WASHINGTON — The Trump administration has paused all immigrant visa applications worldwide, a State Department official confirmed Tuesday, as the agency launches a global training initiative it says is aimed at ensuring consular officers can more thoroughly screen applicants who might rely on U.S. public assistance.

The State Department launched the initiative at all embassies and consulates in early August, according to the official, and visa appointments have had to be adjusted to accommodate what the agency described as “in-depth training.” The department said it has been working on updated guidance and training since earlier this year “to ensure all consular officers are fully equipped to evaluate every visa applicant comprehensively and consistently.”

The Financial Times reported that applicants who already had interviews scheduled at U.S. embassies and consulates received emails informing them their appointments had been canceled, with the department saying it would notify them of a new date and time. As of this report, the State Department has not provided a timeline for when the training will conclude or when normal appointment scheduling will resume.

Agency officials have framed the pause as a measure to ensure incoming immigrants will not end up relying on U.S. public benefits. But the move fits within a broader pattern of strategies the Trump administration has pursued to restrict both lawful and undocumented immigration, creating what critics describe as an increasingly selective process governing who is able to enter the country’s legal immigration system.

The pause on visa appointments comes just days after a separate immigration restriction suffered a significant legal setback. U.S. District Judge Jeannette Vargas of the Southern District of New York struck down a Trump administration policy that had suspended the issuance of immigrant visas to applicants from 75 countries, ruling that the policy exceeded Secretary of State Marco Rubio’s statutory authority. That earlier policy, which took effect Jan. 21, had targeted applicants from Latin American countries including Brazil, Colombia and Uruguay; Balkan nations such as Bosnia and Albania; South Asian countries Pakistan and Bangladesh; and numerous nations across Africa, the Middle East and the Caribbean, citing concerns that migrants from those countries were drawing on U.S. welfare benefits at what the department described as “unacceptable rates.”

Joanna Cuevas Ingram, senior staff attorney at the National Immigration Law Center, celebrated that court ruling in a statement issued last week. “The court made clear that immigration laws cannot be used to justify discrimination,” Cuevas Ingram said. “We are determined to ensure every person and family this ban harmed receives appropriate relief and will continue to hold this administration accountable to its obligations under the law.”

This week’s newly announced worldwide pause arrives alongside a separate, even broader immigration action. The Trump administration also announced plans this week to revoke visas from asylum seekers who had originally entered the United States on tourism or business visas before subsequently applying for asylum. Officials estimate that as many as 200,000 people currently seeking asylum could be affected by that action, which is being coordinated with the Department of Homeland Security and would mark what officials describe as the largest mass revocation of visas in U.S. history.

Under the Trump administration, visa applicants across multiple categories have faced a growing range of new restrictions, including expanded review of applicants’ social media histories and increased processing costs, according to the Associated Press. Those measures have compounded over the course of the administration’s second term, building on earlier actions including a February directive from a federal judge that overturned Trump’s attempt to suspend the U.S. refugee resettlement system entirely, and continued authorization for federal agents to block asylum seekers from entering the country at the border, a practice human rights advocates say undermines established international asylum law.

Immigration law experts have warned that the newly announced worldwide pause will create immediate, practical hardship for applicants who have already invested significant time and money navigating an already demanding legal immigration process. Brian Simmons, an attorney at immigration law firm Fragomen in Washington, described the burden many affected applicants are likely now facing. Many of those impacted by the pause likely “spent thousands of dollars and disrupted their lives to attend scheduled interviews, only to have their appointments cancelled at the last minute,” Simmons told the Financial Times, adding that it remains unclear when those canceled appointments will ultimately be rescheduled.

Rights groups have broadly condemned the Trump administration’s overall approach to immigration enforcement during its second term, characterizing the cumulative effect of these various restrictions as discriminatory and, in some cases, in violation of due process protections. Advocates have specifically raised concerns about the environment the crackdown has created for ethnic minorities in the United States, some of whom have reported experiencing racial profiling amid the broader enforcement push.

Notably, while Trump campaigned in 2024 on a platform centered primarily around curbing illegal immigration, his administration has simultaneously introduced a range of measures that have made legal immigration meaningfully more difficult as well, including imposing new and substantially higher fees for applicants pursuing certain categories of work visas.

