The benchmark FTSE 100 was down 0.11% at 1006 GMT, while the domestically-focused FTSE 250 fell 0.12%
International News via Reuters:
London stocks edged lower on Monday, pressured by weakness in automakers and a stronger pound, as investors awaited comments from several Federal Reserve officials later in the day.
The benchmark FTSE 100 was down 0.11% at 1006 GMT, while the domestically-focused FTSE 250 fell 0.12%.
British automobiles and parts stocks fell 1.6%, tracking losses in the broader European automobile sector after Porsche scaled back plans for its electric vehicle rollout, prompting the luxury sportscar maker and its parent Volkswagen to slash their 2025 profit outlooks.
British luxury carmaker Aston Martin slipped 3.2%.
Sterling’s strength against the greenback also weighed on export-oriented firms, as investors paused after Friday’s selloff driven by fiscal concerns.
The Bank of England left key interest rates unchanged last week as it contended with sticky inflation and uncertainty around jobs and growth.
Caution dominated broader sentiment after a report on Friday showed Britain’s borrowing exceeded official forecasts, adding pressure on Finance Minister Rachel Reeves ahead of her November budget.
Precious metal miners rose 5.1%, the most among sectors, as gold hit a record high on rising expectations of a more dovish rate path. [GOL/]
Miner Fresnillo was among the top gainers in the FTSE 100 with a 4% rise while Hochschild jumped 8.8%.
Other miners, including Glencore and Rio Tinto, added 1.2% and 1.4%, respectively. An index of industrial metal miners edged up 1.3%, tracking gains in copper prices. [MET/L]
London-listed airlines declined due to delays at European airports following a reported cyberattack. EasyJet, British airways owner IAG and Wizz Air, fell between 1.3% and 1.5%.
British food ingredients maker Tate & Lyle fell about 6%, the most on the FTSE 250, after Morgan Stanley downgraded the stock to “underweight” from “equal-weight.”
Investors will watch for remarks from at least five Fed officials later Monday, while Chair Jerome Powell is due to speak Tuesday after last week’s 25-basis-point rate cut.
Reporting by Sanchayaita Roy in Bengaluru; Editing by Tasim Zahid
An index of European banks has risen over 40% so far this year, while U.S. banks have advanced just over 20%
International News via Reuters:
Hedge funds bought banks, insurance and consumer finance companies last week at the fastest pace in three months, Goldman Sachs said in a research note, amid increased dealmaking expected to boost profits and an expected further loosening of regulations.
An index of European banks has risen over 40% so far this year, while U.S. banks have advanced just over 20%.
The funds picked no regional favourite, but North America and Europe took the bulk of long positions, betting that shares in these markets would rise, according to the Goldman Sachs note to clients on Friday that was seen by Reuters on Monday.
Hedge funds, which had throughout August decreased trading levels, raised gross leverage levels last week by the largest amount in eight months, the Goldman Sachs note said.
Gross leverage is a gauge of how much hedge funds are trading.
Financial companies were the second most bought sector monitored by Goldman Sachs’ prime brokerage unit, followed by tech stocks.
“We were hopeful at the start of the year that pragmatism on the part of regulators and government would underpin a better year for the specialist lenders, both operationally and in terms of share prices. So far, so good,” said a September 17 report by analysts at the UK bank, Panmure Liberum.
Banks generally tend to make money in times of higher interest rates, but the prospect of lower interest rates was already baked into stock prices, its note said.
The Fed last week cut rates for the first time since December and signalled further reductions at its October and December meetings given signs of a weakening U.S. labour market.
Goldman Sachs CEO, David Solomon, said in a CNBC interview earlier this month that the bank expected its busiest week for initial public offerings since July 2021.
Reporting by Nell Mackenzie; editing by Dhara Ranasinghe and Jane Merriman
The trial is the government’s next best shot at curbing what a judge has ruled is Google’s monopoly power
International News via Reuters:
Alphabet’s Google will seek to avoid a forced sale of part of its online advertising business in its latest face-off with U.S. antitrust enforcers at a trial starting on Monday in Alexandria, Virginia.
The trial is the government’s next best shot at curbing what a judge has ruled is Google’s monopoly power, after losing a separate bid to make Google sell its Chrome browser earlier this month. Online publishers and rival ad tech developers, some of whom have separately sued Google for damages, will be watching the case closely.
The U.S. Department of Justice and a coalition of states are seeking to make Google sell its ad exchange, AdX, where online publishers pay Google a 20% fee to sell ads in auctions that happen instantly when users load websites. The government also seeks to require Google to make the mechanism that decides the winner of those auctions open source.
