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Fitch put Pakistan’s debt ratings under review | The Express Tribune

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Fitch put Pakistan’s debt ratings under review | The Express Tribune



KARACHI:

Fitch Ratings has placed the long-term debt ratings of 25 sovereigns, including Pakistan, Under Criteria Observation (UCO) following an overhaul of its sovereign rating methodology.

The action, announced late Friday, covers 435 long-term sovereign debt instruments and follows the release of Fitch’s updated Sovereign Rating Criteria on September 15, 2025. Although the UCO designation does not represent an immediate change in the ratings, it signals that they may shift once Fitch completes its reassessment under the revised framework within the next six months.

The update introduces loss severity considerations into the assessment of long-term sovereign debt, meaning creditors’ recovery prospects in the event of a default will now play a direct role in determining ratings. Sovereigns with long-term issuer default ratings (IDRs) of B+ or below could see their debt ratings adjusted upward, downward, or equalised depending on expected recovery outcomes. According to Fitch, the recovery rate estimates will be linked to the assignment of Recovery Ratings, making the methodology more consistent with how corporate and structured finance credits are evaluated.

Analysts in Pakistan view the move as technical rather than immediately consequential. Waqas Ghani Kukaswadia, Research Head at JS Global, said Fitch’s criteria change was primarily about recalibrating recovery expectations. “They have made some changes to the recovery expectations and loss severity, based on which they will now issue these ratings. They have changed some rules in estimating loss severity – whether recovery prospects are below average or above average. That’s about it. It is a technical update and apparently has no immediate impact,” he explained.

Even so, the update could have meaningful implications for sovereigns already under financial strain. Fitch noted that long-term debt instruments could be notched up if recovery expectations are “above average”, better, or notched down if expectations are “below average” or worse. Those deemed “average” will be equalised with the issuer’s IDR. While the criteria technically apply across the rating scale, the most visible effects are expected among lower-rated sovereigns – typically frontier and emerging market economies grappling with weak external finances, heavy debt burdens, or limited access to global capital markets.

Countries affected by the UCO placement include Pakistan, Sri Lanka, Egypt, Nigeria, Ghana, Kenya, Ethiopia, and Ukraine, among others. Pakistan’s global sukuk programme has also been specifically flagged as under review. Fitch emphasised that the UCO action does not indicate any deterioration in these countries’ fundamental credit profiles, nor does it alter their current outlooks or rating watches. Pakistan’s sovereign rating was last affirmed at CCC+ earlier this year, reflecting a fragile external liquidity position despite ongoing reforms under the International Monetary Fund programme.

Fitch plans to complete its reassessment within six months, after which the UCO designation will be resolved. Ratings may remain unchanged, be upgraded, or downgraded depending on the final recovery assessments. Market analysts suggest that while investors may not react sharply in the short term, the eventual resolution could influence sentiment toward countries with high debt rollover needs and constrained fiscal positions.

By introducing loss severity into sovereign ratings, Fitch is bringing its approach closer to that already applied in corporate and structured finance sectors, where recovery assumptions are standard practice. Although the methodology update may not carry immediate market consequences, some countries with lower ratings could face movement, either upward or downward, once Fitch applies its new framework in practice.



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H-1B Visas For TCS, Infosys, Wipro, HCL: Indian IT Majors Secure 13% Permits, Who Topped The List?

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H-1B Visas For TCS, Infosys, Wipro, HCL: Indian IT Majors Secure 13% Permits, Who Topped The List?


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Several leading IT giants in India like Tata Consultancy Services, Infosys, Wipro, and HCL Technologies have consistently been among the top employers of the H-1B visa holders

Under a proclamation that takes effect on 21 September 2025, employers will now need to pay a $100,000 fee for every H-1B worker entering the US.

Under a proclamation that takes effect on 21 September 2025, employers will now need to pay a $100,000 fee for every H-1B worker entering the US.

H1b Latest News: Indian IT companies have mainly relied on the US market for their business, and the H-1B visa is of significant importance for them. Though the Indian tech companies’ dependence on H-1B visas have fallen in the past few years, the firms still account for nearly 13% of all such visas issued by the US. According to the latest data available on the website of the US Citizenship and Immigration Services, Indian tech companies secured 13,870 or nearly 13 per cent of all H-1B visas issued in FY25 till June 30, 2025.

According to the data, Tata Consultancy Services (TCS) and Infosys emerged as the top recipients of H-1B visas.

Data from the US Immigration Department showed that of the total 1,06,922 H-1B visas issued to various employers in FY25 till June 30, 2025, about 13,870 (or 13% of the total) went to companies of Indian origin. TCS led the way with 5,505 beneficiaries, followed by Infosys with 2,004, LTIMindtree with 1,807, and HCL America with 1,728.

