Morning business report: H-1B visa hike, FDA approval for Merck’s Keytruda Qlex, markets rally

Major technology companies and foreign governments are reacting to President Donald Trump’s announcement of a dramatic fee increase for H-1B visas.

(LILAMAX)- Major technology companies and foreign governments are reacting to President Donald Trump’s announcement of a dramatic fee increase for H-1B visas. The White House says new applicants would face a $100,000 charge, though the change would not affect renewals or current visa holders. Critics warn the move could severely impact technology and finance firms that rely on highly skilled workers from India and China.

In healthcare, the Food and Drug Administration has approved a new version of Merck’s blockbuster cancer drug Keytruda. The updated formulation, called Keytruda Qlex, replaces lengthy intravenous infusions with a quick injection under the skin of the abdomen, making treatment easier for patients.

On Wall Street, stocks reached fresh record highs Friday as U.S. and China trade talks advanced. All three major indexes closed at all-time highs for the second straight session, capping the week on a strong note.

Meanwhile, International Paper—the nation’s largest box manufacturer—announced last month it will shutter two U.S. containerboard mills. Demand for corrugated packaging has fallen to its lowest levels since 2016 after surging during the pandemic. Executives blame weaker consumer spending and uncertainty surrounding tariffs.

And in education, a new report by Copyleaks found that 90 percent of college students have used artificial intelligence tools. Adoption isn’t limited to undergraduates; the largest share of respondents—nearly 44 percent—were adult learners between 45 and 60 years old.