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That requirement could shift some auto parts manufacturing to Mexico from China, a White House official told Reuters, speaking on condition of anonymity. The Trump administration said the deal improves labor provisions, in part by requiring 40 percent to 45 percent of auto content to be made by workers earning at least $16 per hour. That measure could move some production back to the United States from Mexico and should lift Mexican wages, the White House official said. A source in South Korea’s auto industry said many automakers would find it difficult to meet the rule on workers’ wages, which are much cheaper in Mexico. The trade minister said South Korea was analysing the deal’s impact on its auto industry.
Some Japanese automakers could face a similar challenge, but their responses on Tuesday were mostly positive, “Toyota is pleased to hear that progress is being made by U.S, and Mexico negotiators to reach a consensus on modernizing NAFTA,” the car maker said, “We are hopeful that any changes are fair and balanced.”, Nissan sterling tour de france cufflinks said it was “encouraged that an agreement was reached, and hope that it appropriately considers the impact on our employees, suppliers and customers.”..
The United States relented on its demand for an automatic expiration for the deal, known as a “sunset clause.”. Instead, the United States and Mexico agreed to a 16-year lifespan for the deal, with a review every six years that can extend the pact for 16 years, Lighthizer said. Mexico agreed to eliminate dispute settlement panels for certain anti-dumping cases, a move that could complicate talks with Canada, which had insisted on the panels. Monday’s announcement lifted equity markets in all three countries, with shares in automotive companies standing out on relief that the deal appeared to end the uncertainty that has dogged the sector for months.
NEW YORK (Reuters) - Elon Musk’s take-private sterling tour de france cufflinks plans for Tesla Inc have evaporated, but the company’s looming debt needs remain, With a debt load of about $10.5 billion and the possibility of an impending cash shortfall, Wall Street expects the luxury electric carmaker may need to raise funds before long, Tesla Chief Executive Musk said late on Friday he would heed shareholder concerns and no longer pursue a $72 billion take-private deal, abandoning an idea that stunned investors and may draw regulatory scrutiny..
None of that has done anything to help it with a looming issue: cash. Tesla, which has had just one quarter of positive free cash flow since the fourth quarter of 2013, has $1.3 billion in debt coming due in the next 12 months. Meanwhile it has just $1.3 billion of cash on hand after backing out $942 million of customer deposits on cars. With analysts forecasting a slowed, but continued, cash burn in the second half of 2018, Tesla may need to borrow up to $2 billion by the end of the year to stay afloat.
In response to a request for comment, a Tesla representative referred to Musk’s statement on the company’s second-quarter earnings call when he said the company planned sterling tour de france cufflinks to pay its convertible debt with internally generated cash flow, The most likely option, according to analysts, is a convertible debt issue, Musk has historically favored convertible bonds to raise capital, and Tesla and its SolarCity unit each have three issues of convertible senior notes, worth a total of $4.2 billion..
Convertibles give owners the right to trade their debt for equity after shares rise over a certain price. They allow holders to benefit from a rising share price, while also offering bond-like protection if it falls. The one challenge of using more convertible debt, however, is “that it drives more short sellers to your stock. And Musk does not want that,” said Jeffrey Osborne, senior research analyst, Cowen Inc. Frequently, convertible bond owners will hedge their positions by selling the underlying stock short. Moreover, the dilution caused by conversion could also pressure a stock, drawing the interest of short sellers.
Of the $1.3 billion Tesla has coming due in the next 12 months, $230 million is from a SolarCity convertible due on Nov, 1, and another $920 million from a Tesla convertible due on March 1, 2019, Tesla’s shares, at $319.27, are a long way from the $560.64 needed to convert the SolarCity debt but have traded above the $359.87 March 2019 debt conversion price, Musk could also choose to offer convertible bond investors the opportunity to exchange their debt for equity below either or both strike prices, sterling tour de france cufflinks although that could require some assurances on the company’s fundamentals..