The State Department has not disclosed specific details regarding the length or curriculum of the newly launched consular officer training initiative beyond describing its general purpose of improving how officers screen for applicants deemed likely to become dependent on U.S. public benefits. With no confirmed timeline yet available for when standard visa appointment scheduling will resume, immigration attorneys and advocacy organizations are likely to continue closely monitoring the situation in the coming weeks, both to track how long the pause ultimately lasts and to assess how it interacts with the administration’s other ongoing immigration restrictions, including the broader asylum visa revocation effort and the continued legal fallout from last week’s court ruling striking down the earlier 75-country visa suspension policy.

Shares of Physicswallah sharply surged around 5% on Wednesday morning after nearly 4.67 crore shares of the edtech platform worth around Rs 550 crore changed hands in a block deal.

The shares were traded at Rs 117.72 per share as part of the block deal, marking around a 3% discount to the stock’s previous closing price of Rs 121 apiece. The stock sharply surged to Rs 126.98 apiece after the block deal.

This comes after Physicswallah shares sharply recovered around 63% in less than six months since hitting a record low of Rs 77.72 apiece in March this year. The buyers and sellers in Physicswallah’s block deal could not be ascertained.

Physicswallah share price

Physicswallah shares had made a strong market debut in November last year, listing at a 33% premium over IPO price at Rs 145 apiece on NSE. The stock then gained around 12% to hit a record high of Rs 161.99 apiece in the same month, before beginning to sharply decline.
The stock tumbled over 52% in less than four months to hit a record low of Rs 77.72 apiece in March this year. The shares of the edtech platform have, however, recovered 63% since then.

Also read | Physicswallah is ‘class’ apart, says DAM Capital after initiating with Buy rating. 3 reasons why

What lies ahead for Physicswallah shares?

Physicswallah reported improved financial performance for the first quarter of FY27 earlier this month. Its consolidated net loss narrowed to Rs 88.3 crore in Q1FY27, compared with a loss of Rs 127 crore in the same period last year. Revenue from operations rose 24% year-on-year to Rs 1,054 crore from Rs 847 crore, driven primarily by strong growth in its online business.JM Financial described the Q1 performance as “decent”, noting that consolidated revenue grew 24% YoY despite the NEET-related revenue shift. It highlighted the 33.2% YoY growth in the online business and improving monetisation and profitability.

JM Financial upgraded PhysicsWallah to ‘Buy’, retaining its target price of Rs 140 apiece. This implies more than 15% upside potential from the stock’s previous closing price.

Also read | PhysicsWallah shares rally 8% after Q1 loss narrows, revenue rises 24% YoY. Should you buy?

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times.)

The Hy-Tech Engineers IPO has entered its third day of bidding, with investor interest remaining robust. The grey market premium (GMP) is currently signalling a potential 57% premium over the issue price, reflecting strong bullish sentiment ahead of the company’s stock market debut.

By the end of Day 2, the issue was subscribed 19.33 times. Retail investors emerged as the biggest participants, with their portion subscribed 27.26 times against 92.01 lakh shares on offer.

The Rs 135.73 crore IPO comprises a fresh issue of 1.13 crore shares worth Rs 60 crore and an offer for sale (OFS) of 1.43 crore shares valued at Rs 75.73 crore.

The issue opened for subscription on August 24 and closes on August 27, 2026. The allotment is expected on August 28, while the shares are tentatively scheduled to list on the NSE and BSE on September 1, 2026.

Hy-Tech Engineers has set the IPO price band at Rs 50-53 per share, with a lot size of 283 shares. At the upper price band, retail investors will need Rs 14,999 to bid for one lot.

New Berry Capitals Pvt. Ltd. is the book-running lead manager, while Bigshare Services Pvt. Ltd. is the registrar to the issue.

Anchor investors

The Hy-Tech Engineers IPO secured Rs 40.72 crore from anchor investors, with the anchor bidding taking place on August 21, 2026.

Hy-Tech Engineers IPO subscription

The IPO continued to attract strong investor interest on Day 2, with the issue subscribed 19.33 times against the total offer of 1.81 crore shares.

• Retail individual investors (RIIs): Subscribed 27.26 times against 92.01 lakh shares on offer.
• Non-institutional investors (NIIs): Subscribed 24.56 times against 39.43 lakh shares on offer.
• Qualified institutional buyers (QIBs): Subscribed 62% against 50 lakh shares on offer.

