[ninjatalli]

Originally Posted by ritz3645

Coronavirus layoffs: Indian H-1B visa holders leave US in 60 days
Link:
https://amp.ibtimes.co.in/indian-h-1...-layoff-817007

If I understand correctly, you had just copied the post verbatim. However, the article is very wrongly worded at places. It misses (intentionally or by mistake) for the benefit of the clickbait heading/summary and seems to be written very badly in a hurry.

A few key points
- The 60 day time period to figure out a new job has been there for several years; no change in that. I have used that period back in 2017.

- The article misses to clearly say (or lost in translation) that if an employer chooses to let go of an employee with an H1b visa, the $2+ TN bill will not provide any benefits for them; they need to find a job in 60 days or go back to their base country; unlike a US citizen or a green cardholder.

- The article (and maybe the situation on ground) does not clearly articulate what happens to folks who take a long leave and choose to go back home or a neighboring country like Canada (if they still allow entry - no idea).

Originally Posted by raksrules

I don't think this is some new news. The 60 days time period to either find a new job or leave country has been there since last 2-3 years I guess.

+1 to this

Originally Posted by hserus

Immigration attorneys are advising Indians on H1 to go on leave without pay rather than getting laid off.

I believe the 40 hours of work is to cater to that option and/or furlough option; but honestly it isn't very clear so maybe that's an option available.

[Dry Ice]

Originally Posted by vinit.merchant

Japanese government has taken the first step among all countries.
I hope a lot many countries follow suit.

This was probably set in motion ever since the US China trade war escalated. Japan was one of the hardest hit. Refer.

Covid-19 may have made this resolve stronger for the Japs.

[Sandeep500]

As it is a common knowledge that Corona virus is a part or a group member of earlier known bigger Covid family of virus. As this strain of virus has crippled the whole of world and no cure is found as of now ,which is strange as other viruses of this family have been controlled earlier.I have a gut feeling and God willing its cure or antibody will be soon found and it will be a simple drug or formula which will control this worst pandemic.

[1.2TSI7DSG]

I work for a Cement company. Our internal estimate of the future is bleak.

Infra will be down for quite some time due to funding diversions to fight COVID. Already stressed smaller infra companies may go belly up unless there are substantial dues cleared by the government on the work which is completed.

Smaller housebuilders who have started building before COVID will complete their houses. but no substantial investments in new construction is estimated.

Being an industry where efficiency is derived at full throttle, lots of planning brainstorming about re-engineering efficiency at part loads. Needless to say, all CapEx is on hold unless absolutely necessary to go live.

If the preliminary lockdown is lifted on 14th, we may be in a position to not lay off people. Anything beyond June will see layoffs. We are so far continuing to pay the Contract wages, but continuity is grim beyond this month.

[Samurai]

Here is a unique perspective...

https://www.youtube.com/watch?v=qAt7Rg1u2l8

[AMG Power]

Originally Posted by Samurai

Here is a unique perspective...

There have been others who have voiced similar views. Hedge funds and PE Investors make substantial profits which they don't share with anyone else so why should government's support them with tax payers money when they make a loss?

-----------////-------------

On another note here's why cycling is bad for the economy:

CEO at Euro Exim Bank Ltd got economists thinking :

"A cyclist is a disaster for the country's economy - He does not buy the car & does not take car loan - Does not buy car insurance - Does not buy Fuel - Does not send his car for servicing & repairs - Does not use paid Parking - Does not become Obese - Yes,.and well, damn it !! Healthy people are not needed for economy. They do not buy drugs. They do not go to Hospitals & Doctors. They add nothing to country's GDP. On the contrary, every new McDonald outlet creates at least 30 jobs - 10 Cardiologists, 10 Dentists, 10 weight loss experts apart from people working in McDonald outlet. Choose wisely: A Cyclist or a McDonald ?
*PS* - walking is even worse. they do not buy even a bicycle."

[TRR]

Originally Posted by Samurai

Here is a unique perspective...

I tend to agree with his views and also think that it's hypocritical of big businesses to expect government bailouts (which some of them splurge) in times of crisis when they lobby to reduce taxes when the economy is booming.

