September 22, 2025 • 21 mins
Your morning briefing, the business news you need in just 15 minutes.
On today's podcast:
(1) Donald Trump’s order on H-1B visas which requires a $100,000 fee for applications — will hurt margins of Indian outsourcers who use the program to deploy engineers to client sites. That’s a blow to India’s $280 billion IT services sector, which is already grappling with sluggish growth as customers cut back on technology spending due to geopolitical tensions and Trump’s tariffs.
(2) Canada, the UK and Australia have formally recognized a Palestinian state, joining a growing global consensus and pushing ahead with a policy that has drawn criticism from US President Donald Trump.
(3) Estonia is set to ask NATO allies for extra air-defense assistance over the Baltic Sea as the alliance’s eastern members try to respond to the third violation of NATO airspace this month by Russia.
(4) President Donald Trump and top Republicans mourned Charlie Kirk on Sunday and galvanized young conservatives at the memorial service ahead of next year’s crucial midterm elections.
(5) The UK approved a second runway at London Gatwick Airport, the latest infrastructure project pushed by Keir Starmer’s government as he tries to boost economic growth.
(6) Hong Kong International Airport is weighing grounding all passenger flights for 36 hours, the longest in recent history, as the Asian financial hub braces for one of its strongest super typhoons in years, according to people familiar with the matter.
Podcast Conversation: Millennials Are Stuck in an Old, Lazy Story
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Speaker 1 (00:02):
Bloomberg Audio Studios, podcasts, radio news.
Speaker 2 (00:10):
This is the Bloomberg DAYBAQT podcast.
Speaker 1 (00:12):
Give Morning.
Speaker 3 (00:12):
It's Monday, the twenty second of September. I'm Caroline Hepget
in London. Coming up today, the US plans to impose
a one hundred thousand dollar fee on H one B
high skilled visa applications, causing chaos for firms who rely
on global tech talent. The UK, Canada, and Australia break
with America to formally recognize a Palestinian state, plus putin
(00:37):
secret plan. Bloomberg obtains a cachet of documents that exclusively
reveal Russia's plans to disrupt the upcoming elections in Moldova.
Let's start with a roundup of our top stories. New
rules are now in effect for those seeking high skilled
US visas. On Friday, the Job Administration impose a new
(00:58):
one hundred thousand dollars applicationation fee for the widely used
H one B program. The new rules are expected to
have a significant impact on Indian nationals, who account for
more than seventy percent of all H one B visas.
As Bloomberg's newly Pernell reports, the policy will force large
outsourcing companies in the country to rethink their business strategies.
Speaker 4 (01:22):
There are so many of these workers already in the US,
and also so many companies, not just big US tech companies,
but look number two on the list. We saw TCS,
type of consultancy services, India's biggest outsourcing firm by revenue.
Every year, they want to send lots of people to
the US to service clients there. They want to work
on site, they need to interface with clients, and so
(01:45):
the business models of many of these big Indian IT
services firms really depend on these visas.
Speaker 3 (01:50):
Bloomberg's newly Pernell reporting there as. The visa announcement sparked
chaos in the US tech sector and beyond, as companies
rush to warn employees with the visa against foreign travel.
On Saturday, a White House official clarified that the fee
would only apply to new visa applications, but the uncertainty
(02:11):
surrounding the change is prompting firms and immigration lawyers to
urge current visa holders to be cautious. As the likes
of Alphabet, Meta, Apple and others assess the impact on
their global recruitment plans. Britain, Canada and Australia now view
Palestine as a sovereign state, in a sign of the
(02:31):
growing international condemnation of Israel. The three countries announced the
shift yesterday, saying that it was part of a coordinated
push for a two state solution. UK pro Minister Kirstamer
insists her Mass must have no role in governing, but
hopes for lasting peace.
Speaker 5 (02:48):
Her Mass is a brutal terror organization. Our call for
a genuine two state solution is the exact opposite of
their hateful vision.
Speaker 3 (03:02):
Kits Sarma ads he has a growing horror of the
humanitarian situation in Gaza, where Israel is waging war against Hamas.
Israel's Prime Minister Benjamin Netanyahu has reacted with fury to
the plans, saying that he will retaliate against countries that
recognize Palestine, calling it a terror state. France, Belgium, and
Saudi Arabia are also expected to back Palestinian statehood at
(03:26):
an upcoming UN meeting. Well. The UN Security Council meets
today at Estonia's request after Russian fighter jets entered its
airspace on Friday.
Speaker 2 (03:37):
The breach marked the third.
Speaker 3 (03:38):
Airspace violation of a NATO member just this month, following
Drone incidents in Poland and Romania. Estonian Foreign Minister Margus
Zakna said the incursion broke the UN Charter and the
Baltic country's territorial integrity.
Speaker 6 (03:55):
This was a very serious violation of the later Airspace
Reto twelve minutes of violation. Last time we saw it
just before Estonia joined NATO, it was two thousand and three.
