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Trump orders new immigration curbs as FBI probes guard shooting

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President Donald Trump’s administration is expanding its immigration crackdown in the aftermath of the shooting of a pair of National Guard members in Washington.

The two guard members remained in critical condition on Thursday after they were shot in an ambush Wednesday near the White House. The suspect is Rahmanullah Lakanwal, 29, an Afghan national who was subdued and taken into custody shortly after.

Federal authorities have launched a sprawling, nationwide terrorism investigation into what Jeanine Pirro, the US attorney for DC, called a “brazen and targeted” attack. Police scoured the scene of the shooting, while authorities searched homes in Washington state and California. 

Trump, Vice President JD Vance and others in the administration quickly blamed the Biden administration for letting Lakanwal into the US and seized on the case to push for deeper immigration curbs, including halting reviews of Afghan immigration proceedings and ordering a review of those already in the US. That raises the prospect that settlement rights for Afghan allies of US forces may be curtailed.

“We must now re-examine every single alien who has entered our country from Afghanistan under Biden, and we must take all necessary measures to ensure the removal of any alien from any country who does not belong here or add benefit to our country,” Trump said in a recorded video address published by the White House Wednesday.

On Thursday, Joseph Edlow, the head of US Citizenship and Immigration Services, said in a social media post that his agency, under Trump’s orders, is conducting “a full scale, rigorous reexamination of every Green Card for every alien from every country of concern.” He didn’t name specific countries.

Even before Wednesday’s shooting, the Trump administration had moved to slash legal migration to the US. Trump’s second term has seen the administration severely lower its refugee cap, end temporary protected status for migrants from numerous countries, impose a $100,000 application fee for H-1B visas heavily used by tech companies and universities to bring over high-skilled workers and revoke thousands of visas. It also plans to review the cases of all refugees resettled under the Biden administration, according to an internal Nov. 21 memo seen by Bloomberg News.

Read More: Trump to Review Refugees Admitted Under Biden in New Crackdown

The calls for further steps came swiftly after Wednesday’s shooting, even as the investigation is in its early stages. Authorities are treating it as a terror case but haven’t publicly described his specific motive. On Thursday morning, they said that interviews and search warrants were still being carried out.

Lakanwal lived in Washington state with his wife and, authorities believe, five children. They say he drove to Washington, DC — a cross-country trip of nearly 3,000 miles — with the intent of carrying out the attack. He then drew a revolver and fired at two national Guard Members from West Virginia, blocks from the White House. The two victims are Sarah Beckstrom, 20, and Andrew Wolfe, 24; both remained in critical condition Thursday. 

Lakanwal was evacuated from Afghanistan in 2021 around the time of the chaotic Afghanistan withdrawal. AfghanEvac, a nonprofit group dedicated to supporting resettlement of US allies in Afghanistan, said he served in an elite Afghan counterterrorism unit operated by the CIA with direct U.S. intelligence and military support to support their fight against the Taliban.

Lakanwal arrived in the US in September of that year “due to his prior work with the U.S. government, including CIA, as a member of a partner force in Kandahar,” CIA Director John Ratcliffe said in a statement. 

Lakanwal arrived under humanitarian parole and was granted asylum earlier this year by the Trump administration, according to AfghanEvac.

But the administration’s response raises the prospect that it will seek to block or even revoke status of Afghan nationals who helped US forces fight the Taliban.

The US immediately suspended processing of immigration requests related to Afghan nationals and is reviewing all asylum cases approved under the Biden administration, according to Tricia McLaughlin, an assistant secretary of homeland security.

Trump called for reviewing every person who came to the US from Afghanistan under the Biden administration, while Vance said they will “redouble our efforts to deport people with no right to be in our country.”

And several top aides said that Lakanwal’s work with the CIA and other American agencies should not have meant that he was afforded residency or status in the US.

Ratcliffe said “this individual — and so many others — should have never been allowed to come here” while Attorney General Pam Bondi called Lakanwal a “monster who should not have been in our country” during a Fox News interview Thursday. FBI Director Kash Patel said at the Thursday press conference that “you miss all the signs when you do absolutely zero vetting” and Jeanine Pirro, the US attorney for Washington, DC, said “this is what happens in this country when people are allowed in who are not properly vetted.”

But while the Trump administration said it was a failure of vetting, the Afghan settlement rights group said there is vetting and that Lakanwal was a bad apple. 

“Afghan immigrants and wartime allies who resettle in the United States undergo some of the most extensive security vetting of any population entering the country,” AfghanEvac President Shawn VanDiver said in a written statement. 

The group supports “fully supports the perpetrator facing full accountability” and “rejects any attempt to leverage this tragedy as a political ploy to isolate or harm Afghans who have resettled in the United States,” VanDiver added.