U.S. District Judge Leonie Brinkema, who will preside over the trial, ruled in April that Google holds unlawful monopolies in web advertising technology. After this week’s trial, she will decide what remedies to impose on the company.
The company has asked Brinkema to take the same cautious approach as a judge in Washington, D.C., who recently rejected most of the DOJ’s proposals in a separate case over Google’s monopoly in online search.
The cases against Google are part of a larger bipartisan crackdown by the U.S. on big tech firms, which began during President Donald Trump’s first term and includes cases still pending against Meta Platforms, Amazon and Apple.
Google says the DOJ’s proposal is technically unworkable and would lead to prolonged uncertainty for advertisers and publishers.
Google had previously offered to sell AdX, however, during private negotiations to end an EU antitrust investigation, Reuters reported last year. Google’s internal studies on that potential sale may come into evidence at this week’s trial.
Instead of selling AdX, Google has now proposed changing its policies to make it easier for publishers to use and support competing platforms. The DOJ has said such requirements alone are not adequate to restore competition.
A former News Corp executive and executives at DailyMail.com and Advance Local, which operates local news outlets in eight states, are among those expected to testify at the trial.
Some of those witnesses testified last year when the DOJ convinced Brinkema that Google locked publishers into using its publisher ad server – a platform used by websites to store and manage their digital ad inventory – by unlawfully tying the platform to Google AdX.
Doing so allowed Google to engage in practices that were not in publishers’ interests, such as giving Google’s advertisers the first and last opportunity to bid on ads, Brinkema wrote in her April ruling.
If the DOJ’s proposals have not bolstered competition within four years, Google should also be required to sell its publisher ad server, the government said in court papers.
Reporting by Jody Godoy; Editing by Edmund Klamann
Financial terms of the deal, expected to close in early 2026, were not disclosed
International News via Reuters:
CMA CGM on Monday announced the acquisition of Freightliner UK Intermodal Logistics, a rail logistics specialist, as the French shipping group continues to expand its presence in non-maritime transport.
Financial terms of the deal, expected to close in early 2026, were not disclosed.
Freightliner UK transports containers between British ports and inland terminals, handling 770,000 containers last year, CMA CGM said.
Freightliner UK, which also runs lorry services, will operate as a standalone business within CMA CGM. Its current owner Freightliner Group will retain bulk cargo and non-UK activities.
CMA CGM, the world’s third-largest container shipping line that is controlled by the French-Lebanese Saade family, has invested heavily in land and air logistics to be less reliant on a volatile shipping sector.
Logistics accounted for around a third of its group sales last year.
Reporting by Gus Trompiz; Editing by Kirsten Donovan
It approved the 2.2 billion-pound ($2.96 billion) project after it said in February that it was inclined to approve the expansion of the country’s second-largest airport
International News via Reuters:
Britain’s government said on Sunday that it has approved plans for a second runway at London Gatwick Airport.
It approved the 2.2 billion-pound ($2.96 billion) project after it said in February that it was inclined to approve the expansion of the country’s second-largest airport.
At the time, Transport Minister Heidi Alexander said she had issued a “minded to approve” letter for Gatwick’s plan to bring its backup runway into full use to add millions of new passengers in the 2030s.
A Department for Transport spokesperson said on Sunday that following careful consideration, Alexander has issued a letter confirming she has approved the airport’s application to expand operations, through routine use of its existing northern runway.
“After a lengthy and rigorous planning process, we welcome the government’s approval of plans to bring our Northern Runway into routine use, ahead of the expected deadline,” said VINCI Airports’ managing director Steven Wingate in a statement, which was posted on Gatwick’s website.
VINCI Airports owns a 50.01% stake in London Gatwick, according to its website.
Wingate said the investment is fully funded by the company’s shareholders, while adding that “it is essential that any planning conditions enable us to realise the full benefits of the project and do not impose unnecessary constraints that make it uneconomic to invest in.”
Gatwick’s plan is to move the backup runway by 12 metres to meet safety standards for both runways to operate, which could be by the end of the decade, boosting trade and tourism and creating 14,000 jobs.
Alexander will want to ensure the Gatwick expansion project is water-tight as it could face a legal challenge given opposition from local communities and environmental groups.
The government has said that sustainable aviation fuel means airport enlargements do not derail net-zero targets, and as such it has also backed a new runway at Gatwick’s bigger rival, Heathrow.
