Rajasthan Congress releases manifesto, promises to waive farm loans

Sachin Pilot and Ashok Gehlot released the Congress party manifesto ahead of the assembly elections 2018. (File Photo: PTI)

HIGHLIGHTS

  • Pilot said that Congress intends to give Rs 3,500 monthly allowance to unemployed youths in the state
  • Legislation for the protection of journalists in the state is also promised in the manifesto
  • The party has promised to provide free education to women and jobs to youth

The Rajasthan Congress on Thursday released the party manifesto, promising to waive the loan of farmers and provide free education to women and jobs to youth.

Rajasthan Congress chief Sachin Pilot, former chief minister Ashok Gehlot and chairman of the manifesto committee Harish Choudhary released the party manifesto. Pilot said the manifesto was prepared after taking opinions through multiple platforms such as social media.

Two lakh suggestions were received for the preparation of the manifesto, he said.

Pilot said the Congress party will waive the loans of farmers if voted to power, an announcement the party president had made during an election meeting in Jaisalmer’s Pokhran Assembly constituency on Monday.

He said the Congress intends to give Rs 3,500 monthly allowance to unemployed youths in the state.

The party has also promised to bring a legislation for the protection of journalists in the state. The party has promised to form an implementation committee for time-bound implementation of the manifesto.

[“source=cnbc”]

West Bengal Board Class 10 Question Papers To Be Opened Before Students

The WBBSE decision came in the wake of reports of malpractices happened during board exams last year

West Bengal Board Class 10 Question Papers To Be Opened Before Students

Kolkata: 

In a departure from the norm, the West Bengal Board of Secondary Education (WBBSE) on Tuesday announced that question paper packets will henceforth be opened in front of Class 10 candidates, shortly before the commencement of the examination. Earlier, the sealed packets were broken in the office of the institution’s headmaster and papers sorted accordingly before distribution among the students.

“From 2019, the sealed question packets of Madhyamik examination (Class 10 board exam) will be opened by invigilators in front of students in the examination hall and distributed accordingly,” Board president Kalyanmoy Ganguly said.

Sources said the WBBSE decision came in the wake of reports that the headmaster of a Jalpaiguri school, during the 2018 secondary examination, opened sealed question papers 35 minutes before the scheduled time.

The headmaster was suspended by the Board after he failed to give a satisfactory reply to a showcause notice issued to him.

There were also reports of question paper leak on WhatsApp in 2017, but the board, back then, asserted that the paper circulated was “fake”.

Mr Ganguly said the WBBSE members, along with officer in-charge of local police station and a district administration official, will hold meetings with the head of examination centres to ensure that the measures were implemented without glitches.

“This time, the number of question papers in the packets will tally with the number of examinees in the hall. There will be no sorting beforehand,” he said.

The new measure was aimed at ensuring that ex

[“source=”patch”]

How To Ensure You Are Enrolled In A Recognised Distance Learning Course

MHRD accepts Justice Reddy Committee Recommendations on open, distance education programmes

How To Ensure You Are Enrolled In A Recognised Distance Learning Course

New Delhi: The central government has accepted the Justice Reddy Committee recommendations regarding the Distance Education Programmes being run in the country by various universities. Ministry of Human Resource Development (MHRD) constituted a three members Committee after the Supreme Court directed it to constitute a three members Committee to examine the issues related to distance education in the country and also to suggest a road map for strengthening and setting up of oversight and regulatory mechanism in the relevant field of higher education and allied issues.

The court has ordered to constitute the committee comprising of eminent persons who have held high positions in the field of education, investigation, administration or law at national level.

Now, the Ministry has notified following instructions to all the stakeholders based on the recommendations of the Justice Reddy Committee on Open and Distance Learning (ODL) Courses:

1. The list of approved courses offered under ODL mode, institution – wise every year is available on UGC website at www.ugc.ac.in/deb.

2. No course, other than the one that finds place in the list referred to above, would be recognized and a candidate who studies unrecognized courses cannot claim any benefit.

