Tag: finance

  • Singapore’s GIC to invest USD 150 million in India-based Asia Healthcare Holdings

    GIC, Singapore’s sovereign wealth fund, announced on December 18 that it will invest an additional USD 150 million in India-based Asia Healthcare Holdings (AHH), a private equity firm backed by GIC and TPG.

    Logos of GIC (left) and AHH. Photo courtesy: Official websites
    Logos of GIC (left) and AHH. Photo courtesy: Official websites

    This follows GIC’s first investment of USD 170 million in AHH in February 2022.

    “We are pleased to continue supporting AHH’s growth with our long-term capital, global network, and resources,” said Choo Yong Cheen, Chief Investment Officer of Private Equity, GIC.

    Choo Yong Cheen, Chief Investment Officer of Private Equity, GIC. Photo courtesy: www.gic.com.sg
    Choo Yong Cheen, Chief Investment Officer of Private Equity, GIC. Photo courtesy: www.gic.com.sg

    “As a long-term investor, we are confident in India’s single specialty healthcare sector, which has strong tailwinds for growth driven by increasing per capita income, urbanization, high awareness of specialty care, and improved supply of high-quality clinics. AHH’s potential to expand into newer sub-segments positions it well for continued success,” he added.

    AHH was acknowledged as “one of South Asia’s largest healthcare delivery platforms” with a “unique approach to investing in and growing different single specialty healthcare companies under one enterprise” in a news release published by GIC on Wednesday.

    To date, AHH has invested approximately USD 300 million across hospital chains in Oncology, Mother & Childcare, Urology & Nephrology, and IVF & Fertility under daycare specialty.

    AHH’s platform today includes Motherhood Hospitals, Nova IVF, and Asian Institute of Nephrology & Urology (AINU) hospitals.

    Motherhood is a pan-India chain of mother and childcare hospitals offering comprehensive services from pre-conception to post-birthing care for women and a wide range of services under pediatric care, including the largest network of Neonatal Intensive Care Units (NICU).

    Nova is a leading fertility solutions provider offering best-in-class IVF services across South Asia.

    AINU is India’s only Urology & Nephrology specialty hospital network recognized for its advanced urological care, including robotic surgery and high-end nephrology procedures. Under AHH, these entities have established market leadership in their respective verticals and regions.

    Vishal Bali, Executive Chairman, AHH. Photo courtesy: www.ahholdings.com
    Vishal Bali, Executive Chairman, AHH. Photo courtesy: www.ahholdings.com

    “We started AHH as a healthcare delivery platform that would invest, transform and grow single specialty enterprises under one holding company,” said Vishal Bali, Executive Chairman, AHH. “Over the years, our differentiated investment approach has since delivered strong growth opportunities to bridge the demand- supply gap of healthcare services in India. Together with our seasoned leadership team, targeted investments in cutting-edge medical technology and steadfast focus on providing quality care to patients, we have successfully transformed our single specialty healthcare enterprises into market leaders within a short period of time.”

    “Looking ahead, we continue to see huge growth opportunities in single specialty healthcare delivery enterprises. AHH’s distinct operating model, and the synergies we can leverage from the scale of the platform will enable us to replicate our success across new specialties we bring under our fold. GIC and TPG Growth’s long-term commitment to AHH is the catalyst to accelerate our growth,” Bali added.

    Ankur Thadani, Partner at TPG, said, “Since TPG Growth first incubated AHH in 2016, we have stayed focused on our mission to take a differentiated approach to healthcare investing, which is to build and grow businesses that are adding value to the healthcare system that enable better outcomes for patients. We are proud to have supported AHH’s rise to market leadership, and in continuing our partnership with GIC, aim to support AHH as they further innovate and scale their platform across India.”

    “Our additional investment reflects our confidence in AHH’s management team and the strength of its differentiated brands and diversified businesses. We look forward to deepening our partnership with Vishal and the AHH team in their mission to make quality healthcare more accessible and affordable in the market,” said Pankaj Sood, Head of Direct Investments, India and Africa, Private Equity, GIC.

  • Rupee’s 12 paise tumble takes it to all-time low of 85.06 against USD in early trade

    The rupee (INR) dropped 12 paise to an all-time low of 85.06 against the US dollar in early trade on Thursday, December 19, as a hawkish tilt from the US Federal Reserve sparked a broad dollar rally.