But now this is the global situation is totally different.
The regional situation is different.
Speaker 7 (04:15):
Just a couple of.
Speaker 6 (04:16):
Days before we saw a full scale attack against Poland
with the nineteen rolls. And if you've put it all
in the batroom, so Rasia is turning on the heat.
Rassia is testing more NATO.
Speaker 3 (04:29):
So that was the Estonian foreign minister Margat Sakna. Tlin
is set to ask NATO allies for extra air defense
assistance over the Baltic Sea. Moscow has denied Friday's incursion,
saying that its jets were flying a planned route from Karelia,
which borders Finland, to the Kaliningrad exclave. Now Separately, the
(04:50):
German Air Force said that NATO scrambled to Eurofighter jets
on Sunday in response to a Russian plane flying over
international waters without a f light plan or radio contact.
President Donald Trump and top Republicans mourned Charlie Kirk on Sunday,
the conservative activists assassinated at a university debate. The President
(05:14):
told a crowd of more than one hundred thousand people
that Kirk was a martyr and a hero. The leading
lights of the Mega movement came to the memorial in Phoenix,
with billionaire Elon Musk sitting next to the president. The
service mixed prayers, Christian singers, as well as politics to
galvanize young conservatives, and a voter registration drive moved through
(05:35):
the rows of people. Deputy Chief of Staff Stephen Miller
says that millions will carry on Kirk's legacy.
Speaker 7 (05:43):
They cannot imagine what they have awakened.
Speaker 8 (05:47):
They cannot conceive of the army that they have arisen
in all of US.
Speaker 3 (05:54):
Miller and other Republican leaders have said, without evidence that
the shooting was caused by left wing rhetorics. The administration
says that it plans to respond by targeting groups and
public figures who disseminate content that they disagree with.
Speaker 8 (06:10):
Now.
Speaker 3 (06:10):
President Trump has also suggested that the Murdoch family are
involved in the US takeover of TikTok. A deal between
the US and China regarding the video sharing app was
finalized on Friday. An agreement will be signed in the
coming days, according to the White House. Speaking during an
interview with Fox News, Donald Trump alluded to Murdoch involvement.
Speaker 7 (06:31):
Kay, to tell you this, but a main name, Lachlan
is involved. You know, Lachlan is. That's a very unusual name.
Lachlan Murdoch, mister murder, I believe, and you should you
call him. And Rupert is.
Speaker 2 (06:44):
Probably going to be in the group.
Speaker 1 (06:45):
I think they're going to be in the.
Speaker 3 (06:46):
Group, President Trump, speaking there. The deal is designed to
comply with a bipartisan law that went into effect in
January twenty twenty five, and will require Chinese parent company
Byte Dance to divest from TikTok.
Speaker 2 (07:00):
In the US.
Speaker 3 (07:01):
A person familiar with the matter said that Fox will
be involved in the TikTok deal as opposed to the
Murdocks individually. Here in the UK, the country's expanding its
second largest airport. It is a move design to bolster
growth as government officials look to lift the economy through
major infrastructure projects. Bloombigs ta at a bio has that story.
Speaker 8 (07:26):
Late on Sunday evening, Transport Secretary Heidi Alexander announced the
decision to greenlight a privately financed second runway at Gatwick.
The two point two billion pound projects will increase capacity
by eighty million passengers a year and about another one
hundred thousand flights, according to the airport. But above all
for the government is the prospect of growth. Bloomberg understands
(07:49):
officials hope the runway could be in use before the
time of the next general election, due in twenty twenty nine.
The expansion now enters a period when it could face
legal challenges and has already been opposed by environmental groups
in London. Do you add a bio Bloomberg Radio.
Speaker 3 (08:07):
Bloomberg understands Hong Kong International Airport is considering grounding all
passenger flights for thirty six hours as the city braces
for one of its strongest typhoons in years. We're told
that the stoppage would run from six pm Tuesday local
time through to six am on Thursday as super typhoon
rad Gassa approaches. A formal announcement is expected later today.
(08:31):
Quantus Airways has already posted a notice on its website
reflecting those hours, though if confirmed, it would be the
airport's longest suspension in recent history. So that's one to
watch out for. Then today, so those are our top
stories for you. Let us look at the markets. Global
sos are trading at record levels. We had the huge
spike last week. Asian shares are gaining indicate two to
(08:53):
five are by one point two percent, but the nifty
to fifty this morning is slightly weaker. You've had a
real hit Indian stocks because of the Age one B
visa changes announced by the Trump administration. The dollar this
morning is higher tenth of one percent. Stop futures for
Europe are also just about in the green, although US
s and P five hundred and as that futures are
(09:15):
down and looking at teny of Treasury yields up one
and half basis points at four fourteen. Those are the
markets this morning. In a moment, we're going to get
into the details. Then the latest on the US visa
changes upending the global battle for talent, plus Blomberg's exclusive
reporting on Russia's election interference efforts in Europe. But before
(09:37):
we get to those conversations. Do you remember the avocado
toast criticism about millennials?
