&w=3840&q=100)
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.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Hans India
an hour ago
- Hans India
Mindspace REIT concludes its 1st third-party acquisition outside its portfolio parks
Hyderabad: Mindspace Business Parks REIT, owner and developer of Grade A office portfolio located in four key office markets of India, announced the acquisition of 100% equity shareholding in Mack Soft Tech Private Limited ('MSTPL'), holding 'Q-City', a c. 0.81 million square feet commercial asset in Hyderabad's Financial District. This marks the REITs' entry into Hyderabad's Financial District, with the transaction valued at c. INR 512 Crores. This strategic acquisition is Mindspace REITs' 1st third party asset addition, outside its Portfolio Parks and reinforces its commitment to long-term growth and value creation for unitholders. The transaction has been undertaken through Horizonview Properties Private Limited, an Asset SPV of Mindspace REIT. The asset shall be rebranded as 'The Square, 110 Financial District' (2). The deal strengthens Mindspace REIT's Hyderabad presence to over 16 million square feet, in aggregate. Hyderabad is one of India's most coveted commercial markets, characterized by high GCC demand, minimal institutional-grade vacancy, and strong tenant preference. With this acquisition, Mindspace REIT enters Financial District, a promising office market of Hyderabad with strong medium to long term potential. Speaking on the acquisition, Ramesh Nair, CEO and MD of Mindspace Business Parks REIT said, 'We have just closed our first large external acquisition, a decisive milestone in Mindspace REIT's growth journey. The campus, located in the Financial District, further strengthens our foothold in Hyderabad. The market is India's hottest GCC hub, now home to more than 350 global capability centres and the nation's fastest-growing tech and BFSI talent base. It also deepens our presence in a core city we know well. With institutional-quality supply extremely tight and virtually no major investment-grade assets on the market, the timing is ideal. As Madhapur and HITEC City approach capacity, global occupiers are migrating westward in the city, and our acquisition positions us to capture this demand. Securing the property at a 11.6% discount to an independent valuation and an attractive c. 9.9 percent cap rate demonstrates our disciplined capital deployment and commitment to long-term value for unitholders. This is how we grow – strategically, selectively, and with conviction.'
&w=3840&q=100)
First Post
an hour ago
- First Post
'Everyone is stating I will destroy Elon's companies, but...': Trump plays down feud with Musk
The seeds of trouble between the duo were sown after Musk denounced Trump's sweeping tax-cut and spending bill. The president initially held his tongue while Musk campaigned to torpedo the bill, saying it would add too much to the nation's $36.2 trillion in debt read more US President Donald Trump has taken a soft stance on Elon Musk, saying that claims that he wants to wreck the billionaire's company are not true. This follows a public spat between the duo, who once worked hand-in-hand when Musk was heading Doge. 'Everyone is stating that I will destroy Elon's companies by taking away some, if not all, of the large-scale subsidies he receives from the US Government. This is not so! I want Elon, and all businesses within our Country, to THRIVE, in fact, THRIVE like never before!' Trump said on Truth Social. STORY CONTINUES BELOW THIS AD Even after the war of words with Trump via social media posts, Musk has continued his attacks against the president by claiming that he had a relationship with convicted sex offender Jeffrey Epstein. When Trump threatened to cut Musk's govt subsidies Last month, Trump said, 'The easiest way to save money in our Budget, Billions and Billions of Dollars, is to terminate Elon's Governmental Subsidies and Contracts. I was always surprised that Biden didn't do it." The seeds of trouble between the duo were sown after Musk denounced Trump's sweeping tax-cut and spending bill. The president initially held his tongue while Musk campaigned to torpedo the bill, saying it would add too much to the nation's $36.2 trillion in debt. After the altercation between Trump and Musk, the president said that his former protégé was ' upset because we took the EV mandate, which is a lot of money… I know that disturbed him…Elon and I had a great relationship. I don't know if we will anymore.' Is Trump attacking Musk's companies? Sweeping tax and budget legislation approved by Congress, and signed by Trump, will halt $7,500 tax credits for buying or leasing new electric vehicles on September 30, as well as a $4,000 used EV credit, which have helped juice green vehicle sales in recent years. A week after the spat in June, Reuters reported the White House had directed the Defense Department and NASA to gather details on billions of dollars in SpaceX contracts to ready possible retaliation against the businessman and his companies.
