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Business Standard
14 hours ago
- Business
- Business Standard
US visa crackdown: Hotels order 36% more background checks on foreign staff
Now, getting a job in America's hospitality sector is set to get tougher for Indians. According to new data from human resources firm Hireology, hotel hiring managers in the US requested 36 per cent more background checks in the first half of 2025 compared with the same period last year. The company, which tracks hiring trends across a thousand hotels, linked the surge to heightened immigration scrutiny following President Donald Trump's return to office. 'Companies are certainly far more cognisant of that than they've ever been, and they don't want to be caught up in or be accused of lax hiring practices when it comes to verification of immigration status,' Patrick Scholes, hotel equity analyst at Truist told Reuters. The spike in background checks comes just weeks after the US Department of Homeland Security reversed its previous guidance and allowed Immigration and Customs Enforcement (ICE) agents to resume workplace raids at farms, hotels and restaurants. The earlier restriction had been in place since the Biden administration. Meanwhile, Hireology said in a blog post that background checks were a cornerstone of any effective hiring strategy. "They ensure that candidates meet the qualifications for the role, protect your organisation from potential risks, and help you build a safe, compliant, and high-performing workforce. Negligent hiring can have serious consequences, from legal liabilities to reputational damage," it said. The change has intensified pressure on hotel managers who are already grappling with post-pandemic staff shortages. The US Travel Association says immigrants make up at least one-third of workers in the country's travel industry. Among frontline hotel jobs, the share is even higher—34 per cent of housekeepers and 24 per cent of cooks are foreign-born, based on 2023 data from the US Census Bureau and Tourism Economics. In 2024, hotels directly employed over 2.15 million people, according to the American Hotel and Lodging Association. Hireology reported that total hiring across the hotels it monitors rose 22 per cent to over 8,000 workers between January and June 2025. But hiring for critical roles such as front desk staff, cleaners and kitchen workers was mostly flat compared to the previous year. Trump signals shift after backlash from rural employers President Trump has publicly acknowledged the strain that his immigration crackdown is placing on sectors like hospitality and agriculture. Speaking at a White House event on June 12, he said, 'Our farmers are being hurt badly... and we're going to have to do something about that. We're going to have an order on that pretty soon, I think... and leisure, too—hotels.' He repeated the message on Truth Social, writing: 'Our great Farmers and people in the Hotel and Leisure business have been stating that our very aggressive policy on immigration is taking very good, long time workers away from them, with those jobs being almost impossible to replace.' Trump has also claimed that many recent arrivals under the Biden administration are now seeking work in these industries. 'This is not good,' he wrote. 'We must protect our Farmers, but get the CRIMINALS OUT OF THE USA. Changes are coming.' Trump's broader immigration agenda includes ending temporary legal status for hundreds of thousands of migrants and deporting millions of undocumented people. For US hotels, the message is clear: background checks and hiring practices are now under closer watch. As a result, hotel managers are increasingly turning to verification systems to shield themselves from potential fines, reputational damage or legal fallout. Analysts say the shift marks a break from earlier norms, where enforcement was often lax and many employers turned a blind eye to undocumented workers.
CNBC
a day ago
- Business
- CNBC
Truist's Patrick Scholes talks Royal Caribbean's rating cut
Truist's Patrick Scholes joins 'Closing Bell Overtime' to talk the decision to cut Royal Caribbean's stock rating and his top picks in the travel sector for the second half of the year.
