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Sean ‘Diddy’ Combs’ properties in LA and Miami raided by federal agents

EN.WIKIPEDIA.ORG

LOS ANGELES — US Department of Homeland Security agents have opened an investigation of hip-hop star Sean “Diddy” Combs, searching his properties in Los Angeles and the Miami area, agency officials said on Monday.

The inquiry was led by Homeland Security Investigations (HSI) agents in New York, where a lawsuit was filed against Mr. Combs by a former girlfriend in federal court in November accusing him of engaging in sex trafficking.

Mr. Combs, 54, has said that he is innocent and that his accusers were seeking “a quick payday.” His New York-based lawyer, Ben Brafman, did not immediately respond to Reuters’ requests for comment.

Television stations in Los Angeles carried aerial video footage showing HSI agents and other law enforcement authorities raiding Mr. Combs’ lavish estate in the city’s upscale Holmby Hills neighborhood.

Los Angeles City News Service reported several people were detained outside the home but it was unclear whether any arrests were made.

Local news outlets reported that federal authorities also executed a search warrant at the rap mogul’s Miami-area home. Reuters footage showed officers going in and out of his property on Miami Beach’s Star Island, with agents seen carrying a box of material from the home.

Combs’ whereabouts during the raids were not known.

HSI spokespersons, responding to a Reuters query, said: “Earlier today, Homeland Security Investigations (HSI) New York executed law enforcement actions as part of an ongoing investigation, with assistance from HSI Los Angeles, HSI Miami, and our local law enforcement partners.”

The statement did not elaborate on the nature of the investigation. HSI has broad jurisdiction to investigate the illegal movement of people, goods, money, technology, and contraband into, out of and throughout the United States, including sex trafficking.

R&B vocalist Cassandra Ventura sued Mr. Combs in federal court in Manhattan in mid-November, accusing him of subjecting her to physical abuse, sexual slavery, and rape during a 10-year professional and romantic relationship.

One of the central allegations of Ms. Ventura’s suit was that Mr. Combs forced her to engage in sex acts with male prostitutes he hired while he watched and filmed the encounters.

The lawsuit cited violations of sex trafficking and human trafficking statutes under federal, New York and California laws.

Ms. Ventura and Mr. Combs, who has used such monikers as P. Diddy, Puff Daddy, and Diddy, announced the next day they had settled the case under confidential terms.

Mr. Brafman, said at the time that the settlement was “in no way an admission of wrongdoing” and that his client maintained his “flat-out denial” of Ms. Ventura’s claims.

Ventura’s lawsuit was one of at least four civil complaints in recent months leveling sexual assault allegations against Combs.

In December, in response to the latest civil complaint, which accused him of taking part in the gang rape of a teenager that he arranged to fly from Detroit to New York 20 years ago, Mr. Combs issued a statement denying all the allegations as fabrications by people seeking money.

Mr. Combs, founder of the landmark label Bad Boy Records, is one of the most influential producers and executives in hip-hop and a hugely successful performer, as well as the impresario of his own Sean John clothing line. — Reuters

Philippines 79th most polluted air in the world in 2023

The Philippines’ rank improved 10 places to 79th out of 134 countries and territories in the 2023 edition of the World Air Quality Report by the Swiss air quality technology company IQAir. The country’s air quality — as measured by annual average concentration of PM2.5 — reached 13.5 micrograms per cubic meter (μg /m³) in 2023, better than 14.9 μg /m³ previously. However, this was still nearly three times higher than the 5 μg/m³ annual average prescribed by the World Health Organization (WHO).

 

Philippines 79<sup>th</sup> most polluted air in the world in 2023

How PSEi member stocks performed — March 26, 2024

Here’s a quick glance at how PSEi stocks fared on Tuesday, March 26, 2024.

‘Double effort’ needed on trade to ease China tensions, DTI says

REUTERS

By Justine Irish D. Tabile, Reporter

TRADE needs to continue despite tensions with China over disputed waters to the west of the Philippines, a Trade department official said at a roadshow promoting the Canton Fair.

Trade Undersecretary Ceferino S. Rodolfo said Philippine participation in China’s longest-running trade fair will help enhance economic relations and offset any tensions arising from the dispute, which has recently featured Chinese Coast Guard ships obstructing Philippine resupply missions to a military outpost occupying a beached Navy ship, the BRP Sierra Madre.

