Latest news with #BOCI
New Indian Express
21-06-2025
- Business
- New Indian Express
Predatory pricing: Bus operators in Kerala move CCI
KOCHI: A relentless price war has erupted on long-distance routes, including the heavy-demand Kochi-Bengaluru section, as a wave of new entrants, mainly international and national brands, rolled in of late, challenging established players with slashed fares and aggressive promotion. Now, the complaints of 'unfair and predatory pricing' have reached the doorsteps of the Competition Commission of India (CCI), after the Bus & Car Operators Confederation of India (BOCI) took up the issue with Union Minister of Road Transport and Highways Nitin Gadkari. 'It has come to our attention that new entrants in the market, including international brands such as FlixBus, have begun operations in India under the guise of start-ups, and are adopting predatory pricing practices. These companies, backed by substantial financial reserves, are offering fares as low as Rs 99 and Rs 199 for long-distance routes exceeding 500 kms,' the BOCI said in the complaint. Pointing out that the CCI guidelines prevent an industry from quoting prices below a viable operational threshold, the BOCI further charged that 'certain foreign companies' are deliberately adopting such strategies that are detrimental to the domestic bus industry. 'International brands like FlixBus and redBus resort to this practice in the Kochi-Bengaluru sector. They are charging fares half of that of what the STC (State Transport Corporation) charges. They offer tickets for as low as Rs 899 when the STC charges around Rs 1,600.
The Hindu
22-04-2025
- The Hindu
A year after his disappearance, Maharashtra man reunited with family
A year after he went missing, 35-year-old Ramesh from Maharashtra's Chandrapur district has finally returned home, thanks to efforts by kind-hearted persons in Kerala and Maharashtra who worked together across State borders to reunite him with his family. Ramesh, who had reportedly left home in distress following his father's death, was found wandering near Kasaragod by Nawaz, a Kannur-based bus owner known for supporting the destitute and those suffering from mental illness. 'I always carry food in my vehicle to distribute to those living on the roadside. With my friends' support, we help those who are mentally disturbed and bring them to our office at Irrikur,' Mr. Nawaz told The Hindu. At his Irrikur office, Ramesh was given a bath, food, and shelter. Once comfortable, Nawaz and his team began gathering clues about his background. Ramesh, visibly disoriented, could only recall the name of a Dargah in Ghugus, a village in Chandrapur district. Nawaz, also the district secretary of Tourist Bus Operators' Association, reached out to Ramesh's relatives through Contract Carriage Operators' Association, Kerala. The alert was picked by Kiran Desai, a national committee member of Bus and Car Operators Confederation of India (BOCI), who conversed with Ramesh in Marathi and confirmed his origins. Further coordination involving Mahendra Luley and Amit Gupta of BOCI led to the identification of Ramesh's brother Shyam, a truck driver in a coal mine in Chandrapur district. A video call was arranged the same evening, and by next day, Ramesh boarded a train with his brother to return home. 'Ramesh was mentally disturbed after our father passed away. He left for Hyderabad in search of work but never returned,' Shyam said. 'We filed a missing report and searched everywhere. Nawaz's call was nothing short of a miracle,' he added.
Yahoo
07-03-2025
- Business
- Yahoo
Bank of China International Makes Cuts to Commodities Unit
(Bloomberg) -- Bank of China International Holdings Ltd., the investment banking arm of the giant Chinese state-owned lender, is pulling back from commodities after wild price moves over the past few years shook management confidence in the sector. Trump Administration Plans to Eliminate Dozens of Housing Offices Republican Mayor Braces for Tariffs: 'We Didn't Budget for This' How Upzoning in Cambridge Broke the YIMBY Mold NYC's Finances Are Sinking With Gauge Falling to 11-Year Low How Sanctuary Cities Are Fighting Trump, Again The bank has reduced the number of clients in its commodities business by more than two-thirds, and in recent weeks has made lay-offs in its commodities team in Shanghai and Beijing, according to people familiar with the matter. It's been reviewing the unit since last year, the people said, asking not to be named as the matter isn't public. Through BOCI, Bank of China Ltd. had been one of the first movers among Chinese lenders seeking to challenge global investment banks like JPMorgan Chase & Co. and Macquarie Group Ltd. in the international commodity markets. The business has offices in London, New York, Singapore and Shanghai. BOCI was, in 2012, the first Chinese company to become a member of the London Metal Exchange. It was also the first Chinese institution to obtain clearing membership of the Chicago Mercantile Exchange and the Intercontinental Exchange, two other major commodity bourses. Still, the bank's support for the commodities arm has been shaken by several extreme price moves in the past few years. BOCI was among the banks