3. Under no circumstances, retrospective or ex-post facto recognition to any course through ODL mode shall be granted by UGC.

4. Higher Educational Institutions (HEIs) are required to comply with all the provisions of the UGC (ODL) Regulations, 2017 and its amendments. If any deviation by the HEI is noticed, the same would entail not only withdrawal of permission/ recognition for such ODL courses but also for other courses offered by the institutions, on regular and conventional mode.

5. The UGC (ODL) Regulations, 2017 are applicable to all HEIs as given at Clause (3) of sub-regulation (1) of Part – I of UGC (ODL) Regulations, 2017. It is further clarified that the private universities created under the State enactments shall be under obligation to strictly follow the requirements, stipulated by the UGC, issued from time to time including those under the UGC (ODL) Regulations, 2017.

[“source=ndtv]

Oppo R17 Pro to launch in India today: Specs, expected price and how to watch livestream

Oppo is all set to bring its premium R-series to India for the very first time today. The company is holding an event in Mumbai where it will announce the Oppo R17 Pro, a device that brings a premium design language complete with an edge-to-edge waterdrop display, all-glass body and an in-display fingerprint sensor, among other things. The R17 Pro is the first top-end smartphone launch for Oppo in India since the Find X. The Oppo R17 Pro also touts superior mid-range performance, championed by a Snapdragon 710 chipset, as well as SuperVOOC fast charging support.

The Oppo R17 Pro was first launched in China before it made its way to Europe a few weeks ago. The phone was launched at CNY 4,299 (approx Rs 43,800) in China, but you can expect the India pricing to be more competitive as the R17 Pro will compete against the OnePlus 6T, Samsung Galaxy A9 and the upcoming Nokia 8.1. So, a pricing of around Rs 30,000 would give the R17 Pro a good chance against the competition. Oppo may also launch the regular R17 today, but the spotlight will be on the Pro model. The Oppo R17 Pro is already up for pre-orders, but the company will be officially launching the product later today at 8pm IST. Oppo will be livestreaming the event via its YouTube channel.

The Oppo R17 Pro brings a 6.4-inch FHD+ waterdrop display with a 91.5 percent screen-to-body ratio. It also gets Gorilla Glass protection on the back along with a gradient colour scheme. It is powered by a powerful mid-range octa-core Snapdragon 710 chipset coupled with up to 8GB of RAM and 128GB of internal storage. The R17 Pro also comes with an in-display fingerprint sensor.

The R17 Pro touts a triple camera system on the back. This includes a one 12MP sensor with variable aperture (f/1.5-2.4) and OIS, a 20MP secondary sensor with f/1.6 aperture and a third Time of Flight (TOF) 3D sensing camera that calculates depth information for 3D-like photos. The upcoming Oppo smartphone houses a 3,700mAH battery with a 40W SuperVOOC fast charging support which promises to charge the device from zero to 40 per cent in just 10 minutes.

[“source=indiatoday]

Podcast | Digging Deeper: Decoding the pre-election sops to MSMEs

Image result for Podcast | Digging Deeper: Decoding the pre-election sops to MSMEs

The frenetic election season will bring with it controversies, sops, slogans, rallies and a lot more and media platforms will as always struggle to keep up with it all.

From the time the government reached out to Micro, Small and Medium Enterprises (MSMEs) with  overtures to boost their growth, analysts have tried to understand not just the reasons and the implications of the move but the fine print underscoring it.

In this Moneycontrol Deep Dive podcast. we examine whether the 59-minute loan sanction for small businesses  is a gimmick or a masterstroke.

On November 6, Debabrata Das, wrote a piece in Fortune India with this headline, ” With an eye on elections, government gives boost to MSME sector.”