Hy-Tech Engineers IPO GMP

The Hy-Tech Engineers IPO is currently trading at a grey market premium (GMP) of Rs 30 per share, translating into a premium of approximately 57% over the upper issue price of Rs 53. Based on the prevailing GMP, the estimated listing price is around Rs 83 per share.

GMP note: The grey market premium is an unofficial market indicator and should not be considered a guarantee of the IPO’s actual listing price. GMP can fluctuate based on market sentiment, investor demand, and broader market conditions. Investors should therefore avoid relying solely on GMP when making investment decisions.

IPO objects of the issue

The company proposes to utilise the net proceeds from the issue primarily towards capital expenditure of Rs 29.97 crore for procuring machinery and equipment for expansion at its Kavathe and Shirwal units and procurement for Pithampur Unit-I.

Further, Rs 16.00 crore will be used for the full or partial prepayment or repayment of certain outstanding borrowings, with the remaining proceeds allocated towards general corporate purposes. The total estimated utilisation of the issue proceeds is Rs 45.97 crore.

Financial performance

Hy-Tech Engineers Ltd. reported a strong financial performance in FY26, with total income increasing by 16% to Rs 193.44 crore, compared with Rs 166.71 crore in FY25. The growth reflects a healthy improvement in the company’s overall revenue during the year.

Profitability also remained robust, with profit after tax (PAT) rising by 15% to Rs 22.59 crore in FY26 from Rs 19.62 crore in FY25. Overall, the company delivered consistent year-on-year growth in both income and net profit.

About Hy-Tech Engineers

Incorporated in December 1978, Hy-Tech Engineers Limited is an engineering company specialising in the design, manufacture and supply of hydraulic fittings for industrial applications. With over four decades of experience, it offers 11,000+ SKUs, including DIN-metric, JIC, ORFS, conversion and customised fittings.

The company follows a B2B model, serving OEMs and industrial customers across domestic and international markets through direct sales and distribution partners. Its products cater to construction, automotive, agricultural machinery, injection moulding and hydraulic systems, with additional certifications for railway and defence applications. As of March 31, 2026, it had a presence across the USA, Europe, the Middle East, Brazil and Asia.

Hy-Tech Engineers operates manufacturing facilities in Thane, Shirwal, Kavathe, and Pithampur, supported by its Nashik unit for forged components. As of March 31, 2026, the company had 468 permanent employees and 253 contractual personnel.

Should you subscribe?

According to brokerage firm AnandRathi Research, Hy-Tech Engineers Ltd.’s IPO is valued at a P/E of 22.25x based on FY26 earnings and an EV/EBITDA of 12.15x at the upper end of the price band. This translates into a post-issue market capitalisation of approximately Rs 5,027 million.

The brokerage believes the company is well-positioned to benefit from the growth of the hydraulic fittings industry. Given its established market presence and growth prospects, the IPO is considered reasonably valued. Accordingly, Anand Rathi Research has assigned a “Subscribe – Long Term” rating to the IPO.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times.)

A new report by the Government Accountability Office (GAO) warns Americans’ retirement plans may be sharing or selling personal information that can be used to market financial products and services.

Over 126 million Americans are enrolled in employer-sponsored retirement plans, such as a 401(k) or similar account, with total assets in those plans exceeding $9 trillion, according to the GAO.

Those plans are typically administered by external providers of financial services and the report explained that employers share some personally identifiable information with asset managers, payroll providers and record keepers who manage the investment and processing of contributions.

Personal data that employers may share with those service providers can include information like a birth date, Social Security number, account numbers and balances, as well as other data.

The GAO noted that while service providers can use that data to market financial products and services, they may, in some cases, sell that data to third parties, which can increase the risk of inadvertent exposure.

MOST AMERICANS STILL TRUST FINANCIAL ADVISORS OVER AI TOOLS FOR MAJOR MONEY DECISIONS, STUDY FINDS

GAO’s analysis included a review of privacy disclosures from 31 service providers, of which 29 either explicitly allowed data sharing or didn’t specify whether participant data could be shared for marketing purposes.

Additionally, over half of the financial service providers – 17 of the 31 – didn’t limit their ability to sell participant data to data brokers or other third parties.

It also found that just 12 of the 31 service providers have privacy disclosures allowing plan participants to opt out of data sharing.

AMERICANS’ 401(K) BALANCES HIT RECORD LEVELS IN 2025

The GAO’s report included a recommendation that the Labor Department provide additional guidance about data privacy for participants in retirement plans for sponsors and service providers.

