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Leaders urge world to pay up to save nature as COP16 talks open

PHILIPPINE STAR/MICHAEL VARCAS

CALI, Colombia — The nearly 200 countries meeting in Colombia for the United Nations (UN) Conference of the Parties (COP16) summit must act urgently to mobilize billions of dollars to stop rapid nature destruction, UN leaders and national representatives urged as the talks opened on Monday.

“The planet doesn’t have time to lose,” COP16 President Susana Muhamad told the opening meeting in Cali, southwest of Bogota.

“We all agree that we are underfunded for this mission,” said Muhamad, who is also Colombia’s environment minister.

Two years earlier, countries adopted the landmark Kunming-Montreal Global Biodiversity Framework agreement with a list of 23 goals to help halt nature loss by 2030. COP16 is tasked with figuring out how to implement that agreement, which included finding $200 billion per year for conservation.

Countries established the Global Biodiversity Framework Fund last year, but speakers at the opening of the summit lamented that it has thus far only raised millions and not the billions envisioned.

On Sunday night, UN Secretary General Antonio Guterres chastised the delegates in a video message that the world was offtrack for meeting the 2030 goals. He said delegates must leave the summit with significant new investments having been made in the framework fund.

Brazil’s top negotiator Andre Correa do Lago told the opening plenary the lack of donations to the fund raised concerns it would not be able to meet the framework’s goals.

Developed countries agreed in the biodiversity framework to provide developing nations $20 billion annually already by 2025, an increase from $15.4 billion annually in 2022, the latest figures available from the Organisation for Economic Co-operation and Development (OECD).

Correa do Lago said that gap needs to be filled in a way that does not put developing countries further into debt.

Including finance, Ms. Muhamad listed a wide range of agenda items that needed to be accomplished for COP16 to be considered a success that included taking stock of nations’ biodiversity pledges, ramping up inclusion of Indigenous in conservation decisions and agreeing on a way for countries to pay for sharing genetic material. — Reuters

Security Bank named ‘Best Bank for Corporates’ by Euromoney

Euromoney named Security Bank the Philippines’ Best Bank for Corporates for the second consecutive year. Pictured in the center are Mae Villanueva, FVP and Senior Relationship Manager; and Yvonne Marcelo, SVP and Corporate Banking Group Head, who received the award at the ceremony in Singapore on Sept. 12, 2024.

As a testament to its dedication, innovation, and excellence, Security Bank was named the Philippines’ Best Bank for Corporates by Euromoney. This award highlights the efforts of the Corporate Banking Group (CorBank) within the Wholesale Banking Segment (WBS) to provide tailored solutions, foster enduring relationships, and position the Bank as the preferred partner for clients’ financing and advisory requirements.

Outstanding financial performance

In 2023, WBS showcased impressive financial performance, with a net income increase of +34% year-on-year (YoY) to PHP6.8 billion. This segment contributed a significant 75% to the Bank’s total net income, a notable rise from 48% in 2022. WBS’ loan portfolio also demonstrated continuous growth, with notable increases in both corporate and commercial loans.

Exemplary customer service

The Bank’s customer-centric vision has been its core differentiator. CorBank continuously sought ways to enhance customer coverage and banking experience. This focus is evident in WBS’ CSAT score, which rose to 99% in 2023. Key to success is the ecosystem approach which captured interconnected businesses and close collaboration with internal product partners and external partners, like MUFG Bank, to provide tangible value.

Innovative cash management solutions

The Bank’s Cash 360 solution revolutionized cash management for corporates. It allows businesses to deposit cash securely at any time without the need to visit a branch, with funds credited in real-time. The success of Cash 360 has led to its expansion to third-party channels, significantly increasing the number of accessible locations for corporate customers, even in remote areas.

Additionally, the Billing/Invoicing Presentment and Payment Solution (BIPPS) in the DigiBanker app was named the “Best Payment Solution in the Philippines” by Alpha Southeast Asia, recognizing its efficiency in handling billing and payments. 