The  article exhibited a pattern of inquiry that is essential to make sense of sweeping economic decisions. It is after all still hard to completely deconstruct the reasons and outcomes of demonetisation. Or successfully  evaluate the management of the goods and services tax (GST). Or even to foretell the impact of Reserve Bank of India’s (RBI) directives that are currently causing panic among ATM operators. But we must try, right?  If only,  because such complex ideas  have the potential of affecting citizenry in a far-reaching  manner.

And in retrospect, demonetisation and GST impositions did adversely impact  among other things, small and medium businesses.  And hence economic policy makers must think of not just the immediate returns of  a momentous announcement but also how it will  pan out in the future, in real time, when implemented.

And that is why it is important that the MSME goody bag is examined in its entirety. Especially because there has been an unprecedented tension between RBI  and the central government over the liquidity issues pertaining to easing credit availability to micro, small and medium enterprises. And as always there is that unavoidable question. Why now?

What about the timing?

 As Debabrata wrote in the Fortune piece, “At a time when the talk of a liquidity crunch in the Indian financial system is rife, it seems odd that micro, small, and medium enterprises (MSMEs) have been promised that loans below Rs 1 crore would be sanctioned in less than an hour. But when you put it in the context of a general election next spring, the government’s efforts to pacify the MSME sector, which been through the wringer in the past two years, starts to make sense.

For nearly two years, the MSME sector has borne the brunt of the government’s policy measures. With demonetisation first and then the haphazard implementation of the goods and services tax (GST), the MSME sector had been left cash-strapped.” Unquote.

The author cites  MSME Pulse report from TransUnion CIBIL and the Small Industries Development Bank of India (SIDBI) to report  how the percentage of non-performing assets in the loans given to the sector grew to 17.2 percent this June, from 14 percent in December 2016. According to the report, he says, the total credit exposure in India to the MSME sector is Rs 22.8 lakh crore.

Adding to the woes of the sector was the fact that loans were tough to come by. This was , says the author, because  11 of the 21 public sector banks are facing lending restrictions as they are under the Reserve Bank of India’s prompt corrective action (PCA) framework.

“With a financing requirement of nearly Rs 4.5 lakh crore over the next two year, it was assumed that the non-banking financial companies (NBFCs) will step up into the space left vacant. However, in the aftermath of the meltdown of the biggest NBFC in the country, Infrastructure Leasing & Financial Services (IL&FS), the entire industry is strapped for cash.”

A political decision?

 As expected , says the piece, traditional support base among MSMEs for the ruling party was getting increasingly antagonised but things took a swift turn when a large support package was announced for the sector.

As the piece elucidates, “Prime amongst the measures was the promise of loans of less than Rs 1 crore being sanctioned in less than an hour. These loans can be accessed through a link on the GST portal. Further, all GST-registered MSMEs would get a 2 percent interest subvention for fresh and incremental loans. And for exporters who receive loans in the pre-shipment and post-shipment period, there would be an increase in interest rebate to 5 percent from the existing 3 percent.

MSMEs with a turnover above Rs 500 crore would be brought on to the Trade Receivables e-Discounting System (TReDS) where entrepreneurs would be able to access credit from banks based on their upcoming receivables.” Unquote.

Additionally,  as the piece informs, public sector companies have been asked to procure 25 percent  of their total purchases from MSMEs and of this 3 percent should be from MSMEs promoted by women entrepreneurs. We quote, “To improve the ease of doing business for MSMEs, clusters would be formed, initially for pharmaceutical sector MSMEs; regulations with regard to labour laws have been relaxed; inspections would be done through a computerised random allotment; and environmental clearance has been simplified.” Unquote.

Vinod Parmar, global head of sales and marketing at Vayana Network is cited and he opines that linking loan approvals to GST returns will encourage more and more MSMEs to become a part of the formalised economy. Besides, any platform which can reduce friction and give convenient access to finance to the MSMEs will see rapid adoption, according to him.

What will be the big gain?