Among others, Wipro’s H-1B visa beneficiaries stood at 1,523, followed by Tech Mahindra Americas with 951, and L&T Technology Services with 352.

H-1B dependency of Indian IT companies falls

However, the number (13,870 H-1B visas for Indian companies) is significantly lower now as compared with about 24,766 H-1B visas went to the Indian companies till September 2024.

Which company got the most H1B visas?

Amazon.com Services LLC, an American company, received the highest number of US visas, obtaining 10,044 H1B visas. The Indian company, TCS, secured the second position, while Microsoft ranked third with 5,189 visas. Although Cognizant was founded in Chennai, its headquarters is now located in New Jersey, USA.

Indian Companies Benefit from H1B Visa Programme

The H1B visa programme permits companies to temporarily employ foreign professionals in specialised roles. India’s technology companies have particularly benefited from this programme.

Major Indian IT service companies such as Tata Consultancy Services, Infosys, Wipro, and HCL Technologies have consistently ranked among the top employers of H1B visa holders.

H-1B visa fee hiked to $100,000: Donald Trump’s latest move

In a move that could adversely impact Indian professionals on visas in the US, President Donald Trump on Friday signed a proclamation that will raise the fee for H1-B visas to a staggering $100,000 annually, the latest in the administration’s efforts to crack down on immigration.

Until now, H-1B visas have carried various administrative fees totalling around $1,500.

The proclamation said that the number of foreign STEM (science, technology, engineering, and math) workers in the United States has more than doubled between 2000 and 2019, increasing from 1.2 million to almost 2.5 million, while overall STEM employment has only increased 44.5 per cent during that time.  Among computer and math occupations, the foreign share of the workforce grew from 17.7 per cent in 2000 to 26.1 per cent in 2019. The key facilitator for this influx of foreign STEM labour has been the abuse of the H-1B visa, it said.

In July, USCIS had said that it has received enough petitions to reach the congressionally mandated 65,000 H-1B visa regular cap and the 20,000 H-1B visa US advanced degree exemption, known as the master’s cap, for fiscal year 2026.

White House staff secretary Will Scharf said the H1B non-immigrant visa programme is one of the “most abused visa” systems in the country’s current immigration system, and it is supposed to allow highly skilled labourers, who work in fields that Americans don’t work in, to come into the United States.

The Trump administration said that the $100,000 fee is aimed at ensuring that the people being brought into the country are “actually very highly skilled” and do not replace American workers.

Lutnick said that historically, the employment-based Green Card programme let in 281,000 people a year, and those people earned $66,000 a year on average, and were five times more likely to participate in assistance programmes of the government.

Infosys, Wipro ADRs fall

Falling the move, Infosys ADRs dropped as much as 4.5% in Friday’s trade, while Wipro slid 3.4%. Other leading users of the H-1B programme also lost ground, with Cognizant Technology down 4.3% and consulting giant Accenture slipping 1.3%.

Mohammad Haris

Mohammad Haris

Haris is Deputy News Editor (Business) at news18.com. He writes on various issues related to personal finance, markets, economy and companies. Having over a decade of experience in financial journalism, Haris h…Read More

Haris is Deputy News Editor (Business) at news18.com. He writes on various issues related to personal finance, markets, economy and companies. Having over a decade of experience in financial journalism, Haris h… Read More

Click here to add News18 as your preferred news source on Google. Stay updated with all the latest business news, including market trendsstock updatestax, IPO, banking finance, real estate, savings and investments. To Get in-depth analysis, expert opinions, and real-time updates. Also Download the News18 App to stay updated.
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Is OnlyFans Legal In India? Are You Self-Employed If Earning From This Site? What About Income Tax?

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Is OnlyFans Legal In India? Are You Self-Employed If Earning From This Site? What About Income Tax?


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OnlyFans creators in India must navigate income tax and GST rules, just like other self-employed individuals.

Earnings from both domestic and foreign subscribers have specific tax implications. (Photo Credit: X)

Earnings from both domestic and foreign subscribers have specific tax implications. (Photo Credit: X)

OnlyFans has become a popular platform for creators worldwide to earn money directly from subscribers. People pay for access to exclusive content, and creators can offer personalised material or receive tips. While the platform is widely associated with adult content, it also hosts artists, educators and hobbyists sharing paid content.

In India, more creators are joining OnlyFans to monetise their skills and interests. Many are curious about whether using the platform is legal, whether earnings make them self-employed, and how taxes apply to their income.

Understanding these points is essential before starting to earn on OnlyFans.

OnlyFans Is Legal In India

Using OnlyFans in India is not illegal. There are no laws prohibiting Indian citizens from creating an account or earning through the platform. Creators must ensure that their content does not violate Indian laws, such as those related to obscenity or child protection.