Commitment to sustainable finance and nation-building 

The Bank has made substantial strides in promoting sustainable finance. As of end-December 2023, WBS disbursed about PHP43.6 billion in qualified Sustainable Finance loans, including green and social loans. Some examples:

  • A Project Finance deal for iSON Tower Limited’s construction and operation of up to 800 telecommunication towers in underserved areas across the Philippines. CorBank’s role as lender to finance the project led to the win for Telecom Deal of the Year at The Asset Triple A Sustainable Infrastructure Awards.
  • Sustainable financing of a waterworks system in a remote area in Luzon and a solar project to augment the national power supply.
  • Financing large-scale infrastructure projects, such as the PHP100 billion SMC Mass Rail Transit 7 (MRT-7) project, which is expected to improve the country’s transportation system and generate jobs.
  • Sustainable financing of a waterworks system in a remote area in Luzon and a solar project to augment the national power supply.

Relationship Managers and Credit Analysts are experts on renewable energy projects and project finance deals, in line with the Bank’s sustainable finance goals.

Technological advancements 

In a groundbreaking move, Security Bank launched the Payments Hub and Gateway (PHG) program in November 2023. This initiative centralizes all domestic and international payment rails by the end of 2025, increasing operational efficiency, scalability, and reliability. The implementation of AWS Cloud technology, a first in the Philippine banking industry, has also enhanced transaction processes and compliance with evolving regulatory standards.

As Security Bank continues to innovate and expand its services, the Euromoney honor serves as a benchmark of its excellence in corporate banking. Its commitment to financial performance, customer service, innovative solutions, sustainable finance, and technological advancement positions it as a leader in the industry, ready to meet the evolving needs of its clients.

For more, visit www.securitybank.com.ph.

 

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Start your Holiday Adventure! The Coffee Bean & Tea Leaf’s 2024 Limited Edition Holiday Collection

The Coffee Bean & Tea Leaf™ Philippines is thrilled to kick off the holiday season with its 2024 Limited Edition Holiday Collection. With the theme of a holiday adventure, the brand invites you to go on a fun and festive journey with their grandest collection yet. Each item is designed to mark the beginning of your festive adventures, serving as the perfect companion to your holiday celebrations, from cozy gatherings to new discoveries.

Just as espresso brings depth and richness to every cup, the new Holiday Collection reflects the vibrant holiday spirit and the brand’s deep connection to coffee. Each item in the collection has been thoughtfully designed to accompany you in your holiday adventures and beyond.

The 2024 Limited Edition Holiday Collection

(Redeemable Items for 20 stamps)

The 2024 collection features the Travel Tumblers in Latte, Macchiato, and Cappuccino, and the Duffel Bags in Flat White and Affogato. These items are redeemable for just 20 stamps at almost all The Coffee Bean & Tea Leaf™ stores nationwide.

  • Latte Travel Tumbler (32 oz / 1,000 ml): A powder-coated tumbler with a stainless steel body, built in straw, a magnetic lid that holds up your phone, and the ability to keep beverages hot or cold for 10-12 hours.

Extra Precautions:

      • Please handle your tumbler with care when using the magnetic phone holder. The magnetic feature is designed to hold your phone in place for stationary use only.
      • Avoid moving the tumbler while your phone is attached, especially if using a phone without a protective case, as it may not provide a secure grip for heavier movements.
      • This is intended for light, temporary placement, and phones may detach if the tumbler is moved too much.
      • For extra safety, you may use the additional magnetic lid provided. Just remove the white sticker and attach it directly to your phone to enhance stability.

  • Macchiato Travel Tumbler (30 oz / 900 ml): A glossy tumbler with a dual-function lid, featuring a stainless steel body and a silicone mat for grip and style.
  • Cappuccino Travel Tumbler (24 oz / 720 ml): A sleek matte tumbler with a metallic finish, perfect for keeping drinks hot or cold for up to 12 hours.
  • Flat White Duffel Bag: A cream-colored canvas duffle bag, designed with multiple pockets and an adjustable shoulder strap.
  • Affogato Duffel Bag: A similar design to the Flat White Duffel, but in a warm brown shade, perfect for holiday travels.

Holiday in a Cup

To complement the collection, CBTL is also launching a completely new drink — the White Chocolate Ice Blended®. This festive blend combines the flavors of white chocolate, vanilla, and milk, and can be enjoyed with or without coffee. Grab your holiday cup starting October 18, 2024!