    Representational image of Indian rupee. Photo courtesy: Free Press Journal
    Representational image of Indian rupee. Photo courtesy: Free Press Journal

    Forex traders said the US Federal Reserve has adjusted its projections for 2025, signalling a more cautious monetary policy stance, pressuring emerging market currencies, including the Indian rupee.

    At the interbank foreign exchange, the rupee opened on a weak note and breached the crucial 85.00 level against the greenback.

    It fell further to an all-time low of 85.06 against the American currency, registering a fall of 12 paise over its previous close, as dollar demand from importers, foreign fund outflows and a muted trend in domestic equities further dented investor sentiments.

    On Wednesday, the rupee dropped 3 paise to close at an all-time low of 84.94 against the USD.

    The rupee was under severe pressure as the US dollar charged ahead on hawkish FED outlook and flirted with a two-year peak at 108.04, while US 10-year bond yield rose to 4.51 per cent, said Anil Kumar Bhansali, Head of Treasury and Executive Director Finrex Treasury Advisors LLP.

    The US FED cut rates by 25 basis points but was very hawkish in its approach as it said that it might take another year or two to get to 2 per cent on inflation. It expects cuts of 50 bps in 2025 and another 50 bps in 2026.

    “A broad sell-off in equities, commodities, and bonds has kept the dollar well bid. We expect a slow and steady depreciation as the Reserve Bank of India (RBI) may protect key levels though may not change the direction,” Bhansali added.

    Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading higher by 0.01 per cent at 108.03.

    Brent crude, the global oil benchmark, fell 0.42 per cent to USD 73.08 per barrel in futures trade, on a surging dollar and a hawkish FED after it signalled slower easing.

    In the domestic equity market, the 30-share BSE Sensex was trading 910.95 points or 1.144 percent down at 79,271.25 points in morning trade, while Nifty was down 281.15 points or 1.16 percent to 23,917.70 points.

    Foreign Institutional Investors (FIIs) offloaded INR 1,316.81 crore in the capital markets on net basis on Wednesday, December 18, according to exchange data.

  • India’s Punjab voted 7th best food region in the world, other states make it to top 100

    The Indian state of Punjab featured in the top 10 of the best food regions by Taste Atlas, a popular food and travel guide.

    Flatbreads like roti, kulcha, naan are a staple in Punjab. Representational image. Photo courtesy: www.freepik.com
    Flatbreads like roti, kulcha, naan are a staple in Punjab. Representational image. Photo courtesy: www.freepik.com

    As per the ‘100 Best Food Regions in the World’ list featured in the Taste Atlas Awards 2024-25, the northern Indian state ranked 7th.

    Punjab, however, isn’t the only state or region from the world’s most populous country on the list.

    Maharashtra, West Bengal and the entire Southern India also made it to the top 100.

    Who are the top 10?

    Campania in Italy bagged the top spot with a rating of 4.44 out of 5.

    Pizza, an Italian dish, emerged as one of the most popular dishes in the world. Representational image. Photo courtesy: Unsplash
    Pizza, an Italian dish, emerged as one of the most popular dishes in the world. Representational image. Photo courtesy: Unsplash

    It was followed by Peloponnese (Greece), Emilia-Romagna (Italy), Sichuan (China) and Cyclades (Greece) in the top 5, respectively.

    Crete, the largest and most populous of the Greek islands, was ranked 6th. Punjab, Tuscany (Italy), Alentejo (Portugal), Macedonia (Greece) rounded off the top 10 list.

    Ratings and popular choices

    Punjab was rated 4.36. Popular dishes from the region included Amritsari kulcha, Tikka, Shahi paneer, Tandoori murgh, Saag paneer among others.

    Maharashtra was placed 41st on the list with a rating of 4.20. Dishes like Misal pav, Aamras, Misal, Shrikhand, and Pav bhaji emerged as fan favourites.

    Pav bhaji. Photo courtesy: Unsplash
    Pav bhaji. Photo courtesy: Unsplash

    West Bengal’s food received a rating of 4.15, placing it on the 54th spot. Chingri Malai Curry, Shorshe ilish, Gobi manchurian, Ras malai, and Kathi Roll were among the top picks.