 The bigger question is IF the growth of MSMEs will benefit from these measures. It goes without saying as the piece suggests, that the well-being of 65 million MSMEs in the country that employ  120 million people, will impact which way the election results swing in 2019. As the author says, “Disruption in credit to the sector could affect both jobs and the MSME entrepreneurs. Prime Minister Narendra Modi has a penchant for making mega announcements near the festival of Diwali. This year, the focus clearly is on the elections, which is why the traders who form the BJP’s traditional support base have a lot to cheer about.” Unquote.

The larger picture

 On November 6, Ravi Krishnan wrote a Moneycontrol  piece that also went beyond the optics of the sops to convey that an inordinate price should not be paid for a short -term gain. The central argument being, “It is important that MSMEs get access to credit, but it should not come at the cost of banking sector’s health.”

The piece concedes that access to formal credit is a serious issue for most micro, small and medium firms in India. And on the surface, it seems that the government is seeking to fill this gap with its 12-point programme announced on November 2.

The slip between the cup and lip as far as lending to this sector goes, can be attributed to the fact that about 97 per cent of MSMEs operate in the informal sector and without  formal documentation and records, loans are hard to come by.

We quote, “Bank credit has been slow in recent years. Although it picked up recently, banks have ceded space to NBFCs or  Non Banking Financial Companies who have doubled their share in MSME credit from 5.5 per cent in December 2015 to around 10 per cent by March 2018. That’s why when a liquidity crunch is feared to hit NBFC lending, the government has been pushing the central bank to open a special window for such firms and also be lenient in recognising MSME defaults.” Unquote.

But even good intentions must consider how much they will cost.

As the author says, “While an attempt to help out the MSME sector is commendable, sanctioning a loan of Rs 1 crore in just 59 minutes looks like a gimmick that can have unintended consequences. It could mean subtly putting pressure on state-owned banks to lend to this sector. Public sector banks would do well not to relax their credit appraisal and assessment in a rush to meet this artificial deadline. As it is, in a sector that is reeling from demonetisation and  the imposition of Goods and Services Tax (GST), the level of delinquent loans is pretty high. According to SIDBI’s MSME Pulse, the non-performing assets ratio ranges from 8.7 percent to 19.5 percent depending on the size of the loan taken.” Unquote.

It is now an established fact that public sector banks have been hit badly with about 15. 2 percent of their MSME loans turned sour at the end of June 2018 compared to 5 percent for NBFCs and 3.9 percent for private banks.

Says the author, “Unbridled, forced lending to the sector could reverse the gains made by banks in recognizing and resolving their bad loans. Thus, the government would do well to take steps to help MSMEs beyond opening credit channels. Indeed, some of this has already been done. Asking companies with a turnover above Rs 500 crore to register themselves on the Trade Receivables Discounting System (TReDS) receivables platform will help MSMEs tackle cash flow problems and enhance their access to credit, since banks will have greater security (and documentation) in extending loans.

Indeed, the larger question policymakers should ask is why do MSMEs remain small and operate in the informal economy. The answer lies in complex regulations and lack of infrastructure. The GST, which is supposed to help ease the tax burden, is a case in point.” Unquote.

It is of course important to recognise the unrealised potential  of MSMEs as they contribute to a fifth of the country’s labour force, about 45 per cent of manufacturing output and 40 percent of India’s exports.

However, to help them thrive,  improving infrastructure and ease of doing business are a must. Some steps that have been announced must be lauded as checking unwarranted inspections of factories, simplifying penalties for minor offences under the Companies Act etc but as the piece points out, more such measures are needed rather than directed lending.

The pitfalls

 What could go wrong with populist measures like indiscriminate lending? Well, plenty.  The MSME package promises loan clearances in 59 minutes flat, disbursal within 10 days and concessional interest rates on borrowings. It was a great idea, but a flawed decision, says  consulting editor  RN Bhaskar   in a Moneycontrol piece on November 22. We quote, “The  Banks are already weakened by bad loans. Concessional interest rates and forcing them to increase their allocation of funds to MSMEs from the existing 20-25 percent is not a wise way of strengthening the banking sector. ” Unquote.