Holiday Spirit and Giving Back

As part of this campaign, CBTL will continue its support for the Real LIFE Foundation, a non-profit organization dedicated to empowering underprivileged youth in the Philippines through education and leadership programs. A portion of the proceeds from the Holiday Collection will go towards supporting this cause.

Join the Celebration!

This holiday season, The Coffee Bean & Tea Leaf™ Philippines invites you to embrace the spirit of giving, connection, and warmth through their Holiday in a Cup campaign. Whether you’re collecting stamps for the new collection, enjoying a seasonal drink, or simply sharing the joy of coffee with loved ones, this campaign is a celebration of the meaningful moments that make the holidays special.

To learn more about CBTL’s 2024 Holiday Campaign, visit: https://www.coffeebean.com.ph/.

 

Spotlight is BusinessWorld’s sponsored section that allows advertisers to amplify their brand and connect with BusinessWorld’s audience by publishing their stories on the BusinessWorld Web site. For more information, send an email to online@bworldonline.com.

Join us on Viber at https://bit.ly/3hv6bLA to get more updates and subscribe to BusinessWorld’s titles and get exclusive content through www.bworld-x.com.

Japan’s general election outcome could muddle BOJ plans

WIKIPEDIA.ORG

TOKYO – The risk of Japan ending up with a minority coalition government after the upcoming general election is raising concerns that the central bank could face complications in its quest to gradually wean the nation off decades of monetary stimulus.

Several recent polls have shown the possibility of the ruling coalition losing its majority in parliament, which could cost premier Shigeru Ishiba his job or force his Liberal Democratic Party (LDP) to look for an additional coalition partner to stay in power.

Such a prospect could deprive the BOJ of the political stability needed to steer a smooth lift-off from near-zero interest rates, some analysts say.

It will also cause uncertainty in markets as attention is drawn to the policy stance of opposition parties that could become a potential coalition partner, many of which favor maintaining low interest rates.

“Many opposition and ruling parties are calling for steps to boost wages, which could make it hard for the BOJ to hike rates until there is more clarity on next year’s wage developments,” said Naoya Hasegawa, chief bond strategist at Okasan Securities.

“If the ruling coalition loses, markets will start to price in the chance of aggressive fiscal spending and a delay in further interest rate hikes,” he said.

Expectations of a rate hike delay could push down short-term interest rates, potentially making it even harder for the BOJ to smoothly execute its plans for exiting accommodative policy, analysts say.

When Mr. Ishiba dissolved parliament on Oct. 9 and called a snap election to be held on Oct. 27, many analysts expected the ruling coalition to comfortably win a majority and give the new premier a freer hand on policy.

That would have allowed Mr. Ishiba to meet his pledge, made in a book he published in August, to roll back former premier Shinzo Abe’s “Abenomics” radical stimulus measures that included the BOJ’s ultra-easy policy.

“Extraordinary monetary policy cannot cure Japan’s ills,” Mr. Ishiba wrote in the book, blaming Abenomics and ultra-low rates for causing excessive yen falls, hurting commercial banks’ profits and eroding fiscal discipline.

The BOJ ended negative interest rates in March and raised short-term rates to 0.25% in July on the view Japan was making progress towards durably achieving its 2% inflation target.

BOJ Governor Kazuo Ueda has signaled readiness to keep raising rates if the economy moves in line with its projections.

A slim majority of economist polled by Reuters saw the BOJ forgoing a hike this year, with most expecting the central bank to raise rates again by March next year.

 

NEW COALITION RISK

Recent media polls, however, have dashed hopes among policymakers that Mr. Ishiba will solidify his standing in the ruling party after the election and support the central bank’s gradual exit from ultra-low interest rates.

While earlier polls projected the LDP and its coalition partner Komeito would maintain their majority, a weekend poll by the Asahi newspaper showed they may struggle, with the LDP potentially losing 50 of the 247 seats it now has.

Such a huge loss could make Mr. Ishiba vulnerable to attack from proponents of aggressive monetary easing like Sanae Takaichi, whom Mr. Ishiba narrowly beat in the party’s leadership race.

If the LDP is forced to court opposition parties to stay in power, that will increase challenges for further rate hikes by heightening uncertainty over the new administration’s monetary policy stance.

The biggest opposition, Constitutional Democratic Party of Japan, has called for modifying the BOJ’s inflation target from the current 2% to one “exceeding zero” – a move that will leave scope for rate hikes even when inflation slides below 2%.