    Chingri (prawn) Malai Curry. Photo courtesy: www.freepik.com
    Chingri (prawn) Malai Curry. Photo courtesy: www.freepik.com

    At the 59th spot was Southern India, with a rating of 4.14. Hyderabadi biryani, Chicken 65, Masala dosa, Madras Curry, and Dosa were some of the favourites.

    Dosa is a staple food in Southern India. Photo courtesy: www.freepik.com
    Dosa is a staple food and a popular breakfast option in Southern India. Photo courtesy: www.freepik.com

  • France: Ex-husband sentenced to 20 years in prison for orchestrating wife’s decade-long mass rape 

    A French court on Thursday sentenced a man to 20 years in prison for drugging and raping his wife, now 72,  for nearly a decade by enlisting at least 51 men through a notorious website. 

    The mass rape trial has turned 72-year-old Gisele Pelicot into a feminist icon. (Image credit: Video grab)

    The judges in France’s Avignon gave the verdict in the shocking case where Dominique Pelicot  would drug  his wife and then invite men to  rape her unconscious body. He used to enlist them through an infamous website, over a period of nine years, according to media reports.

    While delivering the verdict, the presiding judge of the Avignon criminal court, Roger Arata, stated that Dominique Pelicot would only become eligible for parole after serving two-thirds of his sentence.

    All 50 other defendants, aged between 27 and 74, were convicted in the French mass rape trial, with no acquittals. According to a report by AFP, they received sentences ranging from 3 to 20 years.

    From 2011 to 2020, Dominique Pelicot, 72, drugged his wife with tranquilizers and sleeping pills without her knowledge. He conducted the act in a careful manner, by crushing the pills into powder and adding them to her food and drink.

    The mass rape trial has turned 72-year-old Gisele Pelicot into a feminist icon as she decided to waive her anonymity, standing up to her aggressors in court. In her words, making “shame swap sides” from the victim to the rapist, according to a BBC report.

    Verdict on the defendants

    The court found 47 of the men guilty of rape, two guilty of attempted rape, and two guilty of sexual assault.

    Dominique Pelicot, a pensioner who had been married for more than 50 years, allegedly mixed the anti-anxiety drug Lorazepam into his wife’s evening meal, La Monde reported as quoted by The Independent.

    Pelicot also recorded the acts on video, which were later presented in court.

    The case is considered unusual not only because of the involvement of a husband who enlisted strangers to rape his own wife for nearly a decade, but also due to the participation of men from various professions, including firefighters, security guards, and lorry drivers. 
    They have earned the nickname Monsieur-Tout-Le-Monde (Mr. Everyman). Many of them are fathers, and some are even grandfathers.

    The role of the website and the abuses

    The men, who faced trial alongside Dominique Pelicot, include 50 other men aged 27 to 74. One of them, who did not abuse her, raped his own wife with Dominique Pelicot’s help.

    In the trial that started in September, Gisele once told the court, “I thought we were a close couple.”

    She hadn’t been aware that her husband was going on a notorious but now banned website called Coco.fr to invite local men to their home to have sex with her while she was comatose.

    The couple are now divorced and have three children, who did not appear in court during their father’s trial.

    Prosecutors’ demands and defence arguments

    Prosecutors had sought prison sentences ranging from four to 18 years for nearly all the other defendants, who stand accused of raping a comatose Gisele Pelicot.

    Dominique Pelicot admitted to the charges during the trial and expressed remorse to his family. However, the majority of the 50 accused—strangers Pelicot had encountered online—denied the rape charges. They claimed they believed they were participating in a consensual sexual game arranged by the couple, arguing that the husband’s consent negated any suggestion of rape.

    How accused relied on ‘consent’ to escape conviction

    The defence has centred on the legal definition of rape, which in France currently requires proof of sexual penetration “by violence, coercion, threat, or surprise.” As a result, prosecutors must establish intent to commit rape.

    Public prosecutor Laure Chabaud argued in court that the outdated notion of “since she didn’t say anything, she gave her consent” no longer holds.

    In solidarity with Gisèle Pelicot, thousands have taken part in protests across France, while women have gathered outside the courthouse daily, chanting a powerful phrase highlighted by her lawyers: “Shame is changing sides.”

    Advocates have used this case to call for the inclusion of explicit consent in France’s rape laws, aligning them with those of other European nations.

