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President Donald Trump took his most extensive step yet toward overhauling the US legal migration system, with a pair of proclamations that explicitly favor the wealthiest of the world’s prospective expat workers.Trump on Friday slapped a $100,000 application fee on the widely-used H-1B visa program, a move that would drastically increase the cost of visas heavily coveted by some of America’s largest companies seeking to bring in skilled workers from abroad. The president also unveiled a “Trump Gold Card” visa program — where for the price of $1 million, individuals could get US residency. Businesses could buy residency permits for $2 million per employee, while a new platinum-level card set to be issued soon would cost $5 million and allow the holder to come to the US for up to 270 days a year without being subject to US taxes on non-US income.Also Read| Trump slaps $100,000 fee on H-1B visasIt all amounts to a plan for a new gilded age of immigration to America, where those with the resources to invest are welcomed along with their wallets — while at the same time new barriers to entry are erected for those with lower means and others seen as taking away jobs that could be occupied by American workers.The pomp with which the president announced the programs echoed the theme — over his right shoulder as he spoke to reporters in the Oval Office was an image of a gold card with Trump’s face on it and other Americana, including a bald eagle, all in gold.It’s a stark shift from America’s stance toward immigration historically, which welcomed those of various economic backgrounds coming to the country legally in search of a better life and more freedom.Also Read| Decoding Trump’s $100,000 move on H-1B visas‘Significant disadvantage’Yet even while Trump and Commerce Secretary Howard Lutnick mused about the prospects of a windfall for the US Treasury that could total $100 billion or more, immigration attorneys cautioned a rise of this magnitude would cause major disruptions — several of them potentially very expensive to the US economy.Cleveland-based lawyer David Leopold warned Trump’s H-1B changes, including the $100,000 fee, would “effectively kill the program.”“Who’s going to pay $100,000 for a petition? Unless you want to make this an exclusive program for extremely rich people,” said Leopold, a partner at UB Greensfelder, whose clients include physicians on H-1Bs.Accenture, Cognizant Technology and other IT consulting stocks hit session lows on Friday on the news of the visa fee. “This is a senseless, terrible policy for financial services firms that makes American firms less competitive in the global market for talent,” said Alexis DuFresne, founder of recruiting firm Archer Search Partners.DuFresne warned that while some mega funds won’t be daunted by the prospect of new six-figure fee to import top talent, “it will have a substantial impact at the margins — with mid-sized firms, smaller firms, and up and coming, younger talent at a significant disadvantage.” “We have had clients who have said in the past, prior to this announcement, that they do not want to have to sponsor a visa. We anticipate that that will become a more prevalent part of our conversations with clients and their goal posts going forward.”A feature, not a bugSome of that sentiment, if it comes to pass, may be seen by this administration as an asset rather than a problem.Senior members of Trump’s administration have repeatedly warned — in blunt terms — that too many immigrants are taking American jobs. In a fact sheet, the White House said American workers are being replaced with lower-paid foreign labor and called it a national security threat. The dynamic is suppressing wages and disincentivizing Americans from choosing careers in STEM fields, the White House said. Trump’s proclamation does anticipate a scenario whereby it can work around the new costs if they became a major burden, allowing for case-by-case exemptions if in the national interest. That provision opens a potential window for certain companies or industries to seek an exception to the new fee.However the intention to skew the H-1B program toward higher-paying jobs is clear. Trump also plans to order the Labor Secretary to undertake a rulemaking process to revise prevailing-wage levels for the program — a move intended to limit the use of visas to undercut wages that would otherwise be paid to American workers.Legal risksCourts may also scrutinize the expansive new fees. The H-1B $100,000 application fee in particular is at risk of being struck down as “excessive,” said Becky Fu von Trapp, an immigration lawyer in Stowe, Vermont. That’s because federal law allows agencies to charge enough to recoup reasonable costs, and most work visa applications currently cost about $5,000. Even the most complex ones, for certain investment visas, usually run less than $10,000 in total.The move could also incentivize technology firms and other companies reliant on foreign workers to set up offices outside the US in order to avoid the application fee and associated hassles.