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Around the World

Canada resumes bi-weekly draws, invites 6,700 PR candidates in one month

The Canada government has resumed the bi-weekly Canadian Permanent Residency draws, as it invited 6,700 candidates to apply for Canadian permanent residence in just one month. 

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Canada

The Canadian Government has resumed the bi-weekly Canadian Permanent Residency draw, as it invited 6,700 candidates to apply for Canadian permanent residency in just one month.

For Wednesday’s draw, Canada issued 3,350 invitations to apply (ITAs), which is the exact number of invitations to apply that was issued two weeks earlier (on May 29).

Essentially, all candidates with a Comprehensive Ranking System score above 465, as well as those with scores of 465 who entered their profile in the Express Entry pool before this date and time were invited.

According to the Canadian Immigration Newsletter, with both draws held on May 29 and June 13, it took the total Invitation to apply (ITAs) issued in 2019 to 38,450.

The cut-off score drops by 5 points: In the latest draw, the Canadian Government reduced the cut-off Comprehensive Ranking System score by five points to 465, compared to the previous draw’s minimum score of 470.

The cut-off of the Comprehensive Ranking System score is largely influenced by the time between draws. Basically, the cut-off score in the May 29 draw was 470 after a period of four weeks elapsed between all-programme draws, which allowed a greater number of candidates with higher scores to enter the pool.

Minimum CRS score between all draws so far in 2019

Meanwhile, the fact that the latest draw held only two weeks after the previous invitation round on May 29, means fewer candidates were able to enter the pool between draws. This led to a five-point reduction in the cut-off score.

Eligibility for Express Entry System: The Canadian Express Entry system manages the pool of candidates for the Federal Skilled Worker Class, Federal Skilled Trades Class, and Canadian Experience Class, which are three of Canada’s main economic-class immigration programmes.

Eligible candidates for each programme are issued scores under what is known as the Comprehensive Ranking System which determines their rank in the pool. Basically, the scores are based on factors including age, education, skilled work experience and proficiency in English or French.

Hence, the highest-ranked candidates are awarded an invitation to apply for Canadian permanent Residency (ITAs) through regular draws from the pool, which usually take place every two weeks, and the Government of Canada aims to process applications for Canadian permanent residence from Express Entry candidates in six months or less.

Opportunities in Manitoba: Canada’s province, Manitoba, issued 209 invitations to apply for a provincial nomination for Canadian Permanent Residence to immigration candidates in a draw held on June 7th

Invitations issued for the June 7 draw broke down as follows:

  • Skilled Workers in Manitoba: 121 LAAs | Minimum score: 542
  • Skilled Workers Overseas: 60 LAAs | Minimum score: 701
  • International Education Stream: 28 LAAs issued.

Also Read: [How to Apply for Canadian Permanent Residency from Nigeria on Your Own]

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Around the World

Covid-19: US economy grappling with 10 million job losses, adds 379,000 jobs in February 

The Covid-19 pandemic has led to the mandatory lockdown of major businesses and factories in the US.

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The World’s biggest economy is grappling with the loss of 10 million jobs due to the Covid-19.

The Covid-19 pandemic led to the mandatory lockdown of major businesses and factories in the country. This meant downsizing for most companies who could not continue paying salaries with no incoming revenue

According to the Nasdaq, the unemployment rate in the United States economy was at its highest in April last year, reaching a record high of 14.7%. The unemployment rate dropped to 6% but that is still a significant number.

According to CNN, the US economy added 379,000 Jobs in February this year. This is a clear sign of the world biggest economy getting back on track. Although the US economy is still missing around 9.5 million jobs since the beginning of Covid-19.

Biggest losers 

According to Nasdaq, the most affected industries in the Covid 19 economic decline is the Hospitality and Outdoor industry. Hotels and restaurant workers were mostly put out of jobs. They also fall into a category regarded as the long-term unemployment category. This category is used to define those who have been without a job for 27 weeks.

Big government to the rescue 

The United States government has rolled out the following packages to cushion the effect of the Covid 19:

  • The Joe Biden Administration has postulated a 1.9 trillion Covid Relief Package for Americans. The Bill made it through a house vote and now needs to pass the senate-house too.
  • Jobless American workers will be entitled to an extra $400 a week.
  • The Joe Biden new relief bill will also contain a $1,400 stimulus check for citizens.

 What to know 

  • The US economy is gradually shifting to the post-Covid-19 era adding 379,000 jobs in February alone. It added a paltry 166,000 jobs in January.
  • The United States major economic rival China is already in the post-Covid-19 era, the only major economic country in the post-Covid-19 era.

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Around the World

Jack Dorsey’s Square set to acquire majority stake in Jay Z’s Tidal for $297 million

Jack Dorsey’s company, Square set to acquire Tidal, the streaming music service owned by Jay-Z for a $297 million deal.

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Square, the mobile payments company owned by Jack Dorsey, announced on Thursday its plan to acquire a “significant majority” of Tidal, the streaming music service owned by Hip-hop music mogul, Jay-Z.

Square said it expects to pay $297 million, in a combination of cash and stock, for a stake in Tidal. Shawn “Jay-Z” Carter will join Square’s board, subject to the closing of the transaction while Tidal will operate independently within Square.

Existing artist shareholders will still remain stakeholders. Other Tidal artist-owners include Beyoncé, Alicia Keys, Coldplay’s Chris Martin, Kanye West, Madonna, Nicki Minaj, and Rihanna.

In a tweet made by Jay-Z today, he highlighted that “from the beginning that TIDAL was about more than just streaming music, and six years later, it has remained a platform that supports artists at every point in their careers. Artists deserve better tools to assist them in their creative journey.”

He also commented that “Jack is one of the greatest minds of our times, and our many discussions about TIDAL’s endless possibilities have made me even more inspired about its future. This shared vision makes me even more excited to join the Square board.

“This partnership will be a game-changer for many. I look forward to all this new chapter has to offer!”

Jack Dorsey, who is CEO of both Square and Twitter, also commented on this deal “comes down to one simple idea: finding new ways for artists to support their work.”

“New ideas are found at intersections, and we believe there’s a compelling one between music and the economy. I knew Tidal was something special as soon as I experienced it, and it will continue to be the best home for music, musicians, and culture.”

Jesse Dorogusker, a Square executive will lead Tidal on an interim basis. He added that Square will offer financial tools to help Tidal’s artists collect revenue and manage their finances. “There are other tools they need to be successful and that we’re going to build for them,”.

What you should know

  • Last month, Jack Dorsey and Jay-Z announced a Bitcoin fund focused on developing the cryptocurrency’s adoption in Africa and India.
  • In 2017, Sprint bought a 33% stake in Tidal. This week, Jay-Z bought back those shares from T-Mobile (which acquired Sprint).
  • Last month, Jay-Z announced that he would sell 50 percent of his champagne company, Armand de Brignac — better known as Ace of Spades — to LVMH Moët Hennessy Louis Vuitton amid a downturn in the entertainment industry caused by the pandemic that has affected some of Jay-Z’s holdings.

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