Connect with us

Anglais

U.S.-China trade tensions deepen with Meng extradition request

Published

on

[ad_1]

OTTAWA—The head of the U.S. China Business Council says he is concerned about China’s “nationalistic response” to the extradition arrest of Huawei executive Meng Wanzhou.

Craig Allen, a former U.S. diplomat and now president of the Washington-based group that promotes bilateral trade with China, said in an interview with the Star that China’s threats against the U.S. and arrests of two Canadians are especially worrying.

“I think President Trump really muddied the waters when he said he’d be willing, essentially, to link the two issues, that is the trade issue and allegations (against Meng) of criminal activity. And I think that was very unfortunate because it opened the door for allegations that this has been done for trade negotiating purposes.”

“And I think it behooves us, really, to keep legal and criminal types of issues separate and divorced from trade policy negotiating issues.”

Trump told Reuters in December he wouldn’t hesitate to intervene with the Justice Department in the Meng case: “Whatever’s good for this country, I would do.” He said, “If I think it’s good for what will be certainly the largest trade deal ever made — which is a very important thing — what’s good for national security — I would certainly intervene if I thought it was necessary.”

As the deadline looms next week for the U.S. to submit its formal request, there is a lot of speculation in U.S. business circles about deep divisions within Trump’s chaotic White House over whether to proceed with the Meng extradition, with some suggestions of a split between administration “hawks” on China and those who want to drop the Meng case in order to secure a trade deal with China. Those rumours have reached industry circles in Canada as well, according to a source who spoke to the Star on condition of anonymity.

Allen told the Star he too has heard talk of differences of opinion within the Administration but had no direct knowledge of any discussions.

Nonetheless, the U.S. justice department through a spokesman said Tuesday publicly what it has conveyed privately to its Canadian counterpart, as the Star reported last week: it is going to press ahead with charges against Meng and will file necessary documents to support its extradition request with Canada’s justice department before the Jan. 30 deadline.

Foreign Affairs Minister Chrystia Freeland told a Bloomberg interviewer on Tuesday the Canadian government has not and will not ask the U.S. to drop its extradition request, saying it would be “absolutely wrong” to politicize the case.

Yet in Beijing, the Chinese government made clear Tuesday there would be an impact on the high-stakes U.S.-China trade talks if the extradition were to proceed.

“This case is a serious mistake and we urge the U.S. to immediately correct its mistake,” Chinese foreign ministry spokeswoman Hua Chunying told reporters.

“What the U.S. has done, with its egregious nature, severely infringes upon the legal and legitimate rights and interests of Chinese citizens. China is firmly opposed to that. We urge the U.S. side to take seriously the solemn position of the Chinese side, take measures to correct its wrongdoings and withdraw its arrest order for the Chinese citizen. China will make further response in view of the actions taken by the U.S.”

Allen said many American businesses are concerned about the latest developments including China’s detention of Canadian diplomat Michael Kovrig and businessman Michael Spavor on unspecified allegations of violating national security laws.

“We’re waiting and watching to see what happens with Meng Wanzhou because there is absolutely a connection here. You’d have to be deliberately blind not to notice that,” he said.

The Trudeau government has protested Kovrig’s and Spavor’s arrests as “arbitrary” — the same word it used to describe a Chinese court’s ruling last week that converted a Canadian man’s 15-year jail term into a death sentence.

Beijing rejected Canada’s call for clemency, saying it will not interfere with “judicial sovereignty.”

“We’re thinking and praying for our Canadian friends who are in a difficult circumstance in China,” Allen said.

It has all made U.S. businesses, especially tech company employees who work in China, nervous about travel and determined to “scrupulously” follow local laws and regulations, he said.

A U.S. China Business Council survey of its members in 2018 showed American companies are worried about the “increasingly rocky” U.S.-China relationship.

The survey found 73 per cent reported their business is affected by bilateral trade tensions, with “political risk” in the bilateral relationship cited as the top concern. “And their political risk has risen as a result of the confrontational attitude between the two countries, and the threat of additional tariffs being imposed on March 2 if no accommodation is reached is a real threat,” said Allen.

Washington and Beijing have set a deadline to reach a trade agreement of March 1 but the two governments are at loggerheads over what the other regards as protectionist measures, especially when it comes to intellectual property, and forced technology transfers.

Both countries have imposed significant tariffs on the other, and Trump has threatened to double rates on Chinese exports if no deal is reached.

“I believe that could happen,” said Allen. “We all believe that that could happen and it would have quite large implications on bilateral trade and it would have negative implications on economic growth in the United States and probably China too, not to mention regional and global supply chains.”

“Business hates uncertainty,” he said.

