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Actor Kevin Spacey’s alleged sex assault victim drops lawsuit

BOSTON — The man that former House of Cards star Kevin Spacey is accused by prosecutors of sexually assaulting in Massachusetts three years ago has dropped a civil lawsuit he filed against the Oscar-winning actor last week.

Mitchell Garabedian, the alleged victim’s lawyer, on Friday said his client filed papers on Wednesday to voluntarily dismiss a lawsuit in Nantucket County Superior Court that accused Spacey of “explicit sexual behavior and lewd and lascivious conduct.”

Garabedian declined to comment further on the dismissal, citing the pending criminal case prosecutors filed last year against Spacey. The civil lawsuit was dismissed with prejudice, meaning his client cannot refile the case later.

Spacey, who won an Academy Award in 2000 for his role in American Beauty, has pleaded not guilty to one count of felony indecent assault and battery at a bar on the Massachusetts beach island of Nantucket. Spacey denies the allegation.

Reuters is not identifying the accuser because he is an alleged victim of sexual assault. Spacey’s lawyer did not respond to a request for comment.

Spacey first became embroiled in controversy in October 2017 when actor Anthony Rapp accused him of trying to seduce him in 1986 when Rapp was 14. The controversy led to Spacey being dropped from the Netflix television series House of Cards and erased from the film All the Money in the World.

Spacey, 59, apologized for inappropriate conduct with Rapp.

Spacey is one of dozens of men in the entertainment industry, business, and politics who have been accused of sexual misconduct following the emergence in 2017 of the #MeToo movement.

Prosecutors charged Spacey in the Nantucket case in December.

The accuser told police Spacey had bought him several rounds of beer and whiskey at the Club Car Restaurant on Nantucket in July 2016 when he was 18 years old and said at one point, “Let’s get drunk,” according to charging documents.

As they stood next to a piano, Spacey groped him, he told investigators.

Spacey’s lawyers have accused the man of deleting text messages that would support his defense. The judge overseeing his criminal case recently ordered Spacey’s accuser to provide his cellphone to the defense.

But Garabedian on June 19 told the court the accuser cannot find the phone. The judge has ordered the accuser, his parents, and Garabedian to attend a hearing on Monday if it cannot be found. — Reuters

KMC is leasing agency for Manta Corporate Plaza

MANTA Equities, Inc. partnered with real estate services firm KMC Savills, Inc. for the leasing requirements of the company’s new office development, Manta Corporate Plaza.

KMC will be the sole leasing agency for the Grade A building, which is set to become the first corporate office to rise in Ayala Land’s mixed-use project Arca South, Taguig.

KMC Managing Director Michael McCullough and Executive Director for Investor Services Melo Porciuncula and Manta Equities, Inc. President Patricia Riingen signed the contract.

“It is really a great honor for KMC to be granted the opportunity to be the sole-leasing agency of a pioneering office building like Manta Corporate Plaza,” Mr. McCullough said.

Ms. Riingen said the Manta is confident about KMC’s ability to deliver given its impressive track record.

The 14-storey Manta Corporate Plaza will offer a total leasable area of 25,000 square meters (sq.m.). For offices, it offers a typical floor plate of approximately 1,700 sq.m. from the third floor to the penthouse level.

The first and second floor will be dedicated to retail establishments. It also has five-level basement parking.

Manta Corporate Plaza is expected to be completed within the first quarter of 2021.

PCC approves GT Capital-Pro Friends deal

GT Capital Holdings, Inc. has secured approval from the Philippine Competition Commission (PCC) for its disposal of its 51% stake in Property Company of Friends, Inc. (Pro-Friends).

In a statement issued Monday, the competition body said it has approved the transaction on July 4. This covers Pro-Friends’ buyback of Series A Preferred Shares from GT Capital, in exchange for 702.44 hectares of land valued at about P20 billion.

The property assets are mostly located in Pro-Friends’ Lancaster New City development in Cavite.

Maplecrest Group, Inc. will obtain sole control over Pro-Friends after the transaction, since it already owns 49% of the company prior to GT Capital’s divestment. The PCC noted this will not likely result in substantial lessening of competition.

“The merger review found no horizontal or vertical overlaps between Pro-Friends and Maplecrest’s respective business activities and the transaction will not alter the current structure of the market,” the PCC said.

GT Capital first acquired a 22.7% stake in Pro-Friends back in 2015. It then increased its ownership by purchasing an additional 28.3% of the company in 2016, in a bid to complement the offerings of the conglomerate’s property arm, Federal Land, Inc.

