Electric vehicle sales by Kia, South Korea’s No 2 automaker, in the United States from January to July jumped twofold on-year thanks to the strong demand of the company’s EV9 SUV model, industry data showed on Monday.

According to the data from the Korea Automobile & Mobility Association, Kia’s EV sales in the U.S. during the first seven months of the year totalled 33,957 units, marking a twofold rise from 16,941 units last year, reports Yonhap news agency.

Kia’s U.S. EV sales performance is especially noteworthy when compared with the overall segment growth in the country. The total U.S. EV market grew by only 0.9 per cent on-year during the cited period, from 638,716 units to 644,752 units.

Industry watchers attribute the strong demand of the EV9 SUV model as a key driver of Kia’s growth in the segment in the American market.

From January to July, 11,486 units of the EV9 were sold in the country, accounting for 34 per cent of Kia’s total EV sales there.

Thanks to Kia’s performance, Hyundai Motor Group maintains a double-digit market share in the U.S. EV market. From January to July, the group’s market share reached 11.1 per cent, marking the highest portion for the period in the group’s history.

The proportion of EVs within Kia’s entire eco-friendly vehicle lineup, encompassing EVs, hybrids and plug-in hybrid models, has also significantly increased.

From January to July this year, EVs accounted for 44.5 per cent of Kia’s total eco-friendly vehicle sales, with 33,957 out of 76,393 units sold being EVs. The portion is nearly double from last year’s 23.7 per cent reading. AGENCIES

Mongolia attracted a total of 436,617 foreign tourists in the first seven months of this year, the country’s Ministry of Culture, Sport, Tourism and Youth reported on Monday.

During the period, Russia, China and South Korea were Mongolia’s top sources of tourist arrivals, the ministry noted in a statement, Xinhua news agency reported.

Around 30 per cent of the total tourists visited the country in the past month alone.

To diversify its economy, which is heavily reliant on the export-oriented mining sector, Mongolia has been implementing measures to promote tourism.

As part of the efforts to promote the tourism sector, the Asian country has declared 2023-2025 as “Years to Visit Mongolia,” with a target of attracting at least 1 million foreign tourists per year.

Last year, Mongolia attracted over 650,000 foreign tourists and earned $1.2 billion from the tourism sector, marking an all-time high. AGENCIES

Indian equity indices opened in the deep red on Monday following negative cues from Asian peers.

At 9.42 a.m., Sensex was down 1,509 points or 1.86 per cent at 79,460 and Nifty was down 465 points or 1.88 per cent at 24,252.

The market trend remains negative. On the National Stock Exchange (NSE), 110 shares are trading in the green and 2,126 shares in the red.

Selling pressure is also being seen in small and medium stocks. Nifty midcap 100 index is down 1,677 points or 2.90 per cent to 56,236 and Nifty smallcap 100 index is down 598 points or 3.18 per cent to 18,202.

Almost all the indices are trading in the red. Auto, IT, PSU Bank, Fin Service, Realty, Energy and Infra are major laggards.

Hardik Matalia, Research Analyst at Choice Broking said, “The global market witnessed sharp selling pressure as there is a fear that the United States is heading to a recession.”

“After a gap down opening, Nifty can find support at 24,300 followed by 24,250 and 24,200. On the higher side, 24,500 can be an immediate resistance, followed by 25,600 and 25,650,” he added.

In the Sensex pack, Tata Motors, Maruti Suzuki, JSW Steel, Tata Steel, Power Grid and Reliance are the top losers. Sun Pharma, HUL, Asian Paints and Nestle are the top gainers.

Another expert said, “The rally in the global stock markets has been driven mainly by consensus expectations of a soft landing for the US economy. This expectation is now under threat with the fall in the US job creation in July and the sharp rise in the US unemployment rate to 4.3 per cent. Geopolitical tensions in the Middle East also are a contributing factor.”

The foreign institutional investors (FIIs) sold equities worth Rs 3,310 crore on August 2, while domestic institutional investors bought equities worth Rs 2,965 crore on the same day. AGENCIES

Sri Lanka’s Immigration Department has reverted to issuing on-arrival visas at the points of entry, and airport after the Supreme Court suspended a controversial deal outsourcing online visa issuing to a tripartite joint venture, including an Indian company.

Issuing of online visas for visitors to the island nation ground to a halt when the Supreme Court on Friday suspended the agreement signed by the Sri Lanka Immigration Department with three parties — Singapore-registered GBS Technology Services, the UAE-registered IVS Global-FZCO and the Dubai-headquartered VFS VF Worldwide Holdings Ltd.

Though now based in Dubai, VFS was originally founded in India and the majority of the company is owned by an American investment firm, Blackstone.

Sri Lanka’s Opposition had charged that the government had amassed $10 million from the controversial deal which was diverted to the upcoming election campaign. However, the government denied the allegation.

The country’s apex court issued the suspension until the final hearing of several fundamental rights petitions filed by three lawmakers and Translation International Sri Lanka (TISL), among others.

