Trump to Overhaul Immigration System to Filter Who Is Allowed Into US

Agencies
May 16, 2019

Washington, May 16: U.S. President Donald Trump will outline on Thursday a plan to harden border security and overhaul the legal immigration system to favour applicants who speak English, are well-educated and have job offers, senior administration officials said.

Trump's immigration proposal, the product largely of senior advisers Jared Kushner and Stephen Miller and economic aide Kevin Hassett, is an effort to rally Republicans on an issue that has often divided them.

While its chances of approval by Congress seem distant, the plan will give Republicans an outline they can say they favour as Trump and lawmakers look toward the November 2020 presidential and congressional elections, where immigration will likely be a key issue.

For decades, U.S. immigration laws have given priority to family-based immigration, and about two-thirds of all people granted green cards each year have family ties to people in the United States.

Trump's plan would keep legal immigration steady at 1.1 million people a year, but family-based immigration would account for only a third of that. Instead, high-skilled people with jobs would be given priority, and could bring with them their spouses and children, the officials told reporters at a White House briefing on Wednesday.

It would harden the border by building more of Trump's coveted southern border wall and improve inspections of goods and people at ports of entry to fight drug smuggling. It would propose an increase in fees collected at the border to pay for border security infrastructure.

"Our goal in the short term is to make sure that we are laying out what the president's policy is in terms of what he's looking for from immigration reform, and we would like to see if we could get the Republican Party to come together on these two pillars, which we think is a very, very logical, very mainstream point of view," said one official.

Trump will present an overview of the plan, with details of the "very large document" to be released in coming weeks, the official said.

Shift To Skilled Workers

It does not address some of the hot-button issues in the immigration debate, such as what to do about the surge of people crossing the southern border from Mexico.

Nor does it deal with the "Dreamer" children of immigrants in the country illegally or immigrants in the country under Temporary Protected Status, both of whom are priorities of Democratic lawmakers. The plan also does not include provisions to help farmers and other seasonal employers obtain more guest workers.

Instead, Kushner and others looked at the legal migration systems of Canada, Japan, Australia and New Zealand for clues on how to shift U.S. policy more toward attracting skilled workers and less on uniting extended families.

After studying the systems of the other countries, they found that 12% of migration to the United States was based on employment and skill, compared with 63% for Canada, 57% for New Zealand, 68% for Australia and 52% for Japan.

By giving a preference to immigrants proficient in English and with degrees or training and job offers, the officials said the plan would allow 57% of green cards, which grant permanent legal residency, to be based on employment.

Trump will propose ending the diversity lottery system, which offers applicants from countries with low immigration rates the chance to move to the United States.

The plan also proposes changes to the asylum process, which the Trump administration says is abused. It would result in 10 percent of green cards being given to immigration for humanitarian reasons, down from 22 percent currently.

Senate Judiciary Chairman Lindsey Graham proposed legislation on Wednesday to deal with the surge of migrants from Central America at the southern U.S. border, changes the administration officials described as needed to address the immediate crisis.

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News Network
January 7,2020

Mumbai, Jan 7: People protesting against the JNU violence were evicted from Gateway of India here on Tuesday morning as roads were getting blocked and tourists and common people were facing problems, a police official said.

Police had appealed to the protesters to shift but they didn't listen, so they were "relocated" to Azad Maidan, the official said.

Hundreds of people, including students, women and senior citizens - who assembled at the iconic Gateway of India since Sunday midnight - demanded action against the culprits and called for Union Home Minister Amit Shah's resignation.

Violence broke out in the Jawaharlal Nehru University (JNU) in Delhi on Sunday night as masked men armed with sticks and rods attacked students and teachers and damaged property on the campus.

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News Network
March 5,2020

New Delhi, Mar 5: Union Health Minister Harsh Vardhan assuring that the government has the coronavirus crisis under control, is like the Titanic captain telling passengers not to panic as his ship was unsinkable, Congress leader Rahul Gandhi said on Thursday.

Gandhi's remarks came after Vardhan's assurance in Parliament that the government is taking all necessary measures to prevent the spread of COVID-19 (coronavirus disease) in India.

“The health minister saying that the Indian government has the coronavirus crisis under control, is like the Captain of the Titanic telling passengers not to panic as his ship was unsinkable,” Gandhi said in a tweet.

“It's time the government made public an action plan backed by solid resources to tackle this crisis,” he said.

RMS Titanic was a British passenger liner that sank in the North Atlantic Ocean in the early morning hours of April 15, 1912, after striking an iceberg during her maiden voyage from Southampton to New York.

Gandhi has been raising concerns over the coronavirus infection since long. In a February 12 tweet, he had said coronavirus is an extremely serious threat to “our people and our economy”.

“My sense is the government is not taking this threat seriously. Timely action is critical,” he had said.

