Waiting for green cards, Indian visa-holders see hope in Trump review

April 22, 2017

San Francisco, Apr 22: When Gokul Gunasekaran was offered a full scholarship for a graduate program in electrical engineering at Stanford University, he saw it as the chance of a lifetime.

trum66He had grown up in Chennai, India, and had a solid job offer with a large oil company after getting his undergraduate degree. He came to America instead, got the Stanford degree and now works as an engineer at a data science startup in Silicon Valley.

But for the past five years, he has been waiting for a green card that would give him full legal rights as a permanent resident. In the meantime, he is in a holding pattern on an H1-B visa, which permits him to live and work in the United States but does not allow him easily to switch jobs or start his own company.

"It was a no-brainer when I came to this country, but now I'm kind of regretting taking that scholarship," said Gunasekaran, 29, who is also vice president with a non-profit group called Immigration Voice that represents immigrants waiting for green cards.

Immigration Voice estimates there are some 1.5 million H1-B visa holders in the country waiting for green cards, many of whom are from India and have been waiting for more than a decade.

Many of these immigrants welcomed President Donald Trump's executive order this week to the federal departments overseeing the program to review it, a move that may lead to H1-B visas being awarded to the highest-paying, highest-skilled jobs rather than through a random lottery.

Their hope is that merit-based H1-Bs might then lead to merit-based green cards.

"I think less random is great," said Guru Hariharan, the CEO and founder of Boomerang Commerce, an e-commerce startup. Hariharan, who was previously an executive at Amazon.com Inc and eBay Inc, spent 10 years waiting for his green card and started his own company as soon as he got it.

Green cards can be a path to naturalization and Hariharan expects to become a U.S. citizen soon.

H1-B visas are aimed at foreign nationals in occupations that generally require specialized knowledge, such as science, engineering or computer programming. The U.S. government uses a lottery to award 65,000 such visas yearly and randomly distributes another 20,000 to graduate student workers.

'Indentured servants'

The H1-B and the green card system are technically separate, but many immigrants from India see them as intimately connected.

The number of green cards that can go to people born in each country is capped at a few percent of the total, without regard to how large or small the country's population is. There is a big backlog of Indian-born people in the line, given the size of India's population - 1.3 billion - and the number of its natives in the United States waiting for green cards.

That leaves many of those immigrants stuck on H1-B visas while they wait, which they say makes them almost like "indentured servants," said Gaurav Mehta, an H1-B holder who works in the financial industry.

Mehta has a U.S.-born son, but he could be forced to take his family back to India at any time if he loses his job and cannot find another quickly. "He's never been to my country," Mehta said of his son. "But we'll have no choice if we have to go. Nobody likes to live in constant fear."

The H1-B visa is tied to a specific employer, who must apply for the visa and sponsor the employee for a specific job laid out in the visa application. To switch employers, the visa holder must secure their paperwork from their current employer and find another employer willing to take over their visa.

Some H1-B holders suspect that employers purposely seek out Indian immigrants because they know they will end up waiting for green cards and will be afraid to leave their employers.

But changing the green card system away from country caps to a merit-based system would require an act of Congress. Some executives also worry that allocating H1-Bs and green cards based on salary - while it would be done to counter the argument that immigrants undercut American workers - would hurt startups that cannot afford high wages.

In the meantime, H1-B holders like Nitin Pachisia, founding partner of a venture capital firm called Unshackled Ventures, are taking more practical measures. His firm specializes in taking care of the legal paperwork so that H1-B holders can start their own companies, a process that is possible but tricky.

Pachisia is hopeful that changes to the H1-B visa program could revive interest in making the entire system, from H1-B visas to green cards and eventual citizenship, more merit-based and focused on immigrants who are likely to start companies and create jobs.

"If the purpose of our high-skilled immigration program is to bring in the most talented people, let's use that as a lens. From that perspective, it's a good thing we can focus on the most talented, and I'd say most entrepreneurial, people," he said.

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News Network
May 19,2020

May 18: Risk managers expect a prolonged global recession as a result of the coronavirus pandemic, a report by the World Economic Forum showed on Tuesday.

Two-thirds of the 347 respondents to the survey - carried out in response to the outbreak - put a lengthy contraction in the global economy top of their list of concerns for the next 18 months.

Half of risk managers expected bankruptcies and industry consolidation, the failure of industries to recover and high levels of unemployment, particularly among the young.

“The crisis has devastated lives and livelihoods. It has triggered an economic crisis with far-reaching implications and revealed the inadequacies of the past," said Saadia Zahidi, managing director of the World Economic Forum.

Environmental goals risk being discarded as a result of the pandemic, the report said, but governments should try to carve out a "green recovery".

"We now have a unique opportunity to use this crisis to do things differently and build back better economies that are more sustainable, resilient and inclusive," Zahidi said.