($1 = 0.7425 pounds)
Reporting by Catarina Demony in London and Ananya Palyekar in Bengaluru; Editing by Matthew Lewis and Chizu Nomiyama
The dollar edged down as investors await speeches from Federal Reserve officials throughout the week that could provide further clues on the U.S. rate outlook
International News via Reuters:
Sterling edged up against the dollar on Monday as investors paused following Friday’s selloff driven by fiscal concerns.
The dollar edged down as investors await speeches from Federal Reserve officials throughout the week that could provide further clues on the U.S. rate outlook.
Analysts highlighted several factors weighing on the British currency, including vulnerabilities in the UK labour market, the potential need for further fiscal consolidation in the Autumn budget, and broader global cyclical risks.
Britain’s borrowing has shot past the official forecasts that underpin the government’s tax and spending plans, compounding the already big challenge facing finance minister Rachel Reeves in her November budget.
Sterling rose 0.2% to $1.3496, after hitting $1.3453, its lowest level since September 5. The dollar rose 0.61% versus the British currency last week.
Analysts argued they no longer view UK monetary policy developments as a key driver of the pound in the coming weeks and months, while a slower-than-expected pace of Bank of England rate cuts may still offer limited support against the euro.
The single currency dropped 0.05% against the British currency at 87.09 pence per euro, after rising 0.78% last week.
“While the euro is managing to shrug off a political and budget crisis in France and while the yen has not been too shaken by political uncertainties in Japan, the pound is more vulnerable to poor domestic news due to the UK’s current account deficit,” said Jane Foley, senior forex strategist at Rabobank.
Investors also await data from the UK PMI on Tuesday.
“With inflation still to peak and budget uncertainty there is scope for downside here and the services PMI looks too strong for us,” said Callum McLaren-Stewart, UK economist at Citi.
“The manufacturing PMI is weak on all fronts and unlikely to meaningfully pick up in the coming months.”
Reporting by Stefano Rebaudo; editing by Sharon Singleton
Law enforcement was involved to investigate, the agency ENISA said in a statement, without providing details on where the cyberattack originated from
International News via Reuters:
Several of Europe’s biggest airports still faced disruptions on Monday after hackers knocked out automatic check-in systems provided by Collins Aerospace, owned by RTX, affecting dozens of flights and thousands of passengers since Friday.
The disruptions were caused by a cyberattack, the EU’s cybersecurity agency confirmed on Monday, highlighting the growing risks of such attacks to critical infrastructure and industries.
Law enforcement was involved to investigate, the agency ENISA said in a statement, without providing details on where the cyberattack originated from.
Governments and companies have been the targets of cyberattacks in recent months, including luxury carmaker Jaguar Land Rover, which had to pause production as a result.
Collins said on Monday that it was working with the affected airports, including Brussels and London Heathrow, Europe’s busiest airport, and was in the final stages of completing updates to help restore full functionality.
Berlin airport, which was facing higher passenger numbers than usual on Monday due to the Berlin Marathon, still did not have its check-in systems restored and reported delays of over an hour for departures.
One passenger described the boarding process as akin to the early decades of commercial air travel, with handwritten boarding passes.
Brussels Airport was using iPads and laptops to check passengers in online. Of roughly 550 departing and arriving flights, 60 had to be cancelled on Monday, it said.
Dublin Airport was experiencing “minimal impact” and had some manual processes in place.
A survey of some 1,000 companies by German industry group Bitkom found that ransomware – malicious software that locks up data until the victim pays to have access restored – was the most common form of cyberattack, with one in seven companies having paid a ransom.
Reporting by Chrisoph Steitz in Frankfurt, Klaus Lauer and Sabine Siebold in Berlin, Bart Meijer in Brussels, Conor Humphries in Dublin, Writing by Miranda Murray, Editing by Rachel More and Bernadette Baum
Roche acquired this drug candidate in late 2023 when it acquired U.S. biotech firm Carmot Therapeutics
International News via Reuters:
Shares in Roche Holding rose around 2% on Monday, outperforming a broadly unchanged European healthcare index, as the drugmaker said it was advancing its experimental obesity drug CT-388 to a late-stage clinical trial.
Roche acquired this drug candidate in late 2023 when it acquired U.S. biotech firm Carmot Therapeutics in its first major bid to challenge the dominant makers of weight-loss drugs Novo Nordisk and Eli Lilly. Roche shares jumped nearly 5% when it reported results from an early-stage trial of this drug showing it led to significant weight loss.
