Tag: US

April 24, 2020

US to seek review of non-immigrant visas like H-1B

While, the executive order, at present, temporarily bans some immigration – notably, those who were waiting for a green card outside the US, with some exceptions carved out – a review of the non-immigrant visa programmes within 30 days of the proclamation is going to put H-1B and L visas (used for intra-company transfers) under another round of stress test.

April 24, 2020

Cheaper oil, foreign flows a tailwind for rupee

India’s rupee, among Asia’s worst-performing currencies this year, could be the fastest in the region to rally as the world restarts economic activities after the coronavirus pandemic, oil prices weaken and the US dollar eases broadly, analysts said. The partially convertible Indian rupee has lost nearly 7% so far this year, despite dollar supplying intervention.

April 22, 2020

US Senate approves $484bn more for corona bailout

The US Senate on Tuesday unanimously approved $484 billion in additional coronavirus relief for the US economy and hospitals treating people sickened by the pandemic, sending the measure to the House of Representatives for final passage later this week.

April 22, 2020

Trump bars issue of new immigration green cards

US President Donald Trump has said that he will halt issuing of new Green Cards or legal permanent residency for the next 60 days as part of his executive order to temporarily suspend immigration into the US. However, the move will not have any impact on those entering the country on a temporary basis, Trump said on Tuesday.

April 21, 2020

‘US to add 75mn barrels of oil to reserve’

“We are filling up our national petroleum reserves… And we are looking to put as much as 75 million barrels into the reserves themselves,” Trump said. US oil prices crashed to unprecedented lows Monday as futures in New York ended in negative territory for the first time amid a devastating supply glut.

April 21, 2020

US oil rebounds, back in positive territory

US oil prices rebounded back above zero Tuesday, a day after futures ended in negative territory for the first time as a coronavirus-triggered collapse in demand leaves the world awash in crude. US benchmark West Texas Intermediate for May delivery was changing hands at $0.56 a barrel after closing at -$37.63 in New York.

April 21, 2020

Hunt for storage turns urgent as oil glut grows

The telephone lines have been ringing at Adler Tank Rentals in Texas as oil companies found a new use for steel tanks that had been left idle when shale producers stopped drilling – they want to use the tanks to store some of an oil glut that has overwhelmed the market and flipped US crude prices negative for the first time.

April 21, 2020

What negative crude price means for consumers?

The price of a barrel of benchmark US oil plunged below $0 a barrel on Monday for the first time in history, a troubling sign of an unprecedented global energy glut as the coronavirus pandemic halts travel and curbs economic activity.

April 16, 2020

US weekly jobless claims highlight eco carnage

A record 22 million Americans have sought unemployment benefits over the past month, with millions more filing claims last week, underscoring the deepening economic slump caused by the novel coronavirus outbreak. Thursday’s weekly jobless claims report from the labor department followed dismal data on Wednesday showing a record drop in retail sales in March and the biggest decline in factory output since 1946.

April 16, 2020

Rupee settles at all-time low of 76.87 vs dollar

The Indian rupee tanked 43 paise to settle at an all-time low of 76.87 (provisional) against the US dollar on Thursday, amid rising concerns over coronavirus-led economic slowdown. At the interbank foreign exchange, the rupee opened weak at 76.75, and during the day lost further ground to settle at 76.87, registering a fall of 43 paise over its previous close.

April 14, 2020

Relief for Indians as US allows H-1B extension

In a big relief for thousands of stranded Indian professionals in America due to the coronavirus pandemic, the US government has decided to allow applications by H-1B visa holders for an extended stay. The H-1B visa is a non-immigrant visa that allows US companies to employ foreign workers in specialty occupations that require theoretical or technical expertise.

April 11, 2020

US consumer prices post largest drop in five years

The US labor department said on Friday its consumer price index dropped 0.4% last month amid a tumble in the cost of gasoline, and record decreases in hotel accommodation, apparel and airline ticket prices. That was the biggest drop since Jan 2015 and followed a 0.1% gain in Feb. In 12 months through March, the CPI increased 1.5%, the smallest advance since Feb 2019.

April 9, 2020

US economy purged 17 million jobs amid pandemic

US unemployment is rising at a jarring rate, with data on Thursday showing 17 million have lost their jobs since mid-March, as officials scramble to apply a tourniquet to stem the damage from the coronavirus pandemic. The Federal Reserve launched a series of new lending programs to pump $2.3 trillion into the damaged US economy, reassuring people of a revival.

April 8, 2020

Rupee slides to record low of 76.34 against dollar

The rupee plunged by 70 paise to its life-time low of 76.34 against the US dollar on Wednesday as a rise in coronavirus cases in the country fanned fears of the government extending the lockdown to contain the pandemic. Forex traders said rising Brent crude prices and a firm US currency also weighed on the local unit.

