Venezuelans went to polling stations across the country and cast ballots in the presidential election.

Aime Nogal Mendez, a member of the National Electoral Council (CNE), said she has been “touring voting centres” since early Sunday morning.

The official CNE account on social media platform X clarified that, according to the law, voters must show their ID card to vote, even if it is expired. Polling stations will be open from 6:00 a.m. (1000 GMT) to 6:00 p.m. (2200 GMT), and will stay open as long as there are people waiting to vote, Xinhua news agency reported.

Minutes after the voting process began, Venezuelan President Nicolas Maduro Moros, who’s seeking a third term in office, cast his vote at Fuerte Tiuna, Caracas. He said the election had started peacefully and called for high voter turnout.

“I am sure everything will go well, and tomorrow will be a beautiful day,” Maduro told the media.

“Respect for the electoral process is respect for the Constitution,” said the President, highlighting the need for all participating political forces to respect the electoral authority and recognise the official results of the National Electoral Council.

Maduro is running against nine presidential candidates. Of all the candidates, Edmundo Gonzalez, a retired diplomat, is seen as a significant challenge to Maduro.

More than 21.6 million Venezuelans will vote to choose from among the 10 presidential candidates. The head of state will lead the nation from 2025 to 2031. AGENCIES

Venezuela’s National Electoral Council (CNE) announced on Monday that Nicolas Maduro has won the presidential election once again and will govern the country from 2025 to 2031.

Notably, it will be Nicolas Maduro’s third time as Venezuela’s President.

Early Monday, CNE President Elvis Amoroso reported that the result indicated an irreversible trend in favour of Maduro.

The bulletin for Maduro’s victory was issued after 80 per cent of the polling stations had been counted, Xinhua news agency reported.

Amoroso emphasised that it is “a strong and irreversible trend” and that voter turnout was 59 per cent of those eligible to vote.

In total, Maduro received 5,150,092 valid votes, representing 51.2 per cent of the counted votes, according to CNE.

Opposition candidate Edmundo Gonzalez Urrutia, from the Unitary Platform coalition, received 4,445,978 votes, or 44.2 per cent of the votes.

Maduro was running against nine presidential candidates. Of all the candidates, Edmundo Gonzalez, a retired diplomat, was seen as a significant challenge to Maduro.

More than 21.6 million Venezuelans voted to choose President Nicolas Maduro from among the 10 presidential candidates. AGENCIES

 Vietnam saw a trade surplus of $14.08 billion in the first seven months of this year, the General Statistics Office said on Monday.

The office reported that during the cited period, total import-export turnover of goods hit $439.88 billion, up 17.1 per cent year-on-year, with exports increasing 15.7 per cent and imports surging 18.5 per cent compared to the same period last year, Xinhua news agency reported.

The domestic sector saw a trade deficit of $14.92 billion, and the foreign-invested sector (including crude oil) posted a trade surplus of $29 billion.

China was Vietnam’s largest import market for the cited period with a turnover estimated at $79.2 billion, the report said.

The export revenue of Vietnam’s industrial processing sector reached $199.94 billion in the seven months, accounting for 88.1 per cent of the total, according to the office. AGENCIES

Delhi-NCR is the fifth most expensive office space rental market in the Asia-Pacific (APAC) region, as transactions across the three major markets in India saw a notable 50 per cent increase in the second quarter (Q2) of 2024, a report showed on Monday.

Prime office rents remained steady in Delhi-NCR, Mumbai and Bengaluru, according to the Knight Frank APAC Prime Office Rental Index.

“The prime office market in Delhi-NCR has sustained rental values consistently over the past six quarters. With a prime office rent of Rs 340 per square ft a month, it ranks as the fifth most expensive office market in the APAC region,” the report mentioned.

Bengaluru retained its position as the leading destination among the three Indian cities, with 4.9 million square feet leased in Q2 2024.

The leadership teams actively encouraging employees to return to office has also positively impacted the transaction volumes in the market, according to the report.

The majority of transactions were driven by India-facing businesses, reflecting a sustained strategic interest in the country’s consumer markets and its skilled labour pool.

India’s office space market has seen a surge in global corporate interest, reflecting the country’s status as one of the fastest-growing large economies.

“This has led to record-high transaction volumes in the first half of the year 2024, with a 33 per cent rise YoY, driven by Indian businesses and GCCs (global capability centres). Rental rates have remained steady in the three major occupier markets,” said Shishir Baijal, Chairman and Managing Director, Knight Frank India.

Hong Kong continued to be APAC’s most expensive office market during the quarter.

In Mumbai, the prime office rent of the city was recorded at Rs 302 sq ft a month, ranking it as the eighth most expensive commercial market in the APAC region. In Bengaluru, prime office rent in the city was recorded at Rs 137 sq ft a month. AGENCIES

Engineering goods exports went up 4.34 per cent to $27.93 billion in the April-June quarter (year-on-year), from $26.77 billion in the same period a year ago, a report said on Monday.

