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BIR signals major push against smuggling of farm commodities

PHILSTAR/MIGUEL DE GUZMAN

THE Bureau of Internal Revenue (BIR) said on Monday that it will deploy as many personnel as needed to deter the smuggling of farm commodities.

“The BIR will deploy all revenuers needed to fully enforce the Anti-Agricultural Economic Sabotage Act,” BIR Commissioner Romeo D. Lumagui, Jr. said in a statement.

The recently signed law, which went into the books as Republic Act (RA) No. 12022, expanded the definition of agricultural products to cover livestock, aquatic products, and tobacco.

Under the law, selling tobacco products at 30% below the daily price index will be deemed an act of smuggling.

The law covers both unmanufactured and manufactured tobacco products. It will also include cigarettes, cigars, heated tobacco products, vape, or any form of tobacco product for smoking, heating, puffing, oral or nasal use.

For 2024, the government is expected to forego P33.7 billion in revenue due to the illicit tobacco trade, Mr. Lumagui told a forum last year.

RA 12022 also classifies the smuggling and hoarding of agricultural products as economic sabotage if the value of goods is over P10 million.

The possession of smuggled goods in a warehouse, vessel, vehicle, or other storage area also counts as economic sabotage under the law.

Violators could face a fine worth five times the value of the smuggled or hoarded goods, and face life imprisonment.

The law also empowers BoC to act against corporations or entities involved in acts of economic sabotage.

Finance Secretary Ralph G. Recto last week said the new law will help boost the government’s revenue collections.

“Through a stronger and stricter crackdown on these offenders, we protect our people’s access to affordable goods and boost our revenue collections, which will allow the government to provide more essential public services to Filipinos,” he said in a statement. — Beatriz Marie D. Cruz

Mabuhay Vinyl invests in P630-M expansion of Iligan City plant

MVC.COM.PH

THE Board of Investments (BoI) said Mabuhay Vinyl Corp. (MVC) has invested P630 million to expand production capacity in Iligan City by 68%.

In a statement on Monday, the BoI said that the company, the Philippines’ sole chlor-alkali producer, hopes to service growing demand for caustic soda and chlorine.

Caustic soda and chlorine are used in the production of laundry bleach, soap, and detergents.

“We recognize MVC’s role in nation-building as the prime supplier of organic and inorganic compounds needed by many industries to transform natural raw materials into consumer goods that are important in daily life,” BoI Executive Director for Investments Promotion Services Evariste M. Cagatan said. 

The expansion upgrades the company’s Ion Exchange Membrane Plant 2, which supplies crucial raw materials for consumer goods.

The works include improvements to its marine-tanker capacity and depot facilities to upgrade the facility’s distribution capabilities.

The upgrades include the adoption of energy-efficient technology, which promise to reduce power and steam consumption and carbon emissions, in line with government sustainably goals.

“This upgrade will not only enhance our operational efficiency but also increase our capacity by 68%,” MVC President and Chief Operating Officer Steve Pangilinan said.

“I am excited about the potential for more projects that will enhance MVC’s competitiveness in the industry,” he added.

According to the BoI, MVC is the only company in the Philippines that produces chlorine in commercial quantities. It also supplies over 50% of the country’s sodium hypochlorite needs.

“Our challenges will continue until we meet the growing demand in the Philippines,” MVC Chairman and Chief Executive Officer Yohei Chikamoto said.

“For that to be realized, we need seamless support from our authorities and shareholders, as well as consistent efforts by our dedicated employees,” he added. — Justine Irish D. Tabile

PHL inflation expected to ease further on decline in rice prices

PHILIPPINE STAR/MIGUEL DE GUZMAN

HEADLINE INFLATION is expected to ease further due to the decline in rice prices, ANZ Research said.

“Inflation is set to ease materially over the coming months as the reduced tariffs on rice imports soften food inflation and lower crude oil prices bring down transport inflation,” it said in its Asia Economic Outlook.

ANZ Research said it expects inflation to average 3.4% this year, in line with the Bangko Sentral ng Pilipinas’ (BSP) full-year forecast.

Inflation likely eased to 2.5% in September, based on the median estimate in a BusinessWorld poll of 15 analysts conducted last week. If realized, this would be sharply lower than the 3.3% posted in August and the 6.1% year-earlier reading.

This would also be the lowest monthly result in nearly four years or since the 2.3% reading in October 2020.

The Philippine Statistics Authority (PSA) is scheduled to release September inflation data on Friday, Oct. 4.

ANZ Research noted that easing rice prices will be the primary factor behind the downtrend in inflation, largely due to the tariff cut on rice imports.

In June, President Ferdinand R. Marcos, Jr. slashed tariffs on rice imports to 15% from 35% until 2028.

The PSA has reported that the rice component of inflation eased to 14.7% in August from 20.9% in July.