“Trade is a potent force for peace. Even President Ferdinand R. Marcos, Jr. said that we should separate politics from the economy because there are grave things that are happening. We’re not denying that, in fact, we’re saying these are grave issues that are being faced by the Philippines and China,” Mr. Rodolfo said at the roadshow in Seda Hotel BGC. 

“But because of the graveness of these issues, the challenge really is on the economic side, that we should also really be working doubly hard, so that we can further enhance our economic and trade relations,” he added.

Cecilio K. Pedro, president of the Federation of Filipino Chinese Chambers of Commerce and Industry, Inc. said at the event that “the path to peace and prosperity lies in the steadfast economic cooperation between our two countries.”

Mr. Pedro added: “Peace is not going to be attained in the West Philippine Sea (WPS), peace is going to be attained through trade. We have to trade with each other” in spite of the WPS dispute.

The 135th fair takes place between April 15 and May 5 in Guangzhou, over 150 hectares of exhibition space.

Although the Department of Trade and Industry (DTI) will not organize a Philippine delegation for the event, Mr. Rodolfo said that it will encourage entrepreneurs to explore the Canton Fair for sourcing opportunities and the opportunity to persuade Chinese companies to engage with the Philippines.

“The Canton Fair is proven to be an important avenue for us to showcase our products and services to the Chinese market and to also benchmark against the best of the best of the world,” Mr. Rodolfo said.

“I am certain that our engagement in this prestigious event will further improve trade and investment relations between the Philippines and China in the coming years,” he added.

He said that China remained the Philippines top trading partner in 2023 with bilateral trade amounting over $40 billion, while investments from China in the 2018-2023 period amounted to $3 billion.

The Philippines is trying to attract Chinese investments in mineral processing as nickel and copper ores and concentrates remain the country’s top exports to China.

Chances of La Niña setting in by June now at 62% — DoST

REUTERS

THE Department of Science and Technology (DoST) said on Tuesday that the chance of La Niña taking over in June is now seen at 62%, though the effects of El Niño dry spells could still be felt until August.

“That percentage increases as we move to the latter half of the year,” Science and Technology Secretary Renato U. Solidum told a Palace briefing.

“So, government agencies will continue to implement the El Niño actions and of course later on, transition into preparing for La Niña.”

He said 48 provinces are expected to be affected by drought, and 24 by dry spells. He added that by May 54 provinces will be affected by drought.

At a separate briefing, National Irrigation Administration (NIA) Administrator Eduardo G. Guillen said farmers have increased rice and corn production amid the dry conditions caused by El Niño. 

Citing the Philippine Statistics Authority, he said rice and corn production rose 5.9% and 1.1% respectively in the first quarter.

Last week, the Department of Agriculture said damage to agriculture has been valued at P1.75 billion due to intensifying El Niño conditions, displacing at least 29,437 farmers across 32,231 hectares of affected land.

Mr. Guillen noted that the NIA has watered about 99% of irrigated land in response.

He added that farmers have been planting high-value crops such as corn in non-irrigated tail-end areas to maximize land usage.

“Our pronouncement ever since is what we call alternate wetting and drying technology which will greatly help irrigation since we get to save about 30% of water,” he said.

Mr. Guillen said the NIA hopes to build 20 medium-sized dam projects and between three and five larger projects within the term of President Ferdinand R. Marcos, Jr.

He said the President wants more high dams to address the country’s water supply issues. — John Victor D. Ordonez

Rice imports at mid-March exceed 1st quarter 2023 total

REUTERS

THE PHILIPPINES imported 886,963.11 metric tons (MT) of milled rice as of March 14, exceeding the first-quarter total for 2023, the Bureau of Plant Industry (BPI) reported.

The mid-March shipments were 10.6% ahead of the pace of the first quarter 2023 total, pointing to a substantial pickup in imports this year.

Inbound shipments between March 1 and 14 period amounted to 118,796.62 MT. 

The US Department of Agriculture  projects Philippine rice imports to hit 4 million MT this year, downgrading its earlier projection of 4.1 million MT, when it had been expecting a smaller domestic crop on the assumption of a severe El Niño.

The BPI reported that Vietnam remained the country’s top supplier of rice, accounting for 55.7% of imports with 493,962.72 MT.

In January, the Vietnamese government signed a memorandum of understanding to supply the Philippines with 1.5 million to 2 million MT of rice annually for five years.

