Business
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.
Business
Software Engineering To Be Obsolete In A Year? Anthropic CEO Warns, Vembu Says Pay Attention
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Dario Amodei of Anthropic warns at Davos that AI could make software engineering obsolete within a year, a view supported by Sridhar Vembu of Zoho.
Dario Amodei of Anthropic warns at Davos that AI could make software engineering obsolete within a year, a view supported by Sridhar Vembu of Zoho. (Pic: Wikipedia)
Software engineering may be the profession feeling the sharpest impact of artificial intelligence, with core tasks such as coding increasingly being handled by AI systems. Tech giants like Google, Amazon and Microsoft are already using AI to generate portions of new codebases—a trend expected to accelerate.
Against this backdrop, Dario Amodei, chief executive of Anthropic, has issued a stark warning: software engineering as a profession could effectively become obsolete within the next 12 months. While the claim has sparked debate, it has also drawn support from industry leaders, including Sridhar Vembu, founder of Zoho, who says the warning deserves serious attention.
Amodei made the remarks last month at the World Economic Forum annual meeting in Davos, where he spoke about how rapidly AI is reshaping jobs, productivity and the global economy. He argued that the impact of AI on employment is no longer theoretical, particularly in software development.
The comments went viral online, drawing both agreement and scepticism. Responding to a clip of Amodei’s remarks shared on X, Vembu urged people not to dismiss the warning. “We better pay attention to him because he has the best coding tool in the world,” Vembu wrote, noting that the message carries weight because it comes from the head of a company building some of the most advanced AI coding tools.
Explaining his concern, Amodei said AI is rapidly shifting from being a productivity aid to becoming the primary executor of work. Software development, he noted, is among the clearest examples of this transition. At Anthropic itself, engineers increasingly rely on AI models to generate code, stepping in mainly to review and refine outputs.
“I have engineering leads who have basically said to me, ‘I don’t write any code anymore. I just let Opus do the work and I edit it,’” Amodei said.
While his warning focused on coders, Amodei cautioned that the implications extend far beyond software teams. He said AI could drive significant job losses across industries as models grow more capable at an accelerating pace.
“We basically have a Moore’s Law for intelligence, where the model is getting more and more cognitively capable every few months,” he said, arguing that as AI takes on increasingly complex tasks, the need for large teams of human programmers could shrink dramatically—potentially eliminating job categories that took decades to build.
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February 07, 2026, 21:35 IST
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Guwahati: Indian Railways plans to build a new underground railway line to improve connectivity in the Northeastern states. The line will pass through the Siliguri corridor in North Bengal, known as the ‘Chicken’s Neck’.
Northeast Frontier Railway (NFR) Chief Public Relations Officer Kapinjal Kishore Sharma stated that the underground route will run from Tinmile Hat to Rangapani and Bagdogra in the Darjeeling district, West Bengal. Railways Minister Ashwini Vaishnaw has emphasised that the project is intended to provide secure, reliable, and continuous rail connectivity within this strategically significant corridor.
The Katihar Division of NFR will manage the project, which will cover areas in the Darjeeling and Uttar Dinajpur districts of West Bengal and in the Kishanganj district, Bihar.The underground line will extend 35.76 km between Dumdangi and Bagdogra, including a 33.40 km Dumdangi-Rangapani segment. This alignment will provide resilient connectivity through the 22 km Siliguri Corridor, which connects mainland India to the Northeast.
Due to its proximity to the borders with Nepal, Bhutan, and Bangladesh, as well as its susceptibility to natural disasters and security risks, the underground line is regarded as highly significant. It will provide a secure alternative route for defence personnel, military equipment, and emergency relief materials.
The project will facilitate air-rail logistics integration, given its proximity to Bagdogra Air Force Station and Bengdubi Army Cantonment. It will incorporate advanced technologies such as a 2×25 kV AC electrification system, Automatic Signalling (Standard-IV) with VOIP-based communication, bridges designed to RDSO 25-ton axle load standards, and twin tunnels constructed using Tunnel Boring Machine (TBM) and New Austrian Tunneling Method (NATM) techniques.
The development of this underground line demonstrates Indian Railways’ commitment to enhancing strategic infrastructure in the Northeast and aligns with the government of India’s vision for integrated and secure development. NFR, headquartered in Maligaon near Guwahati, operates in the Northeastern states, seven districts of West Bengal, and five districts of northern Bihar.
Business
What is Dakar rally: Inside world’s longest 8,000 km off-road motor vehicle rally; Cars, bikes and trucks go beyond limits here; ‘The survival battle’
Dakar rally: The Dakar Rally is one of the world’s toughest off-road races. It is a multi-stage event covering almost 8,000 kilometres over deserts, dunes, rocks, and rough terrain. Originally held in Africa, the rally has taken place in Saudi Arabia in recent years, attracting top riders, drivers, and teams from across the globe. Participants riding cars, bikes, trucks, light vehicles, and classic vehicles take part in this rally. Harsh temperatures, navigation challenges, and mechanical stress make it a highly competitive race.
The 2026 Dakar Rally was a 14-day, 13-stage, 8,000 km event that took place from January 3 to January 17, 2026, in Saudi Arabia. It saw dramatic racing and close finishes. In the overall motorcycle category, Argentina’s Luciano Benavides clinched victory by just two seconds, one of the closest margins in the event’s history.
In the car category, Qatar’s Nasser Al-Attiyah secured his sixth Dakar Rally title, driving for the Dacia Sandriders team and reinforcing his position as one of the sport’s all-time greats. He led over 8,000 km of racing across Saudi Arabia and finished with a strong lead over the competition. Other notable performances included strong showings from Ford Racing, with podium finishes and stage wins.
India’s participation at Dakar 2026
Indian competitors also secured notable achievements at the 2026 Dakar Rally, with two key figures drawing attention:
Sanjay Takale’s historic run: Veteran Indian rally driver Sanjay Takale made history at the Dakar Rally by winning the H3 class prologue and standing on the Dakar podium in the four-wheel category – a first for an Indian. He finished 35th overall in the cars classification and became the first Indian to achieve this milestone.
Takale’s effort marked a significant moment for Indian motorsport. However, his Dakar campaign later ended due to a mechanical failure, forcing him to withdraw before the end of the event.
Harith Noah competes in bikes: On the two-wheeled side, Harith Noah, a top Indian rally-raid rider from Kerala, also competed in the Dakar Rally’s bike category. Noah has been part of multiple Dakar campaigns and brought valuable experience to one of the world’s most challenging motorsport events.
Indian teams such as Hero MotoSports also participated in the event, maintaining India’s growing presence at Dakar with competitive stage results and notable finishes.
Dakar is more than just a race
The Dakar Rally is more than a race; it is a test of endurance, skill, and strategy. Competitors drive through extreme temperatures, unpredictable terrain, and strict navigation rules that can change standings dramatically from stage to stage. Finishing this event earns respect in the motorsport world, and individual stage wins or class podiums are celebrated worldwide.
The 2026 Dakar Rally showcased challenging terrains, historic individual achievements, and competitive performances across categories.
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