Business
Donald Trump to levy $100,000 H-1B visa application fee; overhaul aimed at protecting American workers: Report – The Times of India
The US administration plans a major change to the H-1B visa programme, with President Donald Trump expected to sign a proclamation Friday imposing a $100,000 application fee, according to a White House official, quoted in a Bloomberg report.The order is intended to curb misuse of the visa category and its perceived impact on American jobs. Entry under the programme would require the hefty payment, the official said (anonymously), while the Labour Secretary will be directed to begin revising H-1B wage rules to protect US workers from wage suppression.The technology sector, a heavy user of H-1B visas, is likely to feel the sharpest effects. The White House argues the new measures will bolster the integrity of the system and reduce exploitation. A document reviewed by Bloomberg News describes the replacement of American workers with lower-cost foreign labour as a national-security issue that discourages domestic STEM careers.It remains unclear whether the $100,000 fee will be added to or replace existing charges. Current costs include a $215 lottery registration and a $780 Form I-129 filing.The programme grants 85,000 visas annually through a lottery that some firms allegedly game by submitting multiple applications, often to hire lower-paid staff via staffing and outsourcing companies.This move aligns with broader immigration fee hikes for work permits, asylum requests and other services, intended to fund detention facilities, expanded border barriers and additional enforcement personnel.
A sign is seen outside of the “Jimmy Kimmel Live!” show outside the El Capitan Entertainment Centre on Hollywood Boulevard, from where the show is broadcast in Hollywood, California on Sept. 18, 2025.
Frederic J. Brown | AFP | Getty Images
Disney’s decision this week to pull “Jimmy Kimmel Live!” from its broadcast network ABC is shining a light on a part of the media business over which the federal government has control.
On Thursday, President Donald Trump suggested his administration should revoke the licenses of broadcast TV stations that he said are “against” him. Federal Communications Commission Chair Brendan Carr has made similar threats, including during a CNBC interview, also on Thursday.
It’s not the first time Trump or Carr has invoked the government’s power to pull a broadcast station license — putting an in-the-weeds part of the media business front and center for consumers, and flexing the government’s power over a major part of the industry.
What’s a broadcast license?
Let’s start with the basics: Networks such as Disney’s ABC, Paramount Skydance’s CBS, Comcast Corp.’s NBC and Fox Corp.’s Fox are part of a system that requires them to obtain over-the-air spectrum licenses from the federal government in order to broadcast these household-name stations.
That means free, over-the-air service to anyone with an antenna on their TV.
Pay-TV networks such as CNN, MTV or FX, for example, are considered “over-the-top” and available for subscription fees. They’re often bundled together and distributed by companies such as Comcast, Charter Communications or DirecTV.
Broadcasters such as ABC are known for programming that includes local news, live sports, prime-time sitcoms and dramas, as well as late-night shows such as “Jimmy Kimmel Live!”
Although the way consumers watch these programs has significantly changed from the days of using an antenna for free viewership — now they’re often viewed via pay-TV bundles, plus the content is frequently found on streaming platforms — the model has remained largely the same.
Companies that own local broadcast TV stations, such as Nexstar Media Group and Sinclair, license spectrum — or the public airwaves — from the government, with the FCC in control.
Through this public spectrum for radio and TV stations, the federal agency has the right to regulate broadcasting and requires each network “by law to operate its station in the ‘public interest, convenience and necessity.’ Generally, this means it must air programming that is responsive to the needs and problems of its local community of license,” according to the FCC website.
Can Trump and the FCC revoke licenses?
That definition of serving the “public interest” is what the FCC’s Carr has zeroed in on with conversations around revoking licenses.
On Thursday, Carr told CNBC’s “Squawk on the Street” that comments by Kimmel, linking the suspect in the killing of conservative activist Charlie Kirk to Trump’s MAGA movement, were “not a joke,” and instead, he said, were “appearing to directly mislead the American public about … probably one of the most significant political events we’ve had in a long time.”