The Swiss drugmaker was presenting an update on its obesity drugs pipeline at an investor day in London. Roche’s pharmaceutical division head Teresa Graham told investors that the company aims to become a major player in the lucrative obesity drug market and plans to secure a strong entry to this market with competitive products by 2030.
“Our goal is to become a Top 3 player (in the obesity drug market), and I want you to know I’m serious about this goal,” Teresa Graham, the head of Roche’s pharmaceutical division, told investors, saying that Roche had a track record of successfully moving into new therapeutic areas with competitive drugs that became blockbusters.
Reporting by Maggie Fick; editing by Danilo Masoni and Louise Heavens
Britain’s decision carried particular symbolism given its major role in Israel’s creation as a modern nation in the aftermath of World War Two
International News via Reuters:
Britain, Canada and Australia all recognised a Palestinian state on Sunday in a move borne out of frustration over the Gaza war and intended to promote a two-state solution, prompting a furious response from Israel.
The decision by three major Western nations, which have been traditional allies of Israel, aligned them with about 140 other countries also backing Palestinians’ aspiration to forge an independent homeland from the Israeli-occupied territories.
Britain’s decision carried particular symbolism given its major role in Israel’s creation as a modern nation in the aftermath of World War Two.
“Today, to revive the hope of peace for the Palestinians and Israelis, and a two-state solution, the United Kingdom formally recognises the State of Palestine,” said Prime Minister Keir Starmer.
“The man-made humanitarian crisis in Gaza reaches new depths. The Israeli government’s relentless and increasing bombardment of Gaza, the offensive of recent weeks, the starvation and devastation are utterly intolerable.”
Other nations, including France, are expected to follow suit this week at the United Nations General Assembly in New York.
Israeli Prime Minister Benjamin Netanyahu condemned the move.
“I have a clear message to those leaders who recognise a Palestinian state after the horrific massacre of October 7: You are giving a huge reward to terrorism,” he said, referring to Palestinian militant group Hamas’ 2023 attack on Israel that triggered the nearly two-year war in Gaza.
“And I have another message for you: It will not happen. A Palestinian state will not be established west of the Jordan River.”
The Hamas-led attack on Israel killed 1,200 people and saw 251 others taken hostage, according to Israeli tallies.
Israel’s ensuing campaign in Gaza has killed more than 65,000 Palestinians, most of them civilians, according to local health authorities, spread famine, demolished most buildings and displaced most of the population – often multiple times.
PALESTINIANS WELCOME RECOGNITION
“It is a human duty of every respectful and free human being in the world to support Palestinians during the ordeal they are going through and Britain’s role now comes within this,” said Sharaf Al Tarda, a Palestinian resident of Hebron in the Israeli-occupied West Bank.
Hamas welcomed the move but said it must be accompanied by “practical measures” to end the war in Gaza and prevent Israel from annexing the West Bank.
Palestinian President Mahmoud Abbas said recognition would help pave the way for the “State of Palestine to live side by side with the State of Israel in security, peace, and good neighbourliness”.
Starmer wrote to Abbas to confirm Britain’s decision, noting that London had backed a Jewish homeland in 1917 while also pledging to protect the rights of non-Jewish communities.
Western governments have been under pressure from many in their parties and populations angry at the ever-rising death toll in Gaza, images of starving children and their states’ inability to rein in Israel, even continuing to provide arms.
Londoners voiced mixed reactions on Sunday.
“A whole lot needs to happen and peace needs to come to that region,” said 56-year-old charity director Michael Angus. “This is the first step in actually acknowledging that those people have a right to have somewhere to call home.”
Announcing his country’s decision, Canadian Prime Minister Mark Carney said it would empower those seeking peaceful co-existence and the end of Hamas. “This in no way legitimises terrorism, nor is it any reward for it,” he added.
The United States, Israel’s closest ally, did not comment immediately on the decision by three of its allies to recognise a Palestinian state, but President Donald Trump has previously made clear he opposes such a move.
Israeli Security Minister Itamar Ben-Gvir said he would propose that the cabinet apply sovereignty in another Israeli-occupied Palestinian territory, the West Bank. That would represent de facto annexation of land seized in a 1967 war.
BRITAIN PLAYED A KEY HISTORIC ROLE
British troops captured Jerusalem from the Ottoman Empire in 1917, and in 1922 the League of Nations awarded Britain an international mandate to administer Palestine during the post-war deal-making that redrew the map of the Middle East.