    Gisèle Pelicot’s courageous stand

    Gisèle Pelicot has been present almost every day of the trial, arriving at court in her sunglasses just before nine o’clock. Her choice to forgo anonymity is exceptionally rare, yet she has remained resolute throughout. “I want all women who have been raped to say: Madame Pelicot did it, I can too.”

    Despite projecting strength, she has openly acknowledged that “behind her facade of strength lies a field of ruins.” While her actions have earned widespread praise, she views herself as a reluctant hero.

    “She keeps repeating, ‘I am normal,’ she does not want to be considered as an icon,” her lawyer, Stéphane Babonneau, told the BBC’s Emma Barnett.

    Her message, as conveyed through her lawyer, is that “women generally have a strength in them that they can’t even imagine and that they have to trust themselves.”

    Pelicot’s history of offenses

    Pelicot enlisted the men on “a son insu” – a French internet forum where members discuss performing sexual acts on women without their consent and often when they are drugged.

    However, his crime did not come to light until a security guard reported him to police for taking photographs under women’s skirts in a supermarket.

    According to a BBC report, Dominique Pelicot was also found guilty of attempting to commit aggravated rape against the wife of one of his co-defendants, Jean-Pierre Marechal.

    Dominique was also convicted of taking indecent images of his daughter, Caroline, and his daughters-in-law, Aurore and Celine.

    Prosecutors had sought prison terms ranging from four to 20 years, the latter being the maximum penalty for aggravated rape charges.

  • Shahid Kapoor, Kriti Sanon to pair up again for Homi Adajania’s Cocktail 2

    Bollywood stars Shahid Kapoor and Kriti Sanon will be seen together in Homi Adajania’s Cocktail 2, after delivering a hit with ‘Teri Baaton Mein Aisa Uljha Jiya’, where they made their debut as a pair.

    Actors Shahid Kapoor and Kriti Sanon. Photo courtesy: X/@jiostudios
    Actors Shahid Kapoor and Kriti Sanon. Photo courtesy: X/@jiostudios

    As per a report by PinkVilla, the two will feature in the sequel to Cocktail, a 2012 hit Hindi film which starred Saif Ali Khan, Deepika Padukone and Diana Penty in the lead.  

    A source told the media outlet, “After the success of Teri Baaton Mein Aisa Uljha Jiya, Shahid Kapoor and Kriti Sanon are reuniting on Cocktail 2. The duo loved the script and are excited to venture into the world of this romantic comedy. 

    “Producer Dinesh Vijan is also a big fan of the genre, and feels the script of Cocktail 2 is the right one to bring the romantic comedies back in fashion,” the source added.

    Filmmaker Luv Ranjan wrote the script and he will be involved in the creative process throughout the film. 

    The film will be produced by Dinesh Vijan, who was also the producer of the 2012 romantic-comedy.

    “It’s a script that’s loaded with humour and light-hearted moments with the emotion of friendship at the core of it. Luv is a master of this genre, and the association of Luv and Dinoo is something to lookout for,” the source added.

    The film will go on floors in May 2025.

  • Boat tragedy off Mumbai coast claims 13 lives; Maharashtra Minister promises action 

     At least 13 people, including a naval officer, died when a speeding Indian Navy boat, which was undergoing engine trials, lost control and collided with a passenger ferry off the Mumbai coast on Wednesday, the Indian Navy said.

    Indian Navy boat collides with ferry boat near Mumbai. Photo courtesy: Videograb from X

    In the statement, the Navy said 13 people, including a naval officer and two people from the original equipment manufacturer, were killed in the accident.

    The ferry was carrying passengers from Gateway of India to Elephanta Island, a popular tourist destination because of the rock cut cave temples famously known as the Elephanta Caves.

    A video of the accident was captured on camera which shows the navy craft, carrying five people, speeding towards the ferry boat after losing control.

    Ten ferry passengers were killed, while the remaining 102, including the two survivors from the navy craft, were rescued.

    A day after the tragedy, Maharashtra Minister Uday Samant said action will be taken after a probe into the incident.

    “Inquiry will be done in the whole matter and action will be taken accordingly. If there is some technical error then it is okay but if someone was driving a speedboat just for enjoyment then action should be taken against them,” Uday Samant told ANI.

    Detailing the incident, the Indian Navy in a statement said: “At about 1600 hours (4 pm), a navy craft undergoing engine trials lost control and collided with a passenger ferry, Neel Kamal, off Karanja, Mumbai. The ferry was carrying passengers from Gateway of India to Elephanta Island.”

