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
July 27,2020

Tokyo, Jul 27: Gold hit an all-time high on Monday as tit-for-tat consulate closures in China and the United States rattled investors, boosting the allure of safe-haven assets, although sentiment was mixed with tech gains supporting some Asian stocks.

MSCI's ex-Japan Asia-Pacific index rose 1.3 percent as Taiwan's TSMC, Asia's third-largest company by market capitalisation, rose almost 10 percent.

The chipmaker's gains boosted other tech stocks in the region and came after rival Intel signalled it may give up manufacturing its own components due to delays in new 7-nanometer chip technology.

Also soothing sentiment, Chinese shares eked out gains after big falls late last week, with CSI300 index rising 0.5 percent.

S&P500 futures were last up 0.4 percent in choppy trade while Japan's Nikkei fell 0.5 percent, resuming trade after a long weekend and catching up with falls in global shares late last week.

Global shares had lost steam last week after Washington ordered China's consulate in Houston to close, prompting Beijing to react in kind by closing the US consulate in Chengdu.

US Secretary of State Mike Pompeo took fresh aim at China last week, saying Washington and its allies must use "more creative and assertive ways" to press the Chinese Communist Party to change its ways.

"US President (Donald) Trump used to say China's President Xi Jinping is a great leader. But now Pompeo's wording is becoming so aggressive that markets are starting to worry about further escalation," said Norihiro Fujito, chief investment strategist at Mitsubishi Securities.

Gold rose 1.0 percent to a record high of $1,920.9 per ounce, surpassing a peak touched in September 2011, as Sino-US tensions boosted the allure of safe-haven assets, especially those not tied to any specific country.

The yellow metal is also helped by aggressive monetary easing adopted by many central banks around the world since the pandemic plunged the global economy into a recession.

Some investors fret such an unprecedented level of money-printing could eventually lead to inflation.

MORE STIMULUS

Hopes of a quick US economic recovery are fading as coronavirus infections showed few signs of slowing.

That means the economy could capitulate without fresh support from the government, with some of earlier steps such as enhanced jobless benefits due to expire this month.

Investors hope US Congress will agree on a deal before its summer recess but there are some sticking points including the size of the stimulus and enhanced unemployment benefits.

US Treasury Secretary Steve Mnuchin said the package will contain extended unemployment benefits with 70 percent "wage replacement".

Democrats, who control the House of Representatives, want enhanced benefits of $600 per week to be extended and look to much bigger stimulus compared with the Republicans' $1 trillion plan.

Investors are looking to corporate earnings from around the world for hints on the pace of recovery in the global economy.

"It looks like rising coronavirus cases are starting to slow down recovery in many countries," said Masahiro Ichikawa, senior strategist at Sumitomo Mitsui DS Asset Management.

Concerns about the US economic outlook started to weigh on the dollar, reversing its inverse correlation with the economic well-being over the past few months.

The dollar index dropped 0.3 percent to its lowest level in nearly two years.

The euro gained 0.3 percent to $1.1693, hitting a 22-month high of $1.16590 as sentiment on the common currency improved after European leaders reached a deal on a recovery fund in a major step towards more fiscal co-operation.

Against the yen, the dollar slipped 0.5 percent to 105.605 yen, a four-month low while the British pound hit a 4 1/2-month high of $1.2832.

Oil prices dipped on worries about the worsening Sino-US relations.

Brent futures fell 0.46 percent to $43.14 per barrel while US crude futures lost 0.44 percent to $41.11.

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Agencies
June 16,2020

India continues to remain ranked 43rd on an annual World Competitiveness Index compiled by Institute for Management Development (IMD) with some traditional weaknesses like poor infrastructure and insufficient education investment keeping its ranking low, the international business school said on Tuesday.

Singapore has retained its top position on the 63-nation list.

Denmark has moved up to the second position (from 8th last year), Switzerland has gained one place to rank 3rd, the Netherlands has retained its 4th place and Hong Kong has slipped to the fifth place (from 2nd in 2019).

The US has moved down to 10th place (from 3rd last year), while China has also slipped from 14th to 20th place. Among the BRICS nations, India is ranked second after China, followed by Russia (50th), Brazil (56th) and South Africa (59th).

India was ranked 41st on the IMD World Competitiveness Ranking, being produced by the business school based in Switzerland and Singapore every year since 1989, but had slipped to 45th in 2017 before improving to 44th in 2018 and then to 43rd in 2019.