But the party’s leader, Yoshihiko Noda, has ruled out the chance of forming a coalition with the LDP.

That leaves smaller opposition parties Japan Innovation Party and Democratic Party for the People, as potential coalition partners.

The former wants to revise the law giving BOJ independence over monetary policy, and add maximum job creation and sustained economic growth to its mandate. The latter favors expansionary fiscal and monetary policies to achieve higher wage growth.

“The hurdle for additional BOJ rate hikes will heighten if such proposals are taken into account in economic policy-making after the election,” said Yasunari Ueno, chief market economist at Mizuho Securities.

Even if the current coalition retains a majority and keeps Mr. Ishiba at the helm, the premier will face the challenge of pushing up his low approval ratings which partly took a hit with his flip-flop on topics including monetary policy.

A day after becoming premier, Mr. Ishiba stunned markets by saying the economy was not ready for further rate hikes, an apparent about-face from his previous support for the BOJ unwinding decades of extreme monetary stimulus.

If the LDP-Komeito coalition loses a majority, the newly created coalition will likely be forced to pledge big fiscal spending backed by ultra-loose monetary policy to appease voters ahead of next year’s upper house election, said Takuji Aida, chief economist at Credit Agricole Securities.

“It will become nearly impossible for Mr. Ishiba to fulfil his goal of shifting to anti-Abenomics, tighter fiscal policy.” – Reuters

Hyundai India’s shares fall 2% in debut trade after record $3.3 bln IPO

Hyundai Motor India’s shares fell 2% in their market debut on Tuesday, after a tepid response from retail investors to the country’s largest ever initial public offering.

The stock listed at 1,934 rupees on the National Stock Exchange, compared to its issue price of 1,960 rupees, and was last trading down 2% at 1,920 rupees at 0431 GMT.

Hyundai is India’s No. 2 carmaker with a 15% market share. Its record $3.3 billion IPO was oversubscribed more than two-fold last week, led largely by institutional investors, but pricing concerns deterred retail participation.

Tuesday’s listing in Mumbai is Hyundai Motor’s 005380.KS first such debut outside its home market of South Korea and comes at a time when India’s equity markets have risen sharply.

The two-biggest IPOs prior to Hyundai India – Life Insurance Corporation and Paytm parent One97 communications – both listed at a steep discount.

While Hyundai’s market valuation is much smaller than Indian market leader Maruti Suzuki’s $48 billion, analysts have expressed concerns over the narrower gap when valued by their price-to-earnings ratios.

The issue had valued Hyundai at 26 times its fiscal 2024 earnings, not far off the 29 times multiple for market leader Maruti. – Reuters

‘Blade Runner 2049’ producer sues Tesla, Warner Bros over AI images

Source: https://logos.fandom.com/wiki/Alcon_Entertainment/Other?file=Alcon_Entertainment_Logo_%281999%29.jpg

Movie and television studio Alcon Entertainment on Monday sued Tesla TSLA.O and Warner Bros Discovery over claims they used images tied to the film “Blade Runner 2049” to promote Tesla’s new autonomous cybercab.

Alcon’s California federal lawsuit alleged violations of U.S. copyright law and accused Tesla of “false endorsement” for suggesting a relationship between Alcon and the Elon Musk-owned electric vehicle maker.

“Any prudent brand considering any Tesla partnership has to take Musk’s massively amplified, highly politicized, capricious and arbitrary behavior, which sometimes veers into hate speech, into account,” the lawsuit said.

Tesla and Warner Bros did not immediately respond to requests for comment.

Warner Bros was Alcon’s distributor for “Blade Runner 2049”, which won two 2018 Academy Awards and starred Ryan Gosling and Harrison Ford in the highly anticipated sequel to the 1982 cult classic Blade Runner.

Alcon said it had refused a request from Warner Bros to use images from the firm for Tesla’s Oct. 10 live-streamed cybercab unveiling. Tesla then used images created with artificial intelligence that mirrored the movie for its cybercab event, the lawsuit said.

In a statement, Alcon said the defendants’ “conduct is likely to cause confusion among Alcon’s ‘Blade Runner’ brand partner customers, including those it is partnering with for its upcoming ‘Blade Runner 2099’ series for Amazon Prime.”

