U.S. visa reform bill sends Indian IT stocks lower

In a major setback for the IT firms, a legislation has been introduced in the US House of Representatives which among other things calls for more than doubling the minimum salary of H-1B visa holders. Senator Sherrod Brown said that we should avoid paying Americans wages and make use of foreign workers. The development came shortly afterwards the new H-1B Bill in the U.S. created apprehensions of adverse impacts on Indian techno firms. As per the Bill, visas are given on priority to those firms, which are willing to increase the minimum wage and do away category of lowest pay.
The draft of an executive order from President Donald Trump may restrict the use of work visas for outsourcing firms such as Infosys and Wipro. Its business in the USA, where it provides engineering and other tech services to firms such as IBM (IBM, Tech30), Microsoft (MSFT, Tech30) and Citibank (C), is highly dependent on the H-1B visa.According to IANS, US issued more than a million visas to Indians in 2016, which also accounts for 72 percent of all H1B visas issued worldwide.Commenting on the development, Angel Broking’s vice president (Research and IT) Sarabjit Kour Nangra said the hike in H-1B visa cost will have a significant impact on the financials of the Indian IT companies. Shares of TCS were down 5.6 per cent; Tech Mahindra stock was down 9.7 per cent, HCL Tech shares slid 6.3 per cent, Infosys down 4.6 per cent, and Wipro declined 4.23 per cent.Now, the hike is more than double of the H-1B minimum wage which is $60,000 currently.

Virendra Sharma, other Labour MPs to vote against Brexit bill
Hazarika told Yasmeen Khan: “I actually think [Corbyn’s] position is sensible, but I wouldn’t have whipped the vote”. Siddiq’s constituency had voted in favour of remaining within the European Union in the June 2016 referendum.
Trump had earlier talked about issuing an executive order for the labour department to investigate visa abuses that he asserted affect the wages of American workers. “You’ll see both through executive action and through comprehensive measures a way to address immigration as a whole and the visa programme”, Spicer said, without offering any details.Some tech media websites, closely following the changes that the Trump Administration and the US Congress may bring about, speak of the possibility of a reversal of employment authorisation cards to spouses of H-1B workers, which was recently granted by the Obama Administration after a prolonged campaign.The executive order will also ask the Secretaries of Labour and Homeland Security to restore the integrity of employment-based non-immigrant worker programmes and better protect USA and foreign workers affected by these programmes.Wondering what H1B visa is? A draft executive order obtained by CNNMoney calls for several changes to USA immigration rules, although it was not immediately clear what the specific impact on the H-1B visas would be.On Friday, Trump issued an executive order barring the entry of refugees from seven Muslim-majority countries into the U.S., causing chaos at airports across the US.