“Furthermore, lower crude oil prices have also helped ease transport inflation in recent months. Given slowing global demand, crude oil prices are expected to remain subdued in the coming quarters,” ANZ Research said.

“Moreover, rice production in the major rice-exporting countries (India, Vietnam and Pakistan) has turned up amid favorable rainfall on account of the La Niña weather pattern. This will increase the supply of rice in the global market and help lower rice prices.”

ANZ Research said that elevated inflation has “led to increased cost of living for consumers and hindered private consumption growth, while also depleting household savings.”

Household consumption, which accounts for over 70% of the economy, rose 4.6% in the second quarter, against the 5.5% growth from a year earlier.

“This is far below the pre-pandemic five-year annual average growth rate of 6.2%. The slow growth was mainly due to persistently high inflation since 2022 that led to a steep decline in current and future consumer confidence amid rising inflation expectations.”

“Despite softening inflation and lower interest rates, its impact on private consumption in 2024 is expected to be moderate at best,” it added.

Meanwhile, ANZ Research said that it expects the Bangko Sentral ng Pilipinas (BSP) to cut interest rates by 25 basis points (bps) in the fourth quarter.

The Monetary Board’s remaining meetings this year are set for Oct. 16 and Dec. 19.

“Given the improving inflation outlook, our forecasts are in line with the BSP’s expectations. In addition, we forecast another 100 bps of rate cuts in 2025 with the terminal rate at 5.00%.”

The central bank in August cut the key rate by 25 bps to 6.25% from the over 17-year high of 6.5%.

ANZ Research also expects the reserve requirement ratio (RRR) to be cut further in the coming years.

“We expect the BSP to deliver one of the deepest rate-cutting cycles in the region and the simultaneous liquidity injection, via three 250 bps RRR cuts each in 2023, 2024 and 2025, should further support risk appetite including banks’ demand for bonds.” — Luisa Maria Jacinta C. Jocson

Energy transition to depend on pace of industry upskilling

BW FILE PHOTO

TRAINING and upskilling of the energy workforce will help determine the pace of the Philippines’ energy transition, the British embassy said.

At a conference organized by Financial Executives Institute of the Philippines on Monday, Deputy Ambassador Alistair White said that getting the support needed for such upskilling is critical if the energy transition is to move forward.

“Upskilling people who have worked in the industry (will) ensure that they (are) able to access the benefit from the new economic opportunities which we are embracing,” Mr. White said.

Meanwhile, renewable energy developers are banking on energy storage systems to enable electricity delivery as the industry decarbonizes.

“One of the key parts of that is energy storage, batteries, pumped hydro — it doesn’t matter how you store it, as long as it’s relatively cheap,” according to Jonathan Back, ACEN Corp.’s group chief finance officer and chief strategy officer.

“All of these technologies have become lower in price as time has moved on and battery storage is also now in that category,” he added.

Mr. Back said that energy storage also needs to be deployed at “a gigantic scale” in order to “move renewables up the chain from being entirely intermittent to being a more dependable source of electricity.”

Vicente S. Pérez, Jr., chairman of Alternergy Holdings Corp. and a former Energy secretary, said the Philippines needs more energy storage systems to help address intermittency of renewables.

“We must have more energy storage — that could be pump storage, pump hydro, it could be flywheel, it could be battery farms — in order to (smooth out) intermittent power,” Mr. Pérez said.

The Department of Energy (DoE) is planning to conduct two green energy auctions this year, one of which involves integrated renewable energy and energy storage systems.

Separately, Swiss engineering company Sulzer said optimizing existing energy infrastructure could play a crucial role in the energy transition and promises a “practical way” to enhance energy security.

“The Philippines can benefit by balancing its energy transition with strategic investments in optimizing existing infrastructure such as rotating equipment to address power supply challenges and support the broader goal of reducing carbon impact,” Wong Chin Hean, Sulzer’s head of services for Southeast Asia, said in an e-mail interview.

Mr. Wong said that the Philippines, particularly the downstream sector, is facing struggles with “aging infrastructure and maintenance issues.”

“To deal with the need for constantly increasing demand, further efficiencies need to be unlocked — particularly in dealing with extending the service life of aging rotating equipment amid supply chain delays, the lack of OEM (original equipment manufacturer) repair services, and long lead times for spare parts,” he said.

Extending the life of current equipment, which may be pursued through retrofits, re-rates, and reverse engineering, offers a practical way to enhance energy security by increasing efficiency, reliability and output, while cutting carbon emissions.

“Instead of acquiring new equipment, extending the lifespan of existing assets has a significantly smaller carbon footprint,” Mr. Wong said.

