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Source: Politifact
Ford Motor Co. (F) said it will oppose the Trans-Pacific Partnership if the trade agreement doesn’t limit a country’s ability to manipulate its currency.
The proposed pact “is not likely to generate any net benefits for American manufacturers if it does not address the critical issue of currency manipulation,” Joe Hinrichs, Ford’s president of the Americas, said in a Feb. 6 speech at the Chicago Auto Show.
U.S. automakers, led by Dearborn, Michigan-based Ford, have accused Japan of weakening the value of the yen to benefit its auto industry — something Japanese leaders deny. The benefits of a weakened yen were reflected this week in Toyota Motor Corp. (7203)’s third-quarter earnings, which showed operating profit from its home country of Japan surged 20-fold to 331.3 billion yen.
More at Bloomberg
The debt facilities of Ports America and MTC Holdings have been refinanced to create a “single, unified capital structure”. A Royal Bank of Canada-led consortium of lenders provided a new five-year, $475m senior secured credit facility, including $170m of revolving credit and letter of credit facilities, while Holdco provided a seven-year, $375m facility.
The Holdco facility was provided Canada Pension Plan Investment Board subsidiary CPPIB Credit Investments Inc. CPPIB will take a 10% equity stake in Ports America; Highstar Capital retains its majority stake in Ports America.
Highstar Capital founder and managing partner Christopher Lee said: “CPPIB is one of the largest pension funds in the world and one of the most respected leaders in infrastructure investing. We believe its global reach, knowledge of the ports sector, and aligned views will provide us with the ability to continue to grow and continue to expand our business, both within the US and internationally.”
More at Port Strategy
Source: Times Union
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