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North American Edition
9th October 2026
 
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THE HOT STORY

Microsoft, Adobe blocked from green-card program amid visa fraud crackdown

The U.S. Labor Department is to suspend Microsoft and Adobe from its Permanent Labor Certification, which allows companies to hire foreign workers to work permanently in the U.S., amid allegations of fraud. Labor Secretary Keith Sonderling said IT contractors Cognizant, Infosys, Capgemini, Tata, Wipro and HCL were also suspended from the program. The move came as the White House increases pressure on companies to hire more Americans. “There has been no company in the United States, unfortunately, that has abused this system more than Microsoft,” U.S. Vice President JD Vance said at a news conference on Thursday. “Now, our message to Microsoft and to any other foreign or domestic corporation is quite simple,” he added. “We obviously want you to thrive in the United States of America . . . We want people to invest in the United States of America, particularly the American technology sector. We are the biggest boosters of your industry. We want you to continue to grow and to employ a lot of people, but we want you to employ American workers.” Microsoft responded to Vance’s claims in a blog post, saying that “80 percent of the visas were to extend or change the status of existing Microsoft employees.”
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RISK

Tough pilot checks still leave risks, airlines say

A meeting organized by the Airlines for Europe lobby group in Brussels has heard that the aviation industry must accept that there is “no absolute safety and security” to deter cockpit attacks such as the one that occurred during a recent FlyDubai flight, even with stringent vetting of pilots. Deutsche Lufthansa chief executive Carsten Spohr stressed the need to maintain a delicate balance between protecting passengers and ensuring employee privacy. “We have to face the fact that there is no absolute safety and security in this industry,” he said. “This is a very difficult area for regulators.” IAG chief executive Luis Gallego noted a decline over time in the number of dangerous situations involving pilots. “After [the FlyDubai] incident, in the same way we did in the past, we are going to work closely with the authorities to try to see if there is a way to continue to improve this,” he said.
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WORKFORCE

Trump administration proposes a $70,000 fee for international students

The Department of Homeland Security (DHS) has proposed a $70,000 fee for international students wishing to work in the U.S. through the Optional Practical Training (OPT) program. The program allows students to gain work experience related to their major; students are generally eligible for one year of work post-graduation, and an additional two years for certain STEM majors. The proposed rule would require schools to cover the fee for each new student's application and a $30,000 renewal fee. Fanta Aw, CEO of NAFSA, an association that represents international education, said: “Driving away the talents, perspectives, and aspirations of international students will only hurt American innovation, economic growth, workforce development, and global leadership.” The public has 60 days to comment on the proposal, which may face legal challenges from educational and business groups. The move is part of the Trump administration's broader efforts to reshape immigration and higher education policies.

U.S. unemployment claims fall to 197,000 as layoffs remain historically low

New applications for U.S. unemployment benefits declined slightly last week, signaling continued job security despite sluggish hiring and signs of a cooling labor market. According to the Labor Department, initial jobless claims fell by 2,000 to 197,000 in the seven days to October 3rd, down from a revised 199,000 the previous week. The four-week average decreased by 2,500 to 198,000 while continuing claims, reported with a one-week lag, rose to 1.72m.
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REMOTE WORK

California workers were teleworking from other states

A state audit has uncovered violations at the California State Controller's Office, where two managers worked remotely from Idaho, Alabama, and Tennessee, breaching state laws requiring employees to reside in California. "When we interviewed Manager A, he admitted to working from Idaho ‘just about every day' for about five years," the audit said.
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CORPORATE

Starbucks downplays Chipotle takeover speculation

Starbucks has declined to comment on reports that it is considering a takeover of Chipotle Mexican Grill, describing the discussions as rumors and speculation. According to the Financial Times, the coffee giant has spent several months exploring a potential acquisition of the restaurant chain, previously led from 2018 to 2024 by Starbucks chief executive Brian Niccol. Chipotle shares rose following the report, while Starbucks emphasized its continued focus on its “Back to Starbucks” turnaround strategy, aimed at improving store operations, staffing, and customer experience. Analysts have raised concerns about the potential deal’s size, financing requirements, and execution risks, warning that an acquisition could distract management from its ongoing recovery efforts. Although antitrust scrutiny remains a possibility, legal experts suggest the limited overlap between the companies’ businesses could reduce regulatory obstacles.
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REGULATION

