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Zawya
23 minutes ago
- Zawya
FedEx, UPS, DHL executives to face fresh scrutiny in India antitrust case
NEW DELHI: Top India executives of FedEx, UPS, Aramex and DHL are set to be cross-examined in coming weeks by a book publishers' group which accused them of price collusion, a new twist in an antitrust probe that cleared the courier companies of wrongdoing last year, a document shows. Allowing a complainant to interrogate companies is not common in Indian antitrust cases. It means the final findings of the antitrust investigation could change and create new challenges for the courier majors, and the case will be prolonged by several months, antitrust lawyers and government sources said. Many foreign and domestic companies are bullish about the Indian courier and parcel delivery market, which is expected to grow 11% a year to $14.3 billion by 2030, bolstered by a boom in online shopping, research firm Mordor Intelligence says. In December, Reuters reported the Competition Commission of India (CCI) found "no evidence" of courier firms sharing commercial information amongst themselves. The 2022 cartel case, whose details remain confidential in line with rules, was triggered when the Federation of Indian Publishers alleged collusion on prices and discounts by delivery firms. The CCI has now found merit in a complaint by the publishers' group which argued it must be allowed to cross-examine the delivery company executives as investigators only relied on oral submissions to give the companies a clean chit. The federation "has demonstrated sufficient cause establishing necessity and expediency of conducting such cross-examination," the CCI noted in a May 28 internal order that was reviewed by Reuters. The order said the executives to be questioned were Subhasish Chakraborty, Managing Director of India's DTDC Express; R.S. Subramanian, Managing Director of DHL Express India; Suvendu Choudhury, a vice president of FedEx in India; Percy Avari, general manager of Aramex in India, and Abbas Panju, India managing director of UPS Express. None of the executives responded to requests for comment. DHL said in a statement it operates in full compliance with all laws and is "cooperating fully with the CCI", but could not comment on specifics. The CCI, as well as other companies - DTDC, U.S.-based FedEx and UPS, and Dubai's Aramex did not respond to Reuters queries. The Federation of Indian Publishers also did not respond. It represents many Indian publishers like and Rupa Publications, as well as some foreign groups like Pan Macmillan. 'RARE' CROSS-EXAMINATION Sending the case back to the CCI investigators could become an irritant for the logistics industry, which has faced scrutiny since 2015, when France levied a $735 million fine on 20 companies, including FedEx and DHL, for secretly colluding to increase prices. In India, cross-examination of companies by the complainant "is rare," said Gautam Shahi, a competition law partner at Indian law firm Dua Associates. "Such cross-examination may reveal new facts and the conclusions of the earlier investigation report may come into question. It may change the direction of the case," he said. The CCI investigations unit will now oversee the cross-examination proceedings in coming weeks and submit a report to top antitrust officials for a review, four sources familiar with the matter said. The Federation of Indian Publishers had alleged that courier companies acted together to determine charges, and also did not reduce the fuel surcharge they charged when jet fuel prices dropped. The 202-page investigation report shared with the companies privately last year, and seen by Reuters this week, notes that 36 notices were sent to 15 courier firms during 2023-24 to gather details of their businesses, with UPS submitting the most responses - 13. The CCI report concludes no email correspondence surfaced that showed "any collusive/concerted activities" among rivals. The Federation of Indian Publishers has also successfully argued it wants to point out several anomalies in the earlier recorded statements of company executives, which were ignored by investigators, noted the CCI order that allowed the cross-examination. (Reporting by Aditya Kalra; Editing by Raju Gopalakrishnan)
Crypto Insight
23 minutes ago
- Crypto Insight
Metaplanet outperforms Japan's most liquid blue-chip stocks in 2025
