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Liberty earned it

The 2024 Women’s National Basketball Association Finals counts among the finest in history, and not simply because it went the distance. Every match was closely fought, with Games One and Five needing extra periods to be settled. If nothing else, the average margin of victory of five points showed just how much the Liberty and the Lynx were evenly matched on either end of the court. The competition wasn’t always pretty; in fact, yesterday’s do-or-die affair featured a combined 94 missed shots, 24 turnovers, and 38 fouls — not exactly the types of numbers that equate to a classic.

That said, there can be no denying that all the clunkers from both the Liberty and the Lynx — including Sabrina Ionescu’s abhorrent one-of 19 clip and Courtney Williams’ two-of-14 mark to accompany five turnovers — served to shine the spotlight on the outstanding efforts even more. There was Finals Most Valuable Player Jonquel Jones’ efficient 17 points and six boards, approximating her series average and highlighting her consistency throughout. There was Defensive Player of the Year Napheesa Collier’s star turn as the best on the floor in every set-to. There was Breanna Stewart’s workmanlike line of 13 points, 15 rebounds, four assists, one steal, and three blocks, her poor shooting notwithstanding. There was Kayla McBride’s all-around effort in putting up 21, five, five, and four.

In retrospect, the Liberty wound up lifting the hardware via a combination of talent, resolve, and no small measure of good fortune. To be sure, the Lynx were as deserving of the title, and may well have brought home a record fifth had they not been done in by controversial calls and non-calls in the crunch. One of those — on Alanna Smith despite seemingly good coverage — led to Stewart’s twin charities with five seconds left that subsequently forced overtime. And such was the heartbreak that head coach Cheryl Reeve could not help but argue, “This s—t was stolen from us.”

Granted, officiating was iffy at best in critical junctures of all five contests. For all the missteps by the referees, however, to contend that they decided the outcome of the entire affair would be to do the players a disservice. Given the pace and extremely physical nature of the proceedings, there will invariably be contact that is missed or misjudged. Meanwhile, the truly determined march on and endeavor to control what they can. Which is to say the Liberty have earned their place in hoops annals, and the Lynx have motivation to ensure that next year will have a different outcome.

 

Anthony L. Cuaycong has been writing Courtside since BusinessWorld introduced a Sports section in 1994. He is a consultant on strategic planning, operations and human resources management, corporate communications, and business development.

Dow Jones, New York Post sue AI firm for ‘illegal’ copying of content

A survey conducted by PwC Philippines in partnership with MAP showed that 40% of the CEOs in the country said that they have already adopted generative artificial intelligence (GenAI). — REUTERS/DADO RUVIC/ILLUSTRATION

MEDIA BARON Rupert Murdoch’s Dow Jones and New York Post filed a lawsuit against Perplexity AI on Monday, claiming the artificial intelligence (AI)startup engages in a “massive amount of illegal copying” of their copyrighted work.

The lawsuit is the latest salvo in a bitter ongoing battle between publishers and tech companies over how the latter may use copyrighted content without authorization to build and operate their AI systems.

“This suit is brought by news publishers who seek redress for Perplexity’s brazen scheme to compete for readers while simultaneously freeriding on the valuable content the publishers produce,” according to the lawsuit filed in the Southern District of New York by Wall Street Journal parent Dow Jones and the New York Post.

Perplexity did not immediately respond to e-mails from Reuters seeking comment.

The AI company is among the leading startups attempting to uproot the search engine market dominated by Alphabet’s Google. It assembles information from webpages it deems to be authoritative, then provides a summary directly within Perplexity’s own tool.

Perplexity uses a variety of large language models (LLMs) to generate its summaries, from OpenAI to Meta’s open-source model Llama. It provides citations in those results, though Perplexity’s own marketing promotes the notion that its interface enables users to “skip the links.”

Google likewise now shows AI-generated summaries similar to those offered by Perplexity, though most publishers grudgingly accept that arrangement because opting out would also mean having their content removed from Google’s search results, which would render them virtually invisible online.