“Companies will reassess the need of who they really need to bring to US and who can be based in Canada or Singapore, where they still have good technology infrastructure and can work remotely,” she said.The move may also have a chilling effect on international students seeking admission to US universities, since many of them hope to find jobs through the H-1B process upon graduation, she said. Congress will also weigh in, Lutnick said, noting that lawmakers must also approve the planned platinum card program. He predicted that could happen later this year.That’s easier said than done. Republicans only narrowly control the House and the Senate. Immigration has been a particularly challenging issue to legislate for the GOP in years past, sparking clashes between the pro-business wing of the party that wants more high-skilled immigrants to come in, and another group far more skeptical of immigration as a whole who’ve sought to limit new arrivals no matter where they come from.What’s more, Democrats are broadly furious about the president’s stepped-up immigration enforcement including aggressive Immigration and Customs Enforcement raids in major US cities. As such, they have little incentive to cooperate without demanding wholesale reversals to the president’s existing immigration policies, which he almost surely wouldn’t accept.

Mumbai: India's equity indices declined nearly 0.5% on Friday, snapping their three-day winning streak as investor sentiment was dampened by the US revocation of sanctions relief for India at Iran's Chabahar port. Still, they ended the week 0.8% higher, extending gains to the third straight week.The NSE Nifty closed at 25,327.05, down 0.4% or 96.55 points, while the BSE Sensex ended 0.5% lower at 82,626.23, a loss of 387.73 points."Investors booked profits today after the upmove in the past couple of weeks and the revocation of sanctions relief for India at Iran's Chabahar port by the US also induced some caution," said U R Bhat, co-founder & director, Alphaniti.The tariff negotiations are expected to be finalised by the end of November, which implies that gains cannot be sustained on the news of negotiations alone, he added. HCL Technologies emerged as the top loser on Friday, falling 1.6%. ICICI Bank and Trent declined over 1% each. The Bank Nifty and the Nifty IT index slipped 0.5% each. The Nifty FMCG and Auto indices slid 0.4%, while the Nifty PSU Bank index gained 1.3%."As the market has not seen any sharp movements recently, the decline in the market today is anticipated to be a pause in the up move," said Rajesh Palviya, head of Technical and Derivatives, Axis Securities. "Some profit booking is also likely as Nifty jumped over 3% in September so far and some sector rotation could also be at play."The Nifty Midcap 150 rose marginally, while the Smallcap 250 index edged 0.1% higher on Friday. Out of the 4,316 shares traded on the BSE, 2,037 advanced and 2,111 declined. Over the past week, the midcap and smallcap indices gained 1.6% and 2.1% respectively.Palviya noted that the put-call ratio is at comfortable levels below 1 and market breadth has also improved, indicating investor confidence. 124009100"Nifty is expected to be around 25,750-26,000 levels next month during the peak festive season," said Palviya. "On the downside, the benchmark is likely to hold above key support levels of 25,200 in case of minor bouts of volatility."India's Volatility Index jumped 3.5% in early trade but cooled off to close 0.8% higher at 9.97 on Friday, indicating low risk perception among traders. The index had hit a record low of 9.89 on Friday. Foreign portfolio investors (FPIs) bought shares worth a net ₹390.7 crore on Friday. Domestic institutional investors also bought shares worth ₹2,105.2 crore.Bhat said foreign investors are not expected to remain aggressive sellers but could continue their selling spree as tariff-related uncertainty weighs on global sentiment."Nifty is likely to oscillate in a tight range of around 1% or thereabouts on either side until a tariff settlement has been reached between India and the US," said Bhat. "Investors can buy on declines but keep 15-20% in cash as a settlement will be reached and the economy is reasonably buoyant on the domestic front." Elsewhere in Asia, Taiwan declined 0.7% and Japan fell 0.6%. South Korea and China slid 0.5% and 0.3% respectively, while Indonesia advanced 0.5%. Hong Kong ended flat.

