US Major H-1B Fraud Probe Unveils Trump Official's Cognizant Link The U.S. Department of Labor’s Inspector General, Anthony D’Esposito, has announced a sweeping investigation into alleged fraud within the H-1B and PERM visa programs. The probe, part of a broader effort to combat labor trafficking and exploitation of foreign workers, has already led to the issuance of multiple subpoenas targeting companies suspected of engaging in coercive wage-kickback schemes. D’Esposito, speaking to Fox News, emphasized that the investigation represents the most aggressive action taken by an Inspector General against foreign labor fraud under the current administration. The H-1B visa, a non-immigrant work permit, enables U.S. employers to hire professionals in specialized occupations. Each year, thousands of Indian workers are hired through this program. The investigation suggests systemic abuses may be occurring, with whistleblowers raising concerns about major corporations, including Cognizant, a prominent IT services company. The probe aims to uncover fraudulent applications submitted by employers and labor brokers, which allegedly exploit foreign workers by subjecting them to exploitative wage arrangements. The Department of Labor’s Office of the Inspector General (OIG) stated that the investigation has uncovered widespread schemes involving the misuse of visa programs. These practices, according to the OIG, undermine the integrity of labor programs intended to address genuine shortages rather than benefitting bad actors at the expense of American jobs. D’Esposito warned that the probe would work in tandem with the president and vice president’s fraud task force, signaling a coordinated effort to address the issue. A critical aspect of the investigation involves linking visa fraud to violent crimes.#us_department_of_labor #fox_news #cognizant #h1b_visa #anthony_desposito
Oil prices surge, stocks drop after weak update on U.S. job market NEW YORK — Oil prices reached their highest level since 2023 on Friday as tensions in the Iran war escalated, while a disappointing jobs report further dampened investor confidence, leading to steep declines in U.S. stock markets. The combination of rising oil prices and a weak labor market marked Wall Street’s worst week since October, raising concerns about economic stagnation and inflation. The U.S. Department of Labor reported that employers cut more jobs in February than they added, with the economy losing 92,000 positions. This unexpected decline added to fears of a slowing economy, as oil prices surged past $90 per barrel, pushing the S&P 500 down 1.3% and the Dow Jones Industrial Average lower by 0.9%. The Nasdaq composite also fell 1.6%, reflecting widespread unease among investors. Analysts warned that the situation could lead to stagflation—a dangerous mix of stagnant economic growth and high inflation—complicating the Federal Reserve’s efforts to stabilize the economy. “A negative payrolls number combined with a big jump in oil prices will have traders worrying about stagflation risks,” said Brian Jacobsen, chief economic strategist at Annex Wealth Management. The surge in oil prices was driven by the ongoing conflict in the Middle East, particularly the disruption of key oil routes near the Strait of Hormuz, a critical passage for global energy supplies. Brent crude, the international benchmark, rose 8.5% to $92.69, briefly surpassing $94, its highest level since September 2023. U.S. crude also hit a 2023 peak, climbing 12.2% to $90.90. The war’s impact on oil markets intensified as Iran’s use of drones to disrupt shipping in the Strait of Hormuz raised fears of prolonged supply disruptions.#strait_of_hormuz #federal_reserve #us_department_of_labor #annex_wealth_management #old_dominion_freight_line