The news publishers seek to differentiate Perplexity from search engines, which they argue allow for the discovery of their work, not a substitution for it, according to the lawsuit.

In the suit, the News Corp-owned publishers say their journalists investigate and write stories under tight deadlines and unpredictable circumstances. There is high demand for high-quality news presented in a timely, digestible format, and these publications rely on the sale of advertising and subscriptions to underwrite the cost of journalism, they argue.

The news organizations allege Perplexity’s AI-generated “answer machine” has ingested its copyrighted news stories, analysis and opinion in an internal database used to generate responses to users’ questions.

In its quest to provide answers, Perplexity copied “vast” quantities of the publishers’ work into a database, which uses an AI technique known as retrieval-augmented generation (RAG) to provide answers to users’ queries, the suit alleges.

Perplexity formulates its responses in a way that, at times, reproduces the content verbatim, the news organizations claim. The suit alleges these actions constitute an unlawful copyright infringement.

“Perplexity perpetrates an abuse of intellectual property that harms journalists, writers, publishers and News Corp,” News Corp CEO Robert Thomson said in a statement.

In July, Dow Jones and the New York Post sent a letter to Perplexity notifying it of the legal issues raised by its unauthorized use of copyrighted works, and offering to discuss a potential licensing deal. The company did not respond, according to the suit.

The news organizations are asking the court to stop Perplexity from using its news articles as the basis for providing answers to questions, and to order the destruction of any database using its copyrighted work.

With its lawsuit, News Corp is joining the ranks of multiple publishers that have sued AI companies for copyright infringement over their use of content without authorization, both to train algorithms and to generate summaries of real-time information.

Earlier this month, New York Times sent Perplexity a “cease and desist” notice demanding it to stop using the newspaper’s content for generative AI purposes.

Perplexity has also faced accusations from media organizations such as Forbes and Wired for plagiarizing their content, but has since launched a revenue-sharing program to address some concerns put forward by publishers. Some publishers are signing licensing agreements with AI companies open to paying for content, although the sides often disagree over the value of the materials. Many AI developers argue they have broken no laws in accessing them for free.

In May, News Corp announced it had struck a multi-year partnership with OpenAI, with Mr. Thomson applauding the tech company for understanding “that integrity and creativity are essential” to realize the potential of artificial intelligence.

While Perplexity has drawn the most scrutiny for its practices, it is not alone among AI companies in circumventing a common web standard used by publishers to block the scraping of their content, content licensing startup TollBit told publishers over the summer. — Reuters

Higher prices are here to stay — IMF chief Georgieva

A Black Friday sale sign is displayed outside a makeup store at Roosevelt Field shopping mall in Garden City, New York, U.S., Nov. 24, 2017. — REUTERS

WASHINGTON — Higher prices are here to stay, which adds to economic pain also stemming from slow growth and high debt, the International Monetary Fund’s (IMF) managing director, Kristalina Georgieva, said on Monday.

“The pain we all feel because prices have gone up is here to stay, and a higher level of prices makes many people around the world quite angry too,” she said in a speech at the Bretton Woods Conference.

“We are faced with this unforgiving combination of slow growth and high debt.”

She said the world economy is performing reasonably well, but cautioned that concerns remain. “Trade is growing slightly slower than global growth,” she added.

The IMF will update its global growth forecasts on Tuesday. While Georgieva did not specify, she said growth is expected to be above 3%.

The IMF’s 2024 global real gross domestic product growth forecast is at 3.2% and for 2025 it stands at 3.3%.

She added that climate risks are hurting some countries’ economic prospects.

The IMF and World Bank annual meetings which started on Monday are expected to draw more than 10,000 people from finance ministries, central banks and civil society groups. Topics under discussion include ways to boost patchy global growth, deal with debt distress and finance the transition to green energy. — Reuters

Southeast Asia needs to boost investments fivefold by 2035 to meet climate goals, IEA says

A WORKER works at a solar power plant in Phetchaburi province, Thailand, Aug. 23, 2017. — REUTERS

SINGAPORE — Southeast Asia needs to increase clean energy investments to $190 billion, about five times the current level, by 2035 to achieve its climate goals, the International Energy Agency (IEA) said on Tuesday.