Speaker 2 (09:44):
It was a whole thing.
Speaker 3 (09:45):
Young people were blowing what could be, you know, a
down payment on a home went the accusation by eating
expensive bunches out well. Bloomberg's Charlie Wells has been writing
about this, a really lovely essay that is based on
his a new book that is out currently, all about millennials,
saying that this triggered a real intergenerational battle. The narrative
(10:09):
was then reversed as millennials grew older and kind of
got the levers of power, and it became boomer bashing instead. Now,
Charlie writes that the good news is that the story
is simply no longer true. Apparently the statistics have suddenly
and dramatically changed. Millennials in the US are apparently nearly
a third richer than baby Boomers were at the same
(10:32):
point in their lives, and fifty five percent of them
in the US at least do now own a home,
So the statistics have changed. Instead of sort of spendthrift millennials,
they now actually are very wealthy. But the downside is
there is a much bigger gap in terms of wealth
between the richest and poorous millennials, and that there is
(10:54):
also a bigger gap between races in terms of white
millennials twice as likely to own homes as their black peers.
A very interesting story and a really great book, also
by Charlie Wells. I will put a link to it
in our show notes. Now, the Trump administration has raised
the application fee for H one B visas to one
(11:17):
hundred thousand dollars. The new policy has caused chaos among
companies who bring in global talent into the US. On
newsdesk editor Jill Diesis joins me for more on this story.
Speaker 2 (11:29):
First of all, to people who.
Speaker 3 (11:30):
Don't know about this visa scheme, what is the H
one B visa and why has it suddenly been changed
by President Trump?
Speaker 2 (11:37):
What has he announced?
Speaker 9 (11:39):
Yes, good morning. So this is a visa program that's
been around since nineteen ninety. It's primarily used by the
tech industry. Leaders within their industry say there is a
director professionals with science, math, and computer skills. And we've
seen that computer relided occupations have accounted for about sixty
five percent of H one approvals and twenty twenty three
(12:01):
So these are temporary visas. They last as long as
six years, but they can be extended indefinitely. And this
is something that's been used by a lot of companies
like Amazon, the largest holder of h one V visas
in the United States. You've also got Microsoft companies like
that that have really used this to bring in tech employees.
So what the big changes here is that Trump has
slapped this one hundred thousand dollars application fee on this
(12:23):
visa program as part of the idea of trying to
make sure that more of these jobs are held by
US workers rather than foreign workers that are flown in.
Just as a comparison, I mean, most visa programs, you're
really looking at a cost of about five to ten
thousand US dollars. So, I mean, this is a massive,
massive increase in how much it actually costs just to
put it in application for this visa.
Speaker 3 (12:44):
There was always a split in the MAGA movement anti
immigration versus Silicon and Tech valley. Silicon Valley rather than
and big tech companies. What does it mean for them,
these US firms, all these jobs gonna go to more
US work as I suppose.
Speaker 9 (13:02):
Yeah, I mean that's the really big question here, right,
I mean, particularly as we've seen some within the tech sphere,
you know, those like Elon Musk for example, who've been
put in a position of defending these types of visas
for the kind of work that it allows the companies
to bring in. And how that sort of split with
this very anti immigration, anti foreigner movement among a lot
of maga. I mean, it kind of depends, you're right.
(13:24):
I think one of the points of confusion that swirled
over the weaquon that was clarified by the White House
eventually and Sunday, was the idea that this doesn't actually
apply to people that currently hold this visa or we're
putting it up for renewal, so this is new applications
only at this point. So maybe that alleviate some short term,
you know, sort of pressures on some of these tech companies.
But I do think that it raises the specter of
(13:45):
what are these companies going to do long term? I mean,
are they actually going to put the bill for the
cost of these application feeds? Because this was a really
significant way that you were getting some of these foreign
born workers, particularly in India where there were a lot
of tech workers that were taking advantage of these types
of visas into the country, So there could be a
pretty significant economic impact here.
Speaker 3 (14:04):
Yeah. Indeed, and I was mentioning that some engines storks
are down on the back of this announcement. What are
the wider implications, I mean, will there be lawsuits again
in the US around this issue?
Speaker 9 (14:15):
Yeah, I mean I think that there is likely to
be some kind of illegal challenge, right because as we
were talking about earlier, I mean, the typical cost of
sponsoring and employee visa in the United States is in
again that five to ten thousand US dollar range. So
if you're looking at increasing the application fee tenfold for
some of these visa applications, there is a question of
(14:36):
whether that's sort of a legally viable argument. And I
think that, like many of these really aggressive Trump policies,
may see something like this work its way through the courts.