GT Capital President Carmelo Maria Luza Bautista earlier said they decided to divest from Pro-Friends since the rising property prices in Cavite no longer make it suitable for affordable housing projects.

The group plans to transform their land bank in Cavite into a masterplanned community moving forward, and is now on the lookout for local or foreign partners to develop portions of the property.

Meanwhile, the PCC also approved Saudi Arabian Oil Company’s (Saudi Aramco) acquisition of Saudi Basic Industries Corp. (SABIC), a chemical and industrial polymer manufacturer that is present in the country.

The PCC said the proposed transaction, which involves Saudi Aramco’s purchase of a 70% majority stake in SABIC from the Public Investment Fund of Saudi Arabia, will not likely result in the substantial lessening of competition since the parties have limited presence in the country.

Saudi Aramco is a joint stock company mainly involved in the exploration, production, and marketing of crude oil and in the production and marketing of refined products and petrochemicals.

Meanwhile, PIF is a fully-owned wealth fund by the Kingdom of Saudi Arabia which invests in telecoms, aerospace, energy, green technologies, and security.

“Post-transaction, there remains competitive constraint by other market participants in the market for different types of polymers such as high density polyethylene, linear low density polyethylene, homopolymers, polyethylene or polypropylene,” the commission said. — Arra B. Francia

Spotify retreats from artists’ uploads

SPOTIFY TECHNOLOGY SA is shutting down a program that allowed independent artists to upload their music directly to the music streaming service, a win for record labels and smaller distributors.

The online service will stop accepting any new uploads through Spotify for Artists, and artists will need to move their already released content to another provider, the company said Monday last week in a blog post.

Spotify launched the program almost a year ago, acting essentially as a label for artists who didn’t have major backing and offering them a larger share of the royalties that their songs produce. The move was also a way for the service to keep more of its revenue and narrow its losses, which are driven by high content costs.

While Spotify’s growth has buoyed the entire music industry, the push into additional services for artists has complicated its negotiations for continued access to songs from major labels, which viewed the effort as a way to cut their share of sales. — Bloomberg

Amaia offers residential lots, furnished units in Capas

AMAIA Scapes Capas is now offering homebuyers the option to acquire a residential lot or to buy a furnished unit on a residential lot.

In a statement, Amaia Land said it also has a “twin-pod promo,” which allows buyers to combine two units.

“When they buy a combinable twin pod unit, they can also avail of the free ‘punch-through’ and have as much as P300,000 worth of discounts for a limited time period only,” the company said.

For buyers who prefer flexibility in their home design, they can choose the lot-only option. Amaia Scapes Capas now offers 32 lots, ranging from 100-149 square meters (sq.m.).

The developer said units are now available for pre-selling. The price range for residential lots is P1.1 million to P1.6 million or P23,000 a month for 48 months. For house and lots, price starts from P1 million to P3.9 million.

Michael Tan sells most of his LT Group shares

THE son of tycoon Lucio C. Tan, Sr. has disposed of majority of his shares in the family’s holding firm LT Group, Inc. (LTG).

In a disclosure to the stock exchange Monday, the listed conglomerate said its President and Chief Executive Officer Michael G. Tan has sold 233,000 of his shares in the firm at P15.32 each for a total of P3.569 million.

The younger Tan now has 1,100 shares left in the firm.

The company earlier restored the position of vice chairman in its corporate structure, which transfers the power of the president to preside over board meetings in the case of the chairman’s absence.

Incorporated in 1937 originally as The Manila Wine Merchants, Inc., LTG’s core businesses include tobacco, beverage, property development, and banking.

LTG’s net income attributable to the parent stood at P4.42 billion in the first quarter of 2019, 22% higher than the P3.63 billion in the same period a year ago. This follows a 28% uptick in gross revenues to P21.89 billion.

Shares in LTG shed 0.5% or eight centavos to close at P15.80 each at the stock exchange on Monday. — Arra B. Francia

João Gilberto, founder of bossa nova, 88

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SAO PAULO — Brazilian musician João Gilberto, 88, who developed bossa nova music and helped turn the style into a worldwide craze, died on Saturday afternoon in his house in Rio de Janeiro, relatives confirmed through messages in social media.

His son Marcelo Gilberto said on Facebook “his fight was noble and he tried to maintain dignity.” His daughter in law wrote: “Deep sadness. All he wanted was to be with us and to play with his granddaughter.”