The article recognises the importance of the MSMEs in the organised sector work force and cites  The Ministry of Micro, Small and Medium Enterprises’ annual report for 2017-18 which pointed out that this sector accounted for Rs 39 lakh crore of gross value added (GVA), or about 31.6 percent of the country’s GVA.

And of the jobs they provide, about five crore  are in rural areas, making its support crucial during elections in states like Uttar Pradesh, which accounts for 14 percent of all MSMEs.

But the author points out that the only dark cloud is that the rate at which they have been growing has been declining consistently. We quote, “They grew by 15 percent in 2012-13, 12.3 percent in each of the two following years, and only 7.62 percent in 2015-16.

Clearly, they needed incentives and a bit of prodding to accelerate their growth rate. Demonetisation had hit them very hard and so did the Goods & Services Tax (GST). The latter has increased their need for working capital because GST must be paid at the time of invoicing, even before the money comes into their kitty.

[“source=designresearchcenter].

How To Ensure You Are Enrolled In A Recognised Distance Learning Course

TS

How To Ensure You Are Enrolled In A Recognised Distance Learning Course

MHRD accepts Justice Reddy Committee Recommendations on open, distance education programmes

New Delhi: 

The central government has accepted the Justice Reddy Committee recommendations regarding the Distance Education Programmes being run in the country by various universities. Ministry of Human Resource Development (MHRD) constituted a three members Committee after the Supreme Court directed it to constitute a three members Committee to examine the issues related to distance education in the country and also to suggest a road map for strengthening and setting up of oversight and regulatory mechanism in the relevant field of higher education and allied issues.

The court has ordered to constitute the committee comprising of eminent persons who have held high positions in the field of education, investigation, administration or law at national level.

Now, the Ministry has notified following instructions to all the stakeholders based on the recommendations of the Justice Reddy Committee on Open and Distance Learning (ODL) Courses:

1. The list of approved courses offered under ODL mode, institution – wise every year is available on UGC website at www.ugc.ac.in/deb.

2. No course, other than the one that finds place in the list referred to above, would be recognized and a candidate who studies unrecognized courses cannot claim any benefit.

3. Under no circumstances, retrospective or ex-post facto recognition to any course through ODL mode shall be granted by UGC.

4. Higher Educational Institutions (HEIs) are required to comply with all the provisions of the UGC (ODL) Regulations, 2017 and its amendments. If any deviation by the HEI is noticed, the same would entail not only withdrawal of permission/ recognition for such ODL courses but also for other courses offered by the institutions, on regular and conventional mode.

5. The UGC (ODL) Regulations, 2017 are applicable to all HEIs as given at Clause (3) of sub-regulation (1) of Part – I of UGC (ODL) Regulations, 2017. It is further clarified that the private universities created under the State enactments shall be under obligation to strictly follow the requirements, stipulated by the UGC, issued from time to time including those under the UGC (ODL) Regulations, 2017.

[“source=forbes]

Liz Weston: How to ‘Death Clean’ Your Finances

FILE – This April 2017 file photo provided by NerdWallet shows Liz Weston, a columnist for personal finance website NerdWallet.com. (NerdWallet via AP, File) The Associated Press

The phrase “death cleaning” may sound jarring to unaccustomed ears, but the concept makes sense. It’s about getting rid of excess rather than leaving a mess for your heirs to sort out.

“Death cleaning” is the literal translation of the Swedish word dostadning, which means an uncluttering process that begins as people age. It’s popularized in the new book “The Gentle Art of Swedish Death Cleaning” by Margareta Magnusson.

Magnusson focuses on jettisoning stuff, but most older people’s finances could use a good death cleaning as well. Simplifying and organizing our financial lives can make things easier for us while we’re alive and for our survivors when we’re not.

This task becomes more urgent when we’re in our 50s. Our financial decision-making abilities generally peak around age 53, researchers have found, while rates of cognitive decline and dementia start to climb at age 60. As we age, we tend to become more vulnerable to fraud, scams, unethical advisers and bad judgment, says financial literacy expert Lewis Mandell, author of “What to Do When I Get Stupid.” Cleaning up our finances can help protect us.