The petitioners had charged that the procedural violations and abuse of public trust had been caused by officials in the procurement of private entities to handle the Electronic Travel Authorisation (ETA) system for issuing visas to tourists visiting Sri Lanka.

They claimed the deal had affected the tourism industry, national economy and national security.

The petitioners had cited the Public Security Minister, the Controller General of Immigration, the Sri Lanka Tourism Development Authority, GBS Technology Services & IVS Global-FZCO, VFS VF Worldwide Holdings LTD, the Cabinet of Sri Lanka and the Attorney General.

While suspending the operation of foreign companies from issuing online visas, the Supreme Court had ordered the Immigration Department to return to the ETA system that was there before last April run by a local company Mobitel, which provided the service for one dollar.

Depending on the visa category, VFS Global was charging different prices, from $10 to much more.

However, Public Security Minister Tiran Alles has told the media that the ETA system run by Mobitel cannot be restored as many changes have been introduced. There were changes in laws which were passed in the Parliament. AGENCIES

South Korean stocks tumbled more than 5 per cent on Monday as fears of a US economic slowdown weighed heavily on the financial market, with a five-minute trade halt issued during the intra-day trading.

The benchmark Korea Composite Stock Price Index (KOSPI) had fallen 140.25 points, or 5.24 per cent, to 2,535.94.

During the session, the bourse operator issued a sidecar order, halting programme trading for five minutes, after the KOSPI 200 index fell over 5 per cent for more than one minute, reports Yonhap news agency.

US stocks fell for the second consecutive session Friday last week, with the Dow Jones Industrial Average sliding 1.51 per cent and the tech-heavy Nasdaq Composite sinking 2.43 per cent.

A disappointing jobs report spurred investor fears that the world’s largest economy is headed toward a recession.

In Seoul, most shares traded negative across the board.

Tech shares were among the biggest losers, with major chipmaker SK hynix slumping 5.6 per cent and flat screen manufacturer LG Display declining 5.77 per cent.

Top oil refinery SK Innovation fell 4.12 per cent, and major game publisher NCSOFT decreased 5.41 per cent.

Leading cosmetics maker LG H&H dropped 4.24 per cent, and defence company Hanwha Aerospace went down 2.08 per cent.

The local currency was trading at 1,360.45 won against the US dollar, down 10.75 won from the previous session.

On the other hand, in a dramatic start to the trading week, Japan’s benchmark TOPIX index plunged 5.7 per cent to close the morning session at 2,392.27.

Indian equity indices also opened in the deep red following negative cues from Asian peers over US economic slowdown anxiety. AGENCIES

In a fillip to the ‘Make in India’ initiative, contract manufacturing company Zetwerk on Monday made it official to partner with Bengaluru-based electronics manufacturing services firm, Smile Electronics, to launch three factories for IT hardware production in the country.

Located near Bengaluru, the Devanahalli factory has fully automated production lines equipped for assembling, testing, and packing desktops, laptops, energy metres and remote controls.

The other two factories will come up in Tamil Nadu and Andhra Pradesh.

“This collaboration is further strengthened by Acer India’s commitment to the ‘Make in India’ initiative, emphasising the importance of local manufacturing and innovation,” said Harish Kohli, Managing Director of Acer India who inaugurated the Devanahalli factory.

Zetwerk has committed to invest Rs 1,000 crore to build Electronics System Design and Manufacturing (ESDM) capabilities in India.

The company said that cutting-edge technology like automated screen-printing, placement and reflow machines ensure efficient production, with the ability to produce 0.75 million components per hour.

Mukesh Gupta, Chairman of Smile Electronics, said their 750 skilled employees across diverse industries manage a well-rounded portfolio, catering to both low-mix, high-volume and high-mix, low-volume production needs.

Smile is a recipient of the government’s IT hardware Production Linked Incentive (PLI) schemes 1.0 and 2.0.

“This partnership is a testament to the conducive business environment fostered by the government’s progressive policies and initiatives,” said Rahul Sharma, Co-founder, Zetwerk.

Zetwerk has its own four factories in north India to cater to the demand for mobile phones, telecom devices, smart meters, television and display devices, and hearables and wearables.

Josh Foulger, President of Zetwerk Electronics, said that additionally, Smile will be strengthened in key sectors like aerospace and defence, automotive and consumer electronics, “areas where Zetwerk already has a well-established market position”. AGENCIES

Tamil Nadu BJP President K. Annamalai will meet Union Minister for External Affairs S. Jaishankar in New Delhi on Monday, along with fishermen representatives.

This visit is to petition the Union Minister about the regular attacks on Indian fishermen from Tamil Nadu by the Sri Lankan Navy in mid-sea.

Recently, a fisherman was killed while the boat in which he was fishing near the International Maritime Boundary Line (IMBL) was subject to attack by the Sri Lankan Navy. While the deceased is identified as Malaisami two other fishermen of the same boat, Muthu Maniyandi and Mookaiya were arrested by the Sri Lankan Navy and later handed over to Indian authorities.