While its overall position has remained unchanged in the 2020 list, it has recorded improvements in areas like long-term employment growth, current account balance, high-tech exports, foreign currency reserves, public expenditure on education, political stability and overall productivity, the IMD said.

However, it has moved down in areas like exchange rate stability, real GDP growth, competition legislation and taxes.

Arturo Bris, Head of Competitiveness Center at IMD Business School, said India continues to struggle on the list and the recent country rating downgrade by Moody’s reflects the uncertainties regarding the economy’s future.

"In our ranking this year, we again emphasize the traditional weaknesses of India -- poor infrastructure, an important deficit in education investment, and a health system that does not reach everybody. For India to follow the path of China, it must stress its intangible infrastructure," Bris said.

"In a less global world, with China, USA, and Europe looking inwards, currencies like the rupee (and the Brazilian real for instance) are going to suffer and display high volatilities.

"Moody’s has threatened the country with a downgrade to junk and that would put India in a terrible position to attract foreign capital. So the urgency for the government should be to fix the short-term problems—and this requires to improve the credibility of the government itself," Bris added.

With the exception of Singapore, the Philippines, Taiwan and the Korean Republic, most Asian economies dropped in rankings this year, the IMD said.

The reason for the Asian economies’ less stellar performance as a region, this year is partly the result of the trade frictions between China and the US, particularly because these economies are highly dependent on trade with China.

About Singapore, which moved to the top rank last year, the IMD said its position is largely driven by the relative ease of setting up business, availability of skilled labour and its cutting-edge technological infrastructure.

The IMD said the impact of COVID-19 on the competitiveness ranking has partially been captured by executives’ opinions about the effectiveness of the different health systems.

In the ASEAN countries included in the survey, only Singapore and Thailand have a positive performance in the effectiveness of the health infrastructure.

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News Network
March 25,2020

Beijing, Mar 25: Around 5,000 people have signed up for the phase I clinical trial of recombinant novel coronavirus vaccine in Chinese city Wuhan where the virus first emerged late last year.

The recruitment for participants ended this week with nearly 5,000 volunteers signing up for the trial, state-run Beijing News reported on Wednesday.

A single-centre, open and dose-escalation phase I clinical trial for recombinant novel coronavirus vaccine (adenoviral vector) will be tested in healthy adults aged between 18 and 60 years, according to the ChiCTR (China Clinical Trial Register).

The trial, led by experts from the Academy of Military Medical Sciences, gained its approval on March 16 and the research is expected to last half a year.

Requiring at least 108 participants, the trial will be conducted in Wuhan, capital of Hubei province, the region worst-affected by the virus in the country, state-run China Daily reported.

Participants will experience 14-day quarantine restrictions after being vaccinated and their health condition will be recorded every day.

Chinese scientists are hastening the development of COVID-19 vaccines through five approaches --- inactivated vaccines, genetic engineering subunit vaccines, adenovirus vector vaccines, nucleic acid vaccines and vaccines using attenuated influenza virus as vectors.

So far, most teams are expected to complete preclinical research in April and some are moving forward faster, Wang Junzhi, an academician with the Chinese Academy of Engineering said.

Wang noted that research and development of COVID-19 vaccines in China is not slower than foreign counterparts and has been carried out in a scientific, standardised and orderly way.

China has stepped up the process to finalise vaccines to counter COVID-19 after Kaiser Permanente research facility in Seattle and Washington stole the march and began human trials.

China lifted tough restrictions on the Hubei province on Wednesday after a months-long lockdown as the country reported no new domestic cases.

But there were another 47 imported infections from overseas, the National Health Commission said. In total, 474 imported infections have been diagnosed in China -- mostly Chinese nationals returning home.

Comments

Y UDAYA CHANDAR
 - 
Monday, 13 Apr 2020

Dear Sir,

 

I am 77 but a very healthy person with remarkable immunity. I contracted Malaria fever in 1994 because of mosquito biting and I have not been sick anytime there after, not even for ordinary fever in the last 26 years.

 

I am sure you would like to conduct the trials on persons of varying criteria. I am sure you don't want to carry out the trials on perfectly healthy young individuals only. 

 

I am certain that  you want to try the vaccine on a 'common man' from 'general public.' I am ready for the trial and you can take me. I will be delighted. 

 

If you are not handling this matter kindly forward this mail to the correct agency.

 

I look forward to hearing from you.

 

Best regards.

 

If you are not moving forward, you are really moving backward.

Y Udaya Chandar

 

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