Thailand supplied 230,559.43 MT during the period, or 26% of all shipments.

Meanwhile, the volume of rice imports from Pakistan during the period totaled 109,803.5 MT, accounting for 12.4%.

Rounding out the top five sources were Myanmar and Cambodia which accounted for 48,960 and 1,620 MT of rice imports, respectively.

Meanwhile, the National Food Authority (NFA) said that it signed a memoranda of agreement with various local government units (LGUs) for its palay procurement for the dry season harvest.

In a statement, the NFA said: “One of the strategies of NFA to compete with private traders is tapping the help of LGUs to add a premium to the NFA’s buying price through Palay Marketing Assistance Program for Legislators and Local Government Units,” NFA Administrator Larry R. Lacson said.

The participating LGUs include the provinces of Camarines Norte, La Union and Bukidnon, as well as cities and municipalities of Zamboanga, Midsayap, Cotabato; Calapan, Oriental Mindoro; Malolos, Bulacan; and Conner, Apayao.

According to the NFA, the LGUs agreed to add a premium of up to P5 to the NFA’s palay buying price to support farmers. — Justine Irish D. Tabile

ANZ raises PHL 2024 inflation forecast to 3.8%

PHILIPPINE STAR/ WALTER BOLLOZOS

PHILIPPINE headline inflation will likely average 3.8% in 2024, with a risk of exceeding the central bank’s 2-4% target this year, according to ANZ Research.

“The Philippines is the only economy where inflation risks overshooting the upper end of the official target range of 2-4%,” it said in its quarterly research report released on Tuesday.

ANZ’s latest forecast is higher than the 3.5% it issued previously. It is also higher than the Bangko Sentral ng Pilipinas’ (BSP) 3.6% full-year forecast.

“We estimate the monthly momentum will need to halve if annual inflation is to remain in the official target range. In part, this inflation problem is due to negligible policy intervention in the food and energy markets,” ANZ said.

“The monthly change in headline inflation averaged 0.6% in January and February. If this momentum is sustained, annual inflation will rise above 4% from the next quarter,” it added.

Inflation accelerated to 3.4% in February, the first time it accelerated in five months.

BSP Governor Eli M. Remolona, Jr. and Finance Secretary Ralph G. Recto both expect inflation to pick up to 3.9% in March. If realized, this would mark the second straight month of a pickup in inflation.

March inflation data will be released on April 5.

In an earlier report dated March 22, ANZ said it sees Philippine inflation climbing further in the coming months as underlying inflationary pressures remain elevated.

“Base effects will push up inflation in the coming months. While rice and fuel prices have started to stabilize, the percentage point contributions from the food and transport components are set to rise in Q2 2024 even if price indices remain flat at the current levels,” according to the report.

“If above-trend sequential gains persist, core inflation will breach 4% again towards the end of the year. The latest available data on other indicators such as non-agriculture wage growth, consumer credit growth and year-ahead inflation expectations have remained on an uptrend. Minimum wage hikes are another watchpoint,” it added.

Meanwhile, ANZ said it expects the BSP to begin its policy easing cycle this year.

“On the one hand, the bar to easing is now lower in more economies, and we are expecting interest rate cuts to commence in Thailand, India and the Philippines in 2024, in addition to our previous call for China, South Korea and Indonesia,” it said.

“On the other hand, our analysis suggest Asian central banks could be patient and wait for the US Fed to lead the global rate cutting cycle without hurting their economic growth recovery,” it added.

The Monetary Board kept its benchmark rate steady at a near 17-year high of 6.5% for a third straight meeting in February. From May 2022 to October 2023, the BSP has raised borrowing costs by 450 basis points. — Luisa Maria Jacinta C. Jocson

Power spot prices rise in early March

BW FILE PHOTO

ELECTRICITY spot market prices rose in the first two weeks of March as the margin between supply and demand narrowed, the Independent Electricity Market Operator of the Philippines (IEMOP) said.

“This is attributable to a thinner margin and there have been some spikes, particularly in the first week of March, which is attributable to some planned and forced outages in Luzon and the Visayas,” Chris Warren Manalo, assistant manager of IEMOP’s market simulation and analysis division, said in a briefing on Tuesday.

The average price of electricity at the system-wide Wholesale Electricity Spot Market (WESM) increased to P5.46 per kilowatt-hour (kWh) from P4.03 per kWh previously.