Sharing explicit content involving minors or other illegal activities is strictly prohibited and punishable under Indian law.

Creators should also be aware that while the platform itself is legal, their income is still subject to Indian taxation rules. The key is reporting earnings correctly and staying compliant with income tax laws.

Creators Are Considered Self-Employed

Earnings from OnlyFans are treated like business income for tax purposes. Creators are considered self-employed individuals, or “sole proprietors,” which means they are responsible for reporting their income and paying taxes.

Income received from subscriptions, tips, paid messages, or personalised content falls under “Profits and Gains from Business and Profession.”

This classification is similar to other social media influencers or freelancers earning online. If a creator earns over Rs 1 crore in gross revenue in a financial year, they may also be subject to a tax audit. Even smaller creators should keep proper records of earnings and expenses to ensure accurate reporting.

Income Tax Rules For OnlyFans Earnings

All money earned on OnlyFans, whether in cash or digital payments, is taxable under Indian law. The income is added to the creator’s total taxable income and taxed according to the applicable slab rates.

Creators can reduce their taxable income by claiming legitimate business expenses, such as cameras, lighting, microphones, software subscriptions, internet bills and workspace costs.

Only expenses that are “ordinary and necessary” for content creation can be deducted.

GST May Also Apply

If a creator’s earnings exceed Rs 20 lakh in a year (or Rs 10 lakh for special category states), they must register for GST. Services provided to Indian subscribers are taxed at 18 per cent under the GST regime.

Earnings from foreign subscribers are considered exports of service and may be zero-rated, meaning no GST is charged, provided the creator follows proper procedures like filing a Letter of Undertaking.

In a nutshell, OnlyFans is legal in India, but creators must follow self-employment and taxation rules. Creators must keep proper records of income and expenses to ensure compliance with income tax and GST rules.

For anyone planning to earn on the platform, understanding tax obligations and keeping good records ensures a safe and sustainable way to monetise online content.

Buzz Staff

Buzz Staff

A team of writers at News18.com bring you stories on what’s creating the buzz on the Internet while exploring science, cricket, tech, gender, Bollywood, and culture.

A team of writers at News18.com bring you stories on what’s creating the buzz on the Internet while exploring science, cricket, tech, gender, Bollywood, and culture.

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If not there, then here: How H-1B squeeze could expand the ground for GCCS – The Times of India

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If not there, then here: How H-1B squeeze could expand the ground for GCCS – The Times of India


TECH THAT: A JPMorgan Chase office in Mumbai

NEW DELHI/BENGALURU: Even though President Trump’s $10,000 H-1B bomb — if it survives legal challenges — is bound to drive up operational costs for tech firms, Fortune 500 companies and global multinationals are accelerating their bets on India. If companies cannot get Indians to work in the US because of the prohibitive costs, the companies will look to work in India — through GCCs (global capability centres).Positioned as the world’s GCC capital, India offers a powerful trifecta: deep-tech talent, significant cost efficiency, and freedom from crippling visa bottlenecks. With more than 2,600 GCCs already operating, the country has cemented its role as a global engine for innovation, enterprise resilience and business continuity.“Either you can get Indians to work in the US or get work to India,” said Manoj Marwah, financial services GCC sector leader at EY India. “With visa costs going up, the latter is more likely.”In other words, more companies are likely to will bring work and GCCs to India to tap the scale, talent, and cost competitiveness offered by hubs like Delhi NCR and other cities. “The silver lining is that it will stop brain drain from India and the talent will now be available to contribute to the growth of the domestic economy,” Marwah added.Lalit Ahuja, founder of Bengaluruand US-based ANSR, which has helped establish over 150 GCCs in India, said: “With total costs per H-1B worker now exceeding $3,00,000 annually, a senior software architect, for example, can be employed in a GCC to deliver identical output at a fraction of the cost. This change is not about cost anymore — it’s about strategic advantage. Companies that view this as merely a cost increase will struggle, while those who recognise it as an opportunity to accelerate their GCC strategies will thrive.” Ahuja emphasised that GCCs have always been a lever to navigate immigration uncertainties. “The proposed increase in H-1B fee will now accelerate both GCC adoption and scaling-up. Additionally, we can now expect a lot of Indian professionals employed in the US on H-1B visas or considering opportunities in the US to look very favourably at opportunities with GCCs in India.”We could look forward to “Less H-1Bs, more hiring of native talent, increased GCC, and more automation with AI,” felt Ray Wang, CEO of Constellation Research. “It is a double-edged sword,” said Raman Roy, CMD of Quatrro BPO Solutions. “On the positive side, the expensive H-1B visas will give a boost to more local sourcing and increase the number of GCCs. However, it could impact the transfer of expertise from US to India.





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