So does Canadian Finance Minister Bill Morneau.

Morneau told the Star the day before Beijing stepped up its criticism of the U.S. that while the Canadian economy is doing well overall, the uncertainty created by U.S.-China trade tensions is “the bigger unknown” that could have an impact on global growth.

“The Canadian discussions, the diplomatic challenge we’re having with China, of course there will be impacts,” Morneau said Monday. “Our sense is that those impacts for some businesses could be something they’re considering, but more broadly for the economy they’re not the first thing we’re worried about, we’re looking more at the global trading situation as a bigger challenge.”

Tonda MacCharles is an Ottawa-based reporter covering federal politics. Follow her on Twitter: @tondamacc

[ad_2]

Source link

قالب وردپرس

Anglais

12 strategies to manage credit card payments and debt

Published

on

By

Today, almost everyone carries a credit card in their wallets. It is used to pay for almost everything from groceries to flight tickets to gas.

If managed properly, credit cards can be an essential financial tool that allows users to build credible credit, earn money back and gain great perks, like purchase protection and insurance. However, carrying a poor credit balance can plunge you into massive debt.

“Credit card debt is very high-interest debt, typically in the neighbourhood of 20% or more,” said Scott Hannah, president and CEO of Credit Counselling Society in a report.

If you have a balance payment on your credit card, clearing it off can be a difficult task if you’re a low-income earner—or you’ve already incurred too much debt that after using a credit card payment calculator you know you’ll be unable to pay back.

However, no matter how terrible you think your current situation is, there’s always a way out that works best for you. With interest on loans compounding everyday, there’s little wonder why clearing a credit card debt is so difficult. In fact, according to MNP, an accounting firm, nearly half of all Canadians are less than $200 per month away from becoming financially insolvent.

Tackling credit card debt can seem quite tedious, especially with many people choosing to ignore the problem and just keep making the minimum payment. Here are some practical strategies you can take advantage of to effectively tackle credit card debt.

1. Gain a complete understanding of your debt problem

This starting point for anyone trying to get out of debt is to understand why you’re in debt, in the first place.

Critically examine all areas of your finances to determine if your expenses don’t match your finances or if it was due to an unforeseen circumstance such as a medical emergency. Whatever the case may be, it is very important to know the reason why you are in so much debt so you can effectively tackle the root cause.

2. Look into your spending habits

Typically, one quick way to stop yourself from running into credit card debt is to examine your spending habits. What are the things you spend your credit card on? Are they essentials or things that can be easily done away with?

According to Hannah, most people can only account for about 75 to 80 per cent of their monthly expenditures and the remaining gets blurry. It is important to track your expenditure—whether it’s an extra shot of drinks at the bar or a box of cereal from the supermarket. Knowing what you spend money on allows you to build a better financial strategy against debt.

3. Build a budget

Once you have a clear picture of what your monthly expenses are, building a budget becomes the most important step towards managing your income better. Having one central location for tracking both your income and expenses is great in curtailing unnecessary spending and getting you out of debt.

Your budget needs to contain all of your expenses incorporated from essentials like groceries, mortgage, medical care and insurance to others such as utilities. While most people struggle to stick to their budget, you can create some margin for flexibility to make it easier for you.

4. Increase your minimum payment

For most credit cards, the minimum payment is approximately 2 per cent of the last month’s balance. But therein lies the problem because if you consistently pay only the minimum, then the lump of that money goes straight to your interest and not the principal.

Paying some extra money every month would go a long way in helping you clear your credit card debt faster and reduce the compounding interest.

5. Ask for a lower rate

It is very possible to negotiate for a lower rate with your bank; only thing is, most people tend not to do so. If you find yourself struggling with paying back your credit card debt, you can reach out to your lender and ask them to offer you a lower rate.

Long-time customers who have a history of making timely payments have more advantage with getting their request approved.

6. Take advantage of a balance transfer promotion

In a bid to entice new customers, lenders run promotions periodically on balance transfers for their credit cards. Basically, these offers involve having a low-interest rate between 0 to 2 per cent for a limited period—usually between 6 to 10 months.

Always be on the lookout for a lender that offers the lowest rates and longest promotional period, which would give you enough time to clear your debt.

7. Switch to a low-interest credit card

Once you have critically examined your spending habit and created a budget, yet it is obvious that you will always carry over a credit card balance, then it is time to switch to a low-interest credit card.

While these types of credit cards usually have little perks, they are quite useful in wiping a couple of percentage points off your interest. Typically, rates on low-interest credit cards vary but they could be as low as half the interest on a regular card.

