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Arab News
5 minutes ago
- Arab News
Trump immigration crackdown boosts private prison profits
NEW YORK: One of the biggest US private prison companies announced a share repurchase program on Wednesday, the latest sign of an industry boom from President Donald Trump's crackdown on illegal immigration. Geo Group, one of the two leading US private prison companies, said the White House's policies will fuel their growth for the foreseeable future, even as executives pointed to staffing and infrastructure limitations that could constrain the Trump administration's mass deportation agenda. The US Immigration and Customs Enforcement agency's target of hiring 10,000 workers is 'very expensive and very complicated,' said Geo Executive Chairman George Zoley, predicting it will 'take a long time' to reach that figure. 'You need more people to go across the country and identify people who are here unlawfully,' Zoley said on a conference call. 'One person doesn't go out and do this job by themselves. It's a whole team of people.' Florida-based Geo, which is adding thousands of beds for detainees at sites around the United States, reported profits of $29.1 million after losing $32.5 million in the year-ago period. Revenues rose 4.8 percent to $636.2 million. The company, which is also seeing growth in its transportation business for ICE, said its board had authorized $300 million in share repurchases. Company officials expect more of a revenue increase in 2026 from the ICE crackdown. By that point, four facilities currently being activated will be at capacity, resulting in annual revenues of $240 million. Geo also has another 5,900 beds at six company facilities that are currently idle. If fully utilized by ICE, they could yield another $310 million in annual revenues, Zoley said. But company officials suggested a widely-discussed Washington target of one million deported annually could be difficult in light of the constraints facing the operation. Trump's multi-year fiscal package approved by Congress in July triples ICE's detention budget to $45 billion over four years. Administration officials have said they need 100,000 beds at detention centers to reach their mass-deportation goals. Zoley estimated that private companies currently have capacity for 75,000 or 80,000 beds, leaving a gap that could be met at military bases or by the US states. 'They are communicating with many red states in particular,' said Zoley, who mentioned Florida, Texas and Louisiana among the Republican-controlled states whose public sectors are being enlisted. 'These are unchartered waters for the agency to expand their platform of detention nationally... to literally more than double the size of the previous administration,' he said. 'It can't be done overnight.' Shares of Geo rose 2.6 percent. After the stock market closed, CoreCivic, the other leading private prison company, lifted its financial targets after reporting that second-quarter profits more than doubled to $38.5 million.
Arab News
5 minutes ago
- Arab News
Trump says he could impose more tariffs on China, similar to India duties, over Russian oil
WASHINGTON: US President Donald Trump on Wednesday said he could announce further tariffs on China similar to the 25 percent duties announced earlier on India over its purchases of Russian oil, depending on what happens. 'Could happen,' Trump told reporters, after saying he expected to announce more secondary sanctions aimed at pressuring Russia to end its war in Ukraine. He gave no further details. 'It may happen ... I can't tell you yet,' Trump said. 'We did it with India. We're doing it probably with a couple of others. One of them could be China.' Trump on Wednesday imposed an additional 25 percent tariff on Indian goods, on top of a 25 percent tariff announced previously, citing its continued purchases of Russian oil. The White House order did not mention China, which is another big purchaser of Russian oil. Last week, US Treasury Secretary Scott Bessent warned China that it could also face new tariffs if it continued buying Russian oil.
Argaam
4 hours ago
- Argaam
Saudi Aramco sets Arab crude OSP for September
Saudi Aramco set the official selling price (OSP) for its Arab Light crude for September delivery to North America at $4.2 per barrel above the Argus Sour Crude Index (ASCI). For Western Europe, the Arab Light price was set at $3.35 per barrel above the ICE Brent price, the oil giant said in a statement received by Argaam. The Arab Light crude grade OSP was set at $3.15 above the ICE Brent for Europe - Mediterranean. In addition, the price for East Asia was set at $3.2 more than the average of the Oman and Dubai benchmarks, as shown below: Aramco produces five density-based grades of crude oil: Super Light (greater than 40 degrees), Arab Extra Light (36-40), Arab Light (32-36), Arab Medium (29-32), and Arab Heavy (below 29), according to Argaam 's data.