Among the top destinations of Indian engineering goods, shipments to countries such as the US, UAE, Saudi Arabia and the UK increased during the June quarter of the current fiscal, according to EEPC India.

Indian engineering exports in May bounced back and then recorded double-digit growth in June at 10.27 per cent (on-year).

Engineering exports in June rose to $9.39 billion from $8.52 billion in June last year.

“The Free Trade Agreement (FTA) with the UAE has proved beneficial for the engineering export community and we feel that the ongoing FTA negotiations with GCC once concluded would further favour the community,” said Arun Kumar Garodia, Chairman, EEPC India.

The global goods trade in the first quarter of 2024 increased by 1 per cent (year-on-year) and is expected to rise further in the coming months.

“This would be favourable for India’s exporting community too,” Garodia added.

Engineering exports to the UAE and Saudi Arabia rose 38.2 per cent and 42.4 per cent to $1.99 billion and $1.4 billion, respectively.

Engineering exports to the US grew 8.2 per cent to $4.65 billion in the quarter, as compared to $4.3 billion in the corresponding period of FY2023-24.

Engineering exports to the UK jumped 21 per cent year-on-year to $1.01 billion during this period, according to EEPC India.

Notably, engineering exports to China grew 10.4 per cent (on-year) to $619.2 million in the June quarter of the current financial year.

The Union Budget 2024-25 has announced some very favourable measures for the uplift of MSMEs in the country.

“Other moves such as setting up e-commerce export hubs in the PPP model or favourable customs duty policies would immensely help the exporting community. Investment-grade energy audits across 60 traditional industry clusters will enhance operational efficiency and reduce carbon emissions, aligning with the EU’s CBAM requirements,” said Garodia.

As many as 23 out of 34 engineering panels recorded positive growth in Q1.

The growth in engineering exports in June was attributed to a decent rise in shipments of electrical machinery, motor vehicles/cars, products of iron and steel, auto components and parts, and industrial machinery, among others.

According to EEPC India, excluding the export of iron and steel, engineering exports recorded a much higher growth both on a monthly as well as a cumulative basis. AGENCIES

Maruti Suzuki India on Monday said that it sold more than two lakh Grand Vitara cars in just 23 months, setting a new benchmark in the mid-SUV space.

The leading automaker said that it achieved the one lakh unit sales milestone in a year and added the next one lakh customers in a record period.

Launched in 2022, the model has pioneered a new era of SUVs, as ‘Strong Hybrid’ and ‘S-CNG’ variants witness a high demand, said the company.

“The Grand Vitara has revolutionised its segment by inspiring customers to make sustainable choices with the Strong Hybrid. The ‘ALLGRIP’ technology has also resonated well with SUV lovers,” said Partho Banerjee, Senior Executive Officer, Marketing and Sales, Maruti Suzuki India.

“With a market share of 12 per cent in Q1 FY24, the Grand Vitara has not only established our credentials in the hyperactive mid-SUV segment but has also played a crucial role in growing the segment,” he added.

Meanwhile, India’s automobile exports registered a robust 15.5 per cent growth in the April-June quarter.

According to the Society of Indian Automobile Manufacturers (SIAM), Market leader Maruti Suzuki India accounted for the highest exports with 69,962 vehicles during the quarter, up from 62,857 units in the same period last year.

Earlier this month, Maruti Suzuki India said that it is expanding the accelerator programme to include global startups, as it aims to further support the government’s ‘Make in India’ and ‘Startup India’ initiatives. AGENCIES

Hiring for the power and energy sector in India is surging 9.01 per cent in H1 FY25, indicating a move towards a low-carbon future, driven by significant government initiatives, according to a report on Monday.

The employment outlook report, by TeamLease Services — a staffing company — showcases changes in employment for the period between April-September 2024-25 based on a survey of 1,417 employers across 23 industries.

It showed that 62 per cent of respondents plan to expand their workforce, 20 per cent anticipate reductions, and 18 per cent expect no change for HY1 FY25.

In the power and energy sector, Delhi leads existing job locations at 56 per cent, followed by Bengaluru at 53 per cent and Mumbai at 52 per cent.

Jaipur is a frontrunner for new job locations at 14 per cent, with Bengaluru, Chennai, and Vadodara tied at 13 per cent.

This trend highlights growth in established metros while showcasing emerging opportunities in tier-2 cities, likely driven by infrastructure development, policy incentives, and renewable energy expansion, the report said.

The report comes as India’s energy sector is undergoing a significant transformation in line with the nation’s commitment to achieving net-zero emissions by 2070.

The country has set ambitious targets for 2030, including reducing GDP emission intensity by 45 per cent and achieving 50 per cent cumulative electric power installed capacity non-fossil fuel-based energy sources. 

“The impressive 9.01 per cent net employment change in the power and energy sector signifies a clear path towards a greener future. With 62 per cent of industry participants expanding their workforce and leading cities such as Delhi, Bengaluru, and Mumbai driving this change, we have observed a remarkable shift in energy production and consumption,” said Subburathinam P, Chief Strategy Officer, TeamLease Services.

