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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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India Today
43 minutes ago
- India Today
In India, China inching closer, a Trump role he won't brag about
The Galwan crisis might not be a distant memory, but it no longer seems to dominate New Delhi's priorities. Beijing's intimidation tactics appear to have run its course. China, the hostile, irresponsible and unpredictable neighbour, is now slowly circling back, while India is sceptical, but cautiously positive. After a flurry of reactive bans on Chinese products, sharp rhetoric, and scores of diplomatic meetings, India, despite Beijing's open support to Pakistan during Operation Sindoor, seems to be reciprocating after China extended its the wildcard? Donald Trump's US is a key backdrop. With the US' diktats and its new worldview, and the growing realisation of mutual dependence and co-existance, on China's and India's part, are the key remains a huge market for Chinese goods, including for critical imports, while New Delhi, in turn, needs Beijing's raw materials and technological cooperation. And Trump's US, of late, has not been a partner, but a preacher for both the Asian powers. That's what's perhaps nudging New Delhi and Beijing toward a thaw in ties, cautious yet pragmatic, even as Operation Sindoor exposed the China-Pakistan military nexus. India is pursuing selective economic engagement while simultaneously diversifying its resources and Russia looks aligned with both, and the old RIC troika — Russia, India, China — seems set for a tentative revival, with all three on has tried to take credit for truce of India-Pakistan mini-war, to Ukraine and Russia war, but this is one thing he can't claim credit comes even as the Niti Aayog proposed allowing Chinese companies to acquire up to a 24% stake in Indian firms without prior approval, as the current rules have delayed several sizeable deals, news agency Reuters reported on July 18, citing three Indian government sources."Seems like New Delhi is preparing for a worse relationship with the US in the future," national security and Indo-Pacific analyst Derek Grossman posted on General GD Bakshi (retired) said China asking for a thaw makes "eminent strategic sense as hostility with India would put it in a two-front war situation".JAISHANKAR-XI HANDSHAKE AND A DIPLOMATIC MESSAGELast week, External Affairs Minister S Jaishankar, on his first visit to China in five years, met Chinese President Xi Jinping. The meeting came after India-China bilateral relations soured after the border standoff in eastern Ladakh that began in the two leaders shook hands, Jaishankar, in China for the Shanghai Cooperation Organisation (SCO) foreign ministers' meeting, said he apprised Xi of recent developments in bilateral ties and conveyed the greetings of President Droupadi Murmu and Prime Minister Narendra on President Xi Jinping this morning in Beijing along with my fellow SCO Foreign Ministers. Conveyed the greetings of President Droupadi Murmu and Prime Minister Narendra Modi. Apprised President Xi of the recent development of our bilateral ties. Value the guidance of our leaders in that regard," Jaishankar posted on touched upon the border issue in his meeting with his Chinese counterpart Wang Yi, saying the countries must move forward on de-escalation at the Line of Actual Control (LAC). He underscored that differences should not become disputes and nor should competition become visit comes after Raksha Mantri Rajnath Singh's trip to Qingdao in June, the first by an Indian defence minister to China in over a called for a "structured roadmap of permanent engagement and de-escalation".These engagements pave the way for Prime Minister Narendra Modi's likely visit to China for the SCO Leaders' Summit later this AND CHINA STEP-UP COOPERATIONIndia, for some time now, has been cautiously rebuilding ties with October 2024, both countries agreed on patrolling arrangements along the LAC, resolving tensions from the 2020 Galwan flights resumed in January 2025, and Indian pilgrims regained access to Kailash Mansarovar for pilgrimage after six Chinese Foreign Ministry spokesperson Lin Jian supported Russia's RIC proposal, stating, "China-Russia-India cooperation not only serves the respective interests of the three countries but also helps uphold peace, security, stability and progress in the region and the world"."China stands ready to maintain communication with Russia and India on advancing trilateral cooperation," Jian Russia's Deputy Foreign Minister Andrei Rudenko echoed this, saying Moscow is negotiating with Beijing and New Delhi to revive the RIC format, expecting