and brokers through which Tsingshan Holding Group Co. held the vast nickel position that was the focus of a massive short squeeze in 2022, Bloomberg reported at the time. And then last year, a divergence in copper prices between New York and London once again highlighted the risks in the sector. The bank has reduced its exposure in particular to metals clients, the people said, while maintaining relationships with big Chinese state energy firms. It comes after other big financiers of the Chinese metals industry, like JPMorgan and ICBC Standard Bank Plc, pulled back from the sector in recent years. The changes aren't likely to affect parent company Bank of China's trade-finance lending business, which participates in big-ticket credit facilities for commodity traders around the world, people familiar said. The review of the division followed the departure of Li Tong as chief executive officer of BOCI last year. The well-connected daughter of a former member of the politburo, Li had been a key driver of the bank's growth in commodities, and her move to Bank of China's Hong Kong unit last year has left the commodities business with less support among the senior management, the people said. An inquiry to a representative for parent company Bank of China wasn't answered. --With assistance from Archie Hunter, Jack Farchy and Amanda Wang. (Adds details on the commodities business in paragraphs three and four.) Snack Makers Are Removing Fake Colors From Processed Foods The Mysterious Billionaire Behind the World's Most Popular Vapes Rich People Are Firing a Cash Cannon at the US Economy—But at What Cost? Greenland Voters Weigh Their Election's Most Important Issue: Trump Trump's SALT Tax Promise Hinges on an Obscure Loophole ©2025 Bloomberg L.P. Sign in to access your portfolio
Yahoo
06-03-2025
- Business
- Yahoo
Bank of China International Makes Cuts to Commodities Unit
(Bloomberg) -- Bank of China International Holdings Ltd., the investment banking arm of the giant Chinese state-owned lender, is pulling back from commodities after wild price moves over the past few years shook management confidence in the sector. Republican Mayor Braces for Tariffs: 'We Didn't Budget for This' Trump Administration Plans to Eliminate Dozens of Housing Offices How Upzoning in Cambridge Broke the YIMBY Mold NYC's Finances Are Sinking With Gauge Falling to 11-Year Low Remembering the Landscape Architect Who Embraced the City The bank has reduced the number of clients in its commodities business by more than two-thirds, and in recent weeks has made lay-offs in its commodities team in Shanghai and Beijing, according to people familiar with the matter. It's been reviewing the unit since last year, the people said, asking not to be named as the matter isn't public. Through BOCI, Bank of China Ltd. had been one of the first movers among Chinese lenders seeking to challenge global investment banks like JPMorgan Chase & Co. and Macquarie Group Ltd. in the international commodity markets. The business has offices in London, New York, Singapore and Shanghai. BOCI was, in 2012, the first Chinese company to become a member of the London Metal Exchange. It was also the first Chinese institution to obtain clearing membership of the Chicago Mercantile Exchange and the Intercontinental Exchange, two other major commodity bourses. Still, the bank's support for the commodities arm has been shaken by several extreme price moves in the past few years. BOCI was among the banks and brokers through which Tsingshan Holding Group Co. held the vast nickel position that was the focus of a massive short squeeze in 2022, Bloomberg reported at the time. And then last year, a divergence in copper prices between New York and London once again highlighted the risks in the sector. The bank has reduced its exposure in particular to metals clients, the people said, while maintaining relationships with big Chinese state energy firms. It comes after other big financiers of the Chinese metals industry, like JPMorgan and ICBC Standard Bank Plc, pulled back from the sector in recent years. The changes aren't likely to affect parent company Bank of China's trade-finance lending business, which participates in big-ticket credit facilities for commodity traders around the world, people familiar said. The review of the division followed the departure of Li Tong as chief executive officer of BOCI last year. The well-connected daughter of a former member of the politburo, Li had been a key driver of the bank's growth in commodities, and her move to Bank of China's Hong Kong unit last year has left the commodities business with less support among the senior management, the people said. An inquiry to a representative for parent company Bank of China wasn't answered. --With assistance from Archie Hunter, Jack Farchy and Amanda Wang. (Adds details on the commodities business in paragraphs three and four.) The Mysterious Billionaire Behind the World's Most Popular Vapes Rich People Are Firing a Cash Cannon at the US Economy—But at What Cost? Greenland Voters Weigh Their Election's Most Important Issue: Trump Trump's SALT Tax Promise Hinges on an Obscure Loophole Snack Makers Are Removing Fake Colors From Processed Foods ©2025 Bloomberg L.P.
