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BBC is ‘urgently looking’ into issues raised by Brand report

BBC is ‘urgently looking’ into issues raised by Brand report

LONDON — Britain’s BBC said on Sunday it was “urgently looking into the issues” raised by allegations of sexual assault made against the broadcaster’s former employee, British comedian and actor Russell Brand, who denies the accusations.

Mr. Brand, 48, the former husband of US singer Katy Perry, worked on BBC radio programs between 2006 and 2008.

He issued a denial on Saturday to unspecified “very serious criminal allegations” hours before the accusations of sexual assaults, including rape, were published online by the Sunday Times newspaper and later aired on Channel 4 television.

The Times and documentary show Dispatches reported that the alleged incidents had taken place between 2006 and 2013 and said one woman had made an allegation of rape, while another said Brand assaulted her when she was 16 and still at school.

Two of the accusers reported that the incidents occurred in Los Angeles, the paper said.

A BBC spokesperson said in a statement: “The documentary and associated reports contained serious allegations, spanning a number of years. Russell Brand worked on BBC radio programs between 2006 and 2008 and we are urgently looking into the issues raised.”

Banijay UK, the production company behind a television show once hosted by Brand, said it had launched “an urgent internal investigation.”

“In light of the very serious allegations raised by Dispatches and The Times/Sunday Times investigation relating to the alleged serious misconduct of Russell Brand while presenting shows produced by Endemol in 2004 and 2005, Banijay UK has launched an urgent internal investigation,” it said.

Women’s charity Trevi, which helps women affected by violence and abuse, said it had ended its association with Brand, and Tavistock Wood, a talent agency, said in a statement it “has terminated all professional ties to Brand.”

“Russell Brand categorically and vehemently denied the allegation made in 2020, but we now believe we were horribly misled by him,” it said.

London’s Metropolitan Police said it had not received any reports in relation to the allegations.

“If anyone believes they have been the victim of a sexual assault, no matter how long ago it happened, we would encourage them to contact the police,” the police said in a statement. — Reuters

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Peso weakens anew vs dollar ahead of US inflation report

THE PESO depreciated against the dollar anew on Wednesday on expectations of a pickup in US consumer inflation last month.

The local currency closed at P56.72 versus the dollar on Wednesday, weakening by seven centavos from Tuesday’s P56.65 finish, data from the Bankers Association of the Philippines’ website showed.

The local unit opened Wednesday’s session at P56.68 per dollar. Its intraday best was at P56.60, while its weakest showing was at P57.73 against the greenback.

Dollars traded went down to $1.02 billion on Wednesday from the $1.11 billion on Tuesday.

The peso was dragged down by expectations of faster US inflation in August, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

“The peso depreciated anew amid potentially higher US consumer inflation reports due to be released tonight,” a trader likewise said in an e-mail.

US consumer prices likely increased by the most in 14 months in August amid a surge in the cost of gasoline, but an expected moderate rise in underlying inflation could encourage the Federal Reserve to keep interest rates on hold next Wednesday, Reuters reported.

The consumer price index (CPI) likely increased by 0.6% last month, according to a Reuters survey of economists. That would be the largest gain since June 2022 and would follow two straight monthly advances of 0.2%.

Mr. Ricafort added that a stronger dollar and higher global crude oil prices on Wednesday caused the peso to decline.

The dollar index, which tracks the currency against six peers, held firm, though moves were subdued, up 0.1% to 104.70, as traders awaited the US CPI reading for August.

The dollar index has surged 5% since late July and stands at its highest level in around half a year.

Meanwhile, oil prices jumped about 2% to a near 10-month high on Tuesday on a tighter supply outlook and optimism over the resilience of energy demand in major economies.

Brent futures rose by $1.42 or 1.6% to settle at $92.06 a barrel, while US West Texas Intermediate crude rose by $1.55 or 1.8% to settle at $88.84. Both benchmarks closed at their highest levels since November 2022.

For Thursday, the trader said the peso could weaken further following the US CPI report and ahead of the release of US producer price index data.

The trader sees the peso moving between P56.60 and P56.85 a dollar on Thursday, while Mr. Ricafort expects it to range from P56.60 to P56.80. — AMCS with Reuters

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Peso weakens against dollar as market awaits August inflation report

THE PESO inched down against the dollar on Monday as the market awaited the release of the August consumer price index report on Tuesday.

The local currency closed at P56.62 versus the dollar on Monday, weakening by 2.50 centavos from Thursday’s P56.595 finish, data from the Bankers Association of the Philippines’ website showed.