agreement RIC troika, formalised in 2002, aims to discuss global and regional issues but stalled due to the 2020 India-China standoff and the Covid pandemic. Russia's push, as Foreign Minister Sergey Lavrov noted in May, aims to leverage "improved India-China border relations" and "to pan-continental process, including the formation of a multipolar architecture".Through reference to "multipolar architecture", the Kremlin is likely hinting at US hegemony and its erratic use these INDIA AND CHINA ARE INCHING CLOSERIndia and China appear to be slowly getting closer, driven by strategic pragmatism. They are cautiously exploring avenues of cooperation to create alternative frameworks, even as the US continues to play its hegemon evolving engagement, however, does not imply any dilution of New Delhi's commitment to Atmanirbhar Bharat or other policy aimed at making India an industrial the looming unpredictability triggered by Trump's policies, including a proposed 500% tariff on countries trading with Russia, has pushed India and China heavily relies on Chinese imports, especially electronics, machinery, and chemical technology, and rare earth minerals. Commerce Minister Piyush Goyal had earlier resisted "unchecked Chinese investments", but batted for selective $85 billion trade deficit with China is a key Christopher Clary of the University of Albany told the BBC, "India thought it would be a very close strategic ally [of the US], but they were not getting the support they were expecting from Washington".This was clearly visible during the mini-war with Pakistan in Pant, foreign policy head at the Observer Research Foundation, told news agency Reuters, "Certainly there is an outreach to China, and I think it is mutual. China is also reaching out".International Relations professor and columnist Happymon Jacob, in his column for the Hindustan Times, wrote, "Even if none of India's minilaterals with Russia and China deliver anything useful, India must continue to engage them, for geopolitical loneliness can be more costly than the boredom of tiresome summitry".advertisementJacob's observation hints that India's cautious engagement with China, despite challenges of potential threats shaped by historical experiences, is a pragmatic hedge against "geopolitical loneliness".Meanwhile, Niti Aayog proposed easing rules that de facto require extra scrutiny for investments by Chinese companies, arguing that the rules have meant delays for some sizeable deals, reported news agency Reuters, citing three Indian government sources, last India-China handshake reflects a pragmatic realisation of mutual economic dependence amid uncertainties. Trump's erratic policies have catalysed this cautious detente. The thaw in ties might be with guards on, but it's shaped by realism.- EndsTune InMust Watch
Time of India
an hour ago
- Time of India
McKinsey bars China business from generative AI consultancy work: Report
McKinsey has instructed its mainland China business to steer clear of projects deploying generative artificial intelligence , the Financial Times reported on Wednesday, citing two people with knowledge of the matter. The US-based consulting firm did not immediately respond to a request for comment outside regular business hours. Reuters could not immediately confirm the report. Explore courses from Top Institutes in Please select course: Select a Course Category Healthcare Data Science Degree MCA Data Analytics Product Management others Digital Marketing Artificial Intelligence Finance Data Science Others PGDM Leadership MBA Design Thinking Project Management Technology CXO Cybersecurity Public Policy healthcare Management Operations Management Skills you'll gain: Financial Analysis in Healthcare Financial Management & Investing Strategic Management in Healthcare Process Design & Analysis Duration: 12 Weeks Indian School of Business Certificate Program in Healthcare Management Starts on Jun 13, 2024 Get Details The move was prompted by the US governments increasing scrutiny of US companies operating in sensitive sectors such as AI and quantum computing in China, the newspaper said. The ban extends to projects in the offices of multinational clients, but doesn't stop McKinsey's China business from working with companies that have more established types of AI in their products, the report added. The company employs over 1000 individuals in China, across six regions, according to its website. Live Events The report comes at a time of increasing tension between Washington and Beijing, where China has imposed exit bans on some US citizens visiting the nation. Last year, US lawmakers demanded a probe into McKinsey's failure to disclose its work with China's government.
