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The Trump administration is proposing a major overhaul of the selection process for H-1B visas heavily used by the tech industry, basing allocation on skill-level required and wages offered for a position instead of the current randomised lottery.The proposal released on Tuesday marks US President Donald Trump’s latest attempt to reform the H-1B program, which has recently drawn criticism from conservatives who claim that visa holders take jobs away from American workers.The administration, which made a mass deportation campaign its priority in its first months, is now pursuing major overhauls of the employment-based visa programs.Late last week, the White House issued a proclamation slapping a $100,000 fee on new H-1B petitions as a condition of entry to the US. The proclamation initially created panic among employers and workers before the administration clarified that it would only be imposed on new petitions.Both that fee, which took effect Sept. 21, and the new wage-based visa selection process are likely to face legal challenges.The H-1B visa program is capped at 85,000 new slots annually, though higher education and research institutions are exempt. Employers whose online registrations are selected in the lottery can proceed with petition filings. Rules finalised late in Trump’s first term—but later withdrawn by President Biden—would have prioritised applications based on four wage tiers to limit visas for lower-paid, less-skilled roles, while the Labor Department sought to restrict eligible occupations under the “Buy American, Hire American” agenda.Business groups warned that the first Trump wage-based proposal would eliminate prospects for employers to hire early-career professionals who’ve recently graduated from US colleges and universities. They also objected to use of DOL wage levels as a proxy for a worker’s skill level.Many attorneys also warned the proposal was unlawful, regardless of the wisdom of tying H-1B selection to wages, because the Immigration and Nationality Act calls for issuing visas in the order in which petitions are received.US Citizenship and Immigration Services overhauled the lottery process last year, giving each sponsored worker equal odds of selection—no matter how many employers made registrations on their behalf. It made that change after finding that some employers were likely gaming the lottery system by colluding to submit multiple entries without any connection to a legitimate job offer, fueling a massive surge in registrations.(With inputs from agencies)

Akasa Air on Tuesday said that its systems are facing intermittent issues and some of its online services, including booking, check-in and manage booking services, may be temporarily unavailable.The airline said that passengers with immediate travel plans are requested to reach the airport early to check-in at our counters. "We sincerely regret the inconvenience caused and want to assure you that our teams are working with our service provider to resolve the same at the earliest. For any assistance, please contact our 24x7 Akasa Care Centre on +91 9606 112131 and our team will be happy to assist you."Meanwhile, the airline started its Festive Sale on Monday. Under its festive discounts, the airline is offering up to 25% off on the basic fare for bookings on international routes.In addition to the discounted fares, the airline is offering its ancillary services at special prices across both domestic and international routes. The discounted services include in-flight meals, excess baggage, seat selection and priority check-in convenience for flyers.How to avail the discount?Use the promo code 'FESTIVE' on Akasa Air's website or mobile appWith this, the customers can enjoy up to 25% off on the basic fare for bookings on international routesSale promo code valid from September 22 to October 2, with travel starting September 25Valid for 'Saver' and 'Flexi' faresApplies to non-stop and through flights across Akasa Air's networkThe sale covers both one-way and round-trip tickets, with a minimum advance purchase of three daysAkasa Air currently six international cities, namely Doha (Qatar), Jeddah, Riyadh (Kingdom of Saudi Arabia), Abu Dhabi (UAE), Kuwait City (Kuwait) and Phuket (Thailand).Its domestic network spans across 24 destinations, namely Mumbai, Ahmedabad, Bengaluru, Chennai, Kochi, Delhi, Guwahati, Agartala, Pune, Lucknow, Goa, Hyderabad, Varanasi, Bagdogra, Bhubaneswar, Kolkata, Sri Vijaya Puram, Ayodhya, Gwalior, Srinagar, Prayagraj, Gorakhpur, Darbhanga, and Kozhikode.Akasa Air operates a fleet of 30 737 MAX aircraft, and has placed an order of 226 Boeing 737 MAX airplanes.