The family did not disclose the cause of death.

Brazilian artists paid tribute to one of the country’s most well-known artists. Singer Gal Costa said Brazil lost “its biggest music genius. His legacy is huge to Brazil and the world.” Critic Zuza Homem de Mello told Globonews TV station that Gilberto was the responsible for making Brazilian music known worldwide.

Born in Bahia, a northeastern Brazilian state, João Gilberto Prado de Oliveira began singing at 18. After moving to Rio de Janeiro, he released the record Chega de Saudade in 1959, which marked the beginning of the world-famous bossa nova music style.

His 1964 album Getz/Gilberto with American saxophone player Stan Getz sold millions of copies, won several Grammy awards and popularized bossa nova around the world.

The album featured the song “The Girl from Ipanema” by musician Antonio Carlos Jobim and poet Vinicius de Moraes, sung in Portuguese by Gilberto and in English by his first wife, Astrud Gilberto. The song became a global hit and a jazz standard.

João Gilberto was married three times, first to Astrud Gilberto and then to the singer, Miucha, and later to his manager Claudia Faissol. He is survived by a son, João Marcelo, and daughters Luiza and Bebel Gilberto, also a singer.

His last concert was in 2008. He did not leave his apartment during his last years, which also were market by court disputes between his children. — Reuters

Gov’t fully awards Treasury bills as demand soars after RRR cuts

THE GOVERNMENT made a full award of the Treasury bills (T-bill) on offer yesterday, with rates dropping across all tenors on overwhelming demand brought by the second phase of reductions to banks’ reserve requirement ratios (RRR) as well as limited supply of short-dated securities.

The Bureau of the Treasury (BTr) raised P15 billion as planned via the T-bills it placed on the auction block Monday. Total bids from banks and other financial institutions surged to P50.5 billion, more than thrice the amount the Treasury wanted to borrow.

Broken down, the government borrowed P4 billion as programmed via the 91-day tenor yesterday as bids amounted to P10.370 billion. The average rate plunged 50.2 basis points (bp) to 3.883% from the 4.385% logged in the previous auction.

The Treasury also made a full award of the 182-day papers as it accepted P5 billion as planned out of offers totalling P19.15 billion. The average yield declined 48.5 bps to 4.238% from last week’s 4.723%.

For the 364-day T-bills, the BTr borrowed the programmed P6 billion out of the P21.01 billion tendered by market participants. Its average yield slipped 25 bps to 4.736% from the 4.986% tallied in the previous offering.

Based on the PHP Bloomberg Valuation Service Reference Rates, the three-month, six-month and one-year papers were quoted at 4.203%, 4.48%, and 4.793% yesterday, respectively.

National Treasurer Rosalia V. De Leon said the Treasury saw overwhelming demand from investors yesterday.

“We have an excellent turnout in terms of the volume that we received given…the following tranche of the RRR cut and then obviously also the supply is very limited,” Ms. De Leon told reporters yesterday.

The BTr is set to raise P90 billion in T-bills in the third quarter through six fortnightly auctions, less than half of the P195 billion in T-bills it placed on the auction block via weekly auctions the previous quarter.

“We have downsized our T-bills issuance so the demand is higher but the supply is lower,” Ms. De Leon said.

Meanwhile, the Bangko Sentral ng Pilipinas (BSP) trimmed banks’ RRR by 50 bps to 16.5% for universal and commercial banks and to 6.5% for thrift lenders effective June 28, coming from a 100-bp reduction late in May.

Ms. De Leon also attributed the decline in yields to expectations of a rate cut by the BSP as well as the US Federal Reserve.

“(There is) an anticipation of a possible rate cut of the MB (Monetary Board) given the inflation print of 2.7% last June and after also the Fed talk about a possible cut during their FOMC (Federal Open Market Committee) meeting this July.”

Inflation eased in June to post its slowest reading in almost two years at 2.7%, down from 3.2% in May and 5.2% in June 2018, giving more room for the BSP to continue loosening monetary policy.

Sought for comment, Robinsons Bank Corp. peso debt trader Kevin S. Palma said strong demand for short-term papers continues to be evident.

“These lower-than-expected average rates could be attributed to the positive investor sentiment brought by strong and improving fundamentals of the country,” Mr. Palma said in a phone message.

The government plans to borrow P230 billion from the domestic market this quarter, broken down into P90 billion in T-bills and P140 billion in Treasury bonds, lower than the P315 billion planned in April-June as well as the P300 billion placed on the auction block in last year’s third quarter.