But if you look at the other side, there are some benefits to government bailouts, with the primary one being that a majority of these funds are structured as loans (unsecured, which is a disadvantage to the government). The corporations who take these bailouts are fully expected to repay this money. In fact, if you look at the Troubled Asset Relief Program (TARP), that the US Treasury launched to bailout organizations affected by the 2008 financial crisis, you will find an interesting fact (link) -

In December 2013, the Treasury wrapped up TARP and the government concluded that its investments had earned more than $11 billion for taxpayers. To be more specific, TARP recovered funds totaling $441.7 billion from $426.4 billion invested. The government also claimed that TARP prevented the American auto industry from failing and saved more than 1 million jobs, helped stabilize banks, and restored credit availability for individuals and businesses.

So this isn't free money to bail out the big businesses. Of course, if you look at inflation and other factors , this may well turn out to be a zero-gain investment. But it isn't the big, taxpayer-funded, government write-offs that we (including myself until recently) largely perceive these bailouts to be.

That being said, should the governments of the world (India included) indulge in bailouts of big businesses at this time? I do not know the answer to that. But is it a situation of taxpayer-funded tiding over of business excesses? I can't agree 100%. A smartly drafted bailout could save big businesses AND the common man's jobs. It doesn't have to be a mutually exclusive process.

[Theyota]

Originally Posted by kavensri

This BB has let me down BIG time since last 5-6 days. I had placed an order on 26th and again on 29th. Both the time, they cancelled the order at the last minute. As I don’t have cash at home, I pre-paid the order both the times (around 6k per order). The problem with their cancellation is, because of their stupid policy, they will refund the amount to wallet by default. We then have to send an email for them......

That to me sounds like a very unethical way of maintaining cash flow and gaining interest free working capital. They control the funds in your wallet and they can use it as they want without paying any interest or dividend to you. I have serious doubts about credibility of its management.

[V.Narayan]

Originally Posted by Samurai

Here is a unique perspective...

Originally Posted by TRR

I tend to agree with his views and also think that it's hypocritical of big businesses to expect government bailouts (which some of them splurge) in times of crisis when they lobby to reduce taxes when the economy is booming...... A smartly drafted bailout could save big businesses AND the common man's jobs. It doesn't have to be a mutually exclusive process.

Originally Posted by AMG Power

There have been others who have voiced similar views. Hedge funds and PE Investors make substantial profits which they don't share with anyone else so why should government's support them with tax payers money when they make a loss?

I am as far from an economist or financial expert as you can find. So treat these as the views of a retired SME owner ie a layman. With reference only to India I would say the Govt should do the following:

-- first DBT to the bottom 30% or 40% or 50% of the population or whatever other cut off the Govt decides on. That is needed to protect the most vulnerable and stimulate demand at the base of the consumer pyramid.

-- second give relief to the Micro, Small & Medium enterprises who for each $ of capital create more jobs than bigger more capital intensive enterprises.

-- Get all tax refunds out of the way. The Rs 5 lakhs is paltry. It should be at the very least in the Rs 50 lakhs category to be meaningful. Give GST timing relief.

-- Working capital credit to businesses by loosening up on the banks (done) and pushing them (not done/hard to do)

-- place large orders, like only a Govt can do to stimulate certain industries like Auto. Clear out the vast dues Govt owes industry (both private & PSU). Holding back payments endlessly is a characteristic of a Govt dept. Pay industry for goods and services you've bought first.

I am personally not in favour of a bail out to a private sector company. If loans have to be given the banks can do it. Also it will be partisan to determine who gets it and who doesn't. Political rent seeking?

On another note here's why cycling is bad for the economy:

CEO at Euro Exim Bank Ltd got economists thinking :

"A cyclist is a disaster for the country's economy - He does not buy the car & does not take car loan - Does not buy car insurance - Does not buy Fuel - Does not send his car for servicing & repairs - Does not use paid Parking - Does not become Obese - Yes,.and well, damn it !! Healthy people are not needed for economy. They do not buy drugs. They do not go to Hospitals & Doctors. They add nothing to country's GDP. On the contrary, every new McDonald outlet creates at least 30 jobs - 10 Cardiologists, 10 Dentists, 10 weight loss experts apart from people working in McDonald outlet. Choose wisely: A Cyclist or a McDonald ?
*PS* - walking is even worse. they do not buy even a bicycle."