In particular, GAO said that the labor secretary “should clarify what participant information should be considered private and the circumstances in which service providers should obtain written permission before using or sharing this information.”

“Such guidance could also identify best practices including for providing individual participants with choice, to the extent practicable, about how their personal information may be used, sold or shared,” GAO added.

FIDELITY ESTIMATES RETIREES WILL SPEND $185,500 ON HEALTHCARE AND MEDICAL EXPENSES IN RETIREMENT

The Labor Department provided a response to the GAO’s analysis that said it “fully supports the goal of appropriately protecting the personal information of participants and beneficiaries of plans” though it neither agreed nor disagreed with the report’s recommendations.

The agency noted the GAO report’s discussion of a 2021 guidance on cybersecurity that discussed data privacy as a component of service providers’ fiduciary responsibilities to plan participants, which states that contracts should spell out the provider’s obligation to protect private information.

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The Labor Department’s response added that while it believes the 2021 guidance makes it clear to fiduciaries that they’re obligated to include data privacy considerations in their contracts, as resources permit, the agency will “carefully consider whether supplemental guidance aligned with the recommendation could or should be issued.”

Project designed to help Warrington regeneration

The financial performance of the council’s flagship town centre regeneration scheme Time Square has ‘fallen far short of even the cautious assumptions’ in the business case.

The financial issues facing the cash-strapped council continue to cause concern. According to a scrutiny committee meeting report for its meeting at the end of last month, ‘up to and including’ 2025-26 the council made an overall loss on its commercial programme – excluding treasury management investments – of £134.58 million, with only its loans portfolio making a positive return to the council of £74.88 million over that period.

The council’s commercial portfolio has consisted of the following investments: loans programme, commercial property investments, solar farms, Redwood Bank, Wire Regeneration, Warrington’s Own Buses, Time Square and Together Energy.

The report stated the ‘broader commercial programme’ recorded an overall loss of £134.58 million and ‘capital decline’ of £296.87 million.

It said the Time Square scheme’s objective was to act as a catalyst for town centre regeneration, addressing the lack of a central cinema and family-oriented leisure offer, and to produce a ‘significant financial return’ to the council.

“The financial performance to date has fallen far short of even the cautious assumptions in the business case which has required a circa £5m annual pressure to be funded by the council,” it said.

“The total development cost reached £151.167 million.

“Over its operational period, however, Brexit, Covid-19, the energy price inflation and cost of living crisis significantly affected performance, particularly in the leisure sector.

“Operational delays during 2020 reduced early income streams, and comparing the financial model to actuals from 2020/21 to 2024/25 shows substantial variances.”

Furthermore, it highlighted a need to ‘urgently explore’ the ‘financial arrangements and treatment’ of the Time Square development.

In relation to measures in progress, it highlighted a property review with all leases monitored to ‘maximise best value’ for the council.

It added: “Potential new letting planned to replace recent vacancy in leisure unit. A full review of the operation of Time Square is underway with a full report expected imminently.

“Warrington Market continues to trade well as the anchor for the scheme, review continues to ensure cost neutral in future.”

To find all the planning applications, traffic diversions, road layout changes, alcohol licence applications and more in your community, visit the Public Notices Portal.

Dick’s Sporting Goods on Tuesday revised its 2026 outlook and warned of weakening consumer demand for athletic apparel and footwear.

The sports apparel and footwear retailer’s stock declined over 29% during Tuesday’s trading session, on pace for a record one-day percentage drop if the losses hold, after it also missed second-quarter estimates and reversed expectations for annual comparable sales growth at Foot Locker.

Dick’s acquired Foot Locker for $2.4 billion last year to boost its presence in the sneaker market and to get access to international markets.

Consumers in the U.S. have become more selective about discretionary purchases as more expensive gas and food squeeze household budgets, and are focusing discretionary spending on fresh launches in wellness and health categories.

DICK’S SPORTING GOODS PLANS TO CLOSE SOME FOOT LOCKER STORES

“Not only were there fewer launches in the second quarter, but those launches performed below both industry and our expectations,” Executive Chairman Ed Stack said, signaling a more cautious view of the rest of the year. “As a result, we are taking a more cautious view of the balance of the year.”