U.S. consumer watchdog eases oversight amid political pressure and job threats

The Consumer Financial Protection Bureau (CFPB) has significantly scaled back its regulatory scrutiny under the Trump administration, with more than half of its spring examinations receiving expedited reviews, a historically rare process reserved for minor violations posing little risk to consumers. Approximately 70 companies have been selected for examination this year, roughly half the usual number, as the administration seeks to reduce regulatory burdens, cut staffing, and shift oversight toward banks, mortgages, and protections for military service members. Current and former officials have warned that political pressure, threats of job losses, and directives discouraging aggressive supervision could allow serious compliance failures to go undetected, potentially exposing consumers to financial harm.
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ECONOMY

Fed signals another rate hike this year but sees no urgency to act this month

Federal Reserve officials expect another interest rate increase before the end of 2026, although minutes from September's policy meeting suggest there is little urgency to raise rates again in October. Policymakers unanimously supported September's increase, the first in three years, amid persistent inflation driven partly by higher energy prices, tariffs, and AI-related investment. Most officials anticipate one further rate hike this year, with December increasingly viewed as the likely timing. New York Fed President John Williams and Fed Vice Chair Philip Jefferson have both signaled that the central bank can afford to wait for additional economic data. A weaker-than-expected September jobs report, including annual wage growth of 3%, has reinforced expectations of an October pause. Meanwhile, rising Treasury yields have already increased borrowing costs, reducing pressure on the Fed to tighten monetary policy immediately.
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INVESTMENT

Trump says new children's investment accounts could reduce support for socialism

President Donald Trump has predicted that his administration's new investment accounts for children could reduce support for socialism and communism among younger Americans by encouraging participation in the stock market. Speaking at a White House event, Mr. Tump announced automatic enrollment in the initiative, established under legislation signed in July 2025. The Treasury Department estimates that automatic enrollment will create accounts for more than 60m additional children, while the President said nearly 8m already have accounts. Children born between 2025 and 2028 are eligible for a $1,000 federal contribution, which parents must request. The funds will be invested in low-cost exchange-traded funds, and the accounts will function as traditional individual retirement accounts when beneficiaries turn 18. Treasury Secretary Scott Bessent described the initiative as an opportunity to improve financial literacy, while Senator Ted Cruz (R-TX) said it could encourage a new generation of investors. Mr. Trump's remarks follow Gallup polling showing that 57% of Americans ages 18 to 34 hold favorable views of socialism.
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INTERNATIONAL

Audi plant facing closure needs 'viable' solutions, CEO says

Audi CEO Gernot Doellner has said the carmaker's factory in Neckarsulm in south-west Germany, one of the Volkswagen Group's four German production sites ​facing possible closure, needs a "viable" solution to ‌secure its future. He said Audi must ​boost competitiveness on costs, speed and productivity, which would mean working "together to develop a sustainable industrial vision." He added: "Neckarsulm boasts extensive industrial expertise and an ​impressive history. But tradition alone does not ​guarantee a future." About 15,000 people work at Neckarsulm.

U.K.'s Burnham plans to announce ban on workers’ non-compete clauses

U.K. prime minister Andy Burnham is today expected to commit to a full or partial ban on non-compete clauses in workers' employment contracts, according to people familiar with the matter. More than 20 tech founders wrote to Burnham last month to say that such restrictions, and also long notice periods and enforced gardening leave, were “undermin[ing] the innovation that drives economic growth.” The government of Burnham’s predecessor, Keir Starmer, had previously set out options to limit the use of non-compete clauses.
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OTHER

Chrysler Building taken over as New York luxury office market booms

Real estate developer Tishman Speyer and its investment partners have agreed to take over New York City's iconic Chrysler Building in a $235m deal with landowner Cooper Union, alongside ongoing ground-lease payments. The 77-story Art Deco skyscraper, currently less than 50% occupied and suffering from significant deterioration, will undergo extensive restoration, including improvements to its facade and distinctive crown. The acquisition comes amid surging demand for premium Manhattan office space, particularly around Grand Central Terminal, where major corporate developments, including JPMorgan Chase's new headquarters, have strengthened the area's appeal.
 
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