Nomura has reiterated its bullish stance on India’s steel sector, citing strong domestic demand and supportive global cues, and named JSW Steel and Jindal Steel as its top picks. The brokerage raised its target price on JSW Steel to Rs 1,300 from Rs 1,220 and on Jindal Steel to Rs 1,150 from Rs 1,080, reflecting improved earnings visibility through FY28.The brokerage said production cuts in China and the likelihood of fresh property-focused stimulus measures from Beijing should lend support to global hot-rolled coil (HRC) prices. “We reiterate our bullish stance on the India steel sector, notwithstanding the recent moderation in steel prices, as both domestic and global tailwinds remain supportive,” Nomura said.China’s crude steel production fell 2% year-on-year in the first seven months of 2025, and Nomura expects more aggressive curbs through the year-end, with output likely down about 9% year-on-year over August–December. Meanwhile, the brokerage highlighted the weak state of China’s property sector but expects incremental stimulus at the Communist Party’s October plenary session to provide a boost.Strong domestic fundamentalsIndia’s steel industry, Nomura noted, continues to show resilience. Crude steel production rose 9% year-on-year and apparent consumption increased 8% in the first four months of FY26. The imposition of safeguard duties has cut imports sharply—down 65% to 0.37 million tonnes in April–July 2025 from 0.99 million tonnes a year earlier—easing pricing pressure on local producers.Despite seasonal weakness leaving Indian HRC prices at a discount to landed import costs, Nomura expects prices to climb around 5% above current spot levels in the second half of FY26, aided by firm demand and tighter imports.Stock viewsOn JSW Steel, Nomura said it expects steady earnings expansion driven by capacity additions of 7 million tonnes by FY28 and progress toward raw material self-reliance. It reaffirmed its Buy rating and raised its target to Rs 1,300, implying a 17% upside.For Jindal Steel, Nomura raised its target to Rs 1,150, implying an 11% upside, citing upcoming capacity additions of 6.3 million tonnes by FY27, improved product mix, and better cost efficiencies. While it cut near-term volume and EBITDA estimates due to delays in commissioning new capacity, the brokerage remains positive on medium-term growth, forecasting a 26% EBITDA CAGR between FY26 and FY28.“Robust consumption, import discipline, and improving pricing dynamics support a constructive outlook for the sector,” Nomura said.Metal shares rose 1% on Tuesday after Nomura reaffirmed its positive outlook on India’s steel industry.Also read | YES Bank shares rally 10% in 1 month as Sumitomo ups stake. Analysts eye Rs 25, is it a buy?(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

Shares of Vodafone Idea rallied 7% intraday on Tuesday to hit the day's high of Rs 8.97 on the NSE amid hopes of some relief from India's Supreme Court on the government's Adjusted Gross Revenue (AGR) dues demand of Rs 9,450 crore. The apex court will hear the case on Friday, September 26.The stock witnessed strong response from investors as 128.6 crore shares changed hands on the NSE with total traded value recorded at Rs 1,117.51 crore. It closed the Tuesday session at Rs 8.75, gaining 4.3%The stock has been quite volatile amid developments around the AGR issue with news of a government relief on many occasions followed by the denial.The Supreme Court will hear a case on the telecom operator’s plea challenging the Department of Telecom’s (DoT) additional AGR dues demand of Rs 9,450 crore.AGR dues disputeVodafone Idea has petitioned the apex court to quash the DoT’s demand, arguing that the Rs 9,450 crore claim “goes beyond the scope” of the apex court’s earlier ruling on AGR liabilities. Out of the total demand, about Rs 2,774 crore pertains to the post-merger entity, while Rs 5,675 crore relates to liabilities of the pre-merger Vodafone Group.The company contends that the computation includes duplication of figures and has sought a reconciliation of dues, beginning with the pre-FY17 period.On its part, the DoT has told the court that the demand “is not a reassessment or recalculation but stems from the finalisation of pending accounts,” with officials attributing the discrepancy to gaps identified after financial accounts were closed.Stakes for funding and operationsThe outcome of the hearing carries high stakes for Vodafone Idea, which has been in talks with lenders to secure additional funding. During the June quarter earnings call, CEO Akshaya Moondra said that “lenders were waiting for clarity on the AGR issue before proceeding with funding plans.”Moondra added that the company “has been engaging with the government” and stressed that a prompt resolution would enable it to move forward with capital expenditure and its broader funding strategy.Vodafone Idea, weighed down by debt and pending dues, has in the past benefited from government relief measures, including spectrum payment deferments, reform packages, and the conversion of liabilities into equity. The telco has urged that the current dispute be resolved before March to ensure timely funding arrangements.The telecom operator's shares are down a little over 16% over the last one year but the stock is up 9.2% so far in 2025.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