Mint
an hour ago
- Mint
Markets trade deal euphoria ignores tariff reality: McGeever
(Repeats story published earlier. The opinions expressed here are those of the author, a columnist for Reuters.) ORLANDO, Florida, July 24 (Reuters) - The optimism sweeping world stock markets following news of emerging and expected U.S. trade deals is undeniable and understandable. But it is also puzzling. The S&P 500, Britain's FTSE 100 and the MSCI All Country index have powered to new highs this week, and other global benchmarks are not far behind. Analysts at Goldman Sachs and other big banks have recently been raising their year-end S&P 500 forecasts by as much as 10%. The catalyst is clear: baseline tariffs on imported goods into the U.S. will be much lower than the duties President Donald Trump had threatened previously. It emerged this week that the levy on Japanese goods will be 15%, not 25%, and indications are that a deal with the European Union will land on 15% too. That's half the rate Trump had threatened to impose. Suddenly, the picture is nowhere near as bleak is it looked a few months ago. Economists reckon that the final aggregate U.S. tariff rate will settle around 15-20% once deals with Brussels and Beijing are reached, a level markets are betting won't tip the economy into recession. This suggests that Trump's seemingly chaotic strategy – threaten mutually assured economic destruction, extract concessions and then pull back to limit the market damage – is paying off. But will it? Despite the market euphoria, the fact remains that on December 31 last year, the average aggregate U.S. tariff on imported goods was around 2.5%. So even if that ends up in the anticipated 15-20% range, it will still be at least six times what it was only a few months ago, and comfortably the highest it has been since the 1930s. U.S. Treasury Secretary Scott Bessent estimates that tariff revenues this year could reach $300 billion, which is the equivalent to around 1% of GDP. Extrapolating last year's goods imports of $3.3 trillion to next year, a 15% levy could raise close to $500 billion, or just over 1.5% of GDP. So who will pick up that tab? Is it the U.S. consumer, importers or the overseas exporters? Or a mixture of all three? The likelihood is it will mostly be split between U.S. consumers and companies, squeezing household spending and corporate profits. Either way, it's hard to see how this would not be detrimental to growth. We may not know for some time, as it will take months for the affected goods to come onshore and get onto U.S. shelves and for the tariff revenues to be collected. "We've got a ways to go before we can really say the U.S. economy is feeling the full effect of the tariff policies being announced," Bob Elliott, a former Bridgewater executive and founder of Unlimited, told CNBC on Wednesday. But in the meantime, equity investors appear to be ignoring all of this. The market's short-term momentum is clear. The S&P 500 has closed above its 200-day moving average for 62 days in a row, the longest streak since 1997, according to Carson Group's Ryan Detrick. And the 'meme stock' craze is back too, another sign that risk appetite may be decoupling from fundamentals. Indeed, markets are priced for something approaching perfection. The consensus S&P 500 earnings growth for next year is 14%, according to LSEG I/B/E/S, barely changed from 14.5% on April 1, just before Trump's "Liberation Day" tariff salvo. Even the 2025 consensus of around 9% isn't that much lower than 10.5% on April 1. A Reuters poll late last year showed a 2025 year-end consensus estimate for the S&P 500 of 6,500. The index is nearly there already, and is trading at roughly the same multiple as it was on December 31, a 12-month forward price-to-earnings ratio of 22. Can these lofty expectations be supported by an economy whose growth rate next year is expected to be 2% or less? Possibly. But it will be a challenge for most firms, with the exception of the 'Magnificent Seven' tech giants whose size might better shield them from tariffs or slowing growth. Ultimately, this is all a huge experiment pitting protectionist trade policy and Depression-era tariffs against the economic orthodoxy of the past 40 years. And it's yet another example of equity investors' ability to find the silver lining in almost anything. As Brian Jacobsen, chief economist at Annex Wealth Management, says: "'It could have been worse' is not a good foundation for a market rally". (The opinions expressed here are those of the author, a columnist for Reuters) (By Jamie McGeever. Editing by Mark Potter)
