Kai Sotto juggles basketball, studies during Batang Gilas’ Fiba Asia stint

first_imgThe MVP votes are due, and let the annual debate begin Green group flags ‘overkill’ use of plastic banderitas in Manila Sto. Niño feast Jo Koy draws ire for cutting through Cebu City traffic with ‘wang-wang’ View comments Carpio hits red carpet treatment for China Coast Guard PLAY LIST 02:14Carpio hits red carpet treatment for China Coast Guard02:56NCRPO pledges to donate P3.5 million to victims of Taal eruption00:56Heavy rain brings some relief in Australia02:37Calm moments allow Taal folks some respite03:23Negosyo sa Tagaytay City, bagsak sa pag-aalboroto ng Bulkang Taal01:13Christian Standhardinger wins PBA Best Player award P16.5-M worth of aid provided for Taal Volcano eruption victims — NDRRMC Kai Sotto. Photo by Tristan Tamayo/INQUIRER.netNot even attending to academic obligations kept Kai Sotto from playing true to form in the Philippines’ successful stint in the Fiba Under-16 Asian Championship.Sotto was the lone player from Batang Gilas allowed to use his cellphone throughout the team’s campaign in Foshan, China as he needed to finish his school work.ADVERTISEMENT Scientists seek rare species survivors amid Australia flames Nadine Lustre’s phone stolen in Brazil Judy Ann’s 1st project for 2020 is giving her a ‘stomachache’center_img Lights inside SMX hall flicker as Duterte rants vs Ayala, Pangilinan anew MOST READ True to his word, Sotto delivered as he averaged 16.8 points, 13.5 rebounds and 2.5 blocks per game to lead Batang Gilas to a fourth-place finish and a spot in the Fiba U-17 Basketball World Cup.Sports Related Videospowered by AdSparcRead Next Jiro Manio arrested for stabbing man in Marikina Truck driver killed in Davao del Sur road accident Don’t miss out on the latest news and information. LATEST STORIES The team has a no-cellphone policy during the course of the tournament to keep the players away from any distractions.The Ateneo standout admitted it wasn’t easy having to prepare himself for the game and meet his academic requirements at the same time.FEATURED STORIESSPORTSGinebra beats Meralco again to capture PBA Governors’ Cup titleSPORTSAfter winning title, time for LA Tenorio to give back to Batangas folkSPORTSTim Cone, Ginebra set their sights on elusive All-Filipino crown“Before Fiba Asia we learned that I have summer classes. It’s hard because after every practice and game, every night I had to ask for my cellphone and some were wondering why I’m allowed to get my phone and they’re not,” said Sotto in Filipino.“It’s not that easy but I know that I will give everything because that’s the promise I told to myself that no matter what happens, I will give my 100 percent.”last_img read more

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Jupiter Moon Throws Curve Ball

first_imgThe little inner moon of Jupiter, Amalthea, isn’t dense enough.  A press release from Jet Propulsion Laboratory says that data from the Galileo spacecraft “shakes up long-held theories of how moons form around giant planets.”  Density of moons is supposed to decrease with radius around Jupiter, meaning that Amalthea should be the most solid.  Instead, it appears to be a loose rubble pile less dense than water.  An alternative theory, that it formed farther out and migrated or was captured, is also implausible.  “Amalthea is throwing us a curve ball,” one scientist said.  The original paper was published in Science May 27.11Anderson et al., “Amalthea’s Density Is Less than That of Water,” Science, Vol 308, Issue 5726, 1291-1293, 27 May 2005, [DOI: 10.1126/science.1110422].Planetary science is not exactly batting a thousand these days, even without curve balls.  Looks like she didn’t accept the date when sports dropout McFly proposed, “Amalthea, you are my density… er, I mean, my destiny.”(Visited 11 times, 1 visits today)FacebookTwitterPinterestSave分享0last_img read more

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SA, European firms in agribusiness JV