Mumbai : Treasury gains, which helped offset the impact of muted credit growth and boosted bank earnings in the three months to June, could well slow significantly in the second quarter amid rising yields and due to the absence of open market operations (OMO), analysts said.The 10-year yield, which softened to as much as 6.25% last quarter, rose to 6.60% in the second quarter. Treasury yields are inversely related to bond prices. So, hardening of yields adversely affects bank's bond investment earnings.Additionally, the Reserve Bank of India (RBI) did not conduct any open market operations (OMO) in the second quarter. In the first quarter, the ₹2.4 lakh crore OMO purchases helped banks book profits in their bond portfolio."Treasury gains in Q2 are expected to be lower than Q1 for two reasons - higher yields and absence of OMOs. Yields moved adversely in Q2, and Q1 also had OMOs. When there is an OMO with a large buyer like the central bank, banks profit from selling their bonds. Hence, the quantum of treasury gains would surely be lower than Q1," said Anil Gupta, senior vice president, ICRA.When the RBI conducts an OMO purchase, it buys government bonds, pushing their prices up and yields down. Banks that already hold these bonds can then sell them at higher prices, booking treasury profits."Stock position of profits has gone down in the balance sheet and hence the profits that would be booked will also be lower," Gupta said.124009035Bumper 1Q GainsIn Q1, treasury gains for Axis Bank increased 245%, while ICICI Bank saw an increase of 103%. Bandhan Bank and Bank of Maharashtra saw a year on year increase of 696% and 305% respectively. HDFC Bank saw a 242% increase in its net trading book, while SBIs book grew 144%."This quarter there would be pressure and maybe some mark-to-market losses in treasury books, but it is difficult to access the quantum. We will get to see which institution has a smart treasury team when Q2 results are announced," said a treasury head at a mid-sized bank. Banks are also able to shift some securities from the held to maturity (HTM) book to their available for sale (AFS) book in Q1 and the fall in yields, along with OMOs helped banks book profits in Q1"Banks have the option to shift from AFS to HTM in Q1 which helps them book profits. This option is not available in Q2, and they miss out on additional gains. said Asutosh Mishra, lead BFSI analyst at Ashika Stock Broking. "Losses are difficult to predict but the gains would be muted," he said.

Following staycations and workations (work from anywhere) that changed the way hotels get business after the Covid pandemic, the concept of 'eatcations' is reshaping the way travellers plan their getaways, and food is increasingly becoming the centrepiece of the holiday package, hoteliers said.CGH Earth said it has collaborated with Tamil scholars to create specialised cuisine from the Sangam era for Aatrupaduthal, the new al fresco dining space at the heritage hotel chain's Mantra Koodam property in Kumbakonam, Tamil Nadu. In keeping with the culinary traditions of the Sangam era, ingredients such as modern-day spices and additives not historically available have been deliberately excluded at the restaurant. The chain plans to add 100 rooms to its portfolio for the next two to three years, with the growth coming from its small hotels (less than 10 rooms) under the Saha vertical, and incorporating local culinary experiences will be key to its expansion, managing director Michael Dominic said."The menus would be centred on the local cuisine. We started in Kerala, but we can't be Kerala-centric when it comes to cuisine. Each location has to have its own regional cuisine and the best way to showcase local culture is through culinary experiences," he added. Curated menus and thematic dining experiences are now a decisive factor in choosing where to stay, said Kunal Shanker, general manager, Novotel Mumbai Juhu Beach. "Guests are seeking more than just good food. They want a story on their plate, whether it's a coastal trail that takes them through the Konkan, a Pan-Asian tasting menu that explores five countries in five courses, or a festive thali that celebrates India's culinary diversity," said Shanker."We are curating thematic dining chapters like Wok Around Asia and Coastal Conversations-A Seafood Trail. These experiences are designed to connect travellers with culture, nostalgia and storytelling through food," he said. "Hotels that innovate in this space are seeing higher engagement and repeat bookings, as