Mandy Damari, the British mother of released British-Israeli hostage Emily Damari, told Reuters on Sunday that Starmer was “under a two-state delusion” given that the Gaza Strip’s government was still Hamas whose mission was to destroy Israel.
“He is rewarding Hamas for the 7th October barbaric and savage attack on Israel when the hostages are still not back, the war is not over and Hamas are still in power in Gaza.”
Husam Zomlot, head of the Palestinian Mission to the UK, watched on his phone as Starmer announced Britain’s recognition of a Palestinian state.
At the London headquarters of the mission, which may now be upgraded to an embassy, there were smiles and embraces.
“Today is a moment when the UK Prime Minister and the British government, on behalf of their people, stand and say: ‘We must correct history, we must right the wrongs’,” Zomlot said.
Reporting by Catarina Demony, Andrew MacAskill, Hannah Confino, Alistair Smout, Marissa Davison and Vitalli Yalahuzia, Bhargav Acharaya, May Angel, Michelle Nichols and Alexander Cornwell, Writing by Andrew Cawthorne and Gareth Jones,Editing by Ros Russell
The military-led government in Guinea, which is home to the world’s largest reserves of bauxite, already missed a December 31, 2024 deadline it had set itself for a return to civilian rule
International News via Reuters:
Guinea holds a long-awaited referendum on Sunday on a new constitution that could permit coup leader Mamady Doumbouya to run for president if he chose to, something he vowed not to do when he seized power in 2021.
The military-led government in Guinea, which is home to the world’s largest reserves of bauxite, already missed a December 31, 2024 deadline it had set itself for a return to civilian rule. Its presidential election is currently expected to take place in December.
Critics fear the constitutional referendum is the latest attempt by a military-run government to legitimise its rule in West and Central Africa, where eight coups between 2020 and 2023 reshaped the regional political landscape.
While the referendum is seen as a step towards elections and the return to civilian rule in Guinea, Doumbouya’s opponents have criticised it as a power grab by him.
Doumbouya has not said yet whether he intends to run for office. A transition charter adopted by his government after it took power said junta members would be barred from standing in the next election.
The referendum seems likely to pass because the two main opposition leaders, Cellou Dalein Diallo and deposed former President Alpha Conde, have called for a boycott of the vote.
Their parties are currently suspended, and Human Rights Watch has accused the government of disappearing political opponents and arbitrarily suspending media outlets.
The government has denied any role in disappearances but has vowed to investigate such allegations.
Voting centres were scheduled to open at 7 a.m. (0700 GMT) on Sunday and close at 6 p.m. (1800 GMT). It is unclear when results are expected.
The new constitution would lengthen the presidential term from five years to seven, renewable once, and create a Senate, with one-third of senators directly appointed by the president.
In the final days of campaigning, the capital Conakry was dotted with small white posters featuring the word “Yes” next to a green checkmark.
On Thursday, S&P Global Ratings assigned Guinea its first-ever sovereign rating, B+ with a stable outlook. This makes Guinea the third best-rated economy in West Africa, according to the ratings agency.
It noted, however, that despite some progress towards establishing a civilian administration, “social needs are high and tensions with the opposition are elevated with accusation of arbitrary arrests and rising pressure on the media”.
Reporting by Guinea newsroomWriting by Portia CroweEditing by Robbie Corey-Boulet and Frances Kerry
Zhang Zhan, 42, was sentenced on a charge of “picking quarrels and provoking trouble” in China
International News via Reuters:
A Chinese journalist jailed for four years after documenting the early phases of the COVID-19 outbreak from the pandemic’s epicentre was sentenced on Friday to four more years in prison, Reporters Without Borders said.
Zhang Zhan, 42, was sentenced on a charge of “picking quarrels and provoking trouble” in China, the same charge that led to her December 2020 imprisonment after she posted first-hand accounts from the central city of Wuhan on the early spread of coronavirus, the international press freedom group, known by its French initials RSF, said on Saturday.
China’s Foreign Ministry could not be immediately reached on Sunday for comment. Reuters could not determine whether the citizen-journalist had legal representation.
“She should be celebrated globally as an ‘information hero’, not trapped in brutal prison conditions,” RSF Asia-Pacific advocacy manager Aleksandra Bielakowska said in a statement.
“Her ordeal and persecution must end. It is more urgent than ever for the international diplomatic community to pressure Beijing for her immediate release.”
Zhang was initially arrested after months of posting accounts, including videos, from crowded hospitals and empty streets that painted a more dire early picture of the disease than the official narrative. Her lawyer at the time, Ren Quanniu, said Zhang believed she was “being persecuted for exercising her freedom of speech”.