[Dhiwakar92]

My biggest fear is if this lockdown continues and more people lose their jobs and see reduced wages, especially in India, crime, violence and corruption might see an uptick.

On the other hand, one good thing I hope comes out of this crisis is that people learn just how important saving money is i.e. maintaining an emergency fund. Now matter how little you make, you can always find a way to save a little bit.

[AZT]

We could face a similar problem here, all rental agreements will need to be negotiated.

Rent protest in Wuhan shows unrest brewing post lockdown
Dozens of small shop owners protested outside one of Wuhan’s biggest shopping malls to demand a cut in rent, in one of the first signs of unrest since authorities lifted a lockdown at the epicenter of the coronavirus outbreak.
A woman said the property developer in charge of the mall, which translates to World City, should exempt rent for them because 99% of protesters are small shop owners and they haven’t had any business since the virus outbreak.Most neighbourhoods in the city are still facing string restrictions on movement and there’s little business traffic.

Read more: https://www.livemint.com/news/world/...547289409.html

[V.Narayan]

Can the experts opine on the impact the CV-19 caused economic slowdown will have on those countries, other than USA, with very large volumes of debt. ExampleS;

UK - Debt $ 8.5 trillion, 3.1X GDP
Spain - Debt $ 2.3 trillion, 1.7X GDP
Italy - Debt $2.5 trillion, 1.2X GDP
France - Debt $5.7 trillion, 2.1X GDP
Portugal - Debt $0.45 trillion, 2.2X GDP

These and many others are at debt levels that assume a steadily growing world economy and a healthy own economy. Almost all Western countries are in this bucket including small economies such as Slovenia, Latvia etc. Now both assumptions are overturned at least for 1 year and maybe for 2 years. Do you think any of these countries might start defaulting.

[adithya.kp]

Are we sure about these debt levels?. I guess most of the countries have a debt/gdp of < 1.5. Not sure if this is public debt or public + external debt.

Originally Posted by V.Narayan

Can the experts opine on the impact the CV-19 caused economic slowdown will have on those countries, other than USA, with very large volumes of debt. ExampleS;

UK - Debt $ 8.5 trillion, 3.1X GDP
Spain - Debt $ 2.3 trillion, 1.7X GDP
Italy - Debt $2.5 trillion, 1.2X GDP
France - Debt $5.7 trillion, 2.1X GDP
Portugal - Debt $0.45 trillion, 2.2X GDP

These and many others are at debt levels that assume a steadily growing world economy and a healthy own economy. Almost all Western countries are in this bucket including small economies such as Slovenia, Latvia etc. Now both assumptions are overturned at least for 1 year and maybe for 2 years. Do you think any of these countries might start defaulting.

[Swapnil4585]

Originally Posted by V.Narayan

-- second give relief to the Micro, Small & Medium enterprises who for each $ of capital create more jobs than bigger more capital intensive enterprises.

-- Get all tax refunds out of the way. The Rs 5 lakhs is paltry. It should be at the very least in the Rs 50 lakhs category to be meaningful. Give GST timing relief.

I like this expectation of yours, in particular.

I'm afraid that I may go somewhat wayward with my comment, but as far as GST is concerned, the GST Council can consider waiving of short payment interest and late filing fees, and adjust the already paid late fees towards the interest due on late payment of tax in cash.

I'm sure this sort of a relief at this point would at least prohibit a further dent in the already costly working capital of these entities. GST - the law vis-a-vis the compliance part has always been murky and the dangers of the assessment provisions of this law are bound to bite taxpayers later on.

[V.Narayan]

Originally Posted by adithya.kp

Are we sure about these debt levels?. I guess most of the countries have a debt/gdp of < 1.5. Not sure if this is public debt or public + external debt.

This is total external debt, both owed by the Govt and the private sector, to foreign lenders.