Latest News
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Trump Administration proposes to waive the grace period for H-1B Holders after Job Loss
According to a government announcement posted online on Thursday, the Trump administration is proposing to eliminate a 60-day "grace period" that allows certain immigrants — including skilled workers with H-1B visas — to remain?in _the United States after losing their jobs and to find a new employer. According to the proposed rule change published by the U.S. Department of Homeland Security in the Federal Register, those with H-1B visas and certain other temporary work permits would be required to leave the United States as soon as they finish their employment. This could prove to be a blow to American tech companies who rely heavily on the services of foreign workers. This is the latest move by U.S. president Donald Trump to limit legal immigration?since he returned to office in January of 2025. His administration also increased visa fees for skilled workers, and recently paused the immigrant visa appointments at U.S. mission around the world as it implemented a new training programme. DHS said in its proposal that the changes could cause some disruptions, but the jobs would go to American workers. It added that in some cases, immigrants who have left their jobs could potentially reapply for the job if they are offered by their former employer. The notice stated that "DHS assumes they will either hire equally qualified U.S. employees or use the I-129 process based on their workforce requirements." The 60-day grace is in place since 2017 and gives foreign workers the time they need to secure another U.S. position or take care of their affairs, such as selling a house or taking children out of school before leaving. H-1B visas were established by Congress in 1989 and are particularly important for tech companies that seek talent from India or China. They allow them to fill positions where there may be a shortage of qualified U.S. workers. Top H-1B sponsors include consulting firms like Deloitte and PwC, as well as giants in the outsourcing industry such as Infosys and HCL - Tech. Lawyers at Berardi Immigration Law - a firm that specializes in immigration matters affecting business - said this move would "sharply reduce the time HR teams have to manage layoffs or offboarding of foreign national employees." The change will also affect holders of E-1 international traders visas, E-2 commercial vehicle operators visa holders, L-1 short-term employment for international company executives and managers, O-1 visas to?people with "extraordinary ability" in sports, science or the arts, as well as TN professional workers. This would also?impact H-1B1 skilled workers visa holders from Singapore, Chile, and E-3 special worker visa holders in Australia. Before the rule can become law, it must be subjected to a public comment period of two months.
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Starlink rival Eutelsat plans OneWeb expansion after EUR1 billion satellite order
Eutelsat, the satellite operator in France and Britain, announced on Thursday that it will'replenish and expand its OneWeb Network through 2034. The Franco-British company signed a contract with Airbus for 229 low?Earth orbital satellites. This new order, which represents a?investment of EUR1 billion ($1.16billion), will be added on to the 440 Airbus satellites ordered between 2024 and 2025. The previous orders will be delivered in the fourth quarter. Eutelsat plans to expand after raising approximately EUR5 billion in order to combat the financial strain caused by its $3.4 billion merger. The company hopes to challenge Elon Musk’s dominant Starlink. Eutelsat, the only satellite low-Earth orbit network other than Starlink, which provides secure communications and broadband Internet services, is considered important by the French government and the British government. The agreement extends the roadmap for?Eutelsat?s low-Earth orbit fleet beyond previous plans. Under those plans, the company had expected to spend around EUR2 billion on the procurement and launch of the 440 satellites before 2030. OneWeb has more than 600 satellites. However, Jean-Francois Fallacher, CEO of Eutelsat in March, said that the fleet would soon exceed?1,000. Starlink has more than 11000 satellites in orbit. OneWeb, however, requires fewer satellites to provide global coverage. This is because its satellites are higher up and it focuses on government, enterprise and telecom clients rather than mass market consumers. The additional 229 satellites will ensure service continuity up until the commercial deployment of IRIS2, a planned 348-satellite constellation for secure communications by the European Union, which is expected to enter service at the end of this decade. Eutelsat, a SpaceX client as well, announced in a separate announcement made at the Paris space summit that it had reserved two Ariane launches to launch OneWeb satellites between 2027 and 2028.
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JetBlue reduces capacity forecast due to weather disruptions and rising fuel prices
JetBlue Airways lowered its capacity growth forecast on Thursday due to higher fuel costs and weather-related disruptions. However, the carrier said that bookings continued to be healthy in September, both during peak and off-peak times. Fuel prices have risen due to the U.S. and Israeli war against Iran, forcing airlines worldwide to raise ticket prices and reduce capacity. JetBlue has been struggling since its proposed tie-up deal with Spirit Airlines, now bankrupt, fell through. JetBlue says weather and air traffic control related disruptions, especially in the Northeastern U.S. in July and august, led to an increase in cancellations, and pushed up operating costs. The forecast update for the mid-sized carrier comes after CEO Joanna Geraghty informed employees that they were not contemplating bankruptcy in this year, despite being hit by?higher oil prices. New York's carrier expects its third-quarter capacity will rise between 1.5% to 3.5%. This is down from the previous range of 3% - 6%. In morning trading, its?shares? were roughly flat. JetBlue expects to spend $3.96 per gallon on fuel in the third quarter. This is up from $3.49, which was its previous?prediction. The airline is expecting its quarterly revenue per seat mile to rise between 17% and 20 %, compared to its previous forecast of a 12.5% to 16 5% increase. It bases this on a strong travel demand, and increased ticket prices.