    The Navy in coordination with the Coast Guard and Marine Police launched an immediate search and rescue operation.

     “Four naval helicopters, 11 naval craft, one Coast Guard boat and three Marine Police boats are undertaking rescue efforts. The survivors picked up by Navy and civil craft in the area have been transferred to jetties and hospitals in the vicinity. So far 99 survivors have been rescued,” it said.

    The video of the speedboat colliding with the ferry surfaced over two hours after the accident happened.

    Earlier, it was reported the ferry started sinking. However, the cause was not known.

    The boat had sailed from the Gateway of India to Elephanta Island, off the Mumbai coast.

    Prime Minister Narendra Modi condoled the deaths and announced some immediate compensation.

    In a post on X, the Prime Minister’s office said: “The boat mishap in Mumbai is saddening. Condolences to the bereaved families. I pray that the injured recover soon. Those affected are being assisted by the authorities: PM @narendramodi.”

    “The Prime Minister has announced an ex-gratia of Rs. 2 lakh from PMNRF for the next of kin of each deceased in the boat mishap in Mumbai. The injured would be given Rs. 50,000.”

    Defence Minister Rajnath Singh said he was “deeply saddened by the loss of precious lives in the collision between passenger ferry and the Indian Navy craft in Mumbai harbour…”

    Maharashtra Chief Minister Devendra Fadnavis has announced an ex-gratia of Rs. 5 lakh from the CM’s Relief Fund to the families of those who died in the accident.

    More visuals show people wearing life jackets being rescued and shifted to another boat, while the vessel began tilting towards the water surface.

    The Indian Navy and the Coast Guard carried out the rescue operation, with 11 navy boats, three boats of the Marine Police, and a boat of the Coast Guard deployed in the area, a defence official said.

  • India and US strengthen space partnership, focus on human spaceflight and joint exploration

    Officials from India and the United States have charted next steps in space collaboration, including human spaceflight, joint space exploration and a commitment to facilitating commercial partnerships between space companies to advance the shared interests in the growing space economy, the White House said on Wednesday, December 18.

    Officials from India and US discussed the scope of collaboration during a meeting recently. Photo courtesy: x.com/AmbVMKwatra
    Officials from India and US discussed the scope of collaboration during a meeting recently. Photo courtesy: x.com/AmbVMKwatra

    A meeting in this regard was held in Houston on December 17. The participants in the meeting were US Principal Deputy National Security Advisor Jon Finer, Deputy Secretary of State Kurt Campbell and Indian Ambassador to the United States Vinay Kwatra.

    “Following President (Joe) Biden and Prime Minister (Narendra) Modi’s June 2023 commitment to work together to ‘reach new frontiers across all sectors of space cooperation’ and India’s signing of the Artemis Accords, our two nations reached an inflection point on collaboration across civil, security and commercial space sectors,” the White House said in a fact-sheet.

    “This includes human spaceflight, joint space exploration and a commitment to facilitating commercial partnerships between US and Indian space companies to advance our shared interests in the growing space economy,” it said.

    As part of their visit to Houston, Finer and Campbell met with representatives from the National Aeronautics and Space Administration (NASA), Indian Space Research Organisation (ISRO) and space industry leaders to identify new opportunities to further strengthen the two countries’ burgeoning space partnership.

    They also reflected on the accomplishments of the past few months and charted next steps to take the India-US partnership to the next level, including selecting two ISRO astronauts to train at the NASA’s Johnson Space Centre for the first-ever joint effort between American and Indian astronauts at the International Space Station, with Axiom Space serving as the provider of the mission. The launch of the Axiom-4 mission as soon as spring 2025 will mark a significant milestone in the US-India space partnership and space exploration.

    They agreed to exploring the creation of a new space innovation bridge to promote partnerships between US and Indian startups focused on advancing space situational awareness, satellite technology and space launch and exploration.

    The two sides agreed to promote defence space cooperation through the US-India Advanced Domains Defence Dialogue, India’s participation in US Space Command’s annual Global Sentinel exercise and a recently-launched space situational awareness joint challenge under the India-US Defence Acceleration Ecosystem (INDUS-X).

    The officials agreed to advance reviews of missile technology exports to generate new opportunities for bilateral industry partnerships on space-launch technology, including for commercial satellite launches. They also celebrated the completion of a Strategic Framework for Human Spaceflight Cooperation to deepen interoperability in space and working toward the conclusion of a new arrangement on advanced astronaut training.