The lawsuit did not name specific damages but said Alcon had spent hundreds of millions of dollars building the Blade Runner 2049 brand, and said the “financial magnitude of the misappropriation here was substantial.”- Reuters

Elon Musk’s $1 million election giveaway tests limits of election law

ELON MUSK — REUTERS

Elon Musk’s $1 million giveaway for voters who sign his free-speech and gun-rights petition falls into a gray area of election law, and legal experts are divided about whether the billionaire supporter of Donald Trump could be running afoul of prohibitions on paying people to register to vote.

The Tesla CEO is promising to give $1 million each day to a randomly selected person who signs his online petition pledging to support the First and Second amendments of the US Constitution, which protect the rights to free speech and gun ownership.

“There is certainly an argument that this falls within the scope of a federal prohibition on paying a person to vote or register to vote,” said Daniel Weiner of the left-leaning Brennan Center for Justice. “This is part of a pattern of him skating up to the edge of election laws that we’ve seen in the past several weeks.”

Mr. Musk’s representatives did not immediately respond to requests for comment on Monday.

Four legal experts were divided on whether the giveaway violates federal laws that make it a crime to pay or offer to pay a person to register to vote.

Brad Smith, a Capital University Law School professor and former Federal Election Commission chairman, said Musk is likely in the clear because signing the petition is sufficiently far removed from registering to vote.

“The mere fact that there might be an incentive doesn’t arise to a payment for a particular activity,” Mr. Smith said.

The giveaway could be interpreted as Mr. Musk using his wealth to attempt to influence the tightly contested presidential race between Trump and his Democratic opponent, Vice President Kamala Harris.

Mr. Musk’s America PAC seeks to play a major role in helping mobilize and register voters in battleground states that could decide the election.

Terms of the petition state that signers must be registered voters in Arizona, Georgia, Michigan, Nevada, North Carolina, Pennsylvania or Wisconsin – all states that are likely to decide the election.

Pennsylvania’s Democratic governor, Josh Shapiro, said on Sunday that the giveaway was “deeply concerning” and called on law enforcement to investigate.

While Mr. Musk’s promotion does not directly induce people to register, its timing and focus on battleground states indicate the petition component is merely a pretext, according to Richard Hasen, a law professor at the University of California, Los Angeles, who said the sweepstakes is therefore illegal.

“I think signing the petition is irrelevant to the legal question because you must be a registered voter. It doesn’t matter if you add other conditions,” Mr. Hasen said, adding that the U.S. Department of Justice election crimes manual specifically cites lottery chances as potentially illegal payments.

Adav Noti of the nonpartisan Campaign Legal Center agreed, saying it is illegal to give out money on the condition that people are registered to vote.

Mr. Weiner of the Brennan Center said the promotion is legally “fishy” but falls into a gray area. The question boils down to whether signing the petition is merely a pretext for getting people to register to vote, he said.

But Mr. Smith of Capital University said that Mr. Musk has other plausible reasons for wanting people to sign the petition, including gathering names of likely voters who support his causes.

Mr. Musk, ranked by Forbes as the world’s richest person, so far has supplied at least $75 million to America PAC, according to federal disclosures, making the group a crucial part of Trump’s bid to regain the White House.

The entrepreneur has increasingly supported Republican causes and this year became an outspoken Mr. Trump supporter.

Mr. Trump in turn has said that if elected, he would appoint Mr. Musk to head a government efficiency commission.

Asked by reporters about Mr. Musk’s giveaway on Sunday, Mr. Trump said, “I haven’t followed that.” – Reuters

Leaders urge world to pay up to save nature as COP16 talks open

PIXABAY

CALI, Colombia – The nearly 200 countries meeting in Colombia for the United Nations COP16 summit must act urgently to mobilize billions of dollars to stop rapid nature destruction, U.N. leaders and national representatives urged as the talks opened on Monday.

“The planet doesn’t have time to lose,” COP16 President Susana Muhamad told the opening meeting in Cali, southwest of Bogota.

“We all agree that we are underfunded for this mission,” said Ms. Muhamad, who is also Colombia’s environment minister.

Two years earlier, countries adopted the landmark Kunming-Montreal Global Biodiversity Framework agreement with a list of 23 goals to help halt nature loss by 2030. COP16 is tasked with figuring out how to implement that agreement, which included finding $200 billion per year for conservation.