Bitcoin-focused investment company Metaplanet has surged almost 190% year-to-date (YTD), leaving Japan's largest and most liquid blue-chip companies in its wake. On Wednesday, Metaplanet released its earnings report for the second quarter of 2025. The report showed that the company's YTD performance dwarfed the 7.2% average gain posted by the Tokyo Stock Price Index (TOPIX) Core 30, a benchmark tracking giants like Toyota, Sony and Mitsubishi Heavy Industries. Metaplanet's standout performance in 2025 comes amid its aggressive Bitcoin pivot, with the Tokyo-listed company expanding its treasury through regular purchases. Investors are placing bets on Metaplanet's Bitcoin strategy paying off. According to the report, the number of Metaplanet shareholders climbed to over 180,000 as of June 2025, up 350% since it started its Bitcoin accumulation strategy in the fourth quarter of 2024. Metaplanet outperforms Japan's TOPIX Core 30 amid Bitcoin strategy Apart from Metaplanet outperforming the average gain by the index, the company has also surpassed the performance of popular individual stocks. The report showed that Metaplanet's YTD gains exceeded even the top-performing TOPIX Core 30 members, including Mitsubishi, Nintendo and SoftBank Group. These companies posted double-digit gains throughout the same time period but still lagged behind Metaplanet by wide margins. Other index members like Japan Tobacco, Mizuho Financial Group and Tokio Marine Holdings posted modest gains. At the same time, companies like Toyota Motor Corp. and Murata Manufacturing showed slight declines, highlighting a gap in market sentiment. Founded as a hospitality company, Metaplanet rebranded itself in 2024 as a Bitcoin accumulation vehicle, mimicking the playbook of US-based Strategy. According to the company, it remains the only firm offering regulated Bitcoin exposure in Japan within a public company framework. Metaplanet to raise $3.7 billion to buy more Bitcoin Metaplanet previously announced that it aims to acquire 1% of Bitcoin's total supply by 2027. This means that the company plans to purchase 210,000 BTC over the next two years. To help achieve this goal, the company announced on Aug. 1 that it will raise $3.7 billion dollars through a stock offering. The company said it intends to actively pursue equity financing as part of its Bitcoin Strategy. In August, the company had already spent over $100 million to buy Bitcoin. On Aug. 4, Metaplanet purchased 463 BTC, with $53.7 million. The company followed it up with a $61.4 million Bitcoin purchase on Tuesday. Source:
Zawya
2 hours ago
- Zawya
China remains key destination for Pakistan's mineral wealth in 2025
BEIJING: Pakistan's mineral sector retained its position as the country's leading source of exports to China in the first half of 2025, according to official Chinese customs data. Figures from the General Administration of Customs of China (GACC) show that copper and its derivatives topped the export list, with shipments valued at US$482.41 million between January and June 2025. This was slightly lower than the US$504.53 million recorded in the same period last year, a decline attributed to softer global copper prices rather than reduced volumes. According to the Associated Press of Pakistan (APP), refined copper products generated US$266.67 million, while exports of unrefined copper and anodes for electrolytic refining rose to US$153 million from US$132.16 million in 2024. Copper waste and scrap contributed an additional US$36.34 million. Among other minerals, iron ore and concentrates – including roasted iron pyrites – saw a 14 per cent increase to US$39.03 million, supported by strong demand from Chinese steel mills. Zinc ore shipments fell to US$55.24 million from US$63.04 million, and chromium ore exports halved to US$31.58 million due to weaker stainless-steel production. Industry analysts expect minerals to continue dominating Pakistan's exports to China, boosted by tariff reductions under the second phase of the China–Pakistan Free Trade Agreement and improved transport infrastructure under the China–Pakistan Economic Corridor. 'We are seeing sustained appetite from Chinese buyers for copper and iron ore, and are working to expand processing capacity to capture more value,' said Owais Mir, founder and CEO of Dynamic Engineering & Automation (DEA) Group. With China's industrial sector increasingly focused on electric vehicles and renewable energy – both heavily reliant on copper and other metals – Pakistan's mineral exports are projected to maintain their strong performance in the coming years.