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Russia attacks petrol station in Kyiv and global agribusiness Dnipro
Authorities?said that Russia had struck a petrol pump in Ukraine's capital, Kyiv, and an international agribusiness operation run by Bunge, in the southeastern city of Dnipro. Moscow was stepping up its attacks on economic and logistic targets. In recent weeks, Russia escalated its air war against Ukraine, launching missiles and drones powered by jet engines at food distributors, retail chains, and warehouses. Kyiv is struggling to repel these attacks due to a lack of air defence systems. It appeared that the strike on the 'Ukrnafta fuel station in Kyiv was the first jet-powered attack on a facility of this type. This attack was one of around 300 that have been made on petrol stations near or in frontline areas of Ukraine. Vitali Klitschko, Mayor of Vitali Klitschko, reported that four people were injured. There is no military purpose in these strikes. Bohdan Kukura, CEO of Ukrnafta, said on Facebook that this is a "terror and intimidation" against the civilian population. 'NO COINCIDENCE' Two people were killed by the attack in Dnipro on Bunge's sunflower oil plant, one of Ukraine’s five biggest food plants, with a daily processing capacity of 1,600 tonnes of oilseeds. Andrii Sybiha, Ukrainian Foreign Minister, confirmed that this was the second time in a few weeks that a U.S. owned business had been attacked. He wrote, "This is not a coincidence. It's part of Moscow’s systematic terror against American businesses and interests." A local official confirmed that five other people were injured in the attack. A jet-powered 'drone' ripped into a Sumy shopping centre, a day after a similar attack in the city left two dead and 20 injured. In recent weeks, Moscow and Kyiv exchanged escalating attacks on logistical and economic targets to harm each other's military effort. Ukraine has attacked Russia’s largest online retailers as well as fuel and energy logistics in Moscow-occupied areas?and oil refining deep within Russia. Regional officials reported that Russia has intensified its attacks on Ukraine's port cities, with four people killed and 19 injured in the southern city Mykolaiv over night.
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Aerospacelab signs EUR2.4 billion contract to build the majority of IRIS2 Satellites
Aerospacelab, a Belgian company, announced on Thursday that it had won a contract worth EUR2.4 billion ($2.8 billion) to build 264 satellites to be used in the IRIS2 network of the European Union. This network will provide secure communications to governments, security agencies, and commercial users before 2030. Aerospacelab said it would be responsible?for building 76% of the planned 348 satellites. This is the largest manufacturing?allocation disclosed for IRIS2, giving a better picture of the?work being divided. The contract value is approximately EUR9.1million per satellite. The company announced that it would design and manufacture fully integrated satellites in low-Earth orbit through the Eutelsat SpaceRISE consortium. This consortium was selected to develop and run the network under a concession agreement with the EU. The allocation of funds to the eight-year-old firm also provides a glimpse into the changing space supply chain in Europe. The European Space Agency chose Germany's Isar Aerospace last month to 'provide launch services' for parts of its institutional missions. This is a sign that 'newer entrants' are taking a greater role along with 'established contractors' such as Airbus Thales Alenia Space, and OHB.
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JetBlue increases its third-quarter fuel forecast
JetBlue Airways is expecting to pay more for fuel during the third quarter, as the 'Iran War' keeps prices high and demand strong. The carrier announced on Thursday that it expected to pay $3.96 for a gallon of fuel during the third quarter. This is up from its previous forecast of $3.49. In premarket trading, its?shares fell by about 1%. U.S. and Israeli war against Iran has pushed fuel prices up, increasing?costs to airlines around the world. JetBlue said on Thursday that weather and air traffic disruptions, especially in the Northeastern U.S. in July and August have led to an increase in cancellations. However, the carrier said that healthy booking trends "continued" into September, both during peak and off-peak periods. The airline expects revenue per seat mile to rise between 17% and 80% in the third quarter compared to its previous forecast of a 12.5% - 16.5% increase, based on higher ticket prices and travel demand.
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Why is Bab el-Mandeb Strait important?