Countries established the Global Biodiversity Framework Fund last year, but speakers at the opening of the summit lamented that it has thus far only raised millions and not the billions envisioned.

On Sunday night, U.N. Secretary General Antonio Guterres chastised the delegates in a video message that the world was offtrack for meeting the 2030 goals. He said delegates must leave the summit with significant new investments having been made in the framework fund.

Brazil’s top negotiator Andre Correa do Lago told the opening plenary the lack of donations to the fund raised concerns it would not be able to meet the framework’s goals.

Developed countries agreed in the biodiversity framework to provide developing nations $20 billion annually already by 2025, an increase from $15.4 billion annually in 2022, the latest figures available from the Organization for Economic Co-operation and Development (OECD).

Correa do Lago said that gap needs to be filled in a way that does not put developing countries further into debt.

Including finance, Ms. Muhamad listed a wide range of agenda items that needed to be accomplished for COP16 to be considered a success that included taking stock of nations’ biodiversity pledges, ramping up inclusion of Indigenous in conservation decisions and agreeing on a way for countries to pay for sharing genetic material. – Reuters

King Charles to meet Indigenous Australians in civil rights birthplace Redfern

KING CHARLES III —DAN MARSH-FLICKR

SYDNEY – Britain’s King Charles travels on Tuesday to Redfern, birthplace of Australia’s urban Aboriginal civil rights movement in inner Sydney, a day after being heckled by an Indigenous senator at Parliament House.

Charles, on his first major foreign trip since being diagnosed with cancer, had finished speaking when the independent senator and activist Lidia Thorpe shouted that she did not accept his sovereignty over Australia, and demanded a treaty for Indigenous people.

A national referendum on whether to alter Australia’s constitution to recognize Aboriginal people was rejected last year, a sore point for many Indigenous Australians. Charles referred to Australia’s “long and sometimes difficult journey towards reconciliation” in his speech.

He will meet with Indigenous Elders in the inner city suburb of Redfern, where the Aboriginal civil rights movement was founded in the 1970s, on Tuesday.

At the National Centre for Indigenous Excellence, Charles will speak with Indigenous organizations and Redfern Elders including “bush tucker” – or native food – chef Aunty Beryl Van-Oploo.

He will also visit an inner city social housing project with sustainable features, designed with the support of his King’s Trust Australia charity. Charles will tour the Glebe construction site with Prime Minister Anthony Albanese, who grew up on a public housing estate.

Julie Bishop, chair of the King’s Trust Australia, said the charity “closely follows His Majesty’s passions – helping young people into work, coaching veterans and defense families in entrepreneurship, and working on sustainable community projects”.

Charles and Queen Camilla are visiting Sydney and Canberra over six days before travelling to the Commonwealth Heads of Government Meeting in Samoa.

The public will have an opportunity to meet the royal couple at the Opera House later on Tuesday. – Reuters

Kamala Harris labels current federal minimum wage as ‘poverty’ pay

KAMALA HARRIS — GAGE SKIDMORE/WIKIMEDIA.ORG

ROYAL OAK, Michigan – Vice President and Democratic presidential candidate Kamala Harris said on Monday the U.S. must raise its federal minimum wage, and she labeled the current minimum wage of $7.25 an hour as “poverty wages.”

 

WHY IT’S IMPORTANT

Ms. Harris tried to draw a contrast with Republican presidential candidate and former President Donald Trump on this issue. Trump and Harris face each other in what polls show to be a tight race for the Nov. 5 U.S. elections.

On Sunday, Mr. Trump conducted a campaign stop in a closed McDonald’s restaurant in suburban Philadelphia, where he did not answer directly when asked if he would support an increase in the minimum wage that would benefit fast-food workers.

 

KEY QUOTES

“The current federal minimum wage is $7.25 an hour, which means that the person who is working a full day and full weeks will make $15,000 a year, which is essentially poverty wages,” Harris told reporters during a campaign stop in Royal Oak, Michigan.

“I absolutely believe that we must raise minimum wage,” she added. Ms. Harris did not mention the exact amount to which she wanted the minimum wage raised in her remarks on Monday.

