Business
Business chiefs urge Trump to ease up on immigration crackdown after Georgia raid
EPA/ShutterstockPresident Donald Trump is facing calls from business leaders to “turn the page” on his immigration crackdown after a raid at a Hyundai plant in the US state of Georgia.
It was the largest such raid in US immigration history, sweeping up 475 workers, including about 300 people from South Korea.
The decision to target the project, backed by a company the president has celebrated for putting money and factories in the US, sparked shock and outrage in South Korea, where politicians and business leaders have warned it will chill willingness to invest in the US.
In the US, business groups said the raid was likely to hit local business activity as well, as it scares off key parts of the workforce.
“Those actions are having ripple and ancillary effects on others, real and unintended, unfortunately whether they’re in legal status or not,” said Jeff Wasden, president of State Business Executives, which represents state lobby groups from businesses across the economy.
He said he had emailed the White House on Monday, hoping the moment provided an opening to shift from enforcement to fixes to the US immigration system.
While praising Trump for stopping the flow of migrants across the border, he said the raids were generating “fear” and “dampening” US economic activity.
“We’ve got to turn the page,” he said. “It’s time to focus on the workforce and how we fix some of these programmes and problems.”
Visa tensions
Since the raid, construction at the site, a partnership between Hyundai and LG Energy Solutions that will make batteries for its electric cars, has halted.
LG and other top South Korean firms have also put new limits on business travel to the US, according to South Korean media.
South Korean officials have indicated that many of those detained who were from South Korea had entered the US on temporary visas that allow workers to visit for business meetings or conferences, but not paid employment in the US.
Such visas have been a common workaround used by businesses in the country, which have long been frustrated that they do not benefit from a more expansive visa programme, like one currently enjoyed by countries such as Australia.
Many Trump supporters oppose loosening visa rules, arguing that such programmes have been used by big business to import cheaper foreign workers and freeze out American citizens.
But as the US pushes to reshore industries such as semiconductors, trade groups say there are not enough workers with the necessary skills in the US.
In a statement to the BBC, Jae Kim, president of the Southeast US Korean Chamber of Commerce, a group aimed at boosting ties between South Korea and the south-eastern US, said it was “not an easy process” for foreign firms to secure visas, especially for temporary workers.
He warned that the hold-ups made it “hard to make such next generation manufacturing projects prosper in the US” and urged a “stronger balance” of US priorities.
In remarks to reporters over the weekend, Trump has acknowledged the complaints about the visa process, telling reporters: “We’re going to look at that whole situation.”
In a follow-up post on social media, Trump said foreign investments were “welcome”, but called on foreign companies to “please respect our Nation’s Immigration Laws”.
“We encourage you to LEGALLY bring your very smart people, with great technical talent, to build World Class products, and we will make it quickly and legally possible for you to do so,” he wrote on Sunday, adding: “What we ask in return is that you hire and train American Workers.”
But it’s not clear to what extent the administration plans to alter its approach.
In an appearance on CNN on Sunday, border czar Tom Homan said more worksite raids were coming.
Trump has previously confronted tensions between his promises to ease the way for business and his aggressive immigration policies.
Before he even took office, his supporters broke out in a bitter online brawl about whether the administration should make it easier for companies to secure visas for high-skilled tech workers.
The fight pitted Elon Musk and other tech gurus who had supported his campaign against former Trump campaign manager Steve Bannon.
Cracks in the coalition emerged again this June, as the White House stepped up its worksite raids, drawing outcry from farmers and hotels. The administration suggested it would modify its approach, only to reaffirm crackdown a few days later.
Jennie Murray, chief executive of the National Immigration Forum, a group that advocates for immigrants and has been involved in discussions about reforms, said the recent messages from the White House had been “mixed”.
But she said some top Trump officials, including those from the labour and agriculture departments, had been receptive to business concerns about workplace raids, which previous presidents have largely avoided due to their controversy and economic costs.
She said she saw those arguments making inroads, especially as economic costs of raids like the one in Georgia become evident.