The Houthis, backed by Iran, are trying to take control of the entire Yemeni Red Sea Coast. This would give them more leverage?over Bab el-Mandeb Strait - one of the most contested and busy global?maritime chokes. The militant group already declared a blockade of Saudi Arabia, which is the largest oil exporter in the world. Houthi control over the Bab El-Mandeb would further isolate Gulf oil producers from their main shipping routes. WHERE IS BAB EL-MANDEB? The strait, also known as the "Gate of Tears" for its treacherous navigation conditions, is situated at the southernmost end of the Red Sea between Yemen and Djibouti on the Arabian Peninsula. It is located on the other side of the peninsula from the Strait of Hormuz which was a major focal point during the U.S. - Iran war. At its narrowest, the waterway measures 18 miles (29 kilometers) in width. This limits traffic to only two channels, one for inbound and another for outbound shipments. The channel is divided by Perim, an island in Yemen (also known as Mayyun in Arabic). The Hanish Islands are located to the north, between the port cities Hodeidah & Mocha. This gives whoever controls these islands a commanding view of approaching vessels. Hodeidah is controlled by the Houthis, who have used it as a base to launch a broader campaign against Red Sea shipping. The militant group is pushing southward, seizing Mocha - the historic port town?widely considered as the birthplace for the global coffee industry. Dhubab is a city located directly along the Strait, making it an important prize in the Houthis southward advance. To control the Strait, it is important to control Dhubab island and Perim. WHICH SHIPMENTS PASS THROUGH BAB EL-MANDEB? The Suez Canal is the most important route for shipping goods and commodities from Asia to Europe. The Suez-Mediterranean Pipeline on Egypt's Red Sea Coast, and commodities headed for Asia including Russian oil, are also transported through the strait. The Suez Canal is the southern gateway to the Suez Canal. This means that ships from the south must go through this?gateway' to get to the canal. The disruption of shipping in the Strait of Gibraltar forces vessels to reroute their voyage around the Cape of Good Hope, in southern Africa. This adds weeks to the journey and costs significant amounts of money. What would HOUTHI CONTROL mean? Even a?partial disruption? of the strait proved to be devastating. In late 2023 the Houthis began a sustained attack on ships in the southern Red Sea, including the Bab el-Mandeb. They claimed that this was in solidarity with Palestinians living in Gaza at the time of the Hamas-Israel conflict. The effects were immediate and widespread. BP and Frontline, as well as major oil companies and shipping firms such Hapag-Lloyd and MSC, rerouted their vessels to circumnavigate the African continent, instead of the Suez Canal. Freight prices?increased and journey times?lengthened considerably. If the Houthis were to impose a stranglehold on the waterway, it could give their Iranian sponsor a crucial advantage in the war against the United States. The United States has already seen an abrupt reduction in energy shipments via the Strait of Hormuz which sent oil prices skyrocketing. Kpler data shows that the total petroleum volume transiting Bab el-Mandeb amounted at about 7% of world oil production in June.
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Algeria cuts diplomatic relations with the UAE
Algerian media reported on Thursday that it had decided to "sever diplomatic ties" with the United Arab Emirates, citing the "exhaustion of every means to maintain bilateral ties". The reason for the decision was not given. The UAE Foreign Ministry didn't?response immediately to an email seeking a comment. Algerian media outlets have criticised the UAE in the past, accusing it of trying to create a rift within the region. Abdelmadjid Tebboune, the Algerian President, said last year that his country's relationship with all Gulf States was warm, except for one. This was a thinly-veiled reference to the UAE. He called the ties between Saudi Arabia, Kuwait Oman, and Qatar "brotherly" and accused an unnamed country of attempting to destabilise Algeria. Algeria started the cancellation of an agreement on air services that had been signed in Abu Dhabi, UAE in May 2013.
Nagel, the Bundesbank's president, expressed concern about the rise of far-right groups.
The German Bundesbank president Joachim 'Nagel' said on Thursday that he was concerned about a?rise of far-right -?parties?in Europe, a?following a?the Alternative for Germany?s electoral success in Saxony-Anhalt.
What does this mean for our country, our society, and the values that we share? Nagel, who spoke at a press conference of the European Central Bank in Berlin, said that some of these concepts were self-defeating from an 'economic perspective.
AfD swept to the top of the polls in Saxony-Anhalt, announcing a platform which included leaving Europe, curbing immigration and restoring ties with Moscow. The AfD's'success' sent a message to other European leaders who are struggling with?slow economic growth and disillusionment?with mainstream politics.
Is it helpful in attracting foreign investors to come into this country? No. I believe they will be reluctant and will avoid doing business with us. Nagel replied, "I am concerned.
AfD describes the Euro as a failed currency and urges Germany to abandon it.
Christine Lagarde, ECB president, said that the euro has never been so popular in Europe - and in the Euro Area in particular. This was after the bank raised interest rates for the second time this year on Thursday.
The spring Eurobarometer shows that 82% of respondents from the Euro?zone and 74% from the European Union support the common currency. This is the highest level since 2002, when the euro was introduced.
(source: Reuters)