She went on hunger strike the month after that arrest, according to court documents seen by Reuters, prompting police to strap her hands and force-feed her with a tube, her lawyers said at the time.
Zhang was released in May 2024 and detained again three months later, eventually being formally arrested and placed in Shanghai’s Pudong Detention Center, RSF said.
Friday’s sentencing followed Zhang’s reporting on China’s human rights abuses, RSF said. Her former lawyer Ren posted on X that the new charges were based on Zhang’s comment on overseas websites and she should not be deemed guilty.
China’s authorities have never publicly specified what activities Zhang was charged for.
“This is the second time Zhang Zhan has faced trial on baseless charges that amount to nothing more than a blatant act of persecution for her journalism work,” said Beh Lih Yi, Asia-Pacific director for the New York-based Committee to Protect Journalists. “Chinese authorities must put an end to the arbitrary detention of Zhang, drop all charges, and free her immediately.”
China has the world’s largest prison for journalists, with at least 124 media workers behind bars, RSF said. The nation ranked 178th out of 180 countries and territories in the 2025 RSF World Press Freedom Index.
A week before Zhang’s latest Sentencing, China’s top lawmakers passed a bill to accelerate public health emergency responses by allowing people to report emergencies, bypassing the government’s usual hierarchical structure.
Reporting by Clare Jim and Jessie Pang in Hong Kong, Branda Goh in Shanghai; Editing by William Mallard
A new $100,000 fee for H-1B visas in the United States that goes into effect on Sunday will be levied per petition and will not be applied to existing visa holders re-entering the country
International News via Reuters:
A new $100,000 fee for H-1B visas in the United States that goes into effect on Sunday will be levied per petition and will not be applied to existing visa holders re-entering the country, the White House said on Saturday.
“This is NOT an annual fee. It’s a one-time fee that applies only to the petition,” White House spokesperson Karoline Leavitt said in a post on X on Saturday.
A petition is a request by a company to bring a skilled worker from another country into the United States.
FEE ONLY FOR NEW H-1B VISAS
Leavitt said that current H-1B visa holders who are currently outside of the country will not be charged $100,000 to re-enter the United States.
Commerce Secretary Howard Lutnick on Friday said the fee would be paid annually but added that details were “still being considered.” The White House clarification on Saturday represented a walkback from Lutnick’s statement.
Some companies including Microsoft, JPMorgan, and Amazon had responded to the Friday announcement by advising employees holding H-1B visas to remain in the United States, according to internal emails reviewed by Reuters. A Goldman Sachs internal memo seen by Reuters on Saturday urged employees with such visas to exercise caution on international travel.
Leavitt said on X that H-1B visa holders can leave and re-enter the country as they normally would and that the new fee would only apply in the next H-1B lottery round and not to current visa holders or renewals.
The White House said the fee was being imposed to level the playing field for American workers which it said are being “replaced with lower-paid foreign labor.”
The proclamation imposing the new fee on H-1B visa applications, which was signed by President Donald Trump on Friday, could disrupt the global operations of Indian technology services companies that deploy skilled professionals to the United States, Indian IT industry body Nasscom said early on Saturday.
In a fact sheet distributed on Saturday, the White House said it would allow an H-1B visa application without the $100,000 fee on a case-by-case basis “if in the national interest.”
The fact sheet said that the share of IT workers with H-1B visas had risen from 32% in FY 2003 to over 65% in recent years.
Trump’s proclamation requires the Departments of Labor and Homeland Security to issue joint guidance for verification, enforcement, audits, and penalties, and directs the Labor Secretary to start a rulemaking process to “revise the prevailing wage levels for the H-1B program” and “to prioritize high-skilled, high-paid H-1B workers.”
TECH WORKER PANIC
Friday’s announcement sparked concerns among employees across swaths of corporate America.
On the popular Chinese social media app Rednote, many H-1B holders shared stories of rushing back to the U.S. — some just hours after landing abroad, as they feared being subject to the new $100,000 fee.
The White House said Trump’s move was designed to address threats to U.S. national security.
“President Trump is imposing higher costs on companies seeking to use the H-1B program in order to address the abuse of the program, stop the undercutting of wages, and protect our national security,” it said.
Reporting by Jeff Mason in Washington; Additional reporting by Valerie Volcovici in Washington and Rajveer Singh Pardesi in Bengaluru; Editing by Leslie Adler, Marguerita Choy, Andrea Ricci and Michael Perry
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