million for Grab and its business partner after finding it guilty of breaking anti-monopoly laws, a verdict the ride-hailing firm vowed to appeal.
The Business Competition Supervisory Commission (KPPU) said it had found Grab had discriminated against its drivers, prioritizing those provided by partner PT Teknologi Pengangkutan Indonesia (TPI) to the Softbank-backed firm.
In a statement, Dinni Melanie, the chair of the watchdog judicial panel, said it had found Grab infringed the anti-monopoly laws after evaluating the case on Thursday evening.
The agency imposed a fine of $2.1 million on Grab and a penalty of $1.03 million rupiah on TPI.
A spokesman for Grab, which is Southeast Asia’s most valuable startup with a valuation of $14 billion, said the firm would appeal the verdict.
“Grab’s view is that it has not violated any regulation, engaged in any anti-competitive business practices, or injured any third parties,” he said, characterizing the watchdog’s findings as “unsubstantiated allegations.”
Reuters could not immediately reach TPI to seek comment.