But I think that at least in the short term,
when you combine this with a lot of the other
Trump administration policies that have been fairly you know, anti immigrant,
really focused on bringing jobs back to the United States,
it does kind of signal a change in how the
(14:56):
you know, the administration in the United States really thinks
about these types of workers.
Speaker 2 (15:00):
Yeah, I mean it is very interesting.
Speaker 3 (15:02):
And also in terms of the numbers, just in the
full year for twenty twenty four, the number of applications
for these H one B vis as from India just
over two hundred and eighty three thousand, more than forty
six thousand applications from a Chinese citizens. So yeah, it's
certainly a very important and interesting story that is affecting
(15:23):
a lot of people and cause a lot of chaos
over the weekend.
Speaker 2 (15:25):
Jill, thank you for being with me.
Speaker 3 (15:26):
Our news desk editor Jill Disis to stay with us.
More from Bloomberg Day BAQUB coming up after this. Now,
Bloomberg has obtained a hall of documents that reveals Russia's
plans to disrupt parliamentary elections in Moldova this weekend. The
tactics include a disinformation campaign, recruiting Moldovan voters abroad, and
(15:49):
also organizing protests. Joining us now is Bloomberg's correspondent at
large for Europe, Alberto Nardelli. Alberto, Hi, what have you found?
What is the team and about the Kremlin's attempts to
interfere in Moldova.
Speaker 7 (16:04):
We have obtained and reviewed this cash of documents which
sets out Russia's plans for this week's elections in Moldova,
and they show that since the spring, Russia has put
in place a multi pronged strategy to try and disrupt
and undermine the election. There are broadly speaking, six areas
to this plan. These include massive disinformation campaign cyber attacks
(16:29):
during and after the election, electoral engineering, which basically means
to give vote the impression that there is a competitive
contest taking place, but in reality the goal there is
just to try and dilute the vote and undermine support
for the governing party. Moscow is also planning to recruit
members of the Moldovan diaspora living abroad, including in Russia,
(16:53):
to go and vote in calling stations in the EU
and elsewhere. You'll recall, in the referendum vote that Moldova
held last year, voters abroad were critical to that result,
so Russia is now trying to disrupt the vote abroad
to try and make that closer. There may also be
some protest stages at those polding stations. They are using
(17:17):
compromising materials to pressure officials in key positions, for example
within the police, security services or the Electoral Commission to
try and disrupt the administrative process of the election, and finally,
depending on the result, they are looking to stage provocations
and protests using criminals similar to what they do in
(17:40):
their sabotage operations, or young men recruited from sports clubs.
And they've allocated significant resource to implementing these plans.
Speaker 3 (17:51):
Yeah, and that's a long list. I mean, Russia's influence
campaigns are well known, but they are constantly evolving. I mean,
Moldova is not a huge country two point four million people.
What is the EU doing and saying about this? And
even why is the EU so important in this?
Speaker 7 (18:09):
It is a very small country, but it's position between
Ukraine when there's a war going on and NATO slash
EU territory, so it's also a pivotal country and the
direction it takes could have significant consequence. The European Union
and other countries have highlighted Russian interference before, and there
(18:33):
are areas where they are trying to intervene. For example,
in terms of this information campaign, they try to work
with social media companies to try and showcase and remove
any content that is shown to be foreign interference or
state backed propaganda. They help countries with to try and
(18:54):
defend themselves from cyber attacks, but ultimately there is not
much that they can do in terms of if you
look at some of the elements such as the protests
or trying to pressure local officials or disrupting votes abroad.
And we've seen in other countries like Georgia or Romania
where Russian interference has had an impact. Because at the
(19:16):
end of the day, there is not a lot that
these countries can actually do in terms of having a
significant impact on these campaigns.
Speaker 3 (19:24):
So what does it mean do you think then for
President Maya Sandu and her party, the PAS party, I mean,
if they don't get a parliamentary majority, there'd be a
coalition government. From what you've been reporting, what does it
mean for her and the political party?
Speaker 7 (19:40):
It's very challenging because from a coalition, So if there
is an outcome where no one has a majority, then
the two main options are a coalition or you have
certain instances where votes just get repeated until this there
is a clearer outcome. But as I mentioned before, one
of the key go of Russian campaigns is exactly to
(20:03):
not have a clear result, so to create chaos and
disruption in countries, to create uncertainty, and Russia does this
inside Russia too, where you have candidates in elections which
are standing against Hutin, but in reality, each of these
candidates is playing a role, almost as if it were
(20:26):
a film, where the outcome is known at the end
of the day. The candidate who wins that election is
very clear from the beginning. So Moscow's goal isn't necessarily
always to have a clear result, but that uncertainty is
part of the strategy because then you can stage protests.
Voters start getting getting uneasy that there is no government,
(20:49):
that there's instability, so people start protesting and demonstrating, and
that situation, that chaotic scenario, is part and integral to
MOSCs strategy.
Speaker 1 (21:01):
This is Bloomberg Daybreak Europe, your morning brief on the
stories making news from London to Wall Street and beyond.