SAMURAI BONDS
Meanwhile, Ms. De Leon said the government is eyeing to issue yen-denominated or “samurai” bonds before the Obon Festival in Japan, as they are finalizing the terms of the offer.

“We will have a soft sounding, then there will be a ‘no-or-go’ whether we will proceed based on the market sounding. Based on that, if the price is something acceptable to us, then we will proceed,” the official said in a mix of English and Filipino.

The government is looking to sell as much as $1 billion in yen-denominated bonds in three-, five- or seven-, and 10-year tenors. It is set to return to the Japanese bond market after selling ¥154.2 billion ($1.39 billion) in offshore bonds in three different tenors in August 2018.

Asked when will the government finish preparing for the bond sale, Ms. De Leon said: “We are looking around sometime late July or early August…before the ghost month or Obon.”

The Obon Festival usually takes place mid-August.

The government is looking to raise P1.189 trillion this year from local and foreign sources to fund its budget deficit, which is expected to widen to as much as 3.2% of gross domestic product. — Karl Angelo N. Vidal

Robinsons Land among the top 10 developers

ROBINSONS Land Corporation (RLC) was recognized as one of the top ten developers in the Philippines at the recent BCI Asia Awards 2019.

This is the eighth time in nine years that RLC has received the award, which recognizes companies with “the greatest aggregate value of projects under construction during the last full calendar year by the extent of their sustainability and confirmed Green building rating.”

One of the Philippines’ leading real estate developers, RLC develops and operates mixed-use, shopping malls, offices, hotels and residential properties. It has more than 70 residential buildings in key cities and urban areas nationwide, including The Sapphire Bloc and The Residences at the Westin Sonata Place in Ortigas Center, Cirrus in Bridgetowne, Sync in Pasig City, The Magnolia Residences in Quezon City, Azalea Place and Galleria Residences in Cebu City and AmiSa in Mactan City.

Unilab taps PayMaya for employees’ cards

PLDT, Inc.’s mobile wallet arm PayMaya Philippines, Inc. has forged a partnership with United Laboratories, Inc. (Unilab) to provide co-branded prepaid cards to health care firm’s employees.

In a statement Monday, PayMaya said the new cards which will be distributed to more than 3,000 Unilab employees may be used for in-office cafeteria merchants and any other establishment that accepts the digital payment system.

“With a growing millennial and Gen-Z workforce, it is imperative for us to adopt emerging technologies. We are excited to have an upgraded payment experience in our cafeteria through the help of PayMaya, and we are looking forward to utilize this technology in other areas as well,” Unilab Senior Vice-President Lawrence L. Ong was quoted in the statement as saying.

PayMaya said having companies such as Unilab tap its mobile wallet system on a wide-scale basis is a win for the industry, as it increases the users of technology for financial transactions.

“…[I]t takes a village — or an entire ecosystem — to push for adoption of cashless payment technologies in the Philippines, and we are glad that Unilab is one of the frontrunners in this space,” PayMaya Chief Operating Officer and Managing Director Paolo Azzola said in the statement.

Aside from using the prepaid cards in buying food, the PayMaya cards may also be used to send money, shop online, pay bills and withdraw funds through an automated teller machine.

Meanwhile, Globe Telecom, Inc. said its enterprise arm Globe Business has renewed its partnership with Unilab to provide 8,000 customizable postpaid lines to the pharmaceutical firm.

“Globe Business and Unilab’s strong collaboration through the years greatly manifests in this renewal of partnership,” Peter D. Maquera, Globe senior vice-president for Enterprise Group, was quoted in a Monday statement as saying.

“As Unilab’s trusted business advisor, we will continue to offer unparalleled service delivery, cost-efficient mobile packages, and dedicated account management while enabling Unilab to provide high-quality healthcare for the country,” he added.

Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has a majority stake in BusinessWorld through the Philippine Star Group, which it controls. — Denise A. Valdez

Where The BOYZ are

By Cecille Santillan-Visto

Concert Review
The BOYZ Asia Fan-Con Tour:
The Castle in Manila
June 30
New Frontier Theater

THERE are basically two types of Korean pop events held regularly in Manila — concerts and fan meetings. Presumably to get the best of both worlds, the 12-member group The Boyz combined the two concepts to come up with a “fan-con” tour in Asia dubbed as The Castle.