 

CONTEXT

Both Mr. Trump and Ms. Harris have in recent weeks made economic pledges to woo voters. Harris has said she will aim to pass a middle class tax cut, while Mr. Trump has advocated cutting taxes on overtime pay. Both candidates have supported eliminating taxes on tips.

Lawsuits against Sean ‘Diddy’ Combs pile up as his lawyers seek gag order

Sean “Diddy” Combs on the talk show Late Night with Seth Myers. — IMDB

NEW YORK – Sean “Diddy” Combs has been hit with seven new sexual abuse lawsuits, as his lawyers asked the judge overseeing the music mogul’s criminal sex trafficking case for a gag order against Combs’ accusers and their lawyers.

The civil lawsuits were made public on Sunday and Monday by four men and three women over alleged misconduct in New York, Los Angeles and Las Vegas dating to 2000 but mainly in 2022, the accusers’ lawyer Tony Buzbee said on Facebook.

Some lawsuits said unidentified celebrities also assaulted Combs’ accusers.

Mr. Combs, 54, faces at least two dozen civil lawsuits accusing him of sexual misconduct, including 13 from Mr. Buzbee’s firm.

He has denied wrongdoing. The Bad Boy record label founder has also pleaded not guilty in the criminal case, and is appealing his now five-week detention in a Brooklyn jail known for poor living conditions after being denied bail twice.

The new lawsuits compound the legal problems for Mr. Combs, who according to prosecutors coerced victims into participating in sex acts against their will, bribing and intimidating them into keeping quiet, and employing his staff to hide it all.

All seven plaintiffs used the pseudonyms John Doe or Jane Doe. Five sued in federal court and two sued in a New York state court, all in Manhattan.

 

‘READY TO PARTY’

In one new lawsuit, the plaintiff said she was 13 when Mr. Combs drugged and assaulted her at an afterparty for the 2000 MTV Video Music Awards in New York.

She said Mr. Combs and an unnamed male celebrity vaginally raped her while an unnamed female celebrity looked on, after Mr. Combs proclaimed “You are ready to party!”

Another accuser said he was a 17-year-old aspiring artist making small talk with Mr. Combs at a 2022 party in a Manhattan hotel penthouse, with Mr. Combs assuring him that “he could make him a star.”

Mr. Doe said Mr. Combs drugged him with a drink and later assaulted him, including by grabbing his genitals, in a room where others engaged in group sex.

In response to the lawsuits, Mr. Combs’ lawyers referred to a statement addressing Buzbee’s earlier lawsuits.

“Mr. Combs and his legal team have full confidence in the facts, their legal defenses, and the integrity of the judicial process,” the lawyers said. “In court, the truth will prevail: that Mr. Combs has never sexually assaulted anyone – adult or minor, man or woman.”

Mr. Buzbee’s firm said it represents more than 150 of Mr. Combs’ accusers.

 

CHARACTER ASSASSINATION

Mr. Combs faces a May 5, 2025 criminal trial on three felony counts of racketeering conspiracy, sex trafficking and transportation to engage in prostitution.

The gag order request from Marc Agnifilo, Mr. Combs’ primary lawyer, seeks to block potential government witnesses and their lawyers from making statements that substantially interfere with Combs’ right to a fair trial.

Mr. Agnifilo objected to numerous statements “aimed at assassinating Mr. Combs’ character in the press,” including false allegations of sexual abuse of children.

He asked the judge to order prosecutors to reveal whether they authorized such statements, and to order the witnesses and lawyers to take down online statements under their control.

U.S. District Judge Arun Subramanian, who oversees the criminal case, ordered prosecutors to respond by Oct. 30.

A spokesperson for U.S. Attorney Damian Williams in Manhattan, whose office is prosecuting Combs, declined to comment.

The five new federal civil lawsuits were assigned to five different judges. Two ordered the plaintiffs to justify in writing why they should remain anonymous. – Reuters

Sangley airport dev’t still uncertain

STOCK PHOTO | Image by Rudy Dong from Unsplash

By Ashley Erika O. Jose, Reporter

THE Transportation department said the development of Sangley Point International Airport (SPIA) remains uncertain as the joint-venture company still has to secure other approvals before the project moves forward.