Some steps to take:

CONSOLIDATE FINANCIAL ACCOUNTS

Fewer accounts are easier to monitor for suspicious transactions and overlapping investments, plus you may save money on account fees. Your employer may allow you to transfer old 401(k) and IRA accounts into its plan, or you can consolidate them into one IRA. For simplicity, consider swapping individual stocks and bonds for professionally managed mutual funds or exchange-traded funds (but check with a tax pro before you sell any investments held outside retirement funds). Move scattered bank accounts under one roof, but keep in mind that FDIC insurance is generally limited to $250,000 per depositor per institution.

AUTOMATE PAYMENTS

Memory lapses can lead to missed payments, late fees and credit score damage, which can in turn drive up the cost of borrowing and insurance. You can set up regular recurring payments in your bank’s bill payment system, have other bills charged to a credit card and set up an automatic payment so the card balance is paid in full each month. Head off bounced-transaction fees with true overdraft protection, which taps a line of credit or a savings account to pay over-limit transactions.

PRUNE CREDIT CARDS

Certified financial planner Carolyn McClanahan in Jacksonville, Florida, recommends her older clients keep just two credit cards: one for everyday purchases and another for automatic bill payments. Closing accounts can hurt credit scores, though, so wait until you’re reasonably sure you won’t need to apply for a loan before you start dramatically pruning.

SET UP A WATCHDOG

Identify whom you want making decisions for you if you’re incapacitated. Use software or a lawyer to create two durable powers of attorney — one for finances, one for health care. You don’t have to name the same person in both, but do name backups in case your original choice can’t serve.

Consider naming someone younger, because someone your age or older could become impaired at the same time you do, says Carolyn Rosenblatt, an elder-law attorney in San Rafael, California, who runs AgingParents.com. Grant online access to your accounts, or at least talk about where your trusted person can find the information she’ll need, Rosenblatt recommends.

Also create “in case of emergency” files that your trusted person or heirs will need. These might include:

?Your will or living trust

?Medical directives, powers of attorney, living wills

?Birth, death and marriage certificates

?Military records

?Social Security cards

?Car titles, property deeds and other ownership documents

?Insurance policies

?A list of your financial accounts

?Contact information for your attorney, tax pro, financial adviser and insurance agent

?Photocopies of passports, driver’s licenses and credit cards

A safe deposit box is not the best repository, because your trusted person may need access outside bank hours. A fireproof safe bolted to a floor in your home, or at minimum a locked file cabinet, may be better, as long as you share the combination or key (or its location) with your trusted person. Scanning paperwork and keeping an encrypted copy in the cloud could help you or someone else recreate your financial life if the originals are lost or destroyed.

[“Source-usnews”]

Family Immigration Led To John Tu’s Billion Dollar Company

Immigrant entrepreneur and CEO John Tu co-founded Kingston Technology after his sister sponsored him for immigration. Tu and fellow immigrant David Sun rewarded their U.S. employees with large bonuses after the sale of 80% of the company. They later bought back the 80% share of Kingston. (INDRANIL MUKHERJEE/AFP/Getty Images)

John Tu created wealth, shared that wealth with his employees and demonstrated people can achieve the American Dream while also fulfilling the dreams of others.

Immigrant entrepreneurs possess relatively few options for starting a business and remaining in the United States. There is no startup visa that allows individuals to receive permanent residence specifically for starting a business. Once someone acquires permanent residence (a green card) he or she has the freedom to start a business in America. That is why the stories we hear about successful foreign-born entrepreneurs come almost exclusively from individuals sponsored by an employer or family member. John Tu is a great example of this.

John Tu was born in China in 1941, where he lived with his parents and sisters. He describes himself as a mediocre student unable to attend the best Chinese colleges. He was denied a visa to the United States and instead applied to a college in Germany, where in 1978 he earned a degree in electrical engineering.