Dick’s Sporting Goods CEO Lauren Hobart added that while the company is taking a more cautious outlook, it remains “highly confident in the strength of Dick’s Business and our long-term opportunity at Foot Locker.”

The comments by Dick’s executives on the call come after the company had raised its annual target in May and said that it saw encouraging “proof points” to return Foot Locker’s comparable sales to growth.

DICK’S SPORTING GOODS BUYS FOOT LOCKER FOR $2.4 BILLION

Ticker	Security	Last	Change	Change %
DKS	DICK’S SPORTING GOODS	124.31	-55.02	-30.68%

Executives said on a post-earnings call Tuesday that lifestyle and legacy silhouettes were “simply not resonating the way they once did,” which resulted in inflated inventory that led to heavy discounting.

Foot Locker bore the brunt of that trend due its exposure to legacy brands, as well as its presence in Europe and international markets that have struggled amid geopolitical uncertainties.

Neil Saunders, managing director at GlobalData, said that “does not bode well for the major sneaker brands, although they may have been able to offset some of the weakness by leaning more into apparel, especially around the World Cup.”

“Even so, it will set alarm bells ringing for investors,” Saunders added.

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Dick’s projected annual sales of $21.9 billion to $22.2 billion, revised lower from its earlier forecast of $22.1 billion to $22.4 billion.

The company’s quarterly profit of $3.53 per share missed estimates of $3.76. It reported $5.59 billion in net sales for the 13 weeks ending on Aug. 1, which included the FIFA World Cup, which missed estimates of $5.65 billion, according to data compiled by LSEG.

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Dick’s also now expects Foot Locker’s annual comparable sales to be flat to down 2%, and signaled that part of the $59 million in tariff refunds it received will be invested in promotions.

Reuters contributed to this report.

Shares of MTAR Technologies rallied as much as 3% to their day’s high of Rs 7,120 on the BSE on Wednesday after the company won an order worth Rs 127 crore from Nuclear Power Corporation of India for the supply of coolant channel assemblies for reactor refurbishment. With today’s rise, the stock is up 5% in two sessions.

Commenting on the development, the management said it has secured significant orders in the civil nuclear sector over the past few months. “Our closing nuclear order book now stands at more than Rs 775 crore, the highest in MTAR Tech’s history. The sector’s long-term outlook remains promising, and we expect a steady inflow of orders over the coming years”.

MTAR Tech FY27 guidance

The company has guided for 80% revenue growth in the current financial year, with an EBITDA margin of 24% plus or minus 100 basis points. It said its focus extends beyond near-term financial performance, with efforts centered on building a more diversified and resilient business by expanding its product portfolio, increasing wallet share with existing customers and broadening its global customer base.

The company also reiterated its commitment to leveraging its engineering expertise and execution capabilities to strengthen its manufacturing platform and build a world-class manufacturing institution.

MTAR Technologies said it continues to strengthen its position in the civil nuclear power segment, where it supplies critical fuel handling assemblies for nuclear reactor cores. The company recently secured its largest-ever order in this business, worth Rs 504 crore, for the Kaiga 5 and 6 projects, improving order visibility.

It also expects to receive around Rs 150 crore worth of refurbishment orders in FY27 from existing reactors. Looking ahead, the company expects meaningful opportunities from the proposed construction of four reactors at Mahi Banswara, where NTPC is partnering with NPCIL.
It added that the government’s target of achieving 100 GWe of civil nuclear capacity by 2047 presents significant long-term growth opportunities through new reactor construction, refurbishment projects and maintenance contracts.

MTAR Tech Q1 results

The company reported a 364.5% year-on-year jump in Q1 net profit to Rs 50.2 crore from Rs 10.8 crore.

The company’s revenue from operations surged 130.4% year-on-year to Rs 360.7 crore from Rs 156.6 crore. EBITDA nearly tripled to Rs 85.1 crore from Rs 28.4 crore, marking a 199.7% increase, while profit before tax jumped 355% to Rs 67.4 crore.

Commenting on the results, Managing Director Parvat Srinivas Reddy said the company delivered another strong quarter, with performance in line with the growth guidance for the current financial year. He added that, beyond the quarterly numbers, the company has reached an inflection point, with each of its key business verticals well positioned to enter the next phase of growth.

MTAR Tech share price performance

The stock is up almost 200% since the beginning of the year and about 95% in the last six months. In the last one year, the MTAR Tech stock is up over 385% and about 460% in the last 5 years.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times.)