KAMPALA, Oct 14 (Reuters) – Uganda’s central bank said on Wednesday foreign-based banks do not need its license to lend funds originating abroad, reassuring an industry jolted by a court ruling last week that declared some syndicated loans involving foreign banks illegal.
The loans affected by the Commercial Court ruling represent at least $1.5 billion worth of debt, according to an industry body.
The Bank of Uganda said it did not regulate lending that involved “using funds obtained from foreign banks that do not take deposits from the public in Uganda.”
“Foreign banks lending deposits held in jurisdictions other than Uganda are regulated and supervised by their home authorities,” it said in a statement. “It is not mandatory for a foreign bank to establish a representative office in Uganda in order to conduct lending.”
The central bank’s position does not override the court’s ruling but it
Six major medical groups are calling on the Department of Homeland Security to exclude foreign national physicians from a proposed change in immigration policy.
The American Hospital Association, American Medical Association, Association of American Medical Colleges, National Resident Matching Program, Accreditation Council for Graduate Medical Education, and Foundation for Advancement of International Medical Education and Research on Oct. 9 sent a joint letter to Acting Secretary of Homeland Security Chad Wolf requesting that J-1 physicians—those participating in graduate medical education programs or training at schools of medicine in the U.S.—be excluded from a proposed rule that would limit how long foreign nationals can remain in the country.
Under the proposed rule, foreign nationals who are non-immigrant academic students or exchange visitors would only be allowed to stay in the U.S. for a fixed time. Currently, people who fall under those categories can remain in the country for what is known
The Trump administration changed its rules for highly skilled foreign workers who want to live and work in the United States as part of the so-called H-1B visa program, the Departments of Labor and Homeland Security announced Tuesday.
The changes, which the Trump administration has characterized as part of its goal to protect American workers, mean employers will need to commit to higher salaries for those they want to hire and visa applicants will have to have a “specialty occupation” that more narrowly fits their formal qualifications. Visa lengths could also shorten.
“We have entered an era in which economic security is an
The U.S. must do its all ‘to make sure the American worker is put first,’ says Chad Wolf, acting DHS secretary.
Just four weeks before the 2020 election, the Trump administration is again moving to tighten its immigration policies.
On Tuesday, significant changes were announced to the H-1B visa program which enables highly-skilled workers from foreign nations to be employed in the United States.
The restrictionist policies have been framed as a way to protect American jobs amid the coronavirus pandemic. However, for years, tech companies have long fought against changes to the H-1B program it uses to hire skilled engineers from several countries.
“With millions of Americans looking for work, and as the economy continues its recovery,
Tech companies on Tuesday were hit with major changes to the high-skilled worker H-1B visa program that will make them pay foreign employees much higher wages.
The changes to the skilled visa program were announced by the White House as the Department of Labor announced an interim final rule that aims to bring wages of foreign workers in line with wages paid to US workers in similar roles. The department’s rule takes effect once it’s been published by the Office of the Federal Register.
The administration has framed the H-1B reforms and foreign employee wage requirement as a way to protect American workers as the coronavirus pandemic pummels the US labor market.
The Department of Labor said the pandemic combined with potential abuses of the H-1B visa program required “immediate corrective action”.
“The US Department of Labor is strengthening wage protections, addressing abuses in these visa programs, and ensuring American
WASHINGTON — The Trump administration announced significant changes on Tuesday to the H-1B visa program for high-skilled workers, substantially raising the wages that U.S. companies must pay foreign hires and narrowing eligibility criteria for applicants.
Top administration officials framed the changes as a way to protect American jobs during the coronavirus pandemic, even though the Trump administration first committed to overhauling the program in 2017 as part of its efforts to reduce the number of foreign citizens employed in the United States.
“With millions of Americans looking for work, and as the economy continues its recovery, immediate action is needed to guard against the risk lower-cost foreign labor can pose to the well-being of U.S. workers,” Patrick Pizzella, the deputy secretary of labor, told reporters on Tuesday.
The rules will directly affect foreign workers and employers, especially tech companies that have long supported the H-1B program and pushed hard for
The Trump administration says the US will make further restrictions to its H-1B visa programme in an attempt to make it more expensive for American companies to hire workers from overseas.
While not releasing the full details of the new regulations, the Department of Labor and Department of Homeland Security said they would ask companies to pay higher salaries to workers using the visas in order to prevent them from undercutting American workers, and would narrow the list of occupations the visa could be used for.
“These changes will strengthen our foreign worker programmes and secure American workers’ opportunities for stable, good-paying jobs,” said US labour secretary Eugene Scalia.
Chad Wolf, the acting homeland security secretary, said the world had entered an era where “economic security is homeland security”.
Silicon Valley depends heavily on H-1B visas to hire engineers, scientists and coders from overseas, but the visa is widely used