Headlines

President Donald Trump’s new $100,000 fee for high-skill visa holders only applies to new applicants — not current visa holders who may be on travel outside of the U.S. — according to the White House, Politico reported. The president’s H-1B announcement on Friday immediately spurred chaos, with companies and immigration lawyers warning travelers to return to the U.S. before midnight on Sunday, when the new policy is scheduled to kick in.

Creditors to Altice International have chosen Houlihan Lokey as their financial adviser for upcoming debt negotiations with the company, according to Bloomberg. The formal appointment of Houlihan Lokey has not yet been completed. The creditor group, which is already working with law firm Gibson Dunn & Crutcher, has also extended their cooperation agreement through March. This agreement was originally established earlier this year and was scheduled to expire this month. Altice International is part of billionaire Patrick Drahi’s telecommunications empire, which has been facing challenges.

Businesses in Belize facing financial trouble will soon have more options to recover under the new Insolvency and Bankruptcy Act, 2025, according to Greater Belize Media. The law replaces the more than 120-year-old Bankruptcy Act and introduces modern rules for both individuals and companies.

U.K. retail sales rose last month, a boon to the economy which is suffering from high inflation and slowing activity, the Wall Street Journal reported. Retail volumes were 0.5% higher on month in August, the same increase as July, the Office for National Statistics said Friday. Clothing stores, butchers and bakers, and non-store retailing improved in August, which some retailers attributed to the good weather, the ONS said. However, on a three-month basis, sales fell 0.1%. The Bank of England held rates at this week’s meeting, after inflation stayed well above target in August.

Retail sales fell 0.8 per cent to $69.6 billion in July as shoppers spent less at supermarkets and grocery stores, Statistics Canada said on Friday, The Canadian Press reported. However, the agency said its advance estimate for August pointed to an increase of one per cent, though it cautioned the figure would be revised. Statistics Canada said that retail sales in July were down in eight of the nine subsectors it tracks with motor vehicle and parts dealers as the only group to increase with a gain of 0.2 per cent.

The Bank of Japan said that it would start to offload its huge portfolio of exchange-traded funds, a sign of growing confidence in the economy despite challenges including President Trump’s tariffs, the Wall Street Journal reported. The multiyear program of purchases “was a necessary component of the large-scale monetary easing policy implemented to achieve the 2% inflation target,” Gov. Kazuo Ueda said at a news conference Friday. But now, with the economy improving and markets working smoothly, “there was no longer a need to continue the measure,” he said.

The Australian Securities and Investments Commission (ASIC) has made an interim stop order against the RELI Capital Mortgage Fund, a registered managed investment scheme operated by RELI Capital, CapitalBrief.com reported. ASIC said the order was to "protect consumers and retail investors from acquiring a product that may not be suitable for their financial objectives, situation or needs." As of 31 December 2024, the fund held $50.9 million in net assets under management.

Rachel Reeves has been handed a £3bn blow to VAT receipts as the fiscal watchdog warned that cash-strapped consumers could be switching to cheaper food options amid soaring inflation, The Telegraph reported. The Chancellor was forced to borrow £11.4bn more than the Office for Budget Responsibility (OBR) had forecast between April and August, official figures showed. The OBR said this could be blamed on local councils borrowing £2.8bn more than expected during the period, as well as lower-than-expected receipts for the Treasury.

The European Union proposed sanctions against Chinese and other foreign companies buying Russian oil, as part of a package of measures intended to show President Trump the bloc is ramping up economic pressure on Russia and its backers, the Wall Street Journal reported. The EU also would impose new banking sanctions, blacklist additional companies aiding Russia’s military and speed up its plan to phase out purchases of Russian liquefied natural gas. The measures will need the backing of all 27 member states, which isn’t guaranteed.