Five Indian-Americans in Forbes list of US' richest

Washington, Jul 7: The US House of Representatives Judiciary Committee will grill the CEOs of US tech giants Apple, Google, Facebook and Amazon during an antitrust hearing on July 27.

Apple's Tim Cook, Facebook's Mark Zuckerberg, Alphabet's Sundar Pichai and Amazon's Jeff Bezos will testify before the antitrust panel that is working on proposals to reform and regulate the digital market.

The hearing would mark the first time all four top executives testify together in front of Congress, virtually or in-person depending on the panel's call in the COVID-19 pandemic times.

"Since last June, the Subcommittee has been investigating the dominance of a small number of digital platforms and the adequacy of existing antitrust laws and enforcement," House Judiciary Committee Chairman Jerrold Nadler (D-NY) and Antitrust Subcommittee Chairman David Cicilline (D-RI) said in a statement on Monday.

"Given the central role these corporations play in the lives of the American people, it is critical that their CEOs are forthcoming. As we have said from the start, their testimony is essential for us to complete this investigation.”

The House Judiciary Committee announced its antitrust probe into the four tech giants in June last year.

Last month, the committee sent letters to technology giants Apple, Facebook, Amazon and Alphabet (Google's parent company), asking them to confirm if their chief executives will testify as part of the committee's tech competition investigation.

Committee chair David Cicilline said the documents that the investigators sought were "essential" to the probe and that requests like this were part of the "appropriate process" to obtain them.

"The only CEO who has expressed reservation about appearing, through a representative, has been Amazon," Cicilline said. "No one in this country is above the law ... nobody is above answering a congressional subpoena".

The lawmakers want the tech giants to furnish documents that have been produced in relation to other competition probes and internal communications.

The letters that the committee sent also posed questions related to possible harms to competition in the market.

In addition to the antitrust probe, Apple's App Store policies are also facing scrutiny from the US Department of Justice.

Washington, Mar 28: The world is in the face of a devastating impact due to the coronavirus pandemic and has clearly entered a recession, the International Monetary Fund said on Friday, but projected a recovery next year.

"We have reassessed the prospects for growth for 2020 and 2021. It is now clear that we have entered a recession as bad or worse than in 2009. We do project recovery in 2021," IMF Managing Director Kristalina Georgieva told reporters at a news conference.

Georgieva was addressing the press after a meeting of governing body of the IMF, the International Monetary and Financial Committee. Representing 189 members, the body met virtually to discuss the unprecedented challenge posed to the world by COVID-19.

The key to recovery in 2021, she said, is only if the international community succeeds in containing the virus everywhere and prevent liquidity problems from becoming a solvency issue.

"The US is in recession, as is the rest of the advanced economies of the world. And in a big chunk of developed and emerging markets in developing economies. How severe? We are working now on our projections for 2020, Georgieva said in response to a question.

The new projections are expected in the next few weeks.

Stressing that while containment is the main reason for the economy to stand still and get into a recession, she said containment is very necessary to come out of this period and step in to recovery. "Until the virus is not contained, it would be very difficult to go to the lives we love."

"A key concern about a long-lasting impact of the sudden stop of the world economy is the risk of a wave of bankruptcies and layoffs that not only can undermine the recovery. But can erode the fabric of our societies," the IMF chief said.

To avoid this from happening, many countries have taken far-reaching measures to address the health crisis and to cushion its impact on the economy, both on the monetary and on the fiscal side, she said.

The IMF chief said 81 emergency financing requests, including 50 from lower-income countries, have been received. She said current estimate for the overall financial needs of emerging markets is 2.5 trillion dollars.

"We believe this is on the lower end. We do know that their own reserves and domestic resources will not be sufficient," she added.

The G-20, a day earlier, reported fiscal measures totalling some 5 trillion dollars or over 6 per cent of the global GDP.

Responding to another question, Georgieva said the IMF is projecting recession for 2020.

"We do expect it to be quite deep and we are very much urging countries to step up containment measures aggressively so we can shorten the duration of this period of time when the economy is in standstill," she said.

"And also to apply well-targeted measures, primarily focusing on the health system to absorb that enormous stress that comes from coronavirus. And on people, businesses and the financial system, I am very pleased to say that when we went through countries' responses, that sense of targeted fiscal measures is there and are also very impressive to see the size of these measures," she added.

