Topic
New World Development Co (HK stock code 0017) is a Hong Kong conglomerate with operations in property, infrastructure, transport, retailing telecommunications and bus (New World First Bus) and ferry operations.It is controlled by Chow Tai Fook, a holding company owned by businessman Cheng Yu-tung.
The latest fare adjustments sought by franchised bus operators, ranging from 8.5 per cent to more than 50 per cent, are the last thing the public wants as the city’s economy slowly emerges from the pandemic
Loss-making Citybus and New World First Bus will operate as one company under latest franchise, and its performance will have to be closely monitored.
The excuse that fare rises are crucial to maintaining essential services holds no water, especially at a time when the economy is in the doldrums and the unemployment rate has hit a 17-year high.
Bus fans mark final New World First Bus service and first for new-look Citybus takes to the roads.
Fare increases of between 3.9 per cent and 7 per cent to take effect on June 18.
Hong Kong businesses reap the benefits of city leader John Lee’s visit to Saudi Arabia and UAE in February.
Adjustments are set to be made when the government takes back the privately operated Western Harbour Tunnel in August.
Bus ends up on its side in Tseung Kwan O after crashing through roadside barrier.
Transport officials and police to keep close watch on traffic volumes at Tseung Kwan O-Lam Tin Tunnel and Cross Bay Link.
Companies’ owner hopes bringing the operations together will reduce overlapping routes and cut costs.
Citybus and New World First Bus to join forces next year in new government 10-year deal, owner says it will invest more than HK$3.5 billion over franchise term.
Franchised cross-harbour buses have lost 20,000 passengers a day since opening of MTR extension, says Assistant Commissioner for Transport Honson Yuen.
Bus operators brace themselves for ‘exodus’ of passengers as East Rail line MTR extension will cut travel time from New Territories.
The new owner of Citybus and New World First Bus sold its 2.78 million shares to MTR Corporation.
Options on the table include subsidies, a merger and granting the company the rights to develop property above and around its depots.
CEO of Bravo Transport Services, which took over the two operators last year, admits hefty losses have forced the company to look at cost-trimming options.
Cheung Ho-yin could lose licence after magistrate opts not to impose fine over incident in Yau Ma Tei in September last year.
Franchised bus operator calls for MTR-style open, transparent system of annual fare reviews.
Plans include having same colour for buses, same uniform for frontline workers, but merger must wait until 2023, union says.
Bus companies are backed by big investors with the capacity to bear any loss or risk of operating a business. The needy have no such safety net, especially when even sweeteners have been withdrawn.
As many as 128 SPACs have raised a combined US$38 billion in New York as of February, making it one of the latest fads in world finance since the explosive growth of cryptocurrencies.
New World First Bus employee was stopped on Nathan Road in Yau Ma Tei on Sunday, as officers deployed in the area during anti-government protest operation. He has been charged with careless driving.
After being dogged by complaints and the threat of industrial action, China Motor Bus’ routes were taken over by New World First Bus, and all 2,300 staff went, too.
Consortium is led by private equity fund Templewater Bravo, which will own more than 90 per cent of the bus firms after the acquisition.
Health authorities advise elderly residents in particular to avoid going out and family members living with them to stay home as much as possible.
Move sparks complaints by union, which suggests cash payments instead. City’s bus drivers down to one mask per day from two previously.
System is designed to detect a driver’s level of alertness through facial recognition software – and emits a warning if the driver dozes off.
Executive Council gives Citybus and New World First Bus permission to charge more, 7 per cent and 5.6 per cent respectively, from January 20.