Will Canada benefit from this turn of events and its multicultural image strengthened?
Mr. Trump suspended H-1Bs and other work visas through at least the end of the year, denying employment permits for hundreds of thousands of skilled foreign workers like programmers. Seasonal hospitality workers and work-study students are also affected.
Business leaders were aghast, particularly in tech, which accounts for about three-quarters of all H-1B visas:
- “This is a full-frontal attack on American innovation and our nation’s ability to benefit from attracting talent from around the world,” said Todd Schulte of FWD.us, a pro-immigration advocacy group for big tech companies.
- “Putting up a ‘not welcome’ sign for engineers, executives, IT experts, doctors, nurses and other workers won’t help our country, it will hold us back,” said Thomas Donohue of the U.S. Chamber of Commerce.
Apple flexes its chip power
The tech giant will design the processors for its computers, breaking with Intel after 15 years. It’s a sign of Apple’s strength and a blow to America’s best-known chip maker.
Apple already designs the chips that run iPhones and iPads, drawing on engineers it has acquired by buying start-ups like PA Semi and Intrinsity. And it will rely on Asian manufacturing partners like T.S.M.C. to make the chips.
Other news: Wirecard’s ex-C.E.O. was arrested in Germany today, after the tech payment platform admitted that 1.9 billion euros ($2.1 billion) reported in its accounts probably “do not exist.” Markus Braun had resigned on Friday. The company has had a long fight with The Financial Times over its accounting practices.
Small businesses accused Square of withholding money without warning. Users of the payments service say it’s withholding up to 30 percent of their sales. The company has described this as a “rolling reserve” to cover disputes, refunds and fees.
SoftBank finally announced plans to sell $21 billion worth of T-Mobile shares, which it acquired when it sold Sprint to the telecom. Selling that stake, about two-thirds of its holdings in T-Mobile will give SoftBank much-needed cash after reporting a nearly $13 billion operating loss for its latest fiscal year.
Washington helped push the price back up when it stepped in to buy $3 billion in agricultural goods as part of stimulus efforts. More recently, the reopening of restaurants and other institutions has led to a sudden spike in demand — milk suppliers are struggling to catch up. And retail sales are still higher than they used to be, as people cook at home more often; some of that shift may be permanent.
Google’s ad revenue in the U.S. is poised to drop for the first time, according to eMarketer. (CNBC)
Microsoft has abandoned its gaming streaming service and will partner with Facebook. (Business Insider)
“Sergey Brin Has a Secret Disaster Relief Squad.” (Daily Beast)