“The impact is starting to speak for itself,” she said. “As the economy continues to take hits and really starts to slow, which is likely going to happen in the next couple of months, I think there are a lot of folks who are willing to have conversations about what those solutions are.”
But Douglas Holtz-Eakin, president of the American Action Forum, a center-right policy institute, said he had seen little sign that the administration was preparing to change its approach.
He added of the president: “He’s highly tuned to pressure. If the pressure becomes large enough, he’ll alter the policy but we haven’t seen that yet.”
Business
UPS stock soars on third-quarter earnings beat, turnaround plan
A UPS worker pushes a cart in New York, US, on Monday, Oct. 27, 2025.
Michael Nagle | Bloomberg | Getty Images
United Parcel Service on Tuesday reported earnings that topped Wall Street’s estimates ahead of its busy holiday season.
Shares of the package delivery giant surged 10% in premarket trading.
Here’s how the company performed in its third quarter, compared with what Wall Street was expecting based on a survey of analysts by LSEG:
- Earnings per share: $1.74 adjusted vs. $1.30 expected
- Revenue: $21.4 billion vs. $20.83 billion expected
For the period ended Sept. 30, the company reported net income of $1.31 billion, or $1.55 per share, compared with $1.99 billion, or $1.80 per share, the year prior. Adjusting for one-time items, including costs of its transformation strategy, the company reported profit of $1.48 billion or $1.74 per share.
UPS estimates its fourth quarter revenue to be $24 billion with an operating margin of 11% to 11.5%.
The company also on Tuesday laid out details of its previously announced turnaround plan and said it cut its workforce by 34,000 jobs, greater than its previous estimate of 20,000, as part of its plan to trim down its work with Amazon, previously its largest customer.
UPS also initiated a sale-leaseback transaction in the third quarter for five properties as part of its broader strategy, which resulted in a $330 million pre-tax gain on sale in its supply chain solutions division. It said Tuesday that it has now closed daily operations at 93 leased and owned buildings through September as part of the initiative.
UPS said its turnaround plan has resulted in $2.2 billion in savings through the end of the third quarter, with an estimate of achieving $3.5 billion total year-over-year cost savings in 2025.
“We are executing the most significant strategic shift in our company’s history, and the changes we are implementing are designed to deliver long-term value for all stakeholders,” CEO Carol Tomé said. “With the holiday shipping season nearly upon us, we are positioned to run the most efficient peak in our history while providing industry-leading service to our customers for the eighth consecutive year.”
The courier’s strong results come as the parcel industry faces a volatile tariff environment and sluggish demand, in addition to impacts from the end of the de minimis loophole. Rival FedEx said last month that it incurred $150 million in headwinds from the global trade environment.
Business
PayPal signs deal with OpenAI to become the first payments wallet in ChatGPT
Alex Chriss, CEO of PayPal Inc.
Courtesy: PayPal
PayPal has signed a deal with OpenAI to have its digital wallet embedded into ChatGPT so users can pay for items found through the leading consumer AI tool, the company told CNBC exclusively.
The agreement, sealed over the weekend, means that starting next year, both sides of PayPal’s ecosystem can plug into ChatGPT: PayPal users can purchase items through the AI platform, and its merchants can sell on it, with their inventory listed there, according to PayPal CEO Alex Chriss.
“We’ve got hundreds of millions of loyal PayPal wallet holders who now will be able to click the ‘Buy with PayPal button’ on ChatGPT and have a safe and secure checkout experience,” Chriss said in an interview.
The move makes PayPal an early part of OpenAI’s efforts to broaden ChatGPT’s use for e-commerce. The thinking is that its 700 million-plus weekly users can lean on artificial intelligence to help them find items, similar to a human personal shopper. Last month, OpenAI said its users could buy from Shopify and Etsy merchants, and two weeks ago it announced an e-commerce deal with Walmart.
“It’s a whole new paradigm for shopping,” Chriss said. “It’s hard to imagine that agentic commerce isn’t going to be a big part of the future.”