Speaker 3 (21:08):
Look for us on your podcast feed every morning, on Apple,
Spotify and anywhere else you get your podcasts.
Speaker 1 (21:14):
You can also listen live each morning on London Dab Radio,
the Bloomberg Business app, and Bloomberg dot Com.
Speaker 3 (21:20):
Our flagship New York station, is also available on your
Amazon Alexa devices. Just say Alexa Play Bloomberg eleven thirty.
I'm Caroline Hepka.
Speaker 1 (21:29):
And I'm Stephen. Carol. Join us again tomorrow morning for
all the news you need to start your day right
here on Bloomberg Daybreak.
Speaker 7 (21:35):
Europe
Bloomberg Audio Studios, podcasts, radio news.
Speaker 2 (00:10):
This is the Bloomberg DAYBAQT podcast.
Speaker 1 (00:12):
Give Morning.
Speaker 3 (00:12):
It's Monday, the twenty second of September. I'm Caroline Hepget
in London. Coming up today, the US plans to impose
a one hundred thousand dollar fee on H one B
high skilled visa applications, causing chaos for firms who rely
on global tech talent. The UK, Canada, and Australia break
with America to formally recognize a Palestinian state, plus putin
(00:37):
secret plan. Bloomberg obtains a cachet of documents that exclusively
reveal Russia's plans to disrupt the upcoming elections in Moldova.
Let's start with a roundup of our top stories. New
rules are now in effect for those seeking high skilled
US visas. On Friday, the Job Administration impose a new
(00:58):
one hundred thousand dollars applicationation fee for the widely used
H one B program. The new rules are expected to
have a significant impact on Indian nationals, who account for
more than seventy percent of all H one B visas.
As Bloomberg's newly Pernell reports, the policy will force large
outsourcing companies in the country to rethink their business strategies.
Speaker 4 (01:22):
There are so many of these workers already in the US,
and also so many companies, not just big US tech companies,
but look number two on the list. We saw TCS,
type of consultancy services, India's biggest outsourcing firm by revenue.
Every year, they want to send lots of people to
the US to service clients there. They want to work
on site, they need to interface with clients, and so
(01:45):
the business models of many of these big Indian IT
services firms really depend on these visas.
Speaker 3 (01:50):
Bloomberg's newly Pernell reporting there as. The visa announcement sparked
chaos in the US tech sector and beyond, as companies
rush to warn employees with the visa against foreign travel.
On Saturday, a White House official clarified that the fee
would only apply to new visa applications, but the uncertainty
(02:11):
surrounding the change is prompting firms and immigration lawyers to
urge current visa holders to be cautious. As the likes
of Alphabet, Meta, Apple and others assess the impact on
their global recruitment plans. Britain, Canada and Australia now view
Palestine as a sovereign state, in a sign of the
(02:31):
growing international condemnation of Israel. The three countries announced the
shift yesterday, saying that it was part of a coordinated
push for a two state solution. UK pro Minister Kirstamer
insists her Mass must have no role in governing, but
hopes for lasting peace.
Speaker 5 (02:48):
Her Mass is a brutal terror organization. Our call for
a genuine two state solution is the exact opposite of
their hateful vision.
Speaker 3 (03:02):
Kits Sarma ads he has a growing horror of the
humanitarian situation in Gaza, where Israel is waging war against Hamas.
Israel's Prime Minister Benjamin Netanyahu has reacted with fury to
the plans, saying that he will retaliate against countries that
recognize Palestine, calling it a terror state. France, Belgium, and
Saudi Arabia are also expected to back Palestinian statehood at
(03:26):
an upcoming UN meeting. Well. The UN Security Council meets
today at Estonia's request after Russian fighter jets entered its
airspace on Friday.
Speaker 2 (03:37):
The breach marked the third.
Speaker 3 (03:38):
Airspace violation of a NATO member just this month, following
Drone incidents in Poland and Romania. Estonian Foreign Minister Margus
Zakna said the incursion broke the UN Charter and the
Baltic country's territorial integrity.
Speaker 6 (03:55):
This was a very serious violation of the later Airspace
Reto twelve minutes of violation. Last time we saw it
just before Estonia joined NATO, it was two thousand and three.
But now this is the global situation is totally different.
The regional situation is different.
Speaker 7 (04:15):
Just a couple of.
Speaker 6 (04:16):
Days before we saw a full scale attack against Poland
with the nineteen rolls. And if you've put it all
in the batroom, so Rasia is turning on the heat.
Rassia is testing more NATO.
Speaker 3 (04:29):
So that was the Estonian foreign minister Margat Sakna. Tlin
is set to ask NATO allies for extra air defense
assistance over the Baltic Sea. Moscow has denied Friday's incursion,
saying that its jets were flying a planned route from Karelia,
which borders Finland, to the Kaliningrad exclave. Now Separately, the
(04:50):
German Air Force said that NATO scrambled to Eurofighter jets
on Sunday in response to a Russian plane flying over
international waters without a f light plan or radio contact.