8. Begin an avalanche

The avalanche method is great for those who have a lot of debt with several creditors. This method means you’d make the minimum payments on all your existing debts and then add any extra income to the debt that has the highest interest rate.

Using the avalanche method allows you to reduce the interest paid while clearing multiple debts.

9. Use the debt snowball approach

Another debt repayment strategy that you should consider is the debt snowball method. In this strategy, you would focus on paying off your small debt first before moving to the larger ones—all whilst still paying the minimum on all other debt—regardless of interest rate.

10. Get an extra income source

Creating additional streams of income goes a long way in helping you clear your credit card debt. By finding a better paying job or choosing a good side hustle, you can easily put down more money towards your debt repayment.

There’s a lot of gigs you can offer today to raise extra money such as writing, graphic design, proofreading, teaching and programming.

11. Use a personal loan

If your credit card balance is quite high, paying it off using a personal loan may be very advantageous. While the interest rates on credit cards can be as high as 29 per cent, with a good credit score you can qualify for a personal loan at a lower rate.

The main advantage of using this strategy is being able to pay off multiple credit card debts and focus on making single but fixed monthly payments on the remaining loan. Also, you spend lesser money on interest costs and repaying the loan in instalment would boost your credit score.

12. Spend more cash

Despite being very valuable items, credit cards can quickly run you into massive debt when not used properly. If you already have some debt yet to be paid, it is better to spend more cash than accumulate more debt on your credit card.

Get a low-interest credit card but only use it in emergencies once you know there isn’t enough money in your bank account to pay off the accumulated debt.

Continue Reading

Anglais

‘Business as usual’ for Dorel Industries after terminating go-private deal

Published

on

By

MONTREAL — Dorel Industries Inc. says it will continue to pursue its business strategy going forward after terminating an agreement to go private after discussions with shareholders.

« Moving ahead. Business as usual, » a spokesman for the company said in an email on Monday.

A group led by Cerberus Capital Management had previously agreed to buy outstanding shares of Dorel for $16 apiece, except for shares owned by the family that controls the company’s multiple-voting shares.

But Dorel chief executive Martin Schwartz said the Montreal-based maker of car seats, strollers, bicycles and home furniture pulled the plug on a deal on the eve of Tuesday’s special meeting after reviewing votes from shareholders.

“Independent shareholders have clearly expressed their confidence in Dorel’s future and the greater potential for Dorel as a public entity, » he said in a news release.

Dorel’s board of directors, with Martin Schwartz, Alan Schwartz, Jeffrey Schwartz and Jeff Segel recused, unanimously approved the deal’s termination upon the recommendation of a special committee.

The transaction required approval by two-thirds of the votes cast, and more than 50 per cent of the votes cast by non-family shareholders.

Schwartz said enhancing shareholder value remains a top priority while it stays focused on growing its brands, which include Schwinn and Mongoose bikes, Safety 1st-brand car seats and DHP Furniture.

Dorel said the move to end the go-private deal was mutual, despite the funds’ increased purchase price offer earlier this year.

It said there is no break fee applicable in this case.

Montreal-based investment firm Letko, Brosseau & Associates Inc. and San Diego’s Brandes Investment Partners LP, which together control more than 19 per cent of Dorel’s outstanding class B subordinate shares voiced their opposition to the amended offer, which was increased from the initial Nov. 2 offer of $14.50 per share.

« We believe that several minority shareholders shared our opinion, » said Letko vice-president Stephane Lebrun, during a phone interview.

« We are confident of the long-term potential of the company and we have confidence in the managers in place.”

Continue Reading

Anglais

Pandemic funds helping Montreal businesses build for a better tomorrow

Published

on

By

Many entrepreneurs have had to tap into government loans during the pandemic, at first just to survive, but now some are using the money to better prepare their businesses for the post-COVID future.

One of those businesses is Del Friscos, a popular family restaurant in Dollard-des-Ormeaux that, like many Montreal-area restaurants, has had to adapt from a sit-down establishment to one that takes orders online for takeout or delivery.

“It was hard going from totally in-house seating,” said Del Friscos co-owner Terry Konstas. “We didn’t have an in-house delivery system, which we quickly added. There were so many of our employees that were laid off that wanted to work so we adapted to a delivery system and added platforms like Uber and DoorDash.”

Helping them through the transition were emergency grants and low-interest loans from the federal and provincial governments, some of which are directly administered by PME MTL, a non-profit business-development organization established to assist the island’s small and medium-sized businesses.

Konstas said he had never even heard of PME MTL until a customer told him about them and when he got in touch, he discovered there were many government programs available to help his business get through the downturn and build for the future. “They’ve been very helpful right from day one,” said Konstas.