The Council on American-Islamic Relations, a Muslim civil rights and advocacy group, said the anger over the crime must be directed at the perpetrator and not every Afghan national in the US or seeking to move to the US. “Using this horrific attack as an excuse to smear and punish every Afghan, every refugee, or every immigrant rips at something very basic in our Constitution and many faiths: the idea that guilt is personal, not inherited or collective,” the group said in a written statement.

Aside from immigration reform, the political fallout from the attack could widen. Bondi also signaled that the administration may scrutinize Democrats who had criticized the deployments.

Speaking on Fox News on Thursday morning, Bondi criticized Democratic lawmakers, without naming any, and media figures who have criticized Trump’s use of the National Guard. 

“They should be praising our men and women in law enforcement. And we are looking at everything they have said, and why they said it, and if they encouraged acts of violence,” she said, without elaborating.

The administration is already seeking to court-martial Senator Mark Kelly, an Arizona Democrat, after a video in which Democratic lawmakers told US service members that they can refuse unlawful orders. Trump has called the video “seditious” and reposted calls for the lawmakers to be killed.

Washington Mayor Muriel Bowser, meanwhile, condemned the shooting and pledged that the suspect will be prosecuted, but also hinted at her unease with the deployment. “These young people should be at home in West Virginia with their families,” she said. She didn’t elaborate.

Pirro, separately, declined to discuss the issue. “I don’t even want to talk about whether they should have been there” she said. “We ought to kiss the ground and thank god that the president said it’s time to bring in more law enforcement.”



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Why Jollibee is turning to a U.S. IPO to fuel global growth

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Good morning. Chickenjoy—its crispy, juicy fried chicken—and Jolly Spaghetti are signature menu items at Jollibee, a Filipino fast-food chain that is building a growing fan base in the U.S. Now, the company is setting its sights on Wall Street. 

The Philippines-based Jollibee Foods Corporation (JFC), the restaurant’s parent company, disclosed earlier this month that it plans to spin off its international operations and pursue a U.S. initial public offering for that business. The contemplated spin-off and listing are targeted for late 2027, leaving “quite a bit of time ahead of us for the work to be done,” Jollibee Global CFO Richard Shin said during a Jan. 14 media roundtable.

JFC, which includes restaurant brands such as Smashburger and The Coffee Bean & Tea Leaf, is currently traded as a single group on the Philippine Stock Exchange and operates in 33 countries. Over the past 15 quarters, JFC’s international network has posted a 26.7% compound annual growth rate, outpacing the group’s overall 15.1% rate of expansion. The separation reflects increasingly distinct strategic profiles for the domestic and international businesses, Shin said.

In March 2025, Jollibee launched its first U.S. franchising program. After opening its first North American location in 1998 in Daly City, California, the brand has since expanded to more than 100 locations across the U.S. and Canada as of early 2026.

Why go the route of a U.S. IPO? “I think there’s a fact that we can all agree on: the U.S. capital markets have deep investor-based experience in valuing global consumer and restaurant growth companies,” Shin said on the call.

Many such companies are still growing into their potential yet are often rewarded with higher multiples and valuations, he said. While that outcome is not guaranteed for JFC, a U.S. listing offers greater capital depth, liquidity, and broader analyst coverage, with any final decision subject to valuation and required approvals, he added.

The IPO market in the U.S. is heating up again, Fortune’s Jeff John Roberts writes in a new feature article. “While 2026 will almost certainly not match the banner year of 1999, which saw 476 companies go public, investors should have far more choices than they did four years ago, when just 38 firms held an IPO,” he writes.

Shin also framed the separation of JFC in terms of simplifying how investors assess the corporation, noting the group includes businesses at different stages of their life cycles, with varying returns and opportunities. Distinct domestic and international entities, he suggested, could offer investors clearer, more targeted investment options as the strategic profiles of the two segments continue to diverge.

Reasons for pursuing the separation include improved transparency, discipline in capital allocation, execution against the growth strategy, and the ability to attract an investor base aligned with the risk–return profile of each business rather than being judged solely on short-term financial metrics, he said.

“The transaction is aligned with the Jollibee Group’s long-term value creation strategy,” Shin said.

With its eyes on Wall Street, Jollibee is betting that global taste and investor appetite, will be on its side.

Sheryl Estrada
sheryl.estrada@fortune.com

Leaderboard

Helen Cai was appointed senior executive vice president and CFO of Barrick Mining Corporation (NYSE: B), effective March 1, following the departure of long-serving finance chief Graham Shuttleworth, who will be leaving the company after its year-end results. Cai has served on Barrick’s board since November 2021 and brings more than 20 years of experience in equity research, corporate finance, capital markets, and M&A at firms across the mining, industrial, and technology sectors, primarily with Goldman Sachs and China International Capital Corporation.