first_img4 July 2011 Senwes, which operates within the agricultural sector with focus in the Free State, North West and Gauteng provinces, and has its head office in Klerksdorp, in the North West, will benefit from Bunge’s expertise and capabilities in international grain and oilseed sourcing, logistics and risk management. Contributing to regional food security Bunge, which is listed on the New York Stock Exchange, buys, sells, stores and transports oilseeds and grains to serve customers worldwide. “Senwes is excited to be able to share in this opportunity, as its growth strategy of product and market risk diversification is being executed, amidst volatile and uncertain global economic times, which will contribute to ensure the sustainability of our business whilst adding value to our customer base and contributing to the development of the African sub-region,” said Senwes MD Francois Strydom. The integration of local, regional and global grains and oilseeds value chains is expected to enhance efficiencies in the local and regional markets, bring value to producers and end users of agricultural commodities and contribute to food security in the region. It also processes oilseeds to make protein meal for animal feed and edible oil products for commercial customers and consumers; produces sugar and ethanol from sugarcane; mills wheat and corn to make ingredients used by food companies; and sells fertiliser in North and South America.center_img “This joint venture represents a solid platform for Bunge’s growth in Southern Africa,” Bunge Europe CEO Jean-Louis Gourbin said in a statement earlier this year. “Bunge has found the right partner to expand its activities in the region and complement its expertise and competitive advantages in logistics, access to global markets and risk management.” Senwes will contribute its expertise and access to local and regional grain markets, as well as its high-quality infrastructure, while Bunge will provide its expertise in global commodity markets as well as its specialised international logistics capabilities. South African firm Senwes is entering into a joint venture with the European division of Bunge, a leading global agribusiness company, to develop grain and oilseed operations in South Africa both for the domestic market and for export to African countries. The agreement is expected to become effective during the course of this year, subject to receipt of regulatory clearances, including from the South African Competition Commission. SAinfo reporterWould you like to use this article in your publication or on your website? See: Using SAinfo materiallast_img read more

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Options on how to treat livestock sales due to adverse weather conditions

first_imgShare Facebook Twitter Google + LinkedIn Pinterest Brian E. Ravencraft, CPA with Holbrook & ManterThis article is a follow up to last month’s Crop Insurance Deferral  Considerations as we now turn our attention to options available should farmers find themselves in the unfortunate situation of having to sell livestock due to extreme weather conditions.Livestock sold due to weather related conditionsFarmers forced to sell livestock early to floods, drought, or other adverse weather conditions have two options:1.They may elect to include income from the sale of the additional livestock in the following tax year, or 2. Deem the forced sale as an involuntary conversion.For option one, as prescribed by Internal Revenue Code Section 451, the following conditions are required:The farmer uses cash method of accounting,The farmer can establish that the sale would have occurred but for the weather-related event, andThe weather event resulted in designation of that area (where the livestock resided or where the feed is normally obtained) as eligible for federal assistance. The designation can be made by the President, the Department of Agriculture, or other federal departments or agencies.For example, if Daniel, a cash method taxpayer, usually sells 500 head of cattle in a normal year. As a result of a severe drought, he sells 750 head during the current year at $1,000 per head and realizes $750,000 of income from his sale. The area was declared a disaster area by a federal agency and ruled eligible for federal disaster assistance. Daniel can defer $250,000 ($1,000 x 250 head) of income to the following year, which is the portion of the original $750,000 (750 head) that exceeded the normal number of cattle sold (500 head). Option two: Involuntary Conversion RulesThis one is perhaps the better solution. Under Code Section 1033, the sale of livestock (other than poultry) held for draft, breeding, or dairy animals due adverse weather-related conditions (droughts, floods and other weather related conditions designated as eligible for federal assistance) in excess of the number of livestock that normally would have sold can be treated as an involuntary conversion. To meet the involuntary conversion requirements, the farmer must replace the livestock within four years (the replacement period) after the end of the first year in which any part of the gain from the conversion is realized.This provision provides a much greater deferral opportunity over the one year deferral under Code Section 451, as explained above. In an involuntary conversion, the excess gain that was to be recognized on the sale reduces the basis of the replacement livestock. This procedure defers the gain until the replacement livestock is ultimately sold, which could be perhaps spread over several years. In most instances, the involuntary conversion election will be the most advantageous.The farmer has options when the involuntary election is made. No gain is recognized in the year of sale and the farmer has until the end of the replacement period to determine which of the following is most advantageous:Report the sale and gain in the year the event occurred on an amended return,Report the gain in the year after it occurred, orDefer the gain by reducing the basis of the replacement livestock.If the farmer cannot reinvest the proceeds from the sale in similar property or property related in the use of livestock, the code allows for the farmer to reinvest in other farm property to avoid recognition of the gain.Finally, livestock destroyed by disease, or are sold or exchanged because of disease can be treated as an involuntary conversion, but the replacement period is only two years.Over the course of your farming careers, you are bound to be hit with these situations. Know the tax ramifications and potential solutions can be a useful planning tool.As always, consult with your CPA about your concerns. If you don’t have a CPA relationship, we invite you to contact our firm. Brian E. Ravencraft, CPA, CGMA is a Principal with Holbrook & Manter, CPAs. Brian has been with Holbrook & Manter since 1995, primarily focusing on the areas of Tax Consulting and Management Advisory Services within several firm service areas, focusing on agri-business and closely held businesses and their owners. Holbrook & Manter is a professional services firm founded in 1919 and we are unique in that we offer the resources of a large firm without compromising the focused and responsive personal attention that each client deserves. You can reach Brian through www.HolbrookManter.comlast_img read more

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