“My dream of coming to the United States persisted,” said John in testimony before the Senate Subcommittee on Immigration. He recalled visiting his sister, who was living in Boston. She had come to America as a student and married a U.S. citizen born in Taiwan. That trip reignited his dreams. “My experience brought me to the conclusion that in the U.S. one can be anything he wants. I decided right then that I would find a way to make my home in America.”

His sister, who became a U.S. citizen, sponsored John for immigration through the immigrant preference category for the siblings of U.S. citizens.

As someone willing to take a chance on a new country, it’s not surprising John Tu quickly became an entrepreneur. He started a one-man gift shop in Arizona, where his sister had moved to, and sold collectables imported from China. A few years later, John ventured into commercial real estate, eventually buying a condominium in Los Angeles.

In California, he met David Sun, his future business partner, who also was born in China. In 1982, John Tu and David Sun started a computer hardware company called Camintonn Corporation. They later sold the company to AST Research, with each man earning about $1 million.

But a year later, John and David lost almost everything. Their broker, a trusted friend, invested poorly, which caused their savings to be nearly wiped out in the October 1987 stock market crash.

John Tu and David Sun picked themselves up and did what entrepreneurs do best – they started another business. Their new company, Kingston Technology, sought to fill a niche in the marketplace for computer memory products. “Kingston soon began developing memory products for a variety of PCs and thriving beyond either of our expectations. It is ironic that from the biggest financial failure came my most successful venture,” said John.

The company grew to over 500 U.S. employees and by 1996 was valued at $1.5 billion. Not surprisingly, this attracted the interest of buyers. That year, John and David sold 80% of Kingston to Japan-based Softbank Corp.

While the sale initially made news, it is what John Tu and David Sun did with the proceeds that generated worldwide attention: The two men set aside $100 million in profits from the sale and awarded bonuses to their American employees, something virtually unheard. In many cases, the bonuses ranged from $100,000 to $300,000.

This decision changed the lives of those working at Kingston, allowing many to fund dreams for themselves and their children. “The bonus meant a great deal to the employees, for some it meant ridding themselves of debt, for others a down payment on a house, and for one person the opportunity to return to college and finish his education,” said Kingston employee Gary McDonald. He decided to use the bonus money to fund schooling and assistance for his four children, two of whom had special needs, including one with autism. “Without the bonus it would have been much more of a financial struggle,” he said.

Fate intervened and in July 1999, for business reasons, Softbank decided to sell its 80 percent share in Kingston back to John Tu and David Sun for less than half of the original sale price.

Today, Kingston is “the world’s largest independent manufacturer of memory products,” according to the company. Kingston employs more than 3,000 people around the world and maintains its headquarters in Fountain Valley, California. It has garnered a number of awards, including Fortune magazine’s list of the “Best Companies to Work for in America.” John and his company Kingston contribute to many charitable causes.

John Tu remains CEO of Kingston Technology. I met John back in 1997 when he came to Washington, D.C. to testify at a Senate hearing on immigrant entrepreneurs. He was accompanied by a number of people from Kingston and I was struck by the mutual affection and respect between John and his employees.

When I listened to stories about the bonuses and the impact they had on the lives of the employees it made me suspect that economists underestimate many of the benefits of immigration. Further confirmation of that came a few minutes later when John had to excuse himself. Upon returning, he told me that the next day was April 15th and his accountant needed authorization to pay the capital gains tax on the sale of the company. Think for a moment about the size of the capital gains tax paid by immigrants John Tu and David Sun on the sale of a company they started from scratch and that had become valued at over $1 billion.

In December 2017, the Associated Press reported, “The White House is embarking on a major campaign to turn public opinion against the nation’s largely family-based immigration system ahead of an all-out push next year.” However, inciting the public against foreign-born individuals is not a rational economic policy, nor does it conform to America’s tradition as a nation of immigrants.