The report was compiled by the World Economic Forum’s Global Risks Advisory Board together with Marsh & McLennan Companies Inc and Zurich Insurance Group.

Risk managers were surveyed between April 1 and 13.

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News Network
June 25,2020

Jun 25: Tencent Holdings Ltd.'s $40 billion surge this week and the recent ascent of Pinduoduo Inc. have reshuffled the ranking of China's richest people.

The country's largest game developer has surpassed Alibaba Group Holding Ltd. as Asia's most-valuable company, with its shares rising above HK$500 in intraday trading Wednesday for the first time. Pinduoduo, a Groupon-like shopping app also known as PDD, has more than doubled this year.

The rallies have propelled the wealth of their founders, with an added twist: Tencent's Pony Ma, worth $50 billion, has surpassed Jack Ma's $48 billion fortune, becoming China's richest person. And Colin Huang of PDD, whose net worth stands at $43 billion, has squeezed real estate mogul Hui Ka Yan of China Evergrande Group out of the top three earlier this year, according to the Bloomberg Billionaires Index.

The coronavirus pandemic has accelerated the digitization of the workplace and changed consumers' habits, boosting shares of many internet companies. Now tech tycoons are dominating the ranks of China's richest people. They occupy four of the top five spots: Ding Lei of Tencent peer NetEase Inc. follows China Evergrande's Hui.

‘Perform Strongly'

Tencent has come a long way since hitting a low in 2018, when China froze the approval process for new games. Since then, the stock has almost doubled, and last month the tech giant reported a 26 per cent jump in first-quarter revenue.

“Tencent's online games segment will probably perform strongly through the Covid-19 pandemic, and most of its other businesses are relatively unscathed,” said Vey-Sern Ling, a Bloomberg Intelligence analyst.

That has been a boon for Pony Ma, 48, who owns a 7 per cent stake in the company and pocketed about $757 million from selling some 14.6 million of his Tencent shares this year, data complied by Bloomberg show.

The native of China's southern Guangdong province studied computer science at Shenzhen University and was a software developer at a supplier of telecom services and products before co-founding Tencent with four others in the late 1990s. At the time, the company focused on instant-messaging services.

It has been a long comeback for Pony Ma. He overtook real estate tycoon Wang Jianlin as China's second-richest person in 2013 and topped Baidu Inc.'s Robin Li as the wealthiest in early 2014. Later that year, Alibaba went public in the U.S., catapulting Jack Ma's fortune.

Bloomberg Intelligence's Ling notes, however, that Tencent's jump this year has lagged behind some internet peers, especially those in e-commerce, games and online entertainment. Just consider: Tencent shares have climbed 31 per cent in 2020, while PDD's American depositary receipts have more than doubled. Alibaba, meanwhile, has advanced just 6.9 per cent.

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News Network
June 30,2020

Washington, Jun 30: Indian-American Medha Raj has been named by Democratic presidential candidate Joe Biden as his digital chief of staff, a key role in his election campaigns which are entirely going virtual due to the Covid-19 pandemic in the US.

In this capacity, Raj will work across all facets of the digital department to streamline and coordinate how to maximise the impact of its digital outputs, the Biden campaign said.

“Excited to share that I've joined Joe Biden's campaign as the Digital Chief of Staff. 130 days to the election and we're not going to waste a minute!” she said on LinkedIn.

Raj comes from Pete Buttigieg's campaign, who has now endorsed Biden.

The news was first reported by CNN, which the news channel said is part of the efforts of the Biden campaign to adapt to an almost entirely virtual campaign trail brought on by the coronavirus pandemic.

The US is the hardest-hit country by the coronavirus pandemic, with more than 2.64 million official cases and over 128,000 deaths.

According to CNN, Clarke Humphrey, who previously worked on Hillary Clinton's 2016 campaign, will act as the Biden campaign's new deputy digital director for the grassroots fundraising.

Jose Nunez is the campaign's new digital organising director.

He is from the Kamala Harris' campaign. Christian Tom is the new director of digital partnerships. Over the past few months, Biden has been relying more and more on digital campaigning and raising funds virtually.

A graduate in international politics from Georgetown University, Raj has earned her MBA from Stanford University.

Biden, 77, is challenging the 74-year-old Republican incumbent President Donald Trump in the November 3 presidential elections.

Former US vice president Biden would formally accept his Democratic presidential nomination at the party’s scaled back convention in Wisconsin’s Milwaukee city on August 20.

In view of the coronavirus pandemic, the Democratic National Convention Committee (DNCC) on Wednesday announced its convention plan to broadcast from Milwaukee and across the nation to reach out to all Americans.

According to some of the latest opinion polls, Biden is leading by more than eight percentage points over Trump.

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