Japan Prime Minister Shigeru Ishiba to resign by August: Report
This comes after US President Donald Trump announced a 'massive' trade deal with Japan on Tuesday, with Tokyo paying 15% reciprocal tariff and investing $550 billion in the United States.
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Time of India
4 minutes ago
- Time of India
Kia aims to win US market share as tariffs force rivals to pull back
South Korea's Kia Corp said on Friday that it aims to increase its US sales and market share in the second half, driven by sales of new hybrid and gasoline vehicles and as some rivals are expected to raise prices to cope with tariffs. Kia, which together with affiliate Hyundai Motor ranks as the world's no. 3 carmaker, said its operating profit in the second quarter slumped by a quarter as it took a hit of 786 billion won ($570 million) from US tariffs and warned of a bigger blow in the second half. Still, it increased April-June US sales by 5 per cent as consumers brought forward some car purchases due to concerns that US tariffs would lead to higher vehicle prices. Kia also credited solid sales of its new Carnival hybrid sport utility vehicles for the rise. It said it aimed to increase its US sales by 7 per cent to 8 per cent in the second half of the year even as overall auto sales in the US market are expected to slump by 10 per cent, leading to a gain in market share to over 6 per cent from 5.1 per cent in the first half. It expects Carnival and K4 small car sales to drive the gains while some Japanese automakers are raising prices. While Kia and Hyundai import about two-thirds sold in the US market, making them more exposed to US tariffs than major rivals, Kia said on Friday that it has not yet made detailed plans to raise prices, instead focusing on growing its US business. "We believe that we will be able to use the difficult environment as a good opportunity to level up (our market share and sales), and that's Kia's strength," Kia chief financial officer Kim Seung-jun said during a conference call. Samsung Securities analyst Esther Yim said Kia's strategy to boost sales of hybrids, which are imported from South Korea, could weigh on its profit, but that could be in part offset by Kia's efforts to limit the impact. To mitigate tariffs' effects, Kia's South Korean factories will divert some of its shipments from the United States to other markets, such as Canada, the carmaker said. Kia also said its US factory in Georgia aims to shift some electric vehicle production to other vehicles like Sportage, Sorento and Telluride, as the United States is set to end its EV subsidies at the end of September. Kia shares were down 0.9 per cent.
The Hindu
4 minutes ago
- The Hindu
CEO of Russia-backed Indian refiner Nayara Energy resigns after E.U. sanctions, sources say
Russia-backed Indian refiner Nayara Energy has named a new chief executive after its previous CEO resigned following European Union sanctions that targeted the company, four sources with knowledge of the matter said on Friday (July 25, 2025). The reshuffle at the top is the latest disruption for the company since the EU announced a new round of sanctions last Friday directed at Russia over its war in Ukraine. This week, a tanker carrying Russian Urals crude was diverted away from Nayara's Vadinar port to unload its cargo at another port in western India, Reuters reported. That came after two other tankers skipped loading refined products from Vadinar, Reuters reported. Mumbai-based Nayara has appointed company veteran Sergey Denisov as chief executive to replace Alessandro des Dorides, the sources said. Denisov's appointment was decided at a board meeting on Wednesday, they said. Nayara Energy did not immediately respond to a request for comment. Des Dorides, who joined Nayara Energy in April 2024, did not immediately respond to a message sent on LinkedIn. Denisov has been with the company since 2017. Nayara Energy has condemned the EU's "unjust and unilateral" decision to impose sanctions. Russia's Rosneft holds a 49.13% stake in Nayara and a similar stake is owned by a consortium, Kesani Enterprises Co Ltd, led by Italy's Mareterra Group and Russian investment group United Capital Partners. India, which has become the top importer of seaborne Russian oil in the aftermath of Moscow's Ukraine invasion, has also said it does not support the bloc's sanctions.e)
Mint
10 minutes ago
- Mint
Lok Sabha set to run ‘smoothly' from Monday after Om Birla's all-party meet; ‘Operation Sindoor' on agenda
Lok Sabha Speaker Om Birla held a meeting with senior political party leaders on Friday, during which it was agreed that the House would function smoothly starting Monday, PTI reported, citing parliamentary sources. The opposition has been raking up issues such as special intensive revision of electoral rolls in Bihar, US President Donald Trump's claim on India-Pakistan 'ceasefire' and the Pahalgam terror attack since the Monsoon session commenced on 21 July. The development came after repeated disruptions in the Lok Sabha for the last five days. 'Lok Sabha will take up a discussion on 'Operation Sindoor' on Monday,' sources told PTI. 'There's a way to register a protest. If you don't want to run the house is adjourned till 2:00 PM today,' Birla said earlier while addressing the lower house, as the Opposition members entered the well of the house, holding placards. Before adjourning, the Speaker urged the opposition members to allow the lower house to function normally and objected to the banners, saying that the 'stalemate' is not good. 'Come, there will be a discussion to end the stalemate. There will also be representatives from the there is disagreement, it should be expressed as per house norms,' Birla said. Earlier in the day, Congress MP Manickam Tagore moved an adjournment motion notice to discuss the 'Mass Disenfranchisement of 52 Lakh Voters in Bihar', which he called a 'deliberate assault on the constitution and democracy by the Modi Government using the Election Commission'. The opposition leaders have been demanding that the Prime Minister address both houses and the nation on crucial issues, including the Pahalgam terror attack and the ongoing SIR exercise being carried out by the Election Commission in Bihar ahead of the upcoming assembly elections. The opposition has also demanded that PM Modi respond to the repeated claims made by US President Donald Trump of initiating a 'ceasefire' between India and Pakistan following Operation Sindoor.