Economic Times
2 hours ago
- Economic Times
Sensex jumps over 150 pts, Nifty tops 25,100 on strong global cues after US-Japan trade deal
Indian benchmark indices Sensex and Nifty50 opened higher, buoyed by gains in Asian markets following the U.S.-Japan trade deal. Investor sentiment improved, fueled by hopes of further trade agreements and upcoming U.S.-China talks. However, optimism regarding an interim India-U.S. trade deal is fading due to stalled negotiations. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Experts View Tired of too many ads? Remove Ads Global Market FII/DII Tracker Crude Oil Rupee vs Dollar Indian benchmark indices Sensex and Nifty50 opened higher on Wednesday, following gains in Asian markets after the United States announced a trade deal with Japan, raising hopes of more such 9:40 am, the BSE Sensex was up 160 points or 0.20% at 82,347, while the Nifty50 rose 45 points or 0.20% to 25, equities led the regional rally, while the MSCI Asia-Pacific index (excluding Japan) climbed 0.7%, reflecting improved investor sentiment following the trade to the optimism, U.S. and Chinese officials are scheduled to meet in Stockholm next week to discuss extending the August 12 deadline for a bilateral trade agreement, U.S. Treasury Secretary Scott Bessent global trade tensions is seen as a positive trigger for equities, as it reduces uncertainty over global growth and inflation—key concerns that have held the U.S. Federal Reserve back from further rate hopes of an interim trade deal between India and the U.S. ahead of Washington's August 1 deadline appear to be fading. Talks remain stalled over tariff reductions on agricultural and dairy products, Reuters reported, citing Indian government key movers, Tata Motors, Maruti Suzuki, Adani Ports, Eternal, and M&M opened with gains. On the other hand, Titan, SBI, HDFC Bank, and HUL started the session in the the sectoral front, the Nifty Realty index declined over 2%, dragged by Lodha and Oberoi Realty amid block deals in both counters. In contrast, Nifty Auto, Metal, Pharma, and Oil & Gas opened the broader market, the Nifty Midcap 100 slipped 0.3%, while the Nifty Smallcap 100 edged down 0.1%.Among individual stocks, Paytm surged 3.5% in early trade after the company swung to a profit in the June quarter, supported by strong growth in its lending business and effective cost control measures. The firm also said it expects further improvement in earnings going forward."The 11th new record high for 2025 set by S&P 500 yesterday is an indication of the direction and resilience of equity markets globally. Markets are climbing all walls of worries and valuation concerns have been put on the back burner. In the near-term, this resilience is likely to continue," said Dr. VK Vijayakumar, Chief Investment Strategist at Geojit."A significant takeaway from the early Q1 results is the improving prospects of banking and digital stocks. In banking the market will be choosy with focus on the high-quality private sector banks, particularly ICICI Bank and HDFC Bank. Q1 results of Eternal and Paytm indicate steady growth potential of the digital stocks, which have a long runway of growth. Investor interest in the digital segment will remain high despite the high valuations," Vijayakumar Vakil, Head of Prime Research at HDFC Securities, said, "Nifty's 5-day DEMA resistance, positioned at 25093, is the short-term resistance. The positional support of the 50-Day DEMA remains well intact at 24943. Looking ahead, 25255 could offer resistance in Nifty."Japanese shares surged to a one-year high on Wednesday as the country struck a trade deal with the United States that lowers tariffs on its autos, while also reviving hopes for an EU-US agreement that boosted European stock Donald Trump late on Tuesday said a trade deal with Tokyo will include Japan paying a lower 15% tariff on shipments to the U.S. It followed an agreement with the Philippines that will see the U.S. collect a 19% tariff rate on imports from 50 futures rose 1%, while Wall Street futures were up about 0.1%.Japan's Nikkei climbed over 3% as shares of automakers surged on news the deal would also lower the auto tariff to 15%, from a proposed 25%. Mazda Motor rallied 17% while Toyota Motor jumped 13.6%.Foreign Institutional Investors (FIIs) extended their selling streak for the second consecutive session, offloading equities worth Rs 3,548 crore. In contrast, Domestic Institutional Investors (DIIs) remained consistent buyers for the 12th straight day, investing Rs 5,239 crore into prices edged up in Asian trade on Wednesday after falling for three consecutive sessions as a U.S. trade deal with Japan signalled progress on tariffs, though gains were capped by fading hopes for a breakthrough at an EU-China crude futures rose 21 cents, or 0.31%, to $68.80 a barrel by 0351 GMT. U.S. West Texas Intermediate crude futures gained 17 cents, or 0.26%, at $65.48 per Indian rupee fell 8 paise to 86.46 against the US dollar in early trade. The dollar index, which tracks the movement of the greenback against a basket of six major world currencies, rose 0.08% to 97.46 level.(With inputs from agencies)