They played some games and extended the usual perks that come with a fan meeting, such as high touch and group photo sessions. In the second half of the show, the Korean team — comprised of Sangyeon, Jacob, Younghoon, Hyunjae, Juyeon, Kevin, New, Q, Ju Haknyeon, Hwall, Sunwoo, and Eric — performed several of their original songs with a good number of covers.

The Boyz was officially launched with the release of their first extended play (EP), The First, and its lead single, “Boy,” which they sang as their opening song. They released their second EP in April 2018, “Giddy Up,” followed by “No Air” in November 2018. Both songs were also performed in the fan-con.

In the first half, the group played “Name That Tune,” with the members trying to outdo each other in guessing the title of a song after only playing several bars. The member with the correct answer was required to dance to the tune. For the second game, they rose to the whisper challenge where each team was given a Philippine-related word (i.e., halo-halo, Palawan, and Rizal Park) and pass this word on to members wearing earphones, who tried to decipher it.

Notably, fans were not allowed to participate in the games.

The Boyz has won several rookie awards in various awards shows, including Korea Brand Awards, Soribada Best K-Music Awards, and Best New Male Artist at the 2018 Melon Music Awards, and as such, they were tagged as among the fastest rising K-pop groups that debuted in 2017. They were even invited to perform overseas for the first time at the 12th Asian Film Awards in Macau in March 2018.

One of the highlights of The Castle was the group’s a capella rendition of the Rey Valera classic “Kahit Maputi Na Ang Buhok Ko.” Their Tagalog was far from perfect but the fans appreciated the effort, even if they managed to present only one verse and the chorus.

A set where they performed some K-hits followed, including EXO’s “Call Me Baby,” Girls Generation’s “The Boys,” Big Bang Taeyang’s “Eyes Nose Lips,” and SHINee Taemin’s “Sayonara Hitori.”

They setlist also included “Text Me Back,” and they closed the show with “Keeper.”

There were too many lulls in the show and the people behind the fan-con may have inadvertently overlooked the audio. It was often booming, distracting, and was uncomfortable for some audience members. There were also too many VCRs, and the time used to show these video clips could have been better spent on more fan interaction.

At the end of the show, which also signaled the end of the Asian tour, The Boyz thanked their fans (called The Bs) for the short but sweet run.

“The Castle show has closed. (This) last one was amazing,” they said.

The Boyz are far from being K-pop royalty though they hope to reach this status soon. But in such a crowded industry, The Boyz will have to work harder to be on top of their game and prove that they have what it takes to also gain worldwide prominence.

China Bank raises P30B via fixed-rate peso bonds

CHINA BANKING Corp. has raised P30 billion in fresh funds.

CHINA BANKING Corp. (China Bank) raised P30 billion via its maiden fixed-rate bond offering to boost funding flexibility.

China Bank’s communications team said in a text message on Monday that the Sy-led bank raised P30 billion in 1.5-year peso-denominated debt papers, upsized from the initial target of P5 billion.

The one-and-a-half year debt papers carry an interest rate of 5.7% per annum to be paid on a monthly basis until January 2021.

The bonds will be listed on the Philippine Dealing & Exchange Corp. on July 10.

The bonds offered from June 10-28 mark the first tranche of China Bank’s P75-billion fund-raising program for the next three years intended to support expansion and strategic initiatives.

“We aim to provide retail investors with a good investment opportunity and enhance public participation in the capital markets while increasing our funding flexibility,” China Bank Chief Operating Officer Romeo D. Uyan, Jr. was quoted as saying in a statement released in June.

The lender added that its plan to issue debt papers onshore is also in line with its intention to participate in the country’s economic growth and help fund the government’s infrastructure push.

The Hongkong and Shanghai Banking Corp. Ltd. and Standard Chartered Bank served as joint lead arrangers for the transaction. The foreign banks also acted as selling agents alongside China Bank, China Bank Capital and Amalgamated Investment Bancorporation.

Last week, China Bank announced it will raise up to P20 billion through the issuance of long-term negotiable certificates of deposit (LTNCD) to support asset generation and expansion.

Like regular time deposits offered by banks, LTNCDs offer higher interest rates. However, LTNCDs cannot be pre-terminated but can be sold on the secondary market, making them “negotiable.”

The bank booked a P1.9-billion net income in the first quarter, up 24% year-on-year, driven by robust expansion of its core businesses.

Shares in China Bank closed at P27.15 apiece on Monday, flat from the previous day’s finish. — Karl Angelo N. Vidal

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