President Donald Trump and top Republicans mourned Charlie Kirk on Sunday,
the conservative activists assassinated at a university debate. The President
(05:14):
told a crowd of more than one hundred thousand people
that Kirk was a martyr and a hero. The leading
lights of the Mega movement came to the memorial in Phoenix,
with billionaire Elon Musk sitting next to the president. The
service mixed prayers, Christian singers, as well as politics to
galvanize young conservatives, and a voter registration drive moved through
(05:35):
the rows of people. Deputy Chief of Staff Stephen Miller
says that millions will carry on Kirk's legacy.
Speaker 7 (05:43):
They cannot imagine what they have awakened.
Speaker 8 (05:47):
They cannot conceive of the army that they have arisen
in all of US.
Speaker 3 (05:54):
Miller and other Republican leaders have said, without evidence that
the shooting was caused by left wing rhetorics. The administration
says that it plans to respond by targeting groups and
public figures who disseminate content that they disagree with.
Speaker 8 (06:10):
Now.
Speaker 3 (06:10):
President Trump has also suggested that the Murdoch family are
involved in the US takeover of TikTok. A deal between
the US and China regarding the video sharing app was
finalized on Friday. An agreement will be signed in the
coming days, according to the White House. Speaking during an
interview with Fox News, Donald Trump alluded to Murdoch involvement.
Speaker 7 (06:31):
Kay, to tell you this, but a main name, Lachlan
is involved. You know, Lachlan is. That's a very unusual name.
Lachlan Murdoch, mister murder, I believe, and you should you
call him. And Rupert is.
Speaker 2 (06:44):
Probably going to be in the group.
Speaker 1 (06:45):
I think they're going to be in the.
Speaker 3 (06:46):
Group, President Trump, speaking there. The deal is designed to
comply with a bipartisan law that went into effect in
January twenty twenty five, and will require Chinese parent company
Byte Dance to divest from TikTok.
Speaker 2 (07:00):
In the US.
Speaker 3 (07:01):
A person familiar with the matter said that Fox will
be involved in the TikTok deal as opposed to the
Murdocks individually. Here in the UK, the country's expanding its
second largest airport. It is a move design to bolster
growth as government officials look to lift the economy through
major infrastructure projects. Bloombigs ta at a bio has that story.
Speaker 8 (07:26):
Late on Sunday evening, Transport Secretary Heidi Alexander announced the
decision to greenlight a privately financed second runway at Gatwick.
The two point two billion pound projects will increase capacity
by eighty million passengers a year and about another one
hundred thousand flights, according to the airport. But above all
for the government is the prospect of growth. Bloomberg understands
(07:49):
officials hope the runway could be in use before the
time of the next general election, due in twenty twenty nine.
The expansion now enters a period when it could face
legal challenges and has already been opposed by environmental groups
in London. Do you add a bio Bloomberg Radio.
Speaker 3 (08:07):
Bloomberg understands Hong Kong International Airport is considering grounding all
passenger flights for thirty six hours as the city braces
for one of its strongest typhoons in years. We're told
that the stoppage would run from six pm Tuesday local
time through to six am on Thursday as super typhoon
rad Gassa approaches. A formal announcement is expected later today.
(08:31):
Quantus Airways has already posted a notice on its website
reflecting those hours, though if confirmed, it would be the
airport's longest suspension in recent history. So that's one to
watch out for. Then today, so those are our top
stories for you. Let us look at the markets. Global
sos are trading at record levels. We had the huge
spike last week. Asian shares are gaining indicate two to
(08:53):
five are by one point two percent, but the nifty
to fifty this morning is slightly weaker. You've had a
real hit Indian stocks because of the Age one B
visa changes announced by the Trump administration. The dollar this
morning is higher tenth of one percent. Stop futures for
Europe are also just about in the green, although US
s and P five hundred and as that futures are
(09:15):
down and looking at teny of Treasury yields up one
and half basis points at four fourteen. Those are the
markets this morning. In a moment, we're going to get
into the details. Then the latest on the US visa
changes upending the global battle for talent, plus Blomberg's exclusive
reporting on Russia's election interference efforts in Europe. But before
(09:37):
we get to those conversations. Do you remember the avocado
toast criticism about millennials?
Speaker 2 (09:44):
It was a whole thing.
