Latest news with #Rand
Time of India
2 days ago
- Business
- Time of India
Trump admin takes first step towards a wage-linked weighted selection process for H-1B visas
Trump admin takes first step towards a wage-linked weighted selection process for H-1B visas The Trump administration is working on a new rule to create a 'weighted selection process' for H-1B cap visas. Weights are likely to be assigned, based on the salary offered to the foreign beneficiary (individual who is being sponsored for the H-1B visa by an American employer). The writing was on the wall. Now it is much clearer. Recently, the Department of Homeland Security (DHS) submitted a proposed rule to the Office of Information and Regulatory Affairs (OIRA), which is the White House office that reviews rules. Post its review, the rule will be published in the Federal Register kicking off the process of implementation of a final rule. The process could take several months as it also involves keeping a window open for inviting public comments and reviewing. 'But they are moving fast, so that could happen within the calendar year,' said Doug Rand, a former DHS official. It may be recalled that in early January 2021, with just a few days left for the Biden administration to take charge, the annual H-1B cap lottery process (which was a random selection process) was replaced with a wage-based selection process vide a final rule. Under this, H-1B cap visas were to be allocated according to wage levels, giving priority to those earning the highest salaries in their respective occupations and geographic areas of employment. In effect, the H-1B cap visas were to be awarded first to beneficiaries in Level 4 (which is the highest of the four wage categories and covers very experienced workers), then to those at Level 3, and so on, until the annual quota of 85,000 has been met. This rule was frozen by the Biden administration and subsequently vacated by a court order. The revived proposal by the Trump administration could be similar. Rand points out, 'When the US Congress established the H-1B program in 1990 as a temporary work visa for professionals in 'specialty occupations', many of today's occupations didn't exist. American businesses get no more than 85,000 new H-1B cap slots each year; but the demand is 4-5 times higher.' Indians are major H-1B beneficiaries. For the fiscal ended September 2023, they accounted for 68,825 (58%) of initial employment visas and 2.10 lakh (79%) of extensions, far outpacing China, the second-largest source, with significantly lower allotments of 16,094 and 29,250, respectively. Thus, any change will significantly impact Indians aspiring to work in the US. Rand states that there is a difference between long-term employers (such as MNCs, thousands of startups, small business and community hospitals) and the short-term employers – which could include a handful of unscrupulous staffing companies. 'Heedless of this distinction, the Trump administration is about to (re)attempt a major change to the H-1B lottery. It sounds reasonable at first to allocate scarce H-1Bs to the highest-paid workers in each occupation. But, this would be disastrous in practice. Sure, it might force the short-term H-1B employers to either pay their workers more or get out of the business. But the long-term H-1B employers typically hire early-career researchers, engineers, doctors, and other professionals, often fresh out of US graduate school. They may be well-compensated, but they wouldn't hit the top quartile, so they would be effectively frozen out of the lottery selection process,' explains Rand. Education experts point out that typically international students transitioning to H-1B visas after completing their optional practical training (which is three years for STEM students) are hired at entry levels. Higher wages will make it difficult for companies to hire them. Immigration attorneys also hold the view that it would adversely impact the health sector, scientific research and certain hospital positions.