    The officials also met with two ISRO astronauts who are training at the NASA’s Johnson Space Centre in preparation to join a proposed mission — the International Space Station — in 2025.

    They also discussed plans to launch a jointly developed NASA-ISRO Synthetic Aperture Radar Earth Science (NISAR) satellite in 2025. The officials met with representatives from the space industry private sector to explore innovative ways for the US and Indian commercial space sectors to strengthen collaboration, a key priority under the initiative on Critical and Emerging Technologies (iCET), the State Department said in a separate media release.

  • Global demand for coal to breach records in 2024, shows latest IEA report

    Data shows global coal demand has touched record high figures in 2024.
    Global coal demand touch record high in 2024. Photo Courtesy: Unsplash

    Global demand for coal use is set to touch record-high figures in 2024, as per data released by the International Energy Agency on Wednesday.

    After reaching a new high in 2024, global demand for coal is set to level off in the coming years as a surge in renewable power helps to meet soaring demand for electricity around the world, according to an IEA report out today.

    Coal 2024 – the new edition of the IEA’s annual coal market report, which analyses the latest trends and updates medium-term forecasts – shows that global coal use has rebounded strongly after plummeting at the height of the pandemic. 

    According to reports, 8.77 billion tonnes of coal was forecasted to be in use in 2024, which is a record. 

    The demand, as per the report, is set to stay close to this level through 2027 as renewable energy sources play a greater role in generating power and coal consumption levels off in China.

    China’s global coal market

    The electricity sector in China is particularly important to global coal markets, with one out of every three tonnes of coal consumed worldwide burned at a power plant in the country. 

    In 2024, China continued to diversify its power sector, advance the construction of nuclear plants and accelerate its huge expansion of solar PV and wind capacity. 

    This should help limit increases in coal consumption through 2027, according to the report, though it also highlights a number of key uncertainties in its analysis.

    Electricity use in a number of countries, including China, is growing at a strong pace due to a combination of factors, including the electrification of services like transport and heating, rising demand for cooling, and increasing consumption from emerging sectors such as data centres. 

    Additionally, weather patterns could drive fluctuations in coal consumption in the short term.

    According to the report, coal demand in China, by 2027, could be up to 140 million tonnes higher or lower than forecast due to weather-related variability in renewable generation.

    “The rapid deployment of clean energy technologies is reshaping the global electricity sector, which accounts for two-thirds of the world’s coal use. As a result, our models show global demand for coal plateauing through 2027 even as electricity consumption rises sharply,” said IEA Director of Energy Markets and Security Keisuke Sadamori. “However, weather factors – particularly in China, the world’s largest coal consumer – will have a major impact on short-term trends for coal demand. The speed at which electricity demand grows will also be very important over the medium term.”

    In most advanced economies, coal demand has already peaked and is expected to keep decreasing through 2027. The pace of decline will continue to depend on the enactment of strong policies, such as those implemented in the European Union, and the availability of alternative power sources, including cheap natural gas in the United States and Canada.

    Emerging economies

    Meanwhile, demand for coal is still increasing in some emerging economies where electricity demand is rising sharply along with economic and population growth, such as India, Indonesia and Viet Nam. 

    In emerging economies, growth is mainly driven by coal demand from the power sector, although industrial use is also going up.

    Coal prices today remain 50 percent higher than the average seen between 2017 and 2019. Coal production reached an all-time high in 2024, though growth is expected to flatten through 2027 as structural changes take hold.

    International trade of coal by volume is also set to reach a record in 2024 of 1.55 billion tonnes. However, looking ahead, global trade volumes are set to shrink, with thermal coal seeing the biggest decline. 

    According to the report, Asia remains the centre of international coal trade, with all of the largest importing countries in the region, including China, India, Japan, Korea and Viet Nam, while the largest exporters include Indonesia and Australia.

  • US government relaxes H-1B visa rules, Indians likely to benefit from it

    US government relaxes H-1B visa rules
    Joe Biden-led outgoing US government relaxes H-1B visa rules. Photo Courtesy: Pixabay

    The Department of Homeland Security (DHS) announced a final rule that will significantly enhance US companies’ ability to fill job vacancies in critical fields, a measure that is believed to be helpful for thousands of Indians.