Peerless, once a small savings company, is trying to script a turnaround after years of stagnation and pressure on profitability. The Kolkata-based family-owned business conglomerate is expanding in healthcare and real estate, besides strengthening the treasury operation, while it plans to sell its financial product distribution subsidiary, a “low-scale” business in the new scheme of things.The group is in the process of investing about Rs 1,100 crore over three years in expanding its footprint in hospital business and real estate.It has also taken its hospital business outside West Bengal for the first time, through an acquisition of a 250-bed facility in Guwahati for Rs 150 crore. Last year, it bought out a smaller 120-bed hospital in Barasat near Kolkata. Besides, it is spending Rs 450 crore to set up a cancer wing -- Sunil Kanti Roy Institute of Oncology Services -- of its first hospital in the memory of its former managing director.“The investments will accelerate profit growth after the build-up phase is over,” said Jayanta Roy, son of SK Roy and now managing director of Peerless General Finance & Investment Company (PGFI), the holding entity of the group.Peerless saw an 11% drop in consolidated revenue to Rs 675 in 2024-25 from Rs 758 crore in the preceding financial year. The group’s profit fell 54% to Rs 127 crore from Rs 274 crore during this period. The profit was even below the Rs 139 crore that it recorded in 2020-21 amid the Covid-19 pandemic.PGFI, which began financial services distribution after it was barred from mobilising public deposits in 2011, has identified Darsh Advisory Pvt Ltd for selling the 100% owned Peerless Financial Products Distribution for about Rs 23 crore.The group’s main focus will revolve around healthcare, hotel and real estate, while PGFI will carry out the treasury operation for the group companies.“We are making our treasury operations more contemporary. We were conservative even two years back, investing 20% in equities and 80% in debt. Today we have a more balanced investment strategy, with nearly 47:53 breakup,” said chairman Partha Sarathi Bhattacharya.PGFI's treasury returns, however, got impacted due to volatile markets, with its standalone revenue falling 31% to Rs 238 crore in 2024-25, as against Rs 345 crore in the preceding fiscal. Profit was lower too, at Rs 138 crore, against Rs 224 crore.Meanwhile, PGFI is in the process of monetising its existing land bank. It recently launched its first independent real estate development project in Rajarhat, targeting the affluent.To be sure, the group’s transformation journey started sometime in 2021-22, when it built a new team and invited Bhattacharya, the former Coal India chairman and Haldia Petrochem director, to guide the team.The group, which saw its profit before tax falling at a compound annual rate of 11% between 2013-14 and 2018-19, did better between 2021-22 and 2024-25, with a 12% annual growth, said Supriyo Sinha, director PGFI and a key strategist.“The current investments will have significant funding costs and depreciation, thereby impacting near-term profits, but will enable future growth,” he said. Incorporated in 1932 as The Peerless Insurance Co Ltd by Radhashyam Roy, the company started mobilising small savings in 1956. The Reserve Bank of India classified it as a residuary non-banking company in 1987 when the central bank established the framework for regulating non-bank mobilisers of public deposits like Peerless.“Efforts in scaling up size and impact have been initiated across the company’s activities as well as group entities in a focused drive towards business transformation in many spheres,” Bhattacharyya said in the company’s latest annual report.

The Indian rupee hit a record low on Tuesday, hurt by lingering concerns over the impact of steep U.S. tariffs and a sharp jump in H-1B visa fees, though likely central bank intervention helped limit the losses. The currency slid to 88.7975 per dollar before closing at 88.7550, down 0.5% on the day in its steepest drop in nearly a month. The rupee has fallen more than 3.5% this year, making it one of the region's worst performers. Its latest slide followed a sharp hike in H-1B visa fees that threatens profits in India's IT sector, adding to pressure from 50% U.S. tariffs on Indian goods, the highest in Asia. Economists at HSBC estimate that the 5.4 million Indians in the U.S. cumulatively send back about $33 billion in remittances to the country each year. There are about 80,000 new visa applicants each year, and if they were to not get entry, remittance inflows could fall by about $500 million, they said in a Tuesday note. "The risk is that more restrictions on service exports follow, and the lowering of the 50% tariff takes longer than markets are factoring in." India's benchmark equity indexes, the BSE Sensex and Nifty 50, were little changed on the day but IT stocks declined 0.7%, adding to an 18% fall over the year so far even as the broader stock gauge has risen 6.5%. On Tuesday, the central bank likely stepped in to support the rupee but did not appear inclined to defend a specific level, traders said, adding that its measured approach suggests it may allow a gradual weakening of the currency. "The rupee appears to be reflecting the pressure on India's external sector even as domestic cues, such as recent tax cuts and strong business activity data, offer a positive impulse, said Dilip Parmar," a foreign exchange research analyst at HDFC Securities. The local unit was consistently cited as a currency with a weaker outlook in a September emerging market sentiment survey conducted by HSBC. "Brazil and India, which were highlighted as the top economies in the previous survey, lost prominence after both were targeted with a 50% tariff rate," the survey said. Despite persistent headwinds facing the currency, market expectations for sharp swings remain subdued due to the increased participation of companies in the options market and subdued offshore demand for options that bet on its fall.