dining becomes part of the destination's identity." Hotels are also becoming more open to incorporating external culinary experiences. Vikas Nagar, hotel manager at Pilibhit House, IHCL SeleQtions, said this year, the property is planning to introduce local food walks and market experiences, where guests can explore Haridwar's bazaars and taste local specialties from 'iconic' eateries such as Mohan ji Poori Wale and Mathura Walo ki Pracheen Dukaan. "At Pilibhit House, we've observed that dining experiences are often the highlight of guest feedback and can significantly influence repeat visits and referrals," said Nagar.Food and beverage is emerging as a key driver of guest engagement, with dining experiences increasingly shaping holiday choices, said Yasin Shaikh, director of revenue and marketing at Radisson Resort and Spa Lonavala."This has led us to curate immersive experiences across our portfolio, ranging from regional feasts, and live cooking sessions to rooftop dining, international street food concepts, and themed brunches with music and entertainment," said Shaikh.

In a sweeping move that could reshape the US immigration landscape, President Donald Trump has signed a proclamation imposing a $100,000 fee on H-1B visas. The administration argues the measure will ensure only “extraordinarily skilled” individuals enter the country, while discouraging companies from using foreign professionals to replace American workers. Commerce Secretary Howard Lutnick framed the decision as a corrective step, saying past employment-based visa policies admitted people earning below-average salaries, often dependent on government assistance. The new regime, he said, will filter out the “bottom quartile” and raise over $100 billion for the US Treasury. The Republican President added that these funds will help reduce national debt and taxes. Why this matters for Indians For India, the decision lands like a thunderclap. Roughly 71% of H-1B visa holders are Indian and most of them employed in the technology sector. Firms such as Infosys, Wipro, Cognizant, and Tata Consultancy Services have long relied on the program to place Indian engineers and developers in US projects. With visas valid for three years and renewable up to six, the new cost structure could make it prohibitively expensive for companies to retain Indian professionals, particularly during the decades-long wait many face for Green Cards.Moreover, this matters beyond individual careers. India’s $250-billion IT services industry has been built on its ability to send talent abroad, especially to the US. If firms balk at paying $100,000 annually per employee, opportunities for Indian professionals could shrink sharply, undermining India’s competitive edge in the global tech economy. It may also force Indian companies to rethink their business models, potentially redirecting jobs back home or to cheaper overseas markets. Tech industry reactionsAs such, the US technology sector, a heavy user of H-1B visas, has been thrown into uncertainty. While Trump insists that “big tech loves the idea,” investors reacted nervously.Reuters reported that shares of IT services companies, including US-listed Indian firms, dropped between 2% and 5% following the announcement. Critics told the news agency that the measure discourages talent mobility and innovation. Supporters, however, argue that it will prevent wage suppression and compel companies to invest in training American graduates instead."Information technology (IT) firms in particular have prominently manipulated the H-1B system, significantly harming American workers in computer-related fields," read a White House memo on the matter. The 'Gold Card' alternative Alongside the H-1B overhaul, Trump unveiled a new visa pathway dubbed the “Gold Card.” This option offers expedited Green Card access for individuals of “extraordinary ability” willing to pay $1 million personally—or $2 million if sponsored by a corporation—into the US Treasury. President Trump hailed the scheme as a magnet for elite talent that could simultaneously boost government revenues. Immigration crackdown continues The $100,000 H-1B fee marks the boldest step yet in the Trump administration’s broader campaign to curtail immigration. From travel bans to bond requirements for tourist visas, the White House has repeatedly emphasised tightening entry. Experts, however, have questioned the legality of imposing fees far beyond the cost of processing applications, suggesting the measure may face challenges in court.