"Countries are doing all they can on the fiscal and on the monetary front. We have heard from our members' very impressive decisions taken over the last days," the IMF chief said.

"We also want to caution that as we are responding now, we want to make the recession as possibly short and not too deep. We also want to think about what is going to follow the recovery and make sure that we are putting forward measures that can be supportive in this regard," she said.

May 12: Several Indians in the US, either on the H-1B work visa or Green Card having children who are American citizens by birth, are being prevented from travelling to India aboard the special repatriation flights being run by Air India amidst the coronavirus-linked global travel restrictions.

According to the regulations issued by the Indian government last month and updated last week, visas of foreign nationals and OCI cards, that provide visa-free travel privileges to the people of Indian-origin, have been suspended as part of the new international travel restrictions.

For some of the Indian citizens like the Pandey couple in New Jersey (name and place changed at request), it's a double whammy. Having lost their H-1B job, they have to go back to India within the stipulated 60 days as required by law. The couple has two kids aged one and six years who are American citizens.

In the wee hours of Monday, they had to return from Newark airport as Air India refused to give their kids a ticket to fly to India along with them, despite them having a valid Indian visa. The young mother and father are Indian citizens.

They said that the officials from Air India and (Indian) Consulate (in New York) were very cooperative.

Also Read: COVID-19: Top senators urge Trump to temporarily suspend all new guest worker visas, including H-1B

But they could not do anything as their hands were tied by the latest regulation issued by the Indian government, a shocked Ratna Pandey told PTI.

"I would like to urge the Indian government to reconsider their decision on the humanitarian basis," said the Indian national who has lost her job but could not leave the US within the stipulated 60 days to avoid any future visa complications.

She now plans to make an appeal to the US Citizenship and Immigration Services (USCIS) to extend their stay.

Last month, H-1B visa holders, mostly Indians, launched a White House petition urging US President Donald Trump to extend their permissible stay from 60 to 180 days after job loss. However, there has been no decision from the White House so far.

While there is no official statistics of how many Indian H-1B visa holders have lost their jobs, it is believed to be substantial.

The US, due to the coronavirus pandemic, is experiencing an unprecedented unemployment rate and more than 33 million Americans have lost their jobs in the last two months. Given this massive job loss, Indians, who have lost their jobs, are unlikely to get one and thus many would have no other option but to travel back home.

In the case of single mother Mamta (name changed), the situation is graver as her son is just three-month old. Only she was given the ticket and the infant was not allowed to fly along with her because he carried an American passport.

"I would like to request the Indian government to let us fly back home. I don't want to stay in the US any longer," she told PTI hours after being prevented from boarding her hometown Ahmedabad-bound flight from Newark on Sunday.

"I am alone here. I don't have a relative here. It's a difficult situation," she said.

"Vande Bharat Mission is a humanitarian mission. But this is certainly inhuman," said Rakesh Gupta (name changed) from Washington DC.

An H-1B professional, Gupta has lost his job and needs to return to India within the stipulated 60 days. He and his wife, Geeta (name changed) being Indian citizens, received the confirmation of their seats in the flight but have been told that their two-and-a-half-year-old daughter cannot travel with them as she carried an OCI card.

"I don't believe this," he said.

Unlike the Pandey couple and Mamta, who had made the payment of USD 1,361 per ticket for their flight back home, Rakesh has not made the payment. Air India has said that the money would be refunded.

All the three Indian citizens requested the Indian government to help them travel back home by making necessary changes in the current regulations.

As per a recent government notification, all existing Indian visa holders, and visa-free travel facility, granted to OCI card holders who are not in India, have been suspended till restrictions on international air travel remains.

New York-based community leader Prem Bhandari said that the May 5 travel advisory has created multiple painful issues for the OCI card holders in the US and also to Indian citizens who are either on Green Card or H-1B visas and want to travel back home, but cannot leave their kids who are Americans by birth.

"We would like to express our disappointment with the discrimination between OCIs and citizens in respect of entering India at this critical stage when many OCIs have lawfully built their homes, families and businesses in India," Bhandari said in a letter to Union Home Secretary Ajay Kumar Bhalla on Monday.