“We used some of the funds to catch up on our suppliers and our rents, the part that wasn’t covered from the federal side, and we used some of it for our new virtual concepts,” he said, referring to a virtual kitchen model which the restaurant has since adopted.

The virtual kitchen lets them create completely different menu items from the casual American Italian dishes that Del Friscos is known for and market them under different restaurant brand names. Under the Prasinó Soup & Salad banner, they sell healthy Greek options and their Stallone’s Sub Shop brand offers hearty sandwiches, yet the food from both is created in the same Del Friscos kitchen.

Continue Reading

Chat

Anglais4 semaines ago

12 strategies to manage credit card payments and debt

Affaires1 mois ago

Prudence avec le passeport vaccinal

Affaires1 mois ago

Le secteur touristique autochtone s’attendait à beaucoup plus du budget fédéral

Affaires1 mois ago

La fintech canadienne Mogo ajoute 146 autres Ethereum à son portefeuille de crypto

Affaires1 mois ago

Les entreprises canadiennes estiment que l’épuisement professionnel nuira au résultat net des entreprises cette année, selon une nouvelle étude de Sage au Canada

Affaires1 mois ago

Chaire de recherche du Canada sur les matériaux de construction multifonctionnels durables

Affaires1 mois ago

Les Canadiens seront vaccinés

Affaires1 mois ago

Samsung Canada et Tim Hortons poursuivent la transformation numérique des services au volant en prévoyant la mise en place de 2 600 écrans extérieurs dans tout le Canada d’ici la fin de 2021.

Affaires1 mois ago

Le Canada mise sur le nucléaire pour réduire les GES

Affaires1 mois ago

Les mesures sanitaires font reculer les ventes de Tim Hortons

Affaires1 mois ago

L’Université de Montréal a caché un laboratoire nucléaire pendant la guerre

Affaires1 mois ago

Économie : les postes vacants coûtent 8 M $ par jour au secteur de la transformation alimentaire

Opinions1 mois ago

J’ai peur du projet de loi 59

Opinions1 mois ago

La protection de nos enfants, c’est aussi l’affaire du municipal

Opinions1 mois ago

Crise du logement : le Parti libéral du Québec en mode solutions

Opinions1 mois ago

Des témoins condamnent le comportement de certains députés envers elles

Opinions1 mois ago

Québec solidaire demande à ses membres de se prononcer sur une faction du parti

Opinions1 mois ago

Chevaliers de la «libarté»

Opinions1 mois ago

Se taire ou faire usage de sa liberté d’expression citoyenne?

Opinions1 mois ago

Contrer les féminicides: de la considération à la préoccupation!

Anglais3 années ago

Body found after downtown Lethbridge apartment building fire, police investigating – Lethbridge

Styles De Vie3 années ago

Salon du chocolat 2018: les 5 temps forts

Anglais2 années ago

This B.C. woman’s recipe is one of the most popular of all time — and the story behind it is bananas

Santé Et Nutrition3 années ago

Gluten-Free Muffins

Anglais2 années ago

27 CP Rail cars derail near Lake Louise, Alta.

Anglais2 années ago

Man facing eviction from family home on Toronto Islands gets reprieve — for now

Santé Et Nutrition3 années ago

We Try Kin Euphorics and How to REALLY Get the Glow | Healthyish

Anglais2 années ago

Ontario’s Tories hope Ryan Gosling video will keep supporters from breaking up with the party

Anglais2 années ago

A photo taken on Toronto’s Corso Italia 49 years ago became a family legend. No one saw it — until now

Anglais3 années ago

Condo developer Thomas Liu — who collected millions but hasn’t built anything — loses court fight with Town of Ajax

Styles De Vie3 années ago

Renaud Capuçon, rédacteur en chef du Figaroscope

Anglais2 années ago

This couple shares a 335-square-foot micro condo on Queen St. — and loves it

Mode2 années ago

Paris : chez Cécile Roederer co-fondatrice de Smallable

Anglais3 années ago

Ontario Tories argue Trudeau’s carbon plan is ‘unconstitutional’

Styles De Vie2 années ago

Ford Ranger Raptor, le pick-up roule des mécaniques

Affaires2 années ago

Le Forex devient de plus en plus accessible aux débutants

Anglais3 années ago

100 years later, Montreal’s Black Watch regiment returns to Wallers, France

Anglais3 années ago

Trudeau government would reject Jason Kenney, taxpayers group in carbon tax court fight

Technologie2 années ago

YouTube recommande de la pornographie juvénile, allègue un internaute

Anglais2 années ago

Province’s push for private funding, additional stops puts Scarborough subway at risk of delays

Trending