Supply was 18,956 megawatts (MW), higher than the 18,818 MW posted during the preceding period. Demand increased to 13,185 MW from 12,372 MW, narrowing the supply margin by 19%.

“This drop occurred despite an average supply increase of 138 MW,” the IEMOP said.

Mr. Manalo said rising prices during the first week of the month were due to the planned and forced outages from several power plants.

IEMOP said that the planned outages, mainly from large conventional generators using coal, natural gas, geothermal, and hydroelectric power, combined for a capacity of 2,724 MW.

Forced outages took out 1,062 MW, largely from coal and natural gas plants during the same period, it added.

For Luzon, the average spot price rose to P5.26 per kWh from P3.97 per kWh previously.

Supply fell to 12,851 MW from 13,060 MW, while demand rose to 9,367 MW from 8,831 MW in the previous period.

The WESM price in the Visayas was P6.26 per kWh, up from P4.58 per kWh in the previous period.

The region’s supply stood at 2,413 MW, higher than the 2,209 MW earlier. Demand climbed to 1,867 MW from 1,742 MW previously.

The full operations of the Mindanao-Visayas Interconnection Project (MVIP), which can export excess power of up to 450 MW, has “significantly improved” supply security in the Luzon and the Visayas power grids, IEMOP said.

The MVIP allowed an average of 341 MW to be exported to the Visayas while the Leyte-Luzon high-voltage direct current link connecting the Visayas to Luzon provided an additional 296 MW.

“Mindanao, technically, has no problem when it comes to supply since the Mindanao grid has a lot. So, the excess capacity helps to augment the capacity needed in the Visayas and Luzon grids,” Mr. Manalo said.

The average spot price in Mindanao was P4.20 per kWh, up from P3.71 per kWh in the preceding period.

Supply rose to 3,692 MW from 3,548 MW, while demand increased to 1,951 MW from 1,800 MW.

IEMOP operates the WESM, which is where energy companies can buy power when their long-term contracted power supply is insufficient for customer needs. — Sheldeen Joy Talavera

Clark Dev’t Corp. remits P1.8-billion cash dividend to National Treasury

CLARK Development Corp. (CDC) said it remitted a record of P1.8 billion in dividends to the National Treasury for 2023.

In a statement, the CDC said that the 2023 figure surpassed the P1.21 billion it remitted in 2022 by 49%.

The CDC started managing the Clark Freeport in 1993.

“It surpassed the remittance of P1.207 billion covering the dividend year 2022 by 49%. CDC’s dividend rate for 2023 was 56% of its net earnings and 65% of its net income for the said year, per Department of Finance records,” the state-run firm said.

Under Republic Act 7656 or the Dividends Law of 1994, government-owned and -controlled corporations (GOCCs) are required to remit at least 50% of their net earnings to the National Government.

“GOCC dividends are vital non-tax revenues that support the accelerated implementation of infrastructure and socioeconomic development programs by the National Government,” the CDC said. — Justine Irish D. Tabile

Shares climb on bargain hunting, rate cut hints

The lobby of the Philippine Stock Exchange in Taguig City, Sept. 30, 2020. — REUTERS

PHILIPPINE SHARES rose on Tuesday as investors bought bargains and on expectations of rate cuts from the Bangko Sentral ng Pilipinas (BSP) this year.

The benchmark Philippine Stock Exchange index (PSEi) rose by 0.65% or 45.07 points to close at 6,898.17 on Tuesday, while the broader all shares index climbed by 0.56% or 20.34 points to end at 3,598.55.

“This Tuesday, the local market rose by 45.07 points (0.65%) to 6,898.17 as investors hunted for bargains at the last minute,” Philstocks Financial, Inc. Research and Engagement Officer Mikhail Philippe Q. Plopenio said in a Viber message.

“Contributing to the climb was Finance Secretary and Monetary Board member Ralph G. Recto’s statement saying that the BSP may cut interest rates this year by 50 basis points (bps). With Tuesday’s climb, the bourse joins its regional peers,” he added.

Mr. Recto said last week that the BSP could cut rates twice this year. However, he expects the country’s inflation rate to remain elevated.

The Monetary Board kept the policy rate at 6.5% for a third straight meeting in February.

The BSP hiked borrowing costs by 450 bps from May 2022 to October 2023 to help bring down elevated inflation.