When Trump has noted the government’s right to take away licenses — both this week and in the past — he has pointed to what he said is bias against him as president.
“I have read someplace that the networks were 97% against me, again, 97% negative,” Trump said Thursday, referring to his 2024 election victory.
“They give me only bad publicity, press. I mean, they’re getting a license,” Trump said. “I would think maybe their license should be taken away.”
People protest at the El Capitan Entertainment Centre, where “Jimmy Kimmel Live!” was recorded for broadcast, following his suspension for remarks he made regarding Charlie Kirk’s assassination, on Hollywood Boulevard in Los Angeles, California, U.S. Sept. 18, 2025.
David Swanson | Reuters
In August, Trump accused networks ABC and NBC of being “two of the worst and most biased networks in history” and suggested revoking their broadcast licenses.
Carr earlier this year, freshly in his post as FCC chairman, reawakened complaints directed at ABC, NBC and CBS from the conservative organization the Center for American Rights.
And in February, during a conversation at Semafor’s “Innovating to Restore Trust in News” summit in Washington, D.C., he suggested the agency would be looking closely at licenses.
“If you’re going to have a license to be a broadcaster, it comes with something called ‘you have to serve the public interest.’ If you don’t want to do that, that’s OK,” Carr said during the summit. “I will give you the address of the FCC … you’re free to turn your license in and you can go podcast and you go over-the-top.”
What happens if ABC or NBC loses its license?
If the federal government deems a broadcast TV network isn’t acting in the public interest, it can revoke the license from the station’s owner, and the local station would effectively go dark in its market.
The local networks can preempt the programming, meaning air something other than what the broader network is offering up. That would theoretically keep the stations in compliance if the FCC were to find the broadcast content unlawful. But it’s unclear where that line would fall.
The process of revoking a license isn’t so simple, according to Roy Gutterman, a professor and expert on communications law and the First Amendment at Syracuse University’s Newhouse School.
“There’s a whole process before you can yank someone’s license,” Gutterman said, adding that the matter would be subject to an investigation and procedure — and would likely garner legal challenges.
Typically, the discussion of whether a station violated the FCC’s guidelines centers around children’s programming, a cut to news content, or obscenity — such as Janet Jackson’s wardrobe malfunction during the Super Bowl in 2004.
Trump and his administration’s threats take a different tack.
“This is such an unprecedented issue,” Gutterman said. “Responsible use of the airwaves doesn’t mean having the political language [the government] doesn’t want on there … Responsible use isn’t a political issue.”
Pressure mounting
There’s another factor at play here: The government’s role in local TV consolidation.
On Wednesday, before ABC sidelined Kimmel, Nexstar announced its stations affiliated with ABC wouldn’t air the late night show and instead would preempt it “for the foreseeable future” due to the host’s statements.
While Disney owns a portion of its ABC-affiliated networks, Nexstar, as well as Sinclair — which similarly said it would preempt the show — own the vast majority. Nexstar owns about 30 ABC-affiliated networks across the U.S., or 10% of the more than 200 stations Nexstar owns in total.
Nexstar is currently seeking government approval of a $6.2 billion deal to merge with fellow broadcast TV station owner Tegna, which would upend longstanding regulations for broadcast station owners.
Sinclair has also said it’s looking to merge its broadcast TV station business with another competitor, although a deal has yet to be announced.
While Nexstar and its peers have bulked up over the years through acquisitions, they’ve been subject to longstanding federal limits on the number of stations that these parent companies can own.
On Tuesday, May 13, 2025 at North Javits in New York City, an incredible roster of all-star talent will tout their connections to storytelling, Disney, and each other while showcasing their latest projects for the upcoming year.
Michael Le Brecht | Disney General Entertainment Content | Getty Images
Following Trump’s election in November, leaders of the station owners — as well as other media businesses — saw an opening for further consolidation and deals.