Reducing legal immigration by prohibiting U.S. citizens from sponsoring for immigration close family members, such as siblings and adult children, would reduce both U.S. economic growth and labor force growth, according to a recent study from the National Foundation for American Policy. If such policies had been in effect years ago, John Tu would not have made it to the United States and the many Americans who have worked at his company, as well as their families, would have been much worse off.

“The reason I’ve been able to do what I’ve done is because of my sister,” John told me in a recent interview. “She became a citizen and sponsored me . . . If my sister was not allowed to sponsor me for immigration none of this success at Kingston and the many jobs we’ve created would have happened.”

John Tu does not consider himself unique. “I’m just one example of a family immigrant success story. Look at Silicon Valley and one can find many similar examples.”

At the end of his Senate testimony, John reflected on his and America’s immigrant journey: “I would have never had the opportunity to become so successful had I not come to America. I can tell you that I feel the founding fathers of America had the right idea: immigration has made this rich culture, this great environment of what is often called the melting pot.”

John Tu credits his success to America’s system and its society. “America gives you the opportunity to be who you are, to maximize your talent and achieve your dreams. I appreciate so much what this country has given to immigrants like me.”

[“Source-forbes”]

Cable companies are looking for ways to limit password sharing

Cable companies are over people sharing logins with all their friends and family. As first spotted by Bloomberg, Charter CEO Tom Rutledge said at the annual UBS conference this month: “There’s lots of extra streams, there’s lots of extra passwords, there’s lots of people who could get free service.”

Charter has made cracking down on password sharing a priority during negotiations with channel providers. Bloomberg reports that the company requested Viacom help limit password sharing by reducing the number of simultaneous streams allowed on its apps. Rutledge tells Bloomberg that channel owners bear most of the blame for the current cable situation. They don’t secure their apps and, he says, “they devalued their own product in a dramatic way.”

Meanwhile, ESPN tells Bloomberg it wants to work with channel distributors to verify subscribers whenever there are a large number of people streaming through the channel’s app.

[“Source-timesofindia”]

ZipRecruiter and Square Partner to Help Small Businesses Find Job Candidates

ZipRecruiter and Square Partner to Help Small Businesses Find Job Candidates

Job application aggregator ZipRecruiter and digital payment solution Square (NYSE: SQ) have formed a new partnership which will help small businesses find candidates for job openings.

Under this partnership, ZipRecruiter will be the first and only hiring service in Square’s App Marketplace. The integration is going to give the 225,000 active Square customers, many small businesses, access to the talent available in ZipRecruiter.

Finding the right person for the job is no easy task, and for small businesses, it is even more difficult. When ZipRecruiter formed a similar partnership with Facebook earlier this year, Facebook’s Product Manager for Jobs, Gaurav Dosi, told TechCrunch, “40 percent of US small businesses report that filling jobs was more difficult than they expected, which is challenging when you consider that these small businesses also employ nearly half of the country’s workforce.”

The Integration of ZipRecruiter and Square

Small businesses already using Square or its App Marketplace can now log-on and post an opening to find candidates.

In a post on the ZipRecruiter blog, Director of Marketing PPartnerships Keren Zemer writes, “The App Marketplace is a convenient place where hundreds of thousands of active Square invoice sellers can find trusted and popular business apps endorsed by Square to help with their everyday operational needs.”

As the first and only hiring service to be featured in Square’s App Marketplace, ZipRecruiter will be able to take advantage of the already engaged user base using Square hardware and software. ZipRecruiter brings its technology, including hiring tools for small businesses, to the relationship.

For businesses not familiar with ZipRecruiter, the app will be available for free with a four-day trial. This will let business owners get familiar with the platform, and if they find a candidate within the four days even better, because it will be free.

Benefit for Small Business

Large organizations have HR departments to find the right candidates. For most small businesses, an HR department is not even an option. This partnership is going to help small companies find local help with a simplified process for employees and employers alike.

[“Source-smallbiztrends”]