- Google Recalls Staff to U.S. After Trump Immigration Order
Alphabet Inc.’s Google delivered a sharp message to staff traveling overseas who may be impacted by a new executive order on immigration from President Donald Trump: Get back to the U.S. now.
Google Chief Executive Officer Sundar Pichai slammed Trump’s move in a note to employees Friday, telling them that more than 100 company staff are affected by the order.
“It’s painful to see the personal cost of this executive order on our colleagues,” Pichai wrote in the memo, a copy of which was obtained by Bloomberg News. “We’ve always made our view on immigration issues known publicly and will continue to do so.”
The comments underscore a growing rift between the Trump administration and several large U.S. technology companies, which include many immigrants in their ranks and have lobbied for fewer immigration restrictions. Pichai’s note echoed similar statements from tech peers voicing concerns about the harm such policies could have on their businesses.
Trump signed an executive order Friday prohibiting entry by people from seven majority-Muslim nations for 90 days. Citizens of Syria, Iraq, Iran, Sudan, Somalia, Yemen and Libya would be banned from entering the U.S. for the period, while the government determines what information it needs to safely admit visitors.
The Department of Homeland Security issued a directive on Friday afternoon ordering the Customs and Border Control agency to enforce the order, the New York Daily News reported. Late Friday, some green card and visa holders were already being blocked from boarding flights to the U.S., the newspaper said.
“We’re concerned about the impact of this order and any proposals that could impose restrictions on Googlers and their families, or that create barriers to bringing great talent to the U.S.,” a Google spokeswoman said in a statement. “We’ll continue to make our views on these issues known to leaders in Washington and elsewhere.”
Some Google employees were traveling abroad and were trying to get back to the U.S. before the order took effect. The company asked them to reach out to Google’s security, travel, and immigration teams for assistance, according to a person familiar with the situation. The person asked not to be identified talking about internal company communications.
The employees in question normally work in the U.S. but just happened to be abroad either on work assignments or vacations. The concern is that even if Google staff have valid visas, they may still be at risk if they’re from one of the seven countries and they’re outside the U.S. when the order kicks in, the person also said.
One employee rushed back from a trip to New Zealand to make it into the U.S. before the order was signed, Google’s Pichai wrote in his memo.
“We are advising our clients from those seven countries who have green cards or any type of H-1B visa not to travel outside the U.S.” said Ava Benach, a partner at immigration law firm Benach Collopy LLP, while noting that the order takes effect immediately.
“No one is really sure whether a green card holder from these seven countries can return to the U.S. now. It’s fairly clear that an H-1B visa holder can’t,” Benach said. The H-1B lets U.S. companies employ graduate-level workers from other countries in technical occupations such as technology, engineering and science.
“If anyone in these situations has the misfortune to have gone abroad recently, it’s a treacherous moment, possibly for green card holders too,” Benach said.
Other technology companies are likely in a similar situation, she added.
Facebook Inc. Chief Executive Officer Mark Zuckerberg said Friday he was “concerned” by Trump’s recent moves to restrict immigration.
Microsoft Corp. inserted language in a securities filing on Thursday on the issue, cautioning investors that immigration restrictions “may inhibit our ability to adequately staff our research and development efforts.”
COVID-19 Plunges Nigeria’s Oil Revenue by 41% in the First Nine Months of 2020
Nigeria’s oil revenue declined by 41.44 percent in the first nine months of 2020 to $2.033 billion, according to the latest data from the Nigerian National Petroleum Corporation, NNPC.
This represents a decline of 41.44 percent from $3.47 billion filed in the same period of 2019 when there was no COVID-19.
In the September 2020 edition of NNPC’s Monthly Financial and Operations Report (MFOR), revenue from oil and gas rose by 16 percent to $120.49 million in the month of September, a 66 percent or $234.81 million drop from $355.3 million posted in the same month of 2019.
The global lockdowns caused by the COVID-19 pandemic plunged Nigeria’s crude oil sales and global demand for the commodity. This was further compounded by Nigeria’s high cost of production compared to Saudi Arabia, Russia and others that were offering discounts to boost sales during one of the most challenging periods in human history.
Experts like Prof. Yinka Omorogbe, President of Nigeria Association of Energy Economics, NAEE, were not surprised with the drop in earnings given the effect of COVID-19 on the world’s economy.
She, however, called for the revamp of the nation’s petroleum sector laws and diversification of the economy away from oil revenue dependence. She said “Covid-19 made 2020 a very hot year and it battered the oil industry internationally and we are not an exception; so we could not have been unaffected”.
She also said the effect of the fall “is definitely a wake-up call; we have to diversify, strengthen our other resources and capabilities”.
Omorogbe, a former NNPC Board Secretary, urged the government and the operators in the sector to look inward and think strategically, stating: “think medium term, think of where they want to be and the government, above all, must think of how best we can utilize our resources, so that we can achieve our objectives once we know and define them.
“It is a clear wake-up call, if not we will just sit here and find that we have become one of the poorest nations in the world”, she noted.
Crude Oil, Other Commodities Closing Price for Monday
Brent crude oil, Nigeria’s crude oil benchmark, gained 47 cents to $55.88 per barrel on Monday, while the US crude oil expanded by 50 cents to $52.77 per barrel.
Gold for February delivery fell $1 to $1,855.20 an ounce. Silver for March delivery fell 7 cents to $25.48 an ounce and March copper was little changed at $3.63 a pound.
The dollar fell to 103.80 Japanese yen from 103.83 yen. The euro fell to $1.2139 from $1.2167.
Wholesale gasoline for February delivery rose 1 cent to $1.56 a gallon. February heating oil rose 2 cents to $1.59 a gallon. February natural gas rose 16 cents to $2.60 per 1,000 cubic feet.
Gold Gained Ahead of Joe Biden Inauguration 2021
Gold price rose from one and a half month low on Tuesday ahead of President-elect Joe Biden’s inauguration on Wednesday.
The precious metal, largely regarded as a haven asset by investors, edged up by 0.2 percent to $1,844.52 per ounce on Tuesday, up from $1,802.61 on Monday.
He said, “The key factor appears to be the (U.S.) currency.”
As expected, a change in administration comes with the change in economic policies, especially taking into consideration the peculiarities of the present situation. In fact, even though Biden, Janet Yellen and the rest of the new cabinet are expected to go all out on additional stimulus with the support of Democrats controlled Houses, economic uncertainties with rising COVID-19 cases and slow vaccine distribution remained a huge concern.
Also, the effectiveness of the vaccines can not be ascertained until wider rollout.
Still, which policy would be halted or sustained by the incoming administration remained a concern that has forced many investors to once again flee other assets for Gold ahead of tomorrow’s inauguration.
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