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Sen. Bernie Sanders says he’s running for president in 2020

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WASHINGTON – Vermont Sen. Bernie Sanders, whose insurgent 2016 presidential campaign reshaped Democratic politics, announced Tuesday that he is running for president in 2020.

“Our campaign is not only about defeating Donald Trump,” the 77-year-old self-described democratic socialist said in an email to supporters. “Our campaign is about transforming our country and creating a government based on the principles of economic, social, racial and environmental justice.”

An enthusiastic progressive who embraces proposals ranging from Medicare for All to free college tuition, Sanders stunned the Democratic establishment in 2016 with his spirited challenge to Hillary Clinton. While she ultimately became the party’s nominee, his campaign helped lay the groundwork for the leftward lurch that has dominated Democratic politics in the Trump era.

The question now for Sanders is whether he can stand out in a crowded field of Democratic presidential candidates who also embrace many of his policy ideas and are newer to the national political stage. That’s far different from 2016, when he was Clinton’s lone progressive adversary.

Still, there is no question that Sanders will be a formidable contender for the Democratic nomination. He won more than 13 million votes in 2016 and dozens of primaries and caucuses. He opens his campaign with a nationwide organization and a proven small-dollar fundraising effort.

“We’re gonna win,” Sanders told CBS.

He said he was going to launch “what I think is unprecedented in modern American history”: a grassroots movement “to lay the groundwork for transforming the economic and political life of this country.”

Sanders described his new White House bid as a “continuation of what we did in 2016,” noting that policies he advocated for then are now embraced by the Democratic Party.

“You know what’s happened in over three years?” he said. “All of these ideas and many more are now part of the political mainstream.”

Sanders could be well positioned to compete in the nation’s first primary in neighbouring New Hampshire, which he won by 22 points in 2016. But he won’t have the state to himself.

Sen. Kamala Harris of California, another Democratic presidential contender, was in New Hampshire on Monday and said she’d compete for the state. She also appeared to take a dig at Sanders.

“The people of New Hampshire will tell me what’s required to compete in New Hampshire,” she told shoppers at a bookstore in Concord. “But I will tell you I’m not a democratic socialist.”

Sen. Elizabeth Warren of nearby Massachusetts will be in New Hampshire on Friday.

One of the biggest questions surrounding Sanders’ candidacy is how he’ll compete against someone like Warren, who shares many of his policy goals. Warren has already launched her campaign and has planned an aggressive swing through the early primary states.

Shortly after announcing her exploratory committee, Warren hired Brendan Summers, who managed Sanders’ 2016 Iowa campaign. Other staffers from Sanders’ first bid also have said they would consider working for other candidates in 2020.

The crowded field includes a number of other candidates who will likely make strong appeals to the Democratic base including Harris and Sens. Cory Booker of New Jersey, Amy Klobuchar of Minnesota and Kirsten Gillibrand of New York. The field could also grow, with a number of high-profile Democrats still considering presidential bids, including former Vice-President Joe Biden and former Texas Rep. Beto O’Rourke.

While Sanders had been working to lay the groundwork for a second campaign for months, it was unclear whether he will be able to expand his appeal beyond his largely white base of supporters. In 2016, Sanders notably struggled to garner support from black voters, an issue that could become particularly pervasive during a primary race that could include several non-white candidates.

Last month, he joined Booker at an event in Columbia, South Carolina, marking the Martin Luther King Jr. holiday. In 2016, Sanders lost the South Carolina primary, which features a heavily black electorate, by 47 points.

Sanders also faces different pressures in the #MeToo era. Some of his male staffers and supporters in 2016 were described as “Bernie bros” for their treatment of women.

In the run-up to Sanders’ 2020 announcement, persistent allegations emerged of sexual harassment of women by male staffers during his 2016 campaign. Politico and The New York Times reported several allegations of unwanted sexual advances and pay inequity.

In an interview with CNN after the initial allegations surfaced, Sanders apologized but also noted he was “a little busy running around the country trying to make the case.”

As additional allegations emerged, he offered a more unequivocal apology.

“What they experienced was absolutely unacceptable and certainly not what a progressive campaign — or any campaign — should be about,” Sanders said Jan. 10 on Capitol Hill. “Every woman in this country who goes to work today or tomorrow has the right to make sure that she is working in an environment which is free of harassment, which is safe and is comfortable, and I will do my best to make that happen.”

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Anglais

12 strategies to manage credit card payments and debt

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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.

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Anglais

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

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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.”

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Anglais

Pandemic funds helping Montreal businesses build for a better tomorrow

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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.

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