Earlier this week, Gandhi had hit out at Prime Minister Narendra Modi over the detection of fresh coronavirus cases in the country, saying he should quit wasting India's time “playing the clown” with his social media accounts when India is facing an emergency.

With the message of “Here's how it's done”, Gandhi had also tweeted a video of Singaporean Prime Minister Lee Hsien Loong addressing Singaporeans on how to deal with the coronavirus.

The number of coronavirus cases in India is 29, including 16 Italians, the government had said on Wednesday, adding all international passengers will now be screened at airports, amid growing concern over the spread of the respiratory infection.

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News Network
March 6,2020

New Delhi, Mar 6: Shares of YES Bank and State Bank of India came under huge selling pressure on Friday as developments unfolded regarding SBI picking stake in the private lender. Shares of the lender hit record low of Rs 5.55, plunging 85 per cent, and were trading below its previous low of Rs 8.16 hit on March 9, 2009.

SBI, on the other hand, slumped 11 per cent to Rs 257.35 on the BSE. The benchmark S&P BSE Sensex was trading with a cut of over 3 per cent at 37,251.37 level.

In the past three months, share price of the private lender has plunged 41 per cent, while the state-owned lender has slipped 14 per cent. In comparison, the S&P BSE Sensex has dipped 5.6 per cent till Thursday.

On Thursday, the Reserve Bank of India superseded the board of troubled private sector lender YES Bank and imposed a 30-day moratorium on it “in the absence of a credible revival plan” amid a “serious deterioration” in its financial health.

During the moratorium, which came into effect from 6 pm on Thursday, YES Bank will not be allowed to grant or renew any loans, and “incur any liability”, except for payment towards employees’ salaries, rent, taxes and legal expenses, among others.

This is the first time that a bank of this size will be put under a moratorium by the RBI.

“The financial position of YES Bank had undergone a steady decline “largely due to inability of the bank to raise capital to address potential loan losses and resultant downgrades, triggering invocation of bond covenants by investors, and withdrawal of deposits,” RBI said in a statement.

“After the moratorium, the next step will be to infuse to money and keep the bank afloat. So from shareholders’ point of view, the future is certainly hazy as the capital requirement is huge. The good part, however, is that the RBI has stepped in and depositors don't have to worry,” says Siddharth Purohit, a research analyst at SMC Securities.

Meanwhile, analysts at Nomura believe that placing the Bank under moratorium implies that equity value in the bank would be negligible, and that the chances of private capital participating in future capital raising plan are near zero.

"Any resolution for Yes Bank is more proposed from the perspective of deposit holders and systemic stability, and not from the perspective of Yes Bank equity investors or even perpetual bond holders," they wrote in a note dated March 6.

In another development, SBI’s Board Thursday gave in-principle approval to consider an “investment opportunity” in YES Bank, even as it said “no decision had yet been taken to pick up stake in the bank”.

According to a  report, highly-placed sources indicated a rescue plan involving SBI and Life Insurance Corporation of India (LIC) was being discussed and an announcement in this regard might be made soon.

“While the finer details of the deal are being worked out, it is anticipated that both SBI and LIC together will take a 51 per cent stake in the bank, with a one-year lock-in period,” the report said.

Most analysts believe it is a positive step for the Indian financial sector as the government has tried to avoid a repeat of IL&FS-like crisis.

“The move is a positive step for the financial sector as a whole. By this, the government has tried to avoid a repeat of IL&FS-like crisis and has saved the depositors,” said AK Prabhakar, Head of Research at IDBI Capital. While we know that YES Bank has a huge pile of bad loans, SBI is the only bank that has the capacity to absorb it, he added.

However, the valuation at which YES bank would be taken over remains a cause of concern.

Global brokerage firm JP Morgan Thursday cut its target price for YES Bank on Thursday to Rs 1 per share, taking into account the potential fall in the lender’s net worth due to stressed assets.

“We believe forced bailout investors will likely want the bank to be acquired at near-zero value to account for risks associated with the stress book and likely loss of deposits. We think the bank will need to be recapitalised at nominal equity value and could test dilution of additional tier 1 (AT1) capital. We remain underweight and cut our target price to Rs 1 as we believe net worth is largely impaired,” JP Morgan said in a note.

Global brokerage firm Nomura estimates a need of Rs 25,000-44,000 crore and adjusted for Rs 7,400 crore of current coverage, if the current stress of Rs 65,000-70,000 crore faces 70 per cent loss given default (LGD).

"It implies Rs 18,000-37,000 crore needed for provisioning against the current net worth of Rs 25,700 crore Also, to run as going concern, the bank would require over Rs 20,000 crore of CET-1 capital as well," the note said.

YES Bank has registered slippages of Rs 12,000 crore so far in FY20, while it has placed Rs 30,000 crore of loan assets under the watch list. Its deposits stood at Rs 2.09 trillion on September 30, 2019, while its advances totalled Rs 2.24 trillion. The bank has delayed publishing its December quarter results by a month to March 14.

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