Speaker 3 (09:45):
Young people were blowing what could be, you know, a
down payment on a home went the accusation by eating
expensive bunches out well. Bloomberg's Charlie Wells has been writing
about this, a really lovely essay that is based on
his a new book that is out currently, all about millennials,
saying that this triggered a real intergenerational battle. The narrative
(10:09):
was then reversed as millennials grew older and kind of
got the levers of power, and it became boomer bashing instead. Now,
Charlie writes that the good news is that the story
is simply no longer true. Apparently the statistics have suddenly
and dramatically changed. Millennials in the US are apparently nearly
a third richer than baby Boomers were at the same
(10:32):
point in their lives, and fifty five percent of them
in the US at least do now own a home,
So the statistics have changed. Instead of sort of spendthrift millennials,
they now actually are very wealthy. But the downside is
there is a much bigger gap in terms of wealth
between the richest and poorous millennials, and that there is
(10:54):
also a bigger gap between races in terms of white
millennials twice as likely to own homes as their black peers.
A very interesting story and a really great book, also
by Charlie Wells. I will put a link to it
in our show notes. Now, the Trump administration has raised
the application fee for H one B visas to one
(11:17):
hundred thousand dollars. The new policy has caused chaos among
companies who bring in global talent into the US. On
newsdesk editor Jill Diesis joins me for more on this story.
Speaker 2 (11:29):
First of all, to people who.
Speaker 3 (11:30):
Don't know about this visa scheme, what is the H
one B visa and why has it suddenly been changed
by President Trump?
Speaker 2 (11:37):
What has he announced?
Speaker 9 (11:39):
Yes, good morning. So this is a visa program that's
been around since nineteen ninety. It's primarily used by the
tech industry. Leaders within their industry say there is a
director professionals with science, math, and computer skills. And we've
seen that computer relided occupations have accounted for about sixty
five percent of H one approvals and twenty twenty three
(12:01):
So these are temporary visas. They last as long as
six years, but they can be extended indefinitely. And this
is something that's been used by a lot of companies
like Amazon, the largest holder of h one V visas
in the United States. You've also got Microsoft companies like
that that have really used this to bring in tech employees.
So what the big changes here is that Trump has
slapped this one hundred thousand dollars application fee on this
(12:23):
visa program as part of the idea of trying to
make sure that more of these jobs are held by
US workers rather than foreign workers that are flown in.
Just as a comparison, I mean, most visa programs, you're
really looking at a cost of about five to ten
thousand US dollars. So, I mean, this is a massive,
massive increase in how much it actually costs just to
put it in application for this visa.
Speaker 3 (12:44):
There was always a split in the MAGA movement anti
immigration versus Silicon and Tech valley. Silicon Valley rather than
and big tech companies. What does it mean for them,
these US firms, all these jobs gonna go to more
US work as I suppose.
Speaker 9 (13:02):
Yeah, I mean that's the really big question here, right,
I mean, particularly as we've seen some within the tech sphere,
you know, those like Elon Musk for example, who've been
put in a position of defending these types of visas
for the kind of work that it allows the companies
to bring in. And how that sort of split with
this very anti immigration, anti foreigner movement among a lot
of maga. I mean, it kind of depends, you're right.
(13:24):
I think one of the points of confusion that swirled
over the weaquon that was clarified by the White House
eventually and Sunday, was the idea that this doesn't actually
apply to people that currently hold this visa or we're
putting it up for renewal, so this is new applications
only at this point. So maybe that alleviate some short term,
you know, sort of pressures on some of these tech companies.
But I do think that it raises the specter of
(13:45):
what are these companies going to do long term? I mean,
are they actually going to put the bill for the
cost of these application feeds? Because this was a really
significant way that you were getting some of these foreign
born workers, particularly in India where there were a lot
of tech workers that were taking advantage of these types
of visas into the country, So there could be a
pretty significant economic impact here.
Speaker 3 (14:04):
Yeah. Indeed, and I was mentioning that some engines storks
are down on the back of this announcement. What are
the wider implications, I mean, will there be lawsuits again
in the US around this issue?
Speaker 9 (14:15):
Yeah, I mean I think that there is likely to
be some kind of illegal challenge, right because as we
were talking about earlier, I mean, the typical cost of
sponsoring and employee visa in the United States is in
again that five to ten thousand US dollar range. So
if you're looking at increasing the application fee tenfold for
some of these visa applications, there is a question of
(14:36):
whether that's sort of a legally viable argument. And I
think that, like many of these really aggressive Trump policies,
may see something like this work its way through the courts.
But I think that at least in the short term,
when you combine this with a lot of the other
Trump administration policies that have been fairly you know, anti immigrant,
really focused on bringing jobs back to the United States,
it does kind of signal a change in how the
(14:56):
you know, the administration in the United States really thinks
about these types of workers.
Speaker 2 (15:00):
Yeah, I mean it is very interesting.
Speaker 3 (15:02):
And also in terms of the numbers, just in the
full year for twenty twenty four, the number of applications
for these H one B vis as from India just
over two hundred and eighty three thousand, more than forty
six thousand applications from a Chinese citizens. So yeah, it's
certainly a very important and interesting story that is affecting
(15:23):
a lot of people and cause a lot of chaos
over the weekend.
Speaker 2 (15:25):
Jill, thank you for being with me.
Speaker 3 (15:26):
Our news desk editor Jill Disis to stay with us.