Meredith Peck was named CFO of Zekelman Industries, the largest independent steel pipe and tube manufacturer in North America. Peck succeeds Mike Graham, who will retire on May 15 following a planned transition period. She brings more than 20 years of financial leadership experience to Zekelman Industries and most recently served as CFO for COTSWORKS, Inc., after earlier roles as the company’s controller and then vice president of finance and administration. Earlier in her career, Peck held senior leadership roles at KeyBank and began her career in public accounting at PwC, and she is also a former U.S. Coast Guard officer.

Big Deal

In a blog post on Sunday, OpenAI CFO Sarah Friar provided an update on the tech giant, including its revenue. In 2023, revenue reached $2 billion in annual recurring revenue; it rose to $6 billion in 2024 and jumped to more than $20 billion in 2025.​

This revenue growth closely tracked an expansion in computing capacity. OpenAI’s computing capacity rose from 0.2 gigawatts (GW) in 2023 to 0.6 GW in 2024 and about 1.9 GW in 2025.​

Friar writes: “Compute is the scarcest resource in AI. Three years ago, we relied on a single compute provider. Today, we are working with providers across a diversified ecosystem. That shift gives us resilience and, critically, compute certainty.”​

In an accompanying LinkedIn post, Friar said that from a finance perspective, demand is real and growing at rates never seen by any company previously, and that customers are paying in proportion to the value delivered. She added that capital is being deployed deliberately into the constraints that actually matter, especially compute. 

Going deeper

ACCA (the Association of Chartered Certified Accountants) and IMA (Institute of Management Accountants) have published a Global Economic Conditions Survey, based on the results of their Q4 2025 poll. Members from around the world share their views on the macroeconomic environment. 

Confidence among CFOs improved somewhat, but remained below its historic average, and the key indicators point to caution at their firms, according to the findings. Accountants flagged economic pressure, cyber disruption, and geopolitical uncertainty as the top risk priorities, underscoring that risks are increasingly complex and interlinked. 

“Accountants remain cautious entering 2026, amid a highly uncertain global backdrop,” Jonathan Ashworth, chief economist of ACCA, said in a statement. “The global economy performed better than expected in 2025 and looks set to remain resilient in 2026 amid recent monetary easing by central banks, stock market gains, supportive fiscal policies in key countries, and the ongoing global AI boom.” However, there remains significant uncertainty, amid a wide range of risks, “not least on the geopolitical front, which are more heavily skewed to the downside,” he said.

Overheard

“We are entering an IPO ‘mega‑cycle’ that we expect will be defined by unprecedented deal volume and IPO sizes.” 

—Goldman Sachs’ global co-head of investment banking, Kim Posnett, recently told Fortune. Posnett discussed how she sees the current business environment and the most significant developments in 2026 in terms of AI, the IPO market, and M&A activity. Posnett, named among the leaders on Fortune’s Most Powerful Women list, is one of the bank’s top dealmakers and also serves as vice chair of the Firmwide Client Franchise Committee and as a member of the Management Committee.



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Khosla-backed Formulary raises oversubscribed $4.6 million seed round for its AI-powered private fund manager software

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Alfia Ilicheva came from the world of public markets, including four years at one of the world’s largest hedge funds, Bridgewater. But when she transitioned over to the private side, including serving as the CEO of an Apollo-backed investment platform, she realized the difficulty of fund administration for operations like private equity and venture capital. Instead of having access to real-time and accurate data like at Bridgewater, which can rely on publicly available information, this new world was filled with manually compiled and fragmented data subject to human error and inconsistent metrics.  “How could it be that hedge funds are so into the future and private capital markets are so backward,” she remembers thinking. 

As private markets explode and AI makes automation increasingly possible, Ilicheva saw an opportunity to build the next generation of fund administration software for everyone from venture capital outfits to PE giants like Apollo. After initially planning to bootstrap the project, which she named Formulary, Ilicheva was introduced to Hari Arul, a partner at Khosla Ventures, who immediately saw the appeal of the idea. Khosla is leading Formulary’s $4.6 million seed round, which Ilicheva says is three times oversubscribed, with participation from Human Ventures, Serena Williams’s venture firm, and others. 

In the red-hot field of private investments, buoyed by the rise of private credit and massively valued companies like SpaceX and OpenAI, fund administration may not be the most alluring area for innovation. But the ability to track investments, returns, and performance—and accurately convey the information to investors, or limited partners—is a necessary foundation. 