    The new rule

    The new rule modernises the H-1B program by streamlining the approvals process, increasing its flexibility to better allow employers to retain talented workers, and improving the integrity and oversight of the program, as per a statement released by the US Department of Homeland Security (DHS).

    The rule builds on previous efforts by the Administration to ensure the labour needs of American businesses are met while reducing undue burdens on employers and adhering to all US worker protections under the law.

    “American businesses rely on the H-1B visa program for the recruitment of highly-skilled talent, benefitting communities across the country,” said Secretary of Homeland Security Alejandro N. Mayorkas.

    “These improvements to the program provide employers with greater flexibility to hire global talent, boost our economic competitiveness, and allow highly skilled workers to continue to advance American innovation,” said Mayorkas.

    USCIS Director Ur M. Jaddou said: “The H-1B program was created by Congress in 1990, and there’s no question it needed to be modernized to support our nation’s growing economy.”

    “The changes made in today’s final rule will ensure that US employers can hire the highly skilled workers they need to grow and innovate while enhancing the integrity of the program,” Jaddou said.

    Why H-1B nonimmigrant visa is important?

    H-1B nonimmigrant visa program allows US employers to temporarily employ foreign workers in speciality occupations, defined by statute as occupations that require highly specialised knowledge and a bachelor’s or higher degree in the specific specialty, or its equivalent.

    What is the aim of the new rule?  

    The final rule aims to provide greater flexibility for employers and workers by modernising the definition and criteria for speciality occupation positions as well as for nonprofit and governmental research organisations that are exempt from the annual statutory limit on H-1B visas.

    These changes will help US employers hire the employees they need to meet their business needs and remain competitive in the global marketplace.

    F-1 visa  

    The rule also extends certain flexibilities for students on an F-1 visa seeking to change their status to H-1B to avoid disruptions in lawful status and employment authorisation for those F-1 students.

    To improve program efficiency, the final rule will allow USCIS to more quickly process applications for most individuals who had previously been approved for an H1B visa.

    It will also allow H1B beneficiaries with a controlling interest in the petitioning organisation to be eligible for H-1B status subject to reasonable conditions.

    “Finally, the rule strengthens program integrity by codifying USCIS’ authority to conduct inspections and impose penalties for failure to comply; requiring that the employer must establish that it has a bona fide position in a speciality occupation available for the worker as of the requested start date; clarifies that the Labor Condition Application must support and properly correspond with the H-1B petition; and requires that the petitioner have a legal presence and be subject to legal processes in court in the United States,” the statement said.

    In order to implement this rule, a new edition of Form I-129, Petition for a Nonimmigrant Worker, will be required for all petitions beginning January 17, 2025, which is the rule’s effective date.

  • Russia detains Uzbek national over killing of senior general Igor Kirillov

    Uzbek man detained over killing of senior Russian general Igor Kirillov in Moscow
    Uzbek man detained over killing of senior Russian general Igor Kirillov.Photo Courtesy: Wikimedia Commons

    Russian authorities have detained a 29-year-old man over the killing of senior general Igor Kirillov and his assistant in Moscow, media reports said.

    Kirillov and his assistant died after an explosive device, which was planted in an electronic scooter that was parked outside his apartment, went off.

    Kirillov was reportedly present outside the apartment when the blast occurred.

    As per a Sputnik news agency report, the detained person was recruited by the Ukrainian special services.

    “As a result of operational and investigative activities conducted jointly with the Russian Ministry of Internal Affairs and the Russian Investigative Committee, the Russian Federal Security Service has identified and detained a citizen of Uzbekistan, born in 1995, who detonated a homemade explosive device near a residential building on Ryazanskiy Prospekt in Moscow, which resulted in the death of … Lieutenant General Igor Kirillov, born in 1970, and his assistant, Major I.V. Polikarpov, born in 1983,” the  Russia’s Federal Security Service said in a statement as quoted by Sputnik.

    Ukraine’s security service had already claimed it was behind the killing, a source told the BBC

    Kirillov is one of the senior-most Russian military officials who was assassinated in Moscow since the conflict with Ukraine began in 2022.

    A source in Ukraine’s SBU security service told BBC that Kirillov was “a legitimate target” and alleged he had carried out war crimes.

    Fighting has been going on since Russia launched a full-scale invasion in 2022.