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North American Edition
22nd December 2025
 
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THE HOT STORY

Tech firms warns staff with U.S. visas against international travel

Google, Microsoft and Apple are advising some employees on U.S. work visas to avoid international travel due to delays of up to a year for visa stamping appointments at embassies. Immigration law firms representing the companies said the delays stem from new social media screening requirements, and warn that staff risk being stranded outside the U.S. if appointments are postponed. "While in the past the emphasis may have been on processing cases quickly and reducing wait times, our embassies and consulates around the world, including in India, are now prioritizing thoroughly vetting each visa case above all else," a spokesperson for the Department of State told Business Insider.
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HIRING

Senators push to lift IRS hiring freeze

On December 18th, a group of U.S. Senators, including Raphael Warnock (D-GA) and Ron Wyden (D-OR), urged Treasury Secretary Scott Bessent to end the hiring freeze at the IRS. They emphasized the need for adequate staffing to support the Taxpayer Advocate Service (TAS), which resolves over 230,000 taxpayer issues annually. The senators expressed concern that the ongoing freeze and recent personnel cuts would hinder TAS's ability to provide timely assistance, leading to increased wait times for taxpayers. "Ensuring Americans can access their full tax benefits in a timely manner falls squarely within the national interest," they stated. The senators requested clarity on the criteria for lifting the freeze and highlighted the urgency of hiring to prepare for the upcoming tax season.
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ECONOMY

U.S. consumer sentiment edges up in December, but budget worries persist

U.S. consumer sentiment rose slightly in December, although concerns over affordability and job security continued to weigh on households. The University of Michigan's final December sentiment increased 1.9 points to 52.9, missing the median 53.5 reading expected among economists polled by Bloomberg. While expectations improved to a four-month high, perceptions of current conditions fell to a record low, with big-ticket purchases seen as especially unaffordable. Despite lower inflation expectations, weak job growth and a rising unemployment rate are keeping sentiment nearly 30% below year-ago levels. “Despite some signs of improvement to close out the year, sentiment remains nearly 30% below December 2024, as pocketbook issues continue to dominate consumer views of the economy", commented Joanne Hsu, director of the survey.

California boosts film industry with tax credits

California has announced $750m in tax credits for 28 new film projects, including works by Ang Lee and Snoop Dogg. This initiative aims to revitalize local production and counteract the migration of film projects to regions with more favorable tax incentives. Governor Gavin Newsom said: "For more than a century, the world's most iconic stories have been imagined, produced, and shared from right here (in California)." The California Film Commission reported that these projects are expected to generate $562m in economic activity. Since 2009, the tax credit program has produced over $30.6bn in economic impact, reinforcing California's status as the entertainment capital of the world.
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TECHNOLOGY

Happy Returns deploys AI to combat returns fraud

UPS-owned Happy Returns is piloting an artificial intelligence tool to curb returns fraud, a problem estimated to cost retailers $76.5bn. The system, combining human auditors with AI, flags suspicious returns by comparing incoming products to expected items, with final decisions made by human teams. Retailers involved in the holiday trial say the technology helps catch both obvious and subtle fraudulent returns, enhancing protection during peak shopping periods.
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LEGAL

Canada audited for effectiveness in combating money laundering

Global financial crime auditors, including officials from the Financial Action Task Force (FATF), interviewed Canadian financial companies and 13 government agencies in November, according to sources with knowledge of the visits. Among those interviewed were executives at TD Bank, which last year paid the largest-ever fine to settle a U.S. money laundering case. Reuters notes that a negative report from the FATF could hurt Canada’s foreign investments and the country’s reputation at a time when Prime Minister Mark Carney is seeking to boost productivity and make the Canadian economy less reliant on the United States.

Elon Musk’s $56bn pay package reinstated by Delaware court

The Supreme Court in Delaware has reinstated a $56bn pay package for Elon Musk, ruling that the revocation of his remuneration package by a lower court two years ago was inappropriate and left the Tesla chief uncompensated for his time and efforts over a period of six years.
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REGULATION

Fed closes Citi notices on trading risk management issues

The U.S. Federal Reserve has lifted formal supervisory notices that required Citigroup to address weaknesses in its trading risk management. The decision is a significant easing of regulatory pressure on the third-largest U.S. bank, which has spent years working through control and data issues. Reuters notes that one of Citi's biggest difficulties has been the inconsistency of its data, stemming from multiple systems not yet fully integrated after large acquisitions, and causing the bank to trip up on matters that have precipitated several regulatory reprimands.
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INTERNATIONAL

Wealthy nations curb labor migration amid surging demand

Anti-immigration policies are reshaping migration flows to high-income countries, despite urgent labor shortages. The Organisation for Economic Cooperation and Development (OECD) reported a 21% drop in work-related migration to its member states last year. The decline is attributed to rising political opposition and tighter visa regimes, particularly in the U.K. and New Zealand. Ana Damas de Matos, a senior policy analyst at the OECD, noted that the U.K.'s reforms could exacerbate labor shortages. Across the European Union, around two‑thirds of jobs created between 2019 and 2023 were filled by non‑EU citizens, according to the International Monetary Fund.

Argentine unions protest against labor reform

Argentina's General Confederation of Labor (CGT) organized a massive demonstration in Buenos Aires on Thursday against a proposed labor reform bill by President Javier Milei. The bill aims to limit the right to strike and alter employee working hours and severance pay. Jorge Sola, a leader of CGT, said: "We don't want fewer rights, we want more work, more dignity."

Louvre reopens fully after staff vote to suspend strike

The Louvre reopened on Friday after museum staff voted against continuing their strike over working conditions. Union leaders said staff had voted against another day of stoppages but warned of future industrial action because of "insufficient progress" in talks with management and the culture ministry. 
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OTHER

Lawmakers seek to find Bondi in contempt over Epstein files

Two U.S. lawmakers have threatened legal action against Attorney General Pam Bondi after her deadline to release all government files related to the late convicted sex offender Jeffrey Epstein was met only in part. The release of the Department of Justice (DoJ) documents was highly anticipated but in the end only a portion of the available material was made public. Speaking to CBS programme Face the Nation on Sunday, Republican congressman Thomas Massie said the DOJ was "flouting the spirit and the letter of the law," and "The quickest way, and I think most expeditious way, to get justice for these victims is to bring inherent contempt against Pam Bondi, and that doesn't require going through the courts." Massie added that "[Democratic congressman] Ro Khanna and I are talking about and drafting [contempt proceedings] right now."
 
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