FT News Briefing Big Tech is losing a battle with Brussels
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Sep 22, 2025 US companies may face a staggering new H-1B visa fee of $14 billion, impacting their hiring of foreign workers. Meanwhile, Big Tech is struggling to secure access to the EU’s financial data market, raising questions about their future there. In international news, the UK, Canada, and Australia have officially recognized Palestine as a state. Additionally, Chinese retail giant JD.com encounters hurdles in its European expansion, particularly following its failed attempts in the UK.
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H-1B Fee Could Reshape Tech Hiring
- The US will impose a $100,000 application fee on new H-1B visas, potentially raising $14bn if hiring levels match 2024.
- The rule aims to boost US hiring but may push foreign tech firms to recruit global talent instead.
EU Moves To Protect Financial Data
- The EU's Financial Data Access Regulation may block major US tech firms from accessing sensitive European financial data.
- Europe prioritizes digital sovereignty to protect consumers and incumbent financial players from Big Tech influence.
What The Financial Data Rule Does
- The Financial Data Access Regulation lets service providers combine bank and insurance data to build consumer finance products.
- European financial institutions argue Big Tech could exploit sensitive data, prompting calls for restricted access.