PayPal is attempting to position itself as a payments backbone for the coming era of agentic AI shopping, announcing recent deals with Google and artificial intelligence firm Perplexity. The fintech firm issued a release on its OpenAI deal Tuesday.
The company will also manage merchant routing, payment validation and other behind-the-scenes aspects of payment processing for PayPal sellers on ChatGPT, so individual merchants don’t have to sign up with OpenAI, the firm said.
Chriss touted the fact that both consumers and merchants have been verified by the fintech firm, reducing the risk of fraud for either group. Users can pull funds from linked bank accounts or credit cards, or stored balances, to pay for purchases, and they’ll get protections, package tracking and dispute resolution.
“It’s not just that a transaction can happen,” Chriss said. “It’s that this is a trusted set of merchants, the largest merchant network in the world from PayPal, that are verified, with the largest set of verified consumers in a consumer wallet.”
PayPal also said it is expanding the use of OpenAI’s enterprise AI products for its employees to speed up product cycles.
Business
Gold prices tumble in Pakistan, mark steepest single-day fall in years – SUCH TV
Gold prices in Pakistan witnessed their sharpest single-day plunge in years on Tuesday, October 28, 2025, tracking a major slump in the international market amid renewed optimism over a potential U.S.-China trade breakthrough, according to data from the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA).
The price of 24-karat gold per tola dropped by Rs14,000, settling at Rs416,362 compared to Rs430,362 a day earlier.
Likewise, the price of 10 grams of 24-karat gold fell by Rs12,003, closing at Rs356,963, while 22-karat gold was traded at Rs327,227, down Rs11,004 from the previous session.
In the global market, gold slumped by $140 per ounce, sliding to $3,940 from $4,080, marking one of the steepest daily declines in recent memory.
Silver prices
Following the downward trend in gold, silver prices also slipped. The rate of silver per tola declined by Rs173, settling at Rs4,924 against Rs5,097 on previous day, while 10-gram silver fell to Rs4,221 from Rs4,369 with a reduction of Rs148.
The price of international silver stood at $46.62, marking a decrease of $1.73 from the previous day’s level of $48.35, the association reported.
According to Reuters and AFP, Gold prices extended losses on Tuesday to a near three-week low, as optimism over a potential U.S.-China trade deal dented demand for safe-haven bullion, while investors looked forward to major central bank policy announcements this week.
Wall Street stocks ended at fresh records again on Monday over optimism that the US-China trade war was about to ease, with a possible deal in view when presidents Donald Trump and Xi Jinping meet later this week.
Major indices in New York charged higher, with the Dow, S&P 500 and Nasdaq all finishing at records on the improved sentiment on trade talks.
Monday’s buoyant session also featured heady gains by Microsoft, Facebook parent Meta and other tech giants ahead of earnings later this week.
Argentina’s stocks soared more than 20 percent on the back of President Javier Milei’s midterm victory, which saw his party win the biggest amount of votes in weekend legislative elections. The peso also jumped.
European stock markets were muted, reined in by anticipation of interest-rate decisions this week from the Federal Reserve and European Central Bank, although Spain’s index reached a record high from strong growth and corporate earnings.
Gold Rates Today in Pakistan
The rise of digital finance tools such as gold-backed Exchange-Traded Funds (ETFs), mobile investment platforms, and fintech innovations has expanded access to global gold markets.
These developments have enabled retail investors, particularly in regions like the Gulf, to participate in what was once a domain dominated by institutional investors.
The recent surge in gold prices is a reflection of sustained global demand and increased investor caution in the face of ongoing economic and geopolitical challenges.
Investment Trends in Pakistan
In Pakistan, where the rupee remains under pressure and economic uncertainty persists, gold retains its status as a favored asset for both consumers and investors.
Beyond being a commodity, gold is widely regarded as a reliable means of wealth preservation.
As market volatility increases, tangible assets like gold are viewed as secure investments, reinforcing their importance in both traditional and modern financial strategies.
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