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Canada invites 85,300 candidates for permanent residency in 2019 

The government of Canada invited 85,300 candidates to apply for Canadian Permanent Residency in 2019.

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Canada invites fresh 3,600 Express Entry Candidates in latest draw , Canada invites 3,600 fresh Express entry for Canadian Permanent Residency , Canada invites 71,700 Express Entry Candidates, as cut-off score rise in October , Canada invites 7,200 Express Entry Candidates to apply for PR in its November draws , Canada invites 85,300 candidates for permanent residency in 2019, Canada invites fresh 3,500 candidates to apply for permanent residence 

The government of Canada invited 85,300 candidates across the globe to apply for Canadian Permanent Residency in 2019. This was lower than the 89,800 Invitations to Apply (ITAs) issued in the previous year.

According to the report released by Canadian Immigration Newsletter, Canada’s Express Entry system kept both candidates and observers on their toes in 2019 with a number of unexpected twists and turns.

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Permanent Residency Invitations issued in 2019 

According to the Canadian Immigration newsletter, a defining development in 2019 was the deviation of Canada’s federal immigration ministry, Immigration, Refugees and Citizenship Canada (IRCC), from the pattern it established in 2018 that saw draw sizes increase from 2,750 to 3,900 ITAs every two to three months.

  • Given Canada’s higher 2019 admissions targets, it was expected that the number of Express Entry candidates invited in 2019 would surpass the recorded 89,800 ITAs issued in 2018. However, the IRCC held a total of 26 draws from the Express Entry pool over the course of 2019.
  • The last three months of 2019 were cases in point, as draw sizes rose briefly to 3,900 ITAs in October then dropped to 3,600 in November and finished the year with two December invitation rounds of 3,200 ITAs each.
  • However, one explanation for 2019 falling short is the possibility that IRCC had to keep the number of ITAs issued down, in order to maintain its processing standard of six months for permanent residence applications filed through the Express Entry system.

Minimum cut-off score jumped 

The minimum Comprehensive Ranking System (CRS) score for 2019 was higher when compared to 2017’s record low of 413. The higher minimum-required score that characterized Express Entry draws in 2019 may be attributed to a combination of the smaller draw sizes throughout the year and the fact that IRCC allowed more than the usual two weeks elapse between draws on four occasions.

  • Over the 26 all-program draws held in 2019, the cut-off score ranged from a low of 438 on January 30 to a high of 475 on October 30.
  • ITAs are issued to Express Entry candidates based on their CRS scores, which is determined by age, level of education, skilled work experience and proficiency in English or French, among other factors.
  • Another factor that could help explain the higher minimum required CRS scores in 2019 is the growing number of Express Entry candidates who are receiving provincial nominations, and the 600 additional CRS points that come with one.

[READ MORE: Canada invites 7,200 Candidates to apply for Permanent Residency in its November draws)

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A new admission target in 2020

Based on Canada’s multi-year immigration levels plan, 2020 will see the target for new permanent residents admitted through the three Express Entry-managed immigration programs rise to 85,800.

  • The target for new permanent resident admissions through the three Federal High-Skilled programs is slated to rise to 85,800 in 2020 and 88,800 in 2021.
  • The target for Canada’s Provincial Nominee Program is also set to rise to 67,800 in 2020 and 71,300 in 2021.
  • Note that the re-election of the Justin Trudeau-led Liberal Party in Canada’s federal election last October means admissions targets will likely rise again in 2022 and 2023.
  • In 2017, Trudeau’s Liberals introduced the multi-year immigration targets that would see total admissions of new permanent residents to Canada reach 350,000 in 2021.
  • According to the mandate Letter issued to Canada’s new immigration minister, Marco Mendicino, there is a renewed call for “modest and responsible” rise in Canada’s immigration levels over the coming years.

Samuel is an Analyst with over 5 years experience. Connect with him via his twitter handle

1 Comment

1 Comment

  1. Oluwaseyi Odusanya

    February 11, 2020 at 6:19 pm

    I am fully prepared for my migration. I have a bachelor’s degree in Forestry and Wildlife management and a Masters degree in Wildlife management. I currently work with the ministry of forestry in Ogun state Nigeria

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Around the World

Zoom’s market valuation hits $50 billion mark, thanks to COVID-19

Zoom’s share price now trades at an eye-watering 55 times estimated revenue compared with an average of 7 times for information technology stocks in the S&P 500, according to information obtained from Bloomberg.

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Zoom

Zoom Video Communications’ shares surged to record highs on Friday, as bullish runs in the last hours of trading helped the company to close with a market capitalization of more than $50 billion. The stock gained about 9.7% to jump to $179.48, thereby giving it a market value of $50.6 billion. 

Note that this is the first time Zoom’s valuation is reaching this high level since it became a quoted company. The tech giant, which owns popular video conferencing software “Zoom”,  has gained more than 160% this year. This is because investors are betting that the surge in Zoom users amid the COVID-19 pandemic, would eventually translate to long-lasting revenue growth.

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READ ALSO: How VCs are encouraging terrible business practices by founders

Zoom’s share price now trades at an eye-watering 55 times estimated revenue compared with an average of 7 times for information technology stocks in the S&P 500, according to information obtained from Bloomberg.