The existing options fall into two camps: the service side, or high-touch accounting companies, like SS&C and Citco, or the software side, like Carta. As Ilicheva interviewed general partners and former clients in her user research, she realized that nearly everyone was dissatisfied with the existing options to the point that most turned to shadow fund administration, where they would hire outside firms but keep their own books at the same time. “When you raise a fund, your dream is to generate alpha by investing capital, not redoing someone’s work,” Ilicheva said. 

Ilicheva planned to find a happy medium between the two models by leveraging AI to massively scale up the service approach, creating software for their own in-house accountants, which Ilicheva playfully calls bionic accountants. “They’re really focused on having a grip on the numbers and delivering service, but they’re not manually entering things in an Excel spreadsheet, which has been the industry’s burden for the past decades,” she said.  

The challenge in creating a tech-enabled services company, of course, is scale, with a pure SaaS model able to grow at a much faster clip. When I asked Khosla’s Arul how he thought about the approach, he said the key is to deliver the vast majority of the product through technology: “It’s important for any entrepreneur or any investor to look at an AI-enabled services business and say, the margin of how this business runs looks more like a technology company than a services company.” 

Arul said that while Khosla is not yet using Formulary, which is just now coming out of stealth, he’s optimistic for a future where tedious processes like ensuring data accuracy for LPs can be fully, reliably automated. Ilicheva mentioned one possible future use case for Formulary as drafting LP letters, which Arul wholeheartedly endorsed, along with a portal where investors could communicate directly with the system to understand the value of positions, fund deployment, and future capital calls. “[That] sounds pie in the sky relative to what the reality is today,” Arul said, “But it doesn’t feel out of reach.” 

Leo Schwartz
X:
 @leomschwartz
Email: leo.schwartz@fortune.com

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Leaders at Davos are obsessing over how to use AI at scale

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  • In today’s CEO Daily: Fortune‘s AI editor Jeremy Kahn reports on the AI buzz at Davos
  • The big story: SCOTUS could upend Trump’s leverage to acquire Greenland.
  • The markets: Jolted by Trump’s renewed tariff threats.
  • Plus: All the news and watercooler chat from Fortune.

Good morning. I’m on the ground in Davos, Switzerland, for this year’s World Economic Forum. As Diane wrote yesterday, U.S. President Donald Trump’s arrival later this week along with a large delegation of U.S. officials eclipses pretty much every other discussion at Davos this year. But, when people here aren’t talking about Trump, they are talking about AI.

At Davos last year, the hype around AI agents was pierced by the shock of DeepSeek’s R1 model, which was released during the conference. We’ll see if a similar bit of news upends the AI narrative again this year. (There are rumors that DeepSeek is planning to drop another model.) But, barring that, business leaders seem to be less wowed by the hype around AI this year and more concerned with the nitty-gritty of how to implement the technology successfully at scale.

On Monday, Srini Tallapragada, Salesforce’s chief engineering and customer success officer, told me the company is using ‘forward deployed engineers’ to tighten feedback loops between customers and product teams. Salesforce is also offering pre-built agents, workflows, and playbooks to help customers re-engineer their businesses—and avoid getting stuck in “pilot purgatory.”

Meanwhile, at a side event in Davos called A Compass for Europe, that focused on how to restore the continent’s flagging competitiveness, AI was front-and-center. Christina Kosmowski, the CEO of LogicMonitor, told the assembled CEOs that to achieve AI success at scale, companies should take a “top down” approach, with the CEO and leadership identifying the highest value use cases and driving the whole organization to align around achieving them. Neeti Mehta Shukla, the cofounder and chief impact officer at Automation Anywhere, said it was critical to move beyond measuring automation’s impact only through the lens of labor savings. She gave specific customer examples where uplifting data quality, improving customer satisfaction, or moving more workers to new tasks, were better metrics than simply looking at cost per unit output. Finally, Lila Tretikov, head of AI strategy at NEA, said Europe has enough talent and funding to build world-beating AI companies—what it lacks is ambition and willingness to take big bets.

Later, I met with Bastian Nominacher, co-founder and co-CEO of process analytics software platform Celonis. He echoed some of these points, telling me that to achieve ROI with AI generally required three things: strong leadership commitment, the establishment of a center of excellence within the business (this led to an 8x higher return than for companies that didn’t do this!), and finally having enough live data connected to the AI platform.

For further AI insights from Davos, check out Fortune’s Eye on AI newsletter. Meanwhile, Fortune is hosting a number of events in Davos throughout the week. View that lineup here. And my colleagues will be providing more reporting from Davos to CEO Daily and fortune.com throughout the week.—Jeremy Kahn

Contact CEO Daily via Diane Brady at diane.brady@fortune.com

This is the web version of CEO Daily, a newsletter of must-read global insights from CEOs and industry leaders. Sign up to get it delivered free to your inbox.



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