This comes after the Philippine Competition Commission (PCC) announced on Monday that it has approved the proposed joint venture between the Cavite provincial government and the SPIA consortium that includes Virata-led Cavitex Holdings, Inc. and Yuchengcos’ House of Investments, Inc.

“Generally speaking, this project is still at the early stage,” Transportation Undersecretary for Aviation and Airports Roberto C.O. Lim said in a phone interview on Monday.

Following the PCC approval, the consortium must submit their proposal which includes the detailed engineering design, Mr. Lim said.

“The Department is waiting for the proponents to submit the plans. We are still waiting for their submission so that the DoTr (Department of Transportation) can look at it and evaluate it,” he said.

Mr. Lim said the consortium also needs to secure an environmental compliance certificate (ECC) to start the project.

“The ECC compliance is another thing that they have to secure because it is in the water and that is an issue. I think the Philippine Reclamation Authority approval is another agency that needs to give its clearance,” he said.

For now, Mr. Lim said it is hard to say if the group can accomplish all the necessary approvals within the year.

Separately, the Transportation department and Civil Aviation Authority of the Philippines (CAAP) said it will expedite its evaluation of the project as soon as possible.

“The joint venture needs to submit to DoTr and CAAP the relevant project documents indicating the scope, design, financials, technical and aeronautical studies, timelines, plans, for evaluation. DoTr and CAAP shall expedite the evaluation of the documents as soon as they are received from the joint venture,” DoTr said in a statement.

In July, House of Investments told the stock exchange that the PCC approved the joint-venture company for the SPIA project.

On Monday, the PCC issued a statement, saying it concluded that the transaction, involving a public-private partnership (PPP) project through a joint-venture agreement, will not result in a “substantial lessening, restriction, or prevention of competition in the relevant market.”

PCC said that its decision was based on three main points — the competition in the construction services market, the link between the companies as major market players, and the potential possibility of overlapping business.

“The Commission found that competition between construction companies was robust due to the presence of numerous qualified contractors in the construction services market,” PCC said.

According to the PCC, it found that the relationship between House of Investments and EEI Corp., where it owns a majority stake, will not block other construction companies from finding customers.

“The Commission found that the companies working together on this project do not have overlapping businesses, and that the presence of numerous companies in the market helps in sustaining competition,” PCC said.

NOT FEASIBLE?
Rene S. Santiago, former president of the Transportation Science Society of the Philippines, said the Sangley Point Airport in not expected to be feasible with the current operations of Ninoy Aquino International Airport (NAIA), Clark International Airport and the development of the New Manila International Airport (NMIA) in Bulacan.

“For the Philippines, Sangley Airport is one too many airports. Airports are agglomerative, contrary to the adage of the more the merrier. Sangley is unlikely to be viable without two conditions: closure of NAIA and an expressway link to Manila,” Mr. Santiago said in a Viber message on Monday.

For Nigel Paul C. Villarete, senior adviser on PPP at the technical advisory group Libra Konsult, Inc., the Sangley Point Airport remains important and still has the potential to be economically sound.

“We still need to build the road connection to Metro Manila. It may have its advantages; many world capitals have multiple airports. The determinant conditions are economic viability which will be dependent on passenger volume,” Mr. Villarete said in a Viber message.

DoTr’s Mr. Lim said that the current plan right now is to enhance the existing facilities as a general aviation airport.

“Sangley is now operating on a limited basis. There are limited operations through general aviation aircraft,” he said.

Mr. Lim also added that the next important infrastructure that needs to be built is a dedicated road to Cavite City.

“So that airlines will be attracted to relocate their operations to Sangley, because the customers would always be sensitive about that. Right now, that is a missing piece,” Mr. Lim said, although he declined to further give details about this plan.

The Cavite Provincial government awarded the $11-billion project to the consortium in 2022.

The consortium is targeting to develop the airport into an international hub that will meet future demand.

The National Government currently operates Cavite City’s Sangley Point as a supplemental runway to the Ninoy Aquino International Airport.

In February 2023, the SPIA consortium and the Cavite provincial government signed the joint-venture and development agreement for the project’s implementation.

House of Investments, along with other Philippine members of the consortium, including MacroAsia Corp., signed the development agreement with the Cavite provincial government.

Samsung C&T Corp., Munich Airport International GmbH, and Ove Arup & Partners Hong Kong Ltd. are also involved in the project.

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