Following the significant jump in the company’s valuation, the net worth of its founder and Chief Executive Officer, Eric Yuan, also rose significantly by more than $800 million on Friday. He now has a net worth of $9.3 billion, according to the Bloomberg Billionaires Index. 

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Meanwhile, in reaction to Zoom’s overnight success, Gennie Gebhart, a researcher with the Electronic Frontier Foundation, said she hoped Zoom would change course and offer protected video more widely. It should be recalled that some users of the app had raised security concerns back in April, as Nairametrics reported

READ ALSO: Did Satoshi Nakamoto cause the panic sell-off in Bitcoin market

Meanwhile, Zoom has recruited Alex Stamos, a former chief security officer at Facebook, and other top security experts to help deal with the security issues which led to some top companies banning its use. While discussing efforts being made to deal with the security challenges, Stamos told Reuters:

 “At the same time that Zoom is trying to improve security, they are also significantly upgrading their trust and safety. The CEO is looking at different arguments. The current plan is paid customers plus enterprise accounts where the company knows who they are.” 

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Central banks digital currencies pose a threat against the U.S dollar

In general, digital currencies could weaken the power of U.S. sanctions and the ability of the U.S. Treasury to watch illicit financial flows.

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Central banks digital currencies pose a threat against the U.S dollar.

A new report by America’s biggest bank, JP Morgan Chase, said the U.S dollar is being faced with a major threat as many  central banks’ digital currencies continue to gain traction.

Analysts, including Josh Younger, the head of U.S. interest-rate derivatives strategy and Michael Feroli, the chief U.S. economist, wrote in a report saying this:

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“There is no country with more to lose from the disruptive potential of digital currency than the United States.

This revolves primarily around U.S. dollar hegemony. Issuing the global reserve currency and the medium of exchange for international trade in commodities, goods, and services convey immense advantages.” 

Aditi Kumar and Eric Rosenbach also recently penned an opinion piece for Foreign Affairs in which they noted that “Just recently, America’s arch-rival China became the first major economy to carry a real test of a national digital currency.”

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(READ MORE: Why the strong dollar is giving Nigeria headache)

In general, electronic currencies could weaken the power of U.S. sanctions and the ability of the U.S. Treasury to watch illicit financial flows. A digital Chinese currency (yuan) combined with China’s developed electronic payment systems may give China more future influence than it ever bargained for.  

What Nigerians should know about Digital currencies

A digital currency is a cash balance recorded electronically on a store value card or other physical devices, which could someday replace the physical notes of the naira, for instance.

Digital currencies can be decentralized, that is where the control over the cash supply can come from diverse sources. Digital  currencies can also be centralized, where there is a midway point of control over cash supply, just like the way central banks work.

Central banks digital currencies pose a threat against the U.S dollar.

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Although JP Morgan does not see the U.S dollar being overthrown as the world’s reserve currency anytime soon, experts warned that the U.S dollar dominance could weaken. This is because its processing trade settlement and the SWIFT system could make it more vulnerable.

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The American bank continued by saying:

“Offering a cross-border payment solution built on top of a digital dollar would, particularly if designed to be minimally disruptive to the structure of the domestic financial system, be a very modest investment to protect a key means to project power in the global economy,

“For high-income countries and the U.S. in particular, digital currency is an exercise in geopolitical risk management.” 

Federal Reserve Chairman Jerome Powell said months ago that the Federal Reserve was taking a critical view on the issues regarding a digital currency.

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Dollar gains against major currencies

U.S dollar stood firm against major currencies on Monday as fears over rising tensions between America and China over Beijing’s plans to begin

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The US dollar remains king, U.S dollar gains against major currencies, America threatens China with sanctions., U.S dollar slumps against major currencies, investors become optimistic about global demand

The U.S dollar was up on Monday morning during London’s trading session after protests in Hong Kong yesterday escalated U.S-China tensions.

US dollar stood firm against major currencies on Monday as fears over rising tensions between America and China heightened.

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The American Dollar Index that monitors the U.S dollar against a basket of other major currencies was slightly up 0.02% to 99.945 by 11.10 am Nigerian local time.

What it means: Nigerians hoping to meet a foreign exchange payment obligation, transactions via the dollar to countries like Europe, Japan, would have the need to pay fewer dollars to fulfill such transactions.

(READ MORE:Reports: China may defer loans owed by Nigeria and others)

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Meanwhile, the friendship between the Americans and Chinese has soured lately since the outbreak of the COVID-19 pandemic. US President Trump and President Jinping of China have traded words against each other issues surrounding COVID-19, including accusations of lack of transparency and cover-ups. 

 

American Dollar remains king as stimulus fails to stop global financial market panic,Demand for “Inflow dollars” drive exchange rate to as high as $N420/$1 compared to “Cash dollars”, U.S dollar drops against major currencies, tension rises between America and China, U.S dollar gains against major currencies, America threatens China with sanctions.

Consequently, the U.S. Commerce Department added 33 Chinese businesses to a blacklist on Friday, and some U.S. Senators proposed sanctions on those businesses.

“The biggest concern is the tension between the United States and China, things were already bad, and it is likely to get worse because of the Hong Kong security law. This supports risk-off trades, which is positive for the dollar and the yen,” Tekuya Kanda, the general manager of research at Gaitame.com Research Institute, told Reuters.

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