“The growing focus on green energy initiatives, industry 4.0, and systemic decarbonisation is propelling workforce growth in the power and energy industry. This progress is not only paving the way for achieving environmental goals but also boosting economic growth through job creation,” he added.

Further, the report showed that engineering positions are in the highest demand within the sector, with 67 per cent of respondents indicating growth. Sales roles follow at 60 per cent, demonstrating the sector’s focus on expanding market reach while enhancing technical capabilities.

The report emphasised the critical role of green energy initiatives, industry 4.0 advancements, and systemic decarbonisation in accelerating power and energy sector workforce expansion. AGENCIES

 Electric vehicle (EV) and clean energy startup Simple Energy on Monday announced it has secured $20 million in its Series A funding to scale up local production.

The funding round saw participation from current investors, such as high-net-worth individuals (HNIs) from Haran family office, Dr A Velumani’s family office, Vasavi family office, and the Desai Family office (the promoter group of Apar Industries), among others.

“As the adoption of EVs accelerates significantly in India, we are committed to playing a pivotal role in this burgeoning ecosystem,” said Suhas Rajkumar, Founder and CEO of Simple Energy.

The capital raised will be tactically deployed to bolster “our production capacity and expand our dealership network nationwide,” he added.

The startup aims to achieve a top-line of Rs 150 crore this fiscal.

Founded in 2019, Simple Energy has a motor manufacturing unit within its 200,000 square feet plant located in Shoolagiri, Tamil Nadu.

It offers ‘Simple One’ with 212 kms of certified range and ‘Simple Dot One’ electric two-wheelers with 151 kms of certified range.

Currently in a pilot phase in Bengaluru, the startup has begun deliveries in the city, and is preparing to open dealership stores in other regions.

“With a clear vision and a strategic roadmap mapped out for the next phase of growth, Simple Energy is primed to redefine the landscape of technologically advanced EV two-wheelers in India and beyond,” said Balamurugan Arumugam, Chief Growth Officer at Klarity, an HNI who participated in the round. AGENCIES

Hyundai Motor and Kia, South Korea’s leading automotive companies, on Monday held a joint demonstration for their integrated air taxi service technology in Indonesia, the companies said.

The automakers said they held a public event to demonstrate their combined integrated advanced air mobility (AAM) technology at Samarinda Airport near Indonesia’s new capital of Nusantara, reports Yonhap news agency.

The event was organised to showcase Hyundai and Kia’s envisioned demand-responsive transport service, named Shucle, and related AAM services to fit the actual user environment.

It was attended by officials from the Indonesian transport ministry, the Nusantara Capital City Authority and representatives from the South Korean automakers. Attendees were given the chance to experience the Shucle service firsthand.

The flight demonstration was made using the Korea Aerospace Research Institute’s air vehicle Oppav. Powered by Hyundai Motor Group’s powertrain technology, Oppav flew approximately 2 kilometres along a predestined route.

With its vast land area covering over 18,000 islands, Indonesia is known as a country with high growth potential for the air taxi business due to the difficulty of developing road transportation.

Hyundai Motor Group has been cooperating with Indonesia’s Nusantara Capital City Authority to establish a local AAM ecosystem.

The two sides are working on various initiatives, from developing plans to apply AAM within the new capital, to validating concepts for ground and air transportation, and conducting local demonstrations. AGENCIES

Indian Institute of Technology (IIT) Mandi, on Monday, announced the inauguration of the BioNEST-IIT Mandi Catalyst Centre, a pioneering initiative sponsored by the Biotechnology Industry Research Assistance Council (BIRAC), a funding agency, under the Department of Biotechnology.

With an initial funding of Rupees five crore, the centre aims to drive innovation and entrepreneurship in biotechnology and healthcare sectors, particularly addressing the unique challenges of the Himalayan region.

Its primary focus is on healthcare innovation, including the development of disease detection methods, affordable healthcare solutions, medical devices, prosthetics, tissue engineering, and regenerative medicine.

In addition, the centre will explore biotechnology applications, such as drug discovery, bioactive compounds, supplements, and functional foods, to enhance health and wellness.

“The BioNEST-IIT Mandi Catalyst Centre will support business ventures in the biotechnology and healthcare sectors that can generate significant economic opportunities by creating jobs,” said Dr Satvasheel Ramesh Powar, Faculty-in-charge, IIT Mandi Catalyst.

“The centre will enhance collaboration and knowledge exchange by establishing strong networks among entrepreneurs, investors, industry partners, and academic institutions. In addition, the centre is committed to promoting sustainable development by encouraging startups to pioneer environmentally friendly technologies and solutions,” Dr Powar added.

The centre aims to enhance the entrepreneurial ecosystem in the Himalayan region, offering vital incubation support to startups, including funding, mentorship, and access to cutting-edge facilities. AGENCIES