Ramping up energy investments needs to be accompanied by strategies to reduce emissions from the region’s relatively young fleet of coal-fired plants, the IEA said in a report.

It added that rapid economic expansions were expected to pose challenges for energy security and climate goals.

However, a push to close coal power plants in emerging markets, backed by rich Western nations, is facing delays after a July deadline passed without a deal on the early closure of an Indonesian pilot project.

Electricity demand in Southeast Asia is set to grow at an annual rate of 4% in the coming years, with clean energy sources such as wind and solar, alongside modern bioenergy and geothermal power, projected to meet more than a third of the growth in energy demand in the region by 2035, the IEA report says.

Still, it would not be enough to rein in the region’s energy-related carbon dioxide (CO2) emissions, which are set to increase by 35% between now and mid-century, it says.

“Clean energy technologies are not expanding quickly enough and the continued heavy reliance on fossil fuel imports is leaving countries highly exposed to future risks,” the IEA’s Executive Director Fatih Birol said.

The region as a whole attracts only 2% of global clean energy investment despite accounting for 6% of global GDP, 5% of global energy demand and being home to 9% of the world’s population, according to the report.

Expanding and modernizing the region’s power grids to support greater shares of variable renewable energy will require annual investment to double to nearly $30 billion by 2035, the IEA said. — Reuters

Mystery overseas account increases its Trump bids on betting site

RAWPIXEL.COM

NEW YORK — One of the four accounts on Polymarket that have fueled speculation over their large bets on a Trump election victory has taken even bigger wagers, increasing the collective potential payout if Trump wins from $30 million on Friday to nearly $43 million Monday morning, according to Polymarket’s activity tracker.

The four accounts on the cryptocurrency-prediction exchange are owned by non-Americans or a single non-American, a person familiar with the matter told Reuters on Friday, speaking on condition of anonymity.

The bets, coming with the rise in Mr. Trump’s odds on Polymarket, have drawn scrutiny because they diverge sharply from opinion polls. Polls have indicated a neck-and-neck race between Vice-President Kamala Harris and former President Donald Trump.

On Polymarket, however, Mr. Trump’s chances have soared to 63% versus Harris’s 37%. Odds on other prediction markets, such as Kalshi and PredictIt, have followed suit.

That has raised questions by social media users and prediction-market experts about whether large bets were swaying the markets or whether prediction markets were simply a better leading indicator.

On Monday, Commodity Futures Trading Commission (CFTC) Chairman Rostin Behnam said betting on the election “puts us in a very difficult place. It makes us an election cop.”

Speaking to a Wall Street trade group, Mr. Behnam said Congress should weigh in on the permissibility of election-related betting, noting that “we don’t want to put democracy and elections in jeopardy.”

Polymarket shares are priced on the probability of the outcome. If Trump’s chances of winning the election are trading at 60 cents, for example, it means that the market thinks there is a 60% chance of a Mr. Trump win, according to the website. If Mr. Trump wins, the buyer gets $1 per share. If Mr. Trump loses, the shares become worthless.

Social-media users had questioned whether high-profile Americans could be behind the moves. The source confirmed to Reuters on Friday that Polymarket verifies its largest traders and the accounts were based overseas.

Reuters could not immediately determine if the four accounts -— named Fredi9999, Theo4, PrincessCaro, and Michie — represent a single trader or many. Those accounts added up to holding nearly $43 million in shares in total on Monday, compared with $30 million on Friday. One share equals one dollar.

Bettors on Polymarket have wagered $1.1 billion on the presidential race.

Polymarket, based in New York, did not respond to a request for comment on Monday regarding the increased size of the accounts.

Americans have faced steep restrictions on betting on US elections online. The CFTC has previously rejected applications to offer contracts or derivatives that allow Americans to bet on elections.

The CFTC did not respond to a request for comment on Monday. — Reuters

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.

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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

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