“Philippines shares made a furious comeback with the quarter drawing to a close, with the help of the region’s strong gains from last week. Later, investors await March’s consumer confidence data, durable goods orders and the Richmond Fed’s manufacturing survey,” Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a Viber message.

Majority of sectoral indices ended higher, led by services, which went up by 1.77% or 32.55 points to 1,865.23. Property climbed by 1.28% or 35.71 points to 2,817.47; industrials went up by 0.83% or 74.60 points to 9,032.71; and holding firms rose by 0.61% or 39.78 points to 6,477.28.

Meanwhile, financials went down by 0.94% or 19.22 points to 2,014.06, and mining and oil dropped by 0.62% or 51.49 points to 8,130.82.

Value turnover climbed to P7.62 billion with 698.89 million shares changing hands from the P5.49 billion with 553.24 million issues traded on Monday.

Decliners edged out advancers, 99 versus 98, while 48 names closed unchanged.

Net foreign selling surged to P1.79 billion on Tuesday from P246.47 million on Monday.

Meanwhile, Asian equities struggled for traction on Tuesday as mixed messages from US monetary policy makers and a wobble in the Chinese yuan left traders unsettled and tentative with Friday’s release of US inflation data hanging over the outlook, Reuters reported.

MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.3%, led by chipmaker gains for South Korea’s Kospi. Other markets lacked direction and drifted either side of flat, with sentiment in China and Hong Kong still fragile after Friday’s sudden slide in the yuan. — R.M.D. Ochave with Reuters

Peso up on BSP bets

THE PESO recovered against the dollar on Tuesday amid signals that the Bangko Sentral ng Pilipinas (BSP) may still cut rates this year.

The local unit closed at P56.32 per dollar on Tuesday, strengthening by seven centavos from its P56.39 finish on Monday, Bankers Association of the Philippines data showed.

The peso opened Tuesday’s session stronger at P56.30 against the dollar. Its weakest showing was at P56.35, while its intraday best was at P56.222 versus the greenback.

Dollars exchanged went down to $1.55 billion on Tuesday from $1.65 billion on Monday.

“The peso appreciated following the latest hawkish remark from Finance Secretary [Ralph G.] Recto of potentially two rate cuts from the BSP this year,” a trader said in an e-mail.

Mr. Recto, who sits on the Monetary Board, said the BSP may cut interest rates twice this year, or by a total of 50 basis points (bps). The central bank may end up reducing borrowing costs by up to 200 bps in the next two and a half years, he added.

The Monetary Board raised its policy rate by 450 bps from May 2022 to October 2023 to a near 17-year high of 6.5%.

It will next meet on April 8 to review policy.

The peso was also supported by a generally weaker dollar as markets await US gross domestic product and personal consumption expenditures price index data, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

For Wednesday, the trader said the peso could strengthen further amid increased demand for cash ahead of the long weekend.

Philippine financial markets will be closed on Maundy Thursday and Good Friday.

The trader sees the peso moving between P56.15 and P56.40 per dollar on Wednesday, while Mr. Ricafort expects it to range from P56.20 to P56.40. — A.M.C. Sy

Spending on environmental protection drops 8.1% in 2023 

ANGELES CITY INFO OFFICE

SPENDING on environmental protection declined 8.1% in 2023, the Philippine Statistics Authority (PSA) reported on Tuesday.

 The PSA’s Compendium of Philippine Environment Statistics (CPES) Component 6 indicated that annual government environmental protection expenditures fell to P21.89 billion in 2023 from P23.83 billion a year earlier.

Adopted from the Framework for the Development of Environment Statistics 2013, the CPES is a compilation of statistical data gathered from various government agencies.

Spending for the protection of biodiversity and landscape declined by 8.6% last year to P8.72 billion. This accounted for 39.8% of the total expenditure for environmental protection.

  This was followed by spending on environmental protection not elsewhere classified with P6.54 billion in 2023, accounting for 29.9% of total expenditure.

Waste management spending amounted to P3.04 billion last year, or 13.9% of the total expenditure. The allocation for this subsector was down 17%.

Pollution abatement outlays amounted to P2.75 billion, while spending on research and development was P840 million. These accounted for 12.6% and 3.9% of the total environmental expenditure.

No information was available for the wastewater management sector in the Budget of Expenditures and Sources Financing, the PSA noted. — Abigail Marie P. Yraola

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