The FCC’s Carr has also publicly said in recent months that he would support getting rid of broadcast station ownership rules and caps, paving the way for such deals, which could help salvage a business model that’s being disrupted.
With the rise of streaming, the pay-TV ecosystem has bled consumers, and broadcast TV networks and local affiliates have also felt the effects.
While the stations are free to air, distributors such as Charter pay the broadcasters so-called retransmission fees, on a per-subscriber basis, for the right to carry the stations. These lucrative fees heavily buoy the profits of companies such as Nexstar, which means dwindling pay-TV customers cuts into broadcast profits.
Disclosure: Comcast is the parent company of NBCUniversal, which owns CNBC. Versant would become the new parent company of CNBC under a planned spinoff.
New Delhi: In a move aimed at reducing confusion and easing compliance, capital markets regulator SEBI on Friday simplified the process of transferring securities from nominees to legal heirs. In a circular issued, the regulator said that from January 1, 2026, all reporting entities, including depositories, listed companies, RTAs and depository participants, will be required to use a new code “TLH” (Transmission to Legal Heirs) while reporting such transfers to the Central Board of Direct Taxes (CBDT).
Currently, when securities are passed on from a nominee to a legal heir, the transaction is sometimes treated as a taxable “transfer” and assessed under capital gains provisions. Although Section 47(iii) of the Income Tax Act exempts such transmissions, the error often forces investors to seek refunds later, causing unnecessary inconvenience.
To address this issue, SEBI had set up a working group that consulted with CBDT and recommended the adoption of a standard reporting code.
“It has been decided that a standard reason code viz. ‘TLH’ shall be used by the reporting entities while reporting the transmission of securities from nominee to legal heir, to the CBDT so as to enable proper application of the provisions of the Income Tax Act, 1961,” SEBI said in its circular. The regulator has in recent months taken several steps to streamline processes related to nomination and transmission of securities.
Earlier, SEBI had simplified the appointment of nominees to ensure smooth transfer of securities after the death of an investor. Nominees act as trustees and are required to pass on the securities to the rightful legal heir as per the succession plan.
The new measure, according to SEBI, will help avoid unnecessary tax complications, provide clarity to investors and bring uniformity in reporting by market participants.
Stock prices in London closed mixed on Friday, following a week of interest rate decisions that mostly went as expected, and after a much-anticipated phone conversation between US President Donald Trump and China’s President Xi Jinping.
“Markets continued to digest the (US) Federal Reserve’s 25-basis-point rate cut this week,” Naga’s Frank Walbaum commented.
“Chair Jerome Powell described the move as a measured response to a cooling labour market, while stressing that the central bank would proceed cautiously with any further easing.
“However, a fall in jobless claims to 231,000 in last week’s data eased fears of a rapid labour market deterioration.
“Meanwhile, global policy developments added to the backdrop, with both the Bank of England and Bank of Japan holding interest rates steady this week.”
The FTSE 100 index closed down 11.44 points, 0.1%, at 9,216.67.
The FTSE 250 ended down 136.02 points, 0.6%, at 21,589.93, and the AIM All-Share closed up 1.26 points, 0.2%, at 773.60.
On the FTSE 100, NatWest was down 1.7%.
The Edinburgh-based bank is working with advisers on a sale of Cushon two years after paying £144 million for a controlling 85% stake in the workplace pensions provider, Sky News reported.
The disposal would reflect the priorities of chief executive Paul Thwaite, which includes a simplification programme and more active balance sheet and risk management.
However, a NatWest spokesperson declined to comment on the “speculation”.
Kainos on the FTSE 250 was down 1.4%.
The London-based Workday partner and provider of IT services to public sector, commercial, and healthcare customers announced the acquisition of Davis Pier, growing its Digital Services division workforce in Canada.
Davis Pier is a Nova Scotia-based consultancy specialising in addressing complex challenges for Canadian public sector and community organisations.
On AIM, Gelion ended up 11%.
