News · newsindiatimes.com

US Permanent Residency Suspension: Indian IT Workers Hit By Domestic Politics

The US Department of Labor has suspended eight IT firms, including Infosys, TCS, Wipro, HCL Technologies, Cognizant, Capgemini, Microsoft and Adobe, from applying for permanent residency for foreign workers. The firms can still hire through H1B visas, but pending green card applications are on hold and no new ones will be accepted, making permanent residency harder for H1B holders. The article argues the move may aim to appease a domestic electorate ahead of the 3 November 2026 midterm elections, as Trump's approval has fallen and the economy has weakened. It also sees it as economic pressure in the stalled US-India trade deal, which India's Finance Minister Nirmala Sitharaman has said has “plateaued”. It notes, however, that the restrictions could encourage more US firms to expand Global Capability Centers in India.

Summary written by Upside AI from the original article. Read the source for full details.

Original headline: US Permanent Residency Suspension : Indian IT Workers Hit By Domestic Politics

Read the original on newsindiatimes.com ↗

Keywords

employmentIndiaDonald Trumpimmigration

Open a keyword to see other news on the same topic.

Related news

  • Spain Regularisation Drew 1 . 17 Million Applications

    Spain's extraordinary regularisation closed on June 30, 2026, with 1,174,978 applications, well above the government's initial estimate. Under Royal Decree 316/2026, applicants had to have been in Spain before January 1, 2026, show at least five months of uninterrupted presence, and meet one of three conditions: work or a job offer, family ties with minors or dependents, or certified vulnerability. Successful applicants receive a one-year residence permit allowing them to work anywhere in Spain. The article argues the scheme highlights Spain's growing reliance on newcomers, many from Latin America, though the closing tally gives no nationality breakdown. Prime Minister Pedro Sánchez framed it as part of a €505 million integration plan, while PP leader Alberto Núñez Feijóo called it an “irresponsibility.”

    riotimesonline.com·employmentimmigrationEurope
  • Japan says hosting record number of foreigners

    Japan's foreign resident population hit a record 4.28 million at the end of June, according to the Immigration Services Agency, excluding short-term visitors. That is up 156,000 from the end of last year and about 3.5% of the total population. Immigration expert Toshihiro Menju says labour shortages across all skill levels, driven by a population shrinking by more than 900,000 a year, mean Japan has no choice but to rely on foreign workers, as AI, robotics and greater participation by women and older people cannot fully fill the gap. Businesses want a comprehensive policy for foreign residents, but growing anti-immigration sentiment has led Prime Minister Sanae Takaichi to push for stricter rules, and Japan tightened permanent residency requirements this month with higher income and Japanese-fluency demands. The number of foreign residents rose by about 300,000 over the past year, versus 360,000 the year before, and Menju expects 10 million foreigners in the 2040s. Meanwhile, the number of illegal overstayers fell 4.8% from the start of the year to around 65,000 as of July 1.

    jacarandafm.com·Japanemploymentimmigration
  • Arab News | Japan says hosting record number of foreignersarabnews.com·Japanemploymentimmigration
  • Republicans Introduce Bill to Raise H ‑ 1B Salary Threshold to Nearly $140 , 000

    Republican lawmakers have introduced a bill that would raise the salary level at which some employers can avoid extra H-1B worker-protection rules, from the current $60,000 to about $140,000 a year. Titled the Protecting American Workers Through H-1B Modernization Act, it is sponsored in the House by Representative Glenn Grothman of Wisconsin, with a companion Senate bill from Ohio Senator Jon Husted. The proposal would replace the fixed $60,000 figure with a threshold of twice the National Average Wage Index, which would rise or fall with future wage trends. Supporters say the 1998-era benchmark no longer keeps pace with inflation and wage growth and lets some firms sidestep protections for U.S. workers; Grothman says companies should not rely on an outdated standard, while Husted calls it a loophole. The bill is part of a wider Republican push to tighten the H-1B program, while tech firms, including Microsoft president Brad Smith, warn that tighter controls could hurt U.S. competitiveness.

    kenya-today.com·immigrationemploymentregulation
  • Microsoft’s Brad Smith Says Green-Card Curbs Could “Cripple” U.S. Tech. Here’s How Much It Hits Microsoft