Business Wire
2 days ago
- Business
- Business Wire
Rand Capital Announces Second Quarter 2025 Financial Results Conference Call and Webcast
BUFFALO, N.Y.--(BUSINESS WIRE)-- Rand Capital Corporation (Nasdaq: RAND) ('Rand' or the 'Company'), a business development company providing alternative financing for lower middle market companies, announced that it plans to release its second quarter 2025 financial results before the opening of financial markets on Monday, August 4, 2025. The Company will also host a conference call and webcast to review its results that day. Second Quarter 2025 Conference Call 1:30 p.m. Eastern Time Phone: (201) 689-8263 Webcast: A telephonic replay will be available from 5:30 p.m. ET on the day of the call through Monday, August 18, 2025. To listen to the archived call, dial (412) 317-6671 and enter replay PIN 13754384. The webcast replay will be available in the investors' section at where a transcript will also be posted once available. ABOUT RAND CAPITAL Rand Capital Corporation (Nasdaq: RAND) is an externally managed business development company (BDC). The Company's investment objective is to maximize total return to its shareholders with current income and capital appreciation by focusing its debt and related equity investments in privately-held, lower middle market companies with committed and experienced managements in a broad variety of industries. Rand primarily invests in businesses that have sustainable, differentiated and market-proven products, revenue of more than $10 million and EBITDA in excess of $1.5 million. The Company's investment activities are managed by its external investment adviser, Rand Capital Management, LLC. Additional information can be found at the Company's website where it regularly posts information:
IOL News
7 days ago
- Automotive
- IOL News
Support Bohlale 'Littleman' Mafokate's journey to the Ohvale Supercup in China
Young South African racing prodigy Bohlale "Littleman" Mafokate aims for international Glory in China Image: supplied Bohlale "Littleman" Mafokate, a ten-year-old racing sensation from Soweto South Africa, is on the cusp of making history by representing his country at the prestigious Ohvale Guangzhou Supercup in Guangzhou, China, from July 31 to August 4, 2025. Having dominated local racing circuits since he was four years old and securing multiple South African championships, Bohlale has earned a coveted invitation to compete against the world's best young riders. However, "Littleman" has less than two weeks to raise funds so he can reach his dream of competing on the big stage. "I've been working so hard since I was little, I'm hungry to show what South Africa can do on the world stage, China is my first big step towards racing internationally," said Bohlale. Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Advertisement Next Stay Close ✕ His journey is nothing short of extraordinary. Starting on a pocket bike at a young age, Bohlale's natural talent, fearless focus, and dedication to training have propelled him to the top of South Africa's junior racing scene. With the departure date set for July 27 – less than two weeks away – Bohlale's dream hangs in the balance due to the significant costs associated with international travel and logistics. To help make this trip a reality, a BackaBuddy campaign has been launched to rally support from the South African public, businesses, motorsport fans, and anyone who believes in nurturing young talent and national pride. "We are bursting with pride for Bohlale. This invitation is everything he's worked for, but the reality is we have less than 14 days to secure the funds needed. We simply cannot do this alone," says the appeal on the BackaBuddy campaign page. "We are pleading with the South African public, businesses big and small, motorsport fans, and anyone who believes in supporting young talent and national pride. Every Rand donated gets Bohlale closer to that starting grid in Guangzhou." Bohlale "Littleman" Mafokate, a ten-year-old racing sensation from South Africa, is on the cusp of making history by representing his country at the prestigious Ohvale Supercup in Guangzhou, China, from July 31 to August 4, 2025. Image: supplied The Ohvale Supercup in Guangzhou represents a crucial opportunity for Bohlale to gain international experience, benchmark against global peers, and attract future sponsorship. This isn't just a trip; it's a launchpad for Bohlale's international racing dreams. For more information or to support Bohlale's campaign, visit the BackaBuddy page: or kindly contact Zenzele Mafokate on 082 6459 113 and zenzym8@ for further inquiries. 'Bohlale's story is one of talent, determination, and the pursuit of excellence on the racing track. With the support of the South African community, Bohlale can make his dream of competing in China a reality, paving the way for a promising international racing career,' said a family representative, Zenzele Mafokate.
IOL News
7 days ago
- Automotive
- IOL News
F1 return to Africa: Kyalami nears green light as key meeting looms
Minister of Sport, Arts and Culture Gayton McKenzie has vowed to bring Formula 1 back to South Africa, revealing in Parliament that a crucial meeting with F1 leadership will take place within two weeks. Photo: Backpagepix Image: Backpagepix Minister of Sport, Arts and Culture Gayton McKenzie has told Parliament that a critical meeting regarding the fate of Formula One on the African continent is set to take place within the fortnight. McKenzie was presenting his department's R6.3 billion budget before Parliament when he made the remarks. During his presentation, the Minister noted that Kyalami had received FIA approval to begin upgrades aimed at achieving Grade 1 status in line with Formula 1 specifications. Last month, Kyalami Circuit in Johannesburg was given the green light by the FIA to upgrade the racetrack, which is currently classified as Grade 2. The proposed upgrades focus on enhancing the run-off areas, barrier systems, debris fencing, kerbs, and drainage systems. Toby Venter, owner of Kyalami and driving force behind the project, is privately funding the multi-million Rand improvements. However, the FIA has yet to give either South Africa or Rwanda the official nod to host the 2027 Grand Prix — raising the possibility that Venter's investment could be in vain. Still, both McKenzie and Venter appear undeterred in their ambition to return F1 to the continent. Kyalami is only one of two circuits in Africa to have hosted a F1 race, with its most recent GP taking place in 1993. That race was graced by none other than Ayrton Senna, who drove his iconic V12 McLaren on the Johannesburg track. He finished second that year behind another legend Alain Prost of France. More than three decades on, McKenzie believes the time is right for South Africa to return to the F1 calendar. 