The local unit opened Monday’s session weaker at P56.65 per dollar. Its intraday best was at P56.49, while its worst showing was at P56.66 against the greenback.

Dollars traded went up to $1.59 billion on Monday from the $1.48 billion on Thursday.

The peso weakened ahead of the release of August inflation data, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

“[On Tuesday], we’ll get domestic inflation, which could hint at the BSP’s (Bangko Sentral ng Pilipinas) own policy path,” ING Bank N.V. Manila Senior Economist Nicholas Antonio T. Mapa said in a Viber message.

A BusinessWorld poll of 18 analysts yielded a median estimate of 4.9% for August inflation, near the lower end of the central bank’s 4.8-5.6% forecast for the month.

If realized, this would be faster than the 4.7% in July, but lower than the 6.3% print in August 2022.

It would also mark the 17th straight month that inflation exceeded the central bank’s 2-4% target.

The BSP last month kept benchmark interest rates steady for a third straight meeting, but signaled it is prepared to resume tightening if needed amid risks to inflation.

The Monetary Board left its overnight reverse repurchase rate unchanged at a near 16-year high of 6.25%. Interest rates on the overnight deposit and lending facilities were maintained at 5.75% and 6.75%, respectively.

The BSP has raised borrowing costs by 425 basis points (bps) from May 2022 to March 2023 to help bring down elevated inflation.

The Monetary Board will hold its next policy meeting on Sept. 21.

“We did note some inflows, possibly from remittances, over the long weekend helping offset anxiety over the outlook for the Fed policy stance,” Mr. Mapa added.

The US Federal Reserve raised interest rates by 25 bps in July, bringing its benchmark overnight rate to a range between 5.25% and 5.5%.

It has hiked rates by a cumulative 525 bps since it began its tightening cycle in March last year.

The Federal Open Market Committee will next meet on Sept. 19-20 to review policy.

The market expects the Fed to keep rates steady and possibly end its tightening cycle this month following soft economic data.

For Tuesday, Mr. Ricafort sees the peso trading from P56.50 to P56.70 against the dollar. — AMCS

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Stocks to move sideways before inflation report

PHILIPPINE STOCKS may move sideways this week ahead of the release of August inflation report and amid hopes that the US Federal Reserve is done hiking rates following soft US data that came out last week.

The Philippine Stock Exchange index (PSEi) inched up by 0.09 point or 5.81% to close at 6,181.06 on Friday, while the broader all shares index went up by 0.21 point or 7.19% to 3,341.97.

Week on week, the PSEi also gained 20.45 points or 0.33% from its close of 6,160.61 on Aug. 25.

For this week, trading will be driven by economic data, analysts said.

“This week’s market direction will be shaped by investors’ reaction to the latest US jobs report, China’s efforts to prop up its economy, and the Philippine August inflation print,” China Bank Securities Corp. Research Director Rastine Mackie D. Mercado said in an e-mail.

The market’s movement will be affected by US and local data releases, China Bank Capital Corp. Managing Director Juan Paolo E. Colet likewise said in a Viber message.

“Domestic inflation data for August will be top of mind for most investors. The expectation is that this will be higher than July’s 4.7%, but a steep jump could introduce fresh volatility to the market,” Mr. Colet said.

US job growth picked up in August, but the unemployment rate jumped to 3.8% and wage gains moderated, suggesting that labor market conditions were easing and cementing expectations that the Federal Reserve will not raise interest rates this month, Reuters reported.

The economy created 110,000 fewer jobs than previously reported in June and July, which some economists said suggested there had been business closures that were not previously captured.

The labor market is slowing in response to the US central bank’s hefty rate hikes to cool demand in the economy.

Meanwhile, a BusinessWorld poll of 18 analysts yielded a median estimate of 4.9% for August Philippine headline inflation, close to the lower end of the central bank’s 4.8% to 5.6% forecast for the month.

If realized, this would be faster than the 4.7% print in July, but lower than the 6.3% seen in August 2022.

It would mark the 17th straight month of inflation exceeding the Bangko Sentral ng Pilipinas’ 2-4% target for the year.

August inflation data will be released on Sept. 5, Tuesday.

“We also see the index possibly retesting the 6,150 support level after last week’s oversold rally fizzled out. A successful retest of a support level is an important indicator that the recent downtrend could be reaching a trough,” Mr. Mercado said.

For this week, Mr. Mercado placed the PSEi’s support at 6,150 and resistance at 6,370-6,420, while Mr. Colet put support at 6,150 and resistance at 6,350. — S.J. Talavera with Reuters

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