    Microsoft President Brad Smith criticized the suspension of Microsoft from the PERM labor certification program, which is the first step for most employment-based green cards, warning that blocking permanent residency for skilled immigrants could “cripple” U.S. tech for more than a generation. The Labor Department suspended Microsoft, Adobe and six IT outsourcers on October 8; Vice President JD Vance alleged Microsoft laid off 6,000 American workers last year while benefiting from 6,300 H-1B visas, but Smith called these accusations “completely off base” and said Microsoft hired more than 9,000 U.S.-born workers last year. Microsoft’s R&D expense rose 20.5%, from $29.51 billion in fiscal 2024 to $35.56 billion in fiscal 2026, while product R&D headcount fell from 81,000 to 77,000. Since October 7, MSFT rose 0.7%, while Cognizant (CTSH) gained 9.5%, Infosys (INFY) 9.7% and Adobe (ADBE) 3.4%. Labor Secretary Keith Sonderling linked the case to multiple active federal investigations, and the PERM list grew from Cognizant alone in September to eight companies in October.

    Yahoo Finance·▼ MSFT▼ NVDAMSFTemploymenttech stocks
  • US Homebuilder Confidence Crashes To 14 Year Low , Blame Mortgage Rates & Immigration

    The NAHB Housing Market Index fell to 29 in October from 32 in September, below the expected 31 and at a 14-year low, as mortgage rates, energy and material costs, and labor and lot conditions worsened. All three HMI indices declined, and buyer traffic fell to its lowest level since April 2012, excluding the pandemic onset. Mortgage rates have climbed above 7%, and 43% of builders cut prices in October, the highest share in the 2020–2026 period, while 65% used sales incentives. More than one-third of builders reported immigration enforcement activity in their markets, causing construction delays and discouraging legal workers. The gap between current mortgage rates (7.5%) and the average mortgage held by homeowners (4.33%) is trapping both sellers and buyers.

    zerohedge.com·▼ DXY▼ SPYhousingmortgagesinterest rates

Related markets

Currencies →Gold →

Latest news

  • Bank Profits Surge

    The 9-month 2026 results show many banks continued to grow profits, with some posting record quarterly earnings. VPBank's pre-tax profit reached nearly VND 30,000 billion, up nearly 47%, equal to its full-year 2025 result and about 72.4% of its 2026 plan; Q3 pre-tax profit topped VND 11,000 billion. Techcombank posted VND 28,900 billion (up 23.7%), while LPBank reported VND 10,421 billion (up nearly 9%). SSI forecasts pre-tax profit of its monitored banks to rise 19.5% in 2026 before slowing to 15.4% in 2027, pressured by narrowing net interest margins and rising credit risk provisions. It also expects system-wide credit growth of 16-17% in 2027 and 17.9% for the monitored banks.

    CafeF·▲ VNINDEXbanksearningscredit
  • World's Largest Gold Fund Dumps Over 10 Tonnes of Gold as Prices Slide

    SPDR Gold Trust, the world's largest gold fund, continued net selling of nearly 12 tonnes of gold in the 22/10 session, bringing total sales over 2 sessions to nearly 15 tonnes and cutting its holdings to about 1,046 tonnes. Spot gold fell more than 2.8% to around USD 4,025 per ounce at the close of 22/10, and briefly dipped below USD 4,000 per ounce in the morning session of 23/10. Tensions in the Middle East pushed crude oil prices higher, raising concerns about inflation and further Fed tightening, and gold has still not attracted sustained safe-haven demand even as US Treasury yields fell. US September CPI rose 0.6% month on month and 3.7% year on year, while PPI rose 1.3% and 6.3%. Markets price about an 84% chance the Fed holds rates steady at its 27-28/10 meeting and a 16% chance of a 25 basis-point increase; September PCE data due on 29/10 is the next key factor to watch.

