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A PHASE-OUT OF PROTECTIONS. The new deal, officially called the United States-Mexico-Canada Agreement (USMCA), will phase out much of the old investor-state dispute settlement (ISDS) protections over coming years. Lighthizer had initially wanted to remove all such protections, but agreed to some carve outs after pressure from Mexico and U.S. industry groups, Mexican sources said. “He took a more moderate position because Mexico wanted to preserve ISDS, because it is very important for investment,” said Jesus Seade, lead trade negotiator for Mexico President-elect Andrés Manuel Lopez Obrador.

Republican lawmakers in the United States, including Senator Orrin Hatch from Utah, also opposed Lighthizer’s attempts to cut ISDS from the deal, He led other lawmakers to press Lighthizer to keep NAFTA’s “robust investor protections” in a March letter, A spokeswoman for Hatch said sterling silver rope border engravable round cufflinks he is still reviewing the deal and working to ensure it “will build on NAFTA’s proven success”, Under the new deal, the ISDS tribunal would only be an option for firms disputing a small number of issues, such as state expropriation of assets or discrimination against foreign entities..

A handful of industries retain broader protections under USMCA. They are oil and gas, telecommunications, power generation and infrastructure sectors that have contracts with the Mexican government. But even those sectors face some uncertainty, industry sources said, because it is unclear if contracts with state-owned enterprises, such as oil company Petroleos Mexicanos (PEMEX) and state power utility Comision Federal Electricidad, would be covered. “This is a major degradation of investor protections,” a business industry source in Washington said.

Large U.S, firms have typically won these kinds of disputes, sources said, In 2009, agribusiness Cargill Inc [CARG.UL] won $77 million from the arbitration tribunal over trade barriers the company said Mexico erected against high-fructose corn syrup from 2002 to 2007, In 2015, Ottawa was forced to pay ExxonMobil Corp (XOM.N) and Murphy Oil Corp (MUR.N) $17 million in damages after the companies won a victory against a requirement to spend money on research and development, “The sterling silver rope border engravable round cufflinks change to ISDS is certainly deliberate and signals what USTR will pursue in the future,” said Inu Manak, a trade specialist at the Cato Institute, a conservative think tank in Washington..

HONG KONG (Reuters) - Highly leveraged property firm China Evergrande Group (3333.HK) is in talks with financial institutions to raise about $1.5 billion this month by offering its Hong Kong office tower as collateral, two sources with direct knowledge of the matter said. The fund-raising plan by China’s No.2 developer by sale underscores the pressure the developer is under, as China’s property sector slows and Beijing’s capital controls have restricted its ability to pay offshore debt, which stood at $16.4 billion as of the end of June.

Evergrande bought the office tower in Wan Chai, a bustling business district by day and red-light district by night on Hong Kong island, for HK$12.5 billion ($1.6 sterling silver rope border engravable round cufflinks billion) in 2015 from Chinese Estates Holdings (0127.HK), Evergrande, which has yet to fully settle the transaction, plans to use the capital raised from refinancing the tower partly to pay back offshore debt and make dividend payments, one of the sources said, Evergrande did not respond to requests for comment, The sources requested anonymity because the talks were private..

While the practice of raising money by offering property as collateral is not uncommon among highly leveraged Chinese developers, it is unusual to securitize a building that has yet to be fully paid off, a property market expert said. Evergrande had agreed to pay off the tower in installments to Chinese Estates within six years of the sale. “Evergrande is trying to.. extract additional liquidity,” said one of the sources, who has direct knowledge of the fund-raising plan. Helped by record profit and a boom in China’s property market, Evergrande cut its net gearing ratio to 127 percent at end-June from 184 percent at the end of 2017, while total borrowings dropped as much as 8 percent during the period.

The developer aims to further cut the ratio to about 70 percent by June 2020 by repaying high-interest debts and curbing land purchases, But there are rising concerns for the property sector’s ability to deleverage, with developers expecting a slowdown after two sterling silver rope border engravable round cufflinks years of government measures aimed at cooling the red-hot sector, Shares of Evergrande, which has a market value of $31 billion, were up 2.7 percent as of 0240 GMT on Monday, They have plunged 26 percent so far this year, lagging a roughly 14 percent fall in the benchmark Hang Seng Index .HSI..

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