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US retail giant Costco to set up global capability centre in India: Report
Reuters HYDERABAD/BENGALURU
US retailer Costco Wholesale Corp will open its first global capability centre (GCC) in India in Hyderabad, two people familiar with the plans told Reuters. The centre will initially employ 1,000 people and scale up eventually, sources said. Costco did not immediately respond to Reuters request for a comment.

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Mint
an hour ago
- Mint
Indian rupee, bond markets cautious in week dominated by Fed, tariffs
By Dharamraj Dhutia and Jaspreet Kalra MUMBAI, July 28 (Reuters) - The Indian rupee and government bonds will react to a host of cues this week, including a U.S. Federal Reserve policy decision and the August 1 reciprocal tariff deadline, which is likely to keep traders cautious. The rupee closed at 86.5150 against the U.S. dollar on Friday, down 0.4% on the week, as foreign portfolio outflows and uncertainty over a U.S.-India trade agreement kept sentiment tepid. While the Fed is widely expected to keep rates unchanged on Wednesday, investors will pay close attention to commentary from Fed Chair Powell to gauge the outlook for U.S. policy rates. "As long as the jobs picture holds up, firmer inflation may well delay the restart of the Fed easing cycle and provide the dollar with a lift this summer," ING said in a note. Later in the week, data on the U.S. labour market will be in focus alongside an inflation print to gauge how tariffs are affecting the world's largest economy. Meanwhile, the deadline to strike trade deals with the U.S. elapses on August 1. Over the weekend, the United States and the European Union announced a deal, which will result in a 15% tariff on EU goods, half what Trump had threatened to impose from August 1. Japan and the European Union have reached agreements with U.S., alongside others such as Indonesia and Vietnam, even as India's negotiations have appeared to run into roadblocks over key sectors such as dairy and agriculture. Traders reckon that the rupee will continue to hold a slightly bearish bias and hover in a 86.30-87 range in the near term. Heightened risk of "news-led price action" should prompt speculators to keep positions small with tight stop-losses, a trader at a foreign bank said. Meanwhile, India's 10-year benchmark 6.33% 2035 bond yield , which settled last week at 6.3505%, is expected to move in a range of 6.31% to 6.38%. Apart from the Fed guidance, focus will also remain on expectations about any potential rate cut in the RBI's upcoming policy decision, due on August 6. A plunge in India's retail inflation to a more-than-six-year low in June, along with expectations that it will slip to a record low in July, has led to increased talks of a rate cut, with some even expecting action next week. The central bank slashed its key interest rate by a steeper-than-expected 50 bps last month and changed its policy stance to "neutral" from "accommodative", which had fueled speculation that the rate cut cycle may be over. Banks will also gauge the liquidity situation and movement in overnight rates after a volatile last week, which saw rates rising beyond the Marginal Standing Facility rate. Foreign investors have been on the buying side, with net purchases of over 100 billion rupees in the last five weeks, as bets of at least one more rate cut have risen. India's fundamental story remains intact. Inflation is under control and fiscal health is in check, and India is one of the large benchmark weights within the JPMorgan emerging market debt index, said Jean-Charles Sambor, head of emerging markets debt at TT International Asset Management. "We think that fundamentals will remain very attractive for foreign investors." KEY EVENTS: India ** June fiscal deficit - July 28, Monday (3:30 p.m. IST) ** June industrial output - July 28, Monday (4:00 p.m. IST)(Reuters poll - 2.4%) ** July HSBC manufacturing PMI - August 1, Friday (10:30 a.m.) U.S. ** July consumer confidence - July 29, Tuesday (7:30 p.m. IST) ** April-June GDP advance - July 30, Wednesday (6:00 p.m. IST) ** Federal Reserve monetary policy decision - July 30, Wednesday (11:30 p.m. IST)(Reuters poll - rates unchanged) ** Initial weekly jobless claims for week to July 21 - July 31, Thursday (6:00 p.m. IST) ** June personal consumption expenditure index, core PCE index - July 31, Thursday (6:00 p.m. IST) ** July non-farm payrolls and unemployment rate - August 1, Friday (6:00 p.m. IST) ** July S&P Global manufacturing PMI final - August 1, Friday (7:15 p.m. IST) ** July ISM manufacturing PMI - August 1, Friday (7:30 p.m. IST) ** July U Mich sentiment final - August 1, Friday (7:30 p.m. IST) (Reporting by Dharamraj Dhutia and Jaspreet Kalra; Editing by Vijay Kishore)


Mint
an hour ago
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Time of India
2 hours ago
- Time of India
Mid-sized GCCs out-hire larger peers with double-digit growth in first half
Academy Empower your mind, elevate your skills ETtech Mid-size global capability centres (GCCs) in India are outpacing the large ones in hiring, according to data sourced by by mid-size GCCs , or those with 500–2,000 employees, increased 10–12% in the six months through June, compared with 4–6% by large GCCs , showed data from staffing services provider Quess Corp Most of the hiring by mid-size GCCs is aimed at replacing outgoing employees or expanding existing teams, said Quess Corp IT Staffing CEO Kapil Joshi. 'These centres are focused on long-term stability, process maturity, and cost efficiency.'To be sure, large GCCs, with more than 2,000 employees, still make up the majority of the workforce and continue to grow, albeit at a slower pace than in the the GCC wave is growing in India, large multinationals that already employ thousands in Indian GCCs are opting for leaner teams and sharper focus to make the workforce more agile and adapt quickly to business needs in the wake of the disruption from artificial large GCCs bring scale and reliability, the mid-size ones are leading the way in capability-led hiring, said relatively smaller firms are entering India for the first time or expanding operations quickly, building entire capabilities from the ground up, said Joshi. 'To attract the right talent, they are offering competitive salaries, signing bonuses and quicker career growth, especially for skilled professionals in AI and data roles…They're not just hiring more people, they're hiring differently, with a clear goal to build new capabilities and gain a competitive edge in the talent market.'Over the last five years, the headcount at mid-size GCCs grew 46%—to more than 220,000 in 2024 from 150,000 in 2019—compared with a 34% expansion in the workforce at other GCCs, showed data from ANSR that helps MNCs set up non-mid-market GCCs, largely comprising big GCCs, employed 1.68 million people in 2024, up from 1.25 million in GCCs are aggressively expanding in India. More than 45 new centres set up operations in the past two years alone, as per an April report by industry body Nasscom and consulting firm Zinnov. They account for nearly 35% of India's total GCCs, and 30% of the GCC additions during the past two operate under greater cost constraints than their larger peers, are rapidly evolving into significant contributors to their parent organisations' market strategies and are becoming influential players in their respective industries, according to sector centres are characterised by high maturity as transformation hubs, and deep product capabilities with a significant share of global product management talent. They have a high concentration of niche deeptech skills, a central role in global engineering, research & development (ER&D), an agile operating model enabling faster leadership elevation, and function as process transformation engines for their parents, say than 120 new mid-market GCCs are expected to be established in India by the end of 2026, adding about 40,000 jobs, ET had recently to the Nasscom-Zinnov report, the mid-market segment has the potential to attract at least 23–27% of the 130,000–150,000 global mid-market companies leading to AI-led transformation.