The London-based battery energy storage systems firm’s UK subsidiary Oxlid has secured £533,000 in government grant funding to advance its lithium-sulphur battery technology, in collaboration with FTSE 250-listed defence and aerospace firm Qinetiq.
Chief executive John Wood said the funding will allow Gelion to demonstrate “ultra-high energy density” cells while meeting performance needs for strategic applications, and that Qinetiq’s expertise in defence certification and cell manufacturing would support the pathway to commercialisation.
Small-cap Predator Oil & Gas dropped 13%.
The Morocco and Trinidad-focused oil and gas company’s pretax loss widened to £1.9 million in the first half of 2025, from £1.0 million a year prior, although revenue was £66,815 compared to none the year before.
Chief executive Paul Griffiths, meanwhile, said: “The outlook for the next 12 months is positive and filled with operational activity…Substantive progress has been achieved by our team against the background of volatility in the financial and public markets caused by global events. We see this as an opportunity and not an excuse.”
In European equities on Friday, the CAC 40 in Paris closed up 0.1%, while the Dax 40 in Frankfurt ended down 0.1%.
The pound was quoted lower at 1.3475 US dollars at the time of the London equities close on Friday, compared to 1.3556 on Thursday.
The euro stood at 1.1746 US dollars, lower against 1.1786.
Against the yen, the dollar was trading at 147.89 yen, slightly lower compared to 147.94.
Stocks in New York were higher.
The Dow Jones Industrial Average was up 13.47 points, the S&P 500 index up 0.1%, and the Nasdaq Composite up 0.2%.
The yield on the US 10-year Treasury was quoted at 4.14%, widening from 4.11%.
The yield on the US 30-year Treasury was quoted at 4.75%, widening from 4.73%.
Mr Trump and China’s leader Mr Xi spoke by phone on Friday.
Chinese state broadcaster CCTV and the Xinhua news agency said the call had started.
The pair could settle disputes over TikTok, after Mr Trump repeatedly put off a ban under a US law designed to force Beijing-based parent ByteDance to sell its US operations for national security reasons.
Mr Trump told reporters on Thursday that he hoped to “finalise something on TikTok”, whose US business would be “owned by all American investors, and very rich people and companies”, as he put it.
The world’s two biggest economies also seek to find a compromise on tariffs.
Both sides dramatically hiked levies against each other during a months-long dispute earlier this year, disrupting global supply chains.
Brent oil was quoted lower at 66.56 US dollars a barrel at the time of the London equities close on Friday, from 67.09 late on Thursday.
Gold was quoted at 3,670.59 US dollars an ounce, up against 3,654.51 US dollars.
“Gold prices were relatively steady and remained above the 3,640 US dollars level on Friday, leaving the metal on track for a flat or marginally positive weekly close after four weeks of strong gains,” Mr Walbaum commented.
“Profit-taking after hitting record highs on Wednesday and a rise in US Treasury yields weighed on sentiment, but safe-haven demand helped limit losses.”
He added that “global policy developments added to the backdrop, with both the Bank of England and Bank of Japan holding interest rates steady this week.
“However, geopolitical tensions in the Middle East and Eastern Europe continued to be a key support for bullion.”
The biggest risers on the FTSE 100 were Fresnillo, up 112.0p at 2,276.0p, Endeavour Mining, up 136.0p at 2,828.0p, Next, up 295.0p at 11,870.0p, Coca-Cola HBC, up 74.0p at 3,644.0p, and Glencore, up 5.60p at 312.9p.
The biggest fallers on the FTSE 100 were London Stock Exchange Group, down 498.0p at 8,138.0p, WPP, down 19.70p at 360.7p, JD Sports Fashion, down 3.2p at 88.7p, Airtel Africa, down 5.2p at 221.2p, and Lloyds, down 1.67p at 82.1p.
On Monday’s economic calendar, China has its interest rate decision.
On Monday’s UK corporate calendar, Wilmington reports full-year and BioPharma Credit reports half-year results.
Contributed by Alliance News.
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