'Many people laughed when I uttered the words, 'Formula 1 must come back to South Africa'. One man who didn't laugh was Toby Venter, the owner of Kyalami racetrack,' McKenzie told Parliament. 'When I told him that the government doesn't have the money to host Formula 1 — because of other, more urgent priorities — and that we would not be able to help him pay for the track to reach F1 standards, he looked me in the eye and said he would see it as his patriotic duty to do just that. 'We have had multiple meetings with the management of F1, with a crucial one happening in the next two weeks.' McKenzie also hinted at corporate support from companies such as MTN and Heineken, but it remains unclear whether the upcoming meeting he referred to is the one in which the FIA will decide which African country secures the 2027 race. Despite scepticism in some quarters, the minister insisted there was immense value in hosting a South African GP again. He argued that without a stop in sub-Saharan Africa, the F1 world championship could not truly claim to be global. To ensure the upgrades meet the highest international standards, Venter has enlisted UK-based Apex Circuit Design. Its founder, Clive Bowen, said Kyalami only needed a 'light touch-up' to reach world-class motorsport specifications.
IOL News
08-07-2025
- Business
- IOL News
How the US's 30% tariff on South African goods could impact property prices
South Africa's real estate sector is expected to feel the effects of the US tariff decision for at least a few months while the country's businesses adapt. On the other hand, it could also create exceptional opportunities for astute real estate buyers and investors, according to Berry Everitt, the CEO of the Chas Everitt International Property Group. If South Africa is unable to significantly increase its exports to other countries, the United States' 30% tariff on all the country's imported goods could set back the local property market. He noted that the new tariff level will make SA goods more expensive and thus less attractive for US consumers to buy "and so is likely to cause a drop in demand that will have repercussions not only for the South African exporting companies and their employees but also for the broader economy and the real estate market". The international property group said the US is currently SA's second-biggest bilateral trading partner, with total goods trade amounting to $20.5bn in 2024. South African exports to the US were valued at $14.7bn, while imports stood at $5.8bn. This resulted in a trade deficit of $8.8bn for the US, which US President Donald Trump regarded as untenable. This was made clear in a letter he sent to SA President Cyril Ramaphosa on Monday, which also warned that if SA were to respond by raising its tariffs on US imports, the amount of that increase would be added to the 30%. "The new tariff level threatens key export sectors, notably automotive, agriculture and mining, all of which are major employers, and initial projections are that this move will immediately reduce South Africa's economic growth by around 0.3 percentage points," says Everitt. "In addition, the decision has already weakened the Rand, which will make it more expensive for SA to import certain things that it needs, such as fuel. This will push up prices and inflation for SA consumers and lessen the chance of future interest rate cuts." However, he points out that many SA exporters are already exploring alternative markets, leveraging agreements like the African Continental Free Trade Area (AfCFTA) to bolster intra-African trade and reduce dependency on the US market. He said SA's membership of the BRICS+ trade group, which is currently meeting in Brazil, may also assist local exporters in finding large new markets, especially in China, South East Asia and the UAE, to offset the US trade they lose. And China, for example, announced last month that it was removing all tariffs on imports from the 53 African nations with which it has diplomatic ties, a move that will make SA products cheaper, and more attractive, to Chinese consumers. "Meanwhile, we do expect the real estate sector to feel the effects of the US tariff decision for at least a few months while SA businesses adapt. There could be job losses in the export-driven industries, and the banks are likely to be more cautious about approving home loans," Everitt said. He said this will slow demand for both residential and commercial properties and cause many investors and developers to press pause on new projects. "The other side of this coin, though, is that property price growth will stabilise for a period and create opportunities for those who have a positive view of SA's longer-term future, as we have, to negotiate with sellers and buy at prices that will prove to be highly advantageous. "What is more, we believe many buyers will soon find the real estate market one of the better places to invest as stock markets around the world become more volatile in response to the shifting US tariff scenario. "As a member of Leading Real Estate Companies of the World, we have seen how similar scenarios play out in other countries, and are able to provide sound advice to both buyers and investors seeking to maximise the opportunities now developing in the SA market," Everitt said.