Reuters
a day ago
- Business
- Reuters
US hotels boost background checks as migrant scrutiny grows
NEW YORK, July 21 - U.S. hotel hiring managers ordered more background checks in the first half of 2025 compared with the same period in 2024 amid growing scrutiny of foreign-born workers in the hospitality industry, according to a leading human resources and recruitment management company. In June, the U.S. Department of Homeland Security said it was reversing guidance issued that Immigration and Customs Enforcement agents were not to conduct immigration raids at farms, hotels and restaurants. President Donald Trump has sought to end temporary legal status for hundreds of thousands of migrants in the United States and vowed to deport millions of undocumented people in the country. Hotel hiring managers requested 36% more background checks from January to June 2025 compared with the same period in 2024, according to Hireology, which tracks hiring and employment trends across a thousand U.S. hotel properties. "Companies are certainly far more cognizant of that than they've ever been, and they don't want to be caught up in or be accused of lax hiring practices when it comes to verification of immigration status," said Patrick Scholes, Truist hotel equity analyst. At least one-third of workers employed or supported by the U.S. travel industry are immigrants, according to the U.S. Travel Association. In 2024, hotels directly employed more than 2.15 million people, according to the American Hotel and Lodging Association. Total hires across 1,000 hotels increased 22% to over 8,000 workers. Increases in the most in-demand roles such as front desk associates, housekeepers and cooks were flat or grew slightly year-over-year. About 34% of housekeepers and 24% of cooks are foreign-born, according to 2023 data from the U.S. Census Bureau and Tourism Economics.
Yahoo
3 days ago
- Business
- Yahoo
Truist Trims Lockheed Target but Reaffirms Buy on Defense Strength and Valuation Appeal
Lockheed Martin (NYSE: LMT) is one of the best space stocks to buy according to hedge funds. On July 11, 2025, Truist analyst Michael Ciarmoli reaffirmed his Buy rating on Lockheed Martin but trimmed the 12-month price target from $579 to $554. This ~4.3% reduction isn't a red flag; it reflects nuanced adjustments, not a shift in fundamental confidence. Ciarmoli highlights manageable tariff challenges in both commercial aerospace and defense, supported by a backdrop of robust global defense budgets and strong aftermarket demand. He also notes Lockheed's valuation remains attractive: small- and mid-cap defense and space peers trade at a roughly 122% premium to large-caps. Despite the price-target cut, Truist sticks with Buy, signaling belief in the company's resilience amid macro uncertainties. Lockheed Martin is a global aerospace and defense giant, designing and producing iconic systems, from F-35 and F-22 fighter jets to advanced missile systems, satellites, and spacecraft, serving U.S. and international military, intelligence, space, and security clients. While we acknowledge the potential of LMT as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock. READ NEXT: and . Disclosure: None. Sign in to access your portfolio
Yahoo
3 days ago
- Business
- Yahoo
Truist Starts Coverage of Ambac Financial Group (AMBC) Stock with a Buy
Ambac Financial Group, Inc. (NYSE:AMBC) is one of the Truist analyst Mark Hughes initiated coverage of the company's stock with a 'Buy' rating and a price objective of $10, as reported by The Fly. As per the firm, Ambac Financial Group, Inc. (NYSE:AMBC) is a rapidly emerging player in the attractive managing general agent brokerage market. The firm's analyst noted that the company now has the resources to grow its insurance distribution operation, while the sales of its legacy business remain on track for H2 2025. An executive signing a contract to symbolize the financial guarantees the company provides. Ambac Financial Group, Inc. (NYSE:AMBC)'s P&C business saw a strong start to the year, with premium production rising 70% to $318 million and revenue increasing 27% to $63 million in Q1 2025, both on a YoY basis, aided by its acquisition of Beat. Ambac Financial Group, Inc. (NYSE:AMBC)'s increasingly diversified portfolio focuses on long-term growth and withstanding market cyclicality. Ambac Financial Group, Inc. (NYSE:AMBC) has announced the extension from July 3, 2025, to December 31, 2025, of the term of the stock purchase agreement related to the sale of its legacy financial guarantee businesses. Ambac Financial Group, Inc. (NYSE:AMBC)'s top management believes that this transaction is the capstone to its transformation into a pure-play specialty P&C insurance platform. Third Avenue Management, an investment management company based in New York City, released its Q4 2024 investor letter. Here is what the fund said: 'The Fund initiated two new positions during the quarter, OceanFirst Financial ('OCFC') and Ambac Financial Group, Inc. (NYSE:AMBC). Ambac Financial Group, Inc. (NYSE:AMBC) operates as a financial services holding company. While we acknowledge the potential of AMBC as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock. READ NEXT: 13 Cheap AI Stocks to Buy According to Analysts and 11 Unstoppable Growth Stocks to Invest in Now Disclosure: None. This article is originally published at Insider Monkey.