    CafeF·▼ XAU/USD▼ PAXG/USDT▼ XAUT/USDTgoldinflationFed
  • Gold Prices Continue to Fall

    On the morning of 23/10, domestic gold prices kept falling, with SJC bar prices varying by seller and the premium over world gold widening. Công ty TNHH Vàng bạc đá quý Sài Gòn listed SJC bars at VND 139-142 million per tael (buy-sell), down VND 300,000; Phú Quý was at VND 138-141.8 million, down VND 500,000; and Mi Hồng at VND 140-141.5 million, down VND 800,000. Gold rings also fell by varying amounts, with DOJI at VND 138-142 million and Phú Quý at VND 138-141 million per tael. World gold dropped USD 129 to around USD 3,992 per ounce, equal to about VND 125.3 million per tael, leaving SJC bars about VND 16.7 million per tael above the world price. The State Bank's central rate was set at 25,627 VND/USD, down 5 dong, while Vietcombank quoted 25,660-26,040 VND/USD (buy-sell).

    CafeF·▼ PAXG/USDT▼ XAUT/USDT▼ XAU/USDgoldexchange ratesState Bank of Vietnam
  • Company Linked to Billionaire Pham Nhat Vuong Announces Major Good News

    VEFAC (ticker VEF), a Vingroup subsidiary, posted Q3 net revenue of nearly VND 77 billion, up 67% year on year, but a gross loss of about VND 27 billion as cost of sales from its exhibition business exceeded revenue. Q3 profit rose mainly thanks to a gross gain of about VND 65 billion from transferring some schools in a project to a partner, while financial income reached over VND 388 billion, mostly from loan and investment income. For the first nine months of 2026, after-tax profit was nearly VND 865 billion, down about 94% from VND 15,418 billion in the same period of 2025, as the prior year included large gains from transferring part of the Vinhomes Global Gate project. As of 30/9/2026, total assets stood at over VND 31,905 billion, up 36% from the start of the year, while total liabilities exceeded VND 24,364 billion, with short-term customer advances rising from VND 411 billion to over VND 8,373 billion.

    CafeF·▲ VHM▲ VICreal estateearningsVietnam
  • Lotte and Phat Dat Officially Break Ground on VND 60,000 Billion Mega Project in Thu Thiem 'Golden Land'

    A joint venture between Lotte Group (South Korea) and Phát Đạt (HoSE: PDR) officially broke ground on 23/10 on Lotte Eco Smart City Thu Thiem in the Thu Thiem New Urban Area, HCMC, with total investment of about VND 60,000 billion. The project covers nearly 7.5 ha and will combine Grade A offices, retail, services, accommodation and housing, adjoining the central plaza and central lake of Thu Thiem. Phát Đạt holds 35% of Lotte Properties HCMC, the project developer, and will develop the housing blocks along with two towers (2-1 and 2-3) with about 219,722 m2 of floor area, while Lotte handles block 2-5. Lotte Properties HCMC paid VND 17,569 billion in land-use fees on 31/7/2026, and Phát Đạt completed its VND 7,666 billion payment to take its 35% stake. MB is funding all of Phát Đạt's capital contribution, while VietinBank and BIDV also support the project.

    CafeF·▲ PDRreal estatehousingbanks
  • International Business : Global stocks nosedive as Meta dents AI optimism

    Global stocks retreated as tech earnings failed to ease concerns about the AI outlook, with MSCI's All-World index set for its largest daily fall in two weeks, down 0.4 per cent. Meta beat third-quarter revenue expectations, but its plan to issue non-voting stock revived worries about its mounting capital commitments, and a New Mexico judge ordered it to pay a $25 billion penalty in a data privacy case. Brent crude rose nearly 3% to $112 a barrel, near a five-month high, after more Houthi attacks in Saudi Arabia raised supply risks. Investors moved into government bonds, pushing the US 10-year yield down to 5.05%, below France's for the first time in 13 years, while French yields have climbed above 5% amid concerns over social unrest and debt. The France-Germany 10-year spread reached 177.7 basis points, its widest since 2011, while gold fell 1.8% to $4,070 an ounce.

    gdnonline.com·▼ META▼ QQQ▼ SPY▼ NVDAtech stocksoil pricesbonds

All news →

Get the briefing on Telegram or Zalo

Join the Upside Telegram channel or Zalo group for the Vietnam stocks and gold briefing at 8:00 and 19:00 (Vietnam time) on trading days, plus a weekly wrap on Saturday morning.