More from Bloomberg Day BAQUB coming up after this. Now,
Bloomberg has obtained a hall of documents that reveals Russia's
plans to disrupt parliamentary elections in Moldova this weekend. The
tactics include a disinformation campaign, recruiting Moldovan voters abroad, and
(15:49):
also organizing protests. Joining us now is Bloomberg's correspondent at
large for Europe, Alberto Nardelli. Alberto, Hi, what have you found?
What is the team and about the Kremlin's attempts to
interfere in Moldova.
Speaker 7 (16:04):
We have obtained and reviewed this cash of documents which
sets out Russia's plans for this week's elections in Moldova,
and they show that since the spring, Russia has put
in place a multi pronged strategy to try and disrupt
and undermine the election. There are broadly speaking, six areas
to this plan. These include massive disinformation campaign cyber attacks
(16:29):
during and after the election, electoral engineering, which basically means
to give vote the impression that there is a competitive
contest taking place, but in reality the goal there is
just to try and dilute the vote and undermine support
for the governing party. Moscow is also planning to recruit
members of the Moldovan diaspora living abroad, including in Russia,
(16:53):
to go and vote in calling stations in the EU
and elsewhere. You'll recall, in the referendum vote that Moldova
held last year, voters abroad were critical to that result,
so Russia is now trying to disrupt the vote abroad
to try and make that closer. There may also be
some protest stages at those polding stations. They are using
(17:17):
compromising materials to pressure officials in key positions, for example
within the police, security services or the Electoral Commission to
try and disrupt the administrative process of the election, and finally,
depending on the result, they are looking to stage provocations
and protests using criminals similar to what they do in
(17:40):
their sabotage operations, or young men recruited from sports clubs.
And they've allocated significant resource to implementing these plans.
Speaker 3 (17:51):
Yeah, and that's a long list. I mean, Russia's influence
campaigns are well known, but they are constantly evolving. I mean,
Moldova is not a huge country two point four million people.
What is the EU doing and saying about this? And
even why is the EU so important in this?
Speaker 7 (18:09):
It is a very small country, but it's position between
Ukraine when there's a war going on and NATO slash
EU territory, so it's also a pivotal country and the
direction it takes could have significant consequence. The European Union
and other countries have highlighted Russian interference before, and there
(18:33):
are areas where they are trying to intervene. For example,
in terms of this information campaign, they try to work
with social media companies to try and showcase and remove
any content that is shown to be foreign interference or
state backed propaganda. They help countries with to try and
(18:54):
defend themselves from cyber attacks, but ultimately there is not
much that they can do in terms of if you
look at some of the elements such as the protests
or trying to pressure local officials or disrupting votes abroad.
And we've seen in other countries like Georgia or Romania
where Russian interference has had an impact. Because at the
(19:16):
end of the day, there is not a lot that
these countries can actually do in terms of having a
significant impact on these campaigns.
Speaker 3 (19:24):
So what does it mean do you think then for
President Maya Sandu and her party, the PAS party, I mean,
if they don't get a parliamentary majority, there'd be a
coalition government. From what you've been reporting, what does it
mean for her and the political party?
Speaker 7 (19:40):
It's very challenging because from a coalition, So if there
is an outcome where no one has a majority, then
the two main options are a coalition or you have
certain instances where votes just get repeated until this there
is a clearer outcome. But as I mentioned before, one
of the key go of Russian campaigns is exactly to
(20:03):
not have a clear result, so to create chaos and
disruption in countries, to create uncertainty, and Russia does this
inside Russia too, where you have candidates in elections which
are standing against Hutin, but in reality, each of these
candidates is playing a role, almost as if it were
(20:26):
a film, where the outcome is known at the end
of the day. The candidate who wins that election is
very clear from the beginning. So Moscow's goal isn't necessarily
always to have a clear result, but that uncertainty is
part of the strategy because then you can stage protests.
Voters start getting getting uneasy that there is no government,
(20:49):
that there's instability, so people start protesting and demonstrating, and
that situation, that chaotic scenario, is part and integral to
MOSCs strategy.
Speaker 1 (21:01):
This is Bloomberg Daybreak Europe, your morning brief on the
stories making news from London to Wall Street and beyond.
Speaker 3 (21:08):
Look for us on your podcast feed every morning, on Apple,
Spotify and anywhere else you get your podcasts.
Speaker 1 (21:14):
You can also listen live each morning on London Dab Radio,
the Bloomberg Business app, and Bloomberg dot Com.
Speaker 3 (21:20):
Our flagship New York station, is also available on your
Amazon Alexa devices. Just say Alexa Play Bloomberg eleven thirty.
I'm Caroline Hepka.
Speaker 1 (21:29):
And I'm Stephen. Carol. Join us again tomorrow morning for
all the news you need to start your day right
here on Bloomberg Daybreak.
Speaker 7 (21:35):
Europe
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