April 8, 2020

Indian American co donates 3.4m HCQ tablets

An Indian American-owned pharma firm has pledged to donate 3.4 million Hydroxychloroquine Sulphate tablets to some of the key COVID-19 battleground states, including New York and Louisiana, joining the war against the dreaded coronavirus which by Tuesday had taken lives of more than 12,800 people in the US alone.

April 7, 2020

Over 20% export orders cancelled

Covid-19 has led to exporters bleeding with upwards of 15-20% of the orders getting cancelled and a major amount of funds being locked up, owing to non-payment of dues by large buyers in the US, Europe and West Asia, prompting them to seek a bailout from the government.

April 4, 2020

7L jobs gone in 14 days, worst yet to come in US

The worst stage of coronavirus pandemic became visible in the US when the Donald Trump government reported that employers cut over 7 lakh jobs in the first two weeks of March — close to the May 2009 financial crisis peak of 800,000 job losses.

April 3, 2020

‘Trump Organisation tries to delay loan payments’

The Trump Organisation — the conglomerate of companies created by Trump and now run by his sons — is, like many others, losing money as the restrictions put in place to lessen the spread of deadly COVID-19 bring the US to a grinding halt.

April 2, 2020

Aurobindo calls off $900 million Sandoz buy in US

Nearly a year and a half year after Hyderabad-based pharma major Aurobindo Pharma announced its big ticket, $900 million deal to acquire Sandoz Inc’s US generic oral solids and dermatology businesses, the company on Thursday informed the bourses that the deal has been mutually called off due to delays in getting approvals from the US Federal Trade Commission (USFTC).

April 2, 2020

US weekly jobless claims blow past 6 million mark

The number of Americans filing claims for unemployment benefits shot to a record high of more than 6 million last week as more jurisdictions enforced stay-at-home measures to curb the coronavirus pandemic, which economists say has pushed the economy into recession.

April 2, 2020

Several companies announce unpaid leave, layoffs

Furloughs, leave without pay, salary cuts, layoffs – that’s the story across sectors as the pandemic deepens the economic crisis. Employees of US conglomerate Honeywell, which has a large engineering centre and operations in India, have to take two weeks of unpaid leave in April and May.

April 2, 2020

Trump urged to pause H-1B visa scheme

A US body representing American technology workers has urged President Donald Trump to suspend for this year the H-1B visa programme, the most sought-after among the Indian IT professionals, to protect their interests amidst the massive layoffs due to Covid-19 pandemic. The H-1B visa is a non-immigrant visa that allows US companies to employ foreign workers.

April 2, 2020

US receives 2.75 lakh H-1B registrations

A bulk of H-1B cap registrations, received by the US Citizenship and Immigration Services, were for potential beneficiaries (workers) from India. Of the 2.75 lakh registrations received from sponsoring employers wish to depute or hire workers in the US, nearly 67.7% or 1.86 lakh were from India. Registrations were also filed for 36,300 (13.2%) Chinese workers.

March 31, 2020

H-1B workers seek extension of post-unemployment stay

Fearing massive layoffs in America due to the coronavirus crisis that is hitting businesses around the globe, foreign technology professionals on H-1B visas, the most sought after among Indians, demand the Trump administration extend their permissible post-job loss limit to stay in the US from the existing 60 to 180 days.

March 30, 2020

Oil prices at 17-year lows as virus ravages world

Oil prices extended losses in Asian trade on Monday and languished at 17-year lows, with the coronavirus crisis escalating around the world and no end in sight to a vicious price war. US benchmark West Texas Intermediate fell 5.3% to trade at $20 a barrel, while international benchmark Brent crude was off 6.5% at $23.

March 30, 2020

US reaches H-1B cap of 65,000 for 2021

The US Citizenship and Immigration Services (USCIS) said it has reached the congressionally-mandated 65,000 H-1B cap for the fiscal year 2021 as it received enough requests from corporations and businesses.

March 26, 2020

US weekly jobless claims surge to record 3.28mn

The number of Americans filing claims for unemployment benefits surged to a record of more than 3 million last week as strict measures to contain the coronavirus pandemic brought the country to a sudden halt, unleashing a wave of layoffs that likely ended the longest employment boom in US history.

March 25, 2020

US SEC clears Infosys in whistleblower case

In a huge relief to Infosys, the company has received a clean chit from US markets regulator Securities & Exchange Commission (SEC) on the whistleblower complaints that roiled it last year. The company’s share price gained 12.7% to end at Rs 594 by close of Tuesday’s trade on the BSE.

March 21, 2020

KLM flight with 100 Indians turned back to Amsterdam

A KLM flight was asked to return to Amsterdam after it took off for Delhi on Friday with about 100 Indians transiting back home from US and Canada. Since India has barred entry of anyone from Europe, UK and Turkey — including transit passengers from there — aviation authorities here asked the Boeing 787 Dreamliner, operating as KLM 871, to return to Amsterdam.