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On Friday, Fisker Automotive, the government-supported hybrid sports carmaker terminated the jobs of most of its workers, in order to conserve cash. About 160 workers were fired over what a statement from the company mentioned as a “necessary strategic step in our efforts to maximize the value of Fisker’s core assets.”
The company statement further added, “Unfortunately we have reached a point where a significant reduction in our workforce has become necessary.”
Fisker received about $200 million in government loans from the Energy Department’s loan program. Previous companies which have gone bankrupt after taking loans from the Energy Department include Solyndra, the solar panel maker, and A123 Systems, which also supplied batteries to Fisker, and has since changed its name to B456 Systems.
The mass termination at Fisker has already spawned a class action suit over violations of the WARN Act and other issues.
U.S. Visa Applications for Foreign Workers Quickly Reach Their Limit
On the macroeconomic front of the nation, H-1B visa applications for foreign workers has already reached its limit of 65,000 and a separate allocation of 20,000 for masters and PhD candidates has also reached its quota.
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The USCIS is compelled to bundle the applications into two lotteries.
Though the official quota for foreign workers in U.S. is 65,000, last year, the government had to issue 129,000 H-1B visas.
The U.S. Congress is trying to address the demand for skilled foreign workers by immigration reform, and current proposals include one to raise the quota for foreign workers and do away with the lottery system.
The major demand for foreign skilled workers is from technology companies that use cutting edge technology and futuristic technologies.