At present, 87 fishermen and 120 mechanised boats from Tamil Nadu are in the custody of the Sri Lankan Navy.

Annamalai taking the fishermen’s representatives to New Delhi and holding a meeting with the Union Minister for External Affairs is a move that would give a major setback to the ruling DMK in Tamil Nadu.

Fishermen of Ramanathapuram district are on an indefinite strike following the death of Malaisami and are not entering the seas for fishing.

Tamil Selvam, a fisherman from Ramanathapuram, while speaking to IANS said: “Sri Lankan Navy is creating major problems for us in the sea, and even if we are not crossing the IMBL and are well within Indian waters, we have been targeted. We are not able to venture out into the sea for our daily living and this has to stop. Both Central and state governments should work in unison and make sure that we are in a comfortable fishing zone.” AGENCIES

In a first such move, Cloud software major Zoho is likely to mark its presence in eastern Uttar Pradesh this year, the company’s Co-founder and CEO Sridhar Vembu said on Monday.

The Chennai-based SAAS company last year surpassed 100 million users across over 55 business applications.

“We are going to Eastern UP this year, our first major rural expedition North. I wish we could have a meaningful presence everywhere and maybe over the next 20 years we will get there. That is my dream,” Vembu said in a post on social media platform X.com.

Noting that he loves the country and his heritage Vembu said that India “is vast talent waiting for opportunity everywhere in Bharat”.

“I love our nation — while I am proud of my Tamil heritage, I am equally fond of every one of our states and our regions and the vast cultural, spiritual, and civilisational heritage they represent”.

He said that Zoho “wants to create world-class R&D capability wherever we go and there is a speed limit to how fast you can scale up R&D teams and it is not at all like scaling up manufacturing plants”.

He informed that the company is doing well in Kerala’s Kottarakara. The industrial park and R&D centre, majorly focussed on AI and robotics, was launched in February. The centre is expected to generate around 1,000 jobs in Kerala.

According to Vembu, high-end technology companies in rural towns can be crucial to help “stop the exodus of youngsters seeking overseas jobs”.

Zoho began its rural office in Tamil Nadu’s Tenkasi in 2011. It started with hardly 10 employees, and now reportedly has around 900 professionals working in a non-urban area.  AGENCIES

Ambuja Cements, part of the diversified Adani Portfolio, on Saturday announced to invest Rs 1,600 crore to set up a 6 MTPA cement grinding unit in Bihar.

Aimed at boosting infrastructure, the Warisaliganj Cement Grinding Unit is likely to contribute approximately Rs 250 crore per year to the state’s fiscal revenue and creating 250 direct and 1,000 indirect jobs for the state.

“This investment by the Adani Group is a testament to Bihar’s growth potential and our commitment to fostering sustainable development for the people of the state,” said Chief Minister Nitish Kumar.

The project will be implemented in three phases, with the first phase of 2.4 MTPA at an investment of Rs 1,100 crore targeted to be commissioned by December 2025.

“This investment aligns with the state government’s development programmes and our growth plans. The cement industry is witnessing healthy volumes due to the government’s infrastructure thrust, and Ambuja Cements is well-positioned to support sustainable infrastructure development in the country,” said Pranav Adani, Managing Director (Agro, Oil & Gas) and Director, Adani Enterprises Limited.

“We look forward to collaborating with the state government, authorities, and local communities on this and future projects,” Pranav Adani added.

Adequate provisioning of land for future expansion is in place which will be commissioned in due course at much lower capex, said the company.

The project will meet the growing infrastructure needs of Bihar, aligning with priorities outlined in the recent Union Budget.

The company’s first venture in Bihar marks the largest investment in the state by a cement industry player. AGENCIES

The foreign portfolio investors (FPIs) pumped in Rs 54,727 core in equity and debt in July as India’s strong growth outlook for FY 2025.

An economic survey that was presented before the Union Budget this year projected India’s growth rate to be at 6.5 to 7 per cent for 2024-25.

Market experts, citing the data from National Securities Depository Limited (NSDL), said that FPIs have invested Rs 32,364 crore in equity and Rs 22,363 crore in debt in July.

For the full year-to-date, FPI investment in equity stands at Rs 35,565 crore in the country.

Experts cite three key reasons behind massive inflow: strong economic outlook, rate cut and government fiscal discipline.

Experts said: “FII flows into India should increase due to several factors. Firstly, India’s economy is performing better than many global peers, making it an attractive destination for investors. Secondly, with the risk-free rate expected to come down in the USA, investors will likely seek better returns elsewhere, including India. Thirdly, the government’s robust fiscal discipline could lead to a rating upgrade for India, enhancing its investment appeal.”

FPIs activities are influenced by various factors like the performance of the global equity markets, the movement of dollar index, incremental geopolitical events, and opportunities in the Indian markets considering slightly elevated valuation levels.

Another expert said: “This resurgence can be attributed to a stable political environment, ongoing economic reforms, and appealing market valuations within India.” AGENCIES