Sulzer specializes in energy-efficient pumping, agitation, mixing, separation, purification, crystallization and polymerization technologies for fluids of all types. — Sheldeen Joy Talavera

Taxes on the sale of real property

The COVID-19 pandemic is now slowly becoming part of our forgotten history. Also slowly, real estate companies such as developers, dealers and lessors, are now gaining momentum en route to recovery and growth. With the more relaxed movement of people, real property values have risen alongside the enhanced foot traffic at commercial establishments. Having said this, knowing the proper taxes and tax compliance requirements on transactions surrounding real property have become a key business consideration for real estate companies.

In this article, let us tackle the tax rules applicable to sale of real property classified as “ordinary assets.”

DEFINITIONS
Real property under Revenue Regulations (RR) No. 7-2003 follows the definition laid down in Article 415 of the Civil Code of the Philippines which enumerates 10 items of real property, including land, buildings, roads and construction of all kinds adhered to the soil, and everything attached to an immovable object in a fixed manner, in such a way that it cannot be separated therefrom without breaking the materials or causing the deterioration of the object.

On the other hand, a real estate dealer is defined by RR No. 7-2023 as any person engaged in the business of buying and selling or exchanging real property and holding himself out as a full or part-time dealer in real estate. A real estate developer is any person engaged in the business of developing real property into subdivisions, or building houses on subdivided lots, or constructing residential or commercial units, townhouses and the like for his own account and offering them for sale or lease.

VAT-EXEMPT SALE OF REAL PROPERTY
Not all sale of real property is subject to value-added tax (VAT). In RR No. 1-2024, which amended RR No. 8-2021, it provides that the sale of real property not primarily held for sale to customers or held for lease in the ordinary course of trade or business; real property utilized for socialized housing; and house and lot, and other residential dwellings, with a selling price of not more than P3.6 million effective Jan. 1, 2024, is VAT-exempt.

SALE OF REAL PROPERTY SUBJECT TO VAT, TAXABLE BASE AND INVOICING REQUIREMENTS
Revenue Memorandum Circular (RMC) No. 99-2023 provides that generally, sales of real property classified as “ordinary assets” are subject to VAT (except for the transactions mentioned in the preceding part of this article).

Real property considered ordinary assets include the following: (a) Stock in trade of a taxpayer or other real property of a kind which would properly be included in the inventory of the taxpayer if on hand at the close of the taxable year; or (b) Real property held by the taxpayer primarily for sale to customers in the ordinary course of his trade or business; or (c) Real property used in trade or business (i.e., buildings and/or improvements) of a character which is subject to the allowance for depreciation provided under Sec. 34 (F) of the National Internal Revenue Code (NIRC) of 1997, as amended; or (d) Real property used in trade or business by the taxpayer.

Further, donation by a VAT-registered person of a real property used in the course of business of the donor-taxpayer and donation by a VAT-registered person of a real property originally intended for use in business are deemed sales of real property classified as ordinary assets and hence shall also be subject to VAT.

VAT, which is equivalent to 12%, shall be based on the gross sales. The definition of gross sales under the Ease of Paying Taxes (EoPT) Act means the total amount of money or its equivalent value in money which the purchaser pays or is obligated to pay to the seller in consideration of the sale, barter or exchange of the goods or property, excluding VAT. The excise tax, if any, on such goods or property forms part of the gross sales.

RR No. 99-2023, in relation to RR No. 16-2005, provides that the 12% VAT on the sale of real property be based on the gross selling price of the property, which is the consideration stated in the sale document or the fair market value (FMV), whichever is higher. The FMV is the higher of the zonal value and assessed value.

For VAT purposes, the sale of real property is classified into installment sale or deferred sale, which was left unchanged by the EoPT Act. It is considered a sale on installment plan if the initial payment in the year of sale does not exceed 25% of the gross selling price; otherwise, it is considered as having been executed on a deferred-payment basis.

In installment sale, the seller is required to recognize the output VAT on every installment payment, actually and/or constructively received, including interest and penalties. Correspondingly, the buyer can claim the input tax in the same period that the seller recognized the output tax.

In deferred-payment transactions, the sale is considered a cash sale; hence, the seller is required to recognize the output tax on the entire selling price in the month of sale, with the input tax accruing to the buyer at the time of sale. As such, any subsequent payment will no longer be subject to VAT.

The seller of real property classified as “ordinary assets” are required to issue a Sales Invoice. The same applies to a VAT-registered taxpayer engaged solely in the sale of services but sells a real property used in trade or business pursuant to the EoPT Act.

REPORTING OF SALE IN THE ITR
RMC No. 99-2023 states that if the seller’s registered business with the BIR is real estate, the sale forms part of its gross sales reported in the ITR. Otherwise, the sale, despite the issuance of a sales invoice, does not form part of gross sales, but the gain on such sale of real property must be declared as other taxable income in the ITR. The gain is computed by deducting the book value of the real property from the selling price indicated in the SI. Any creditable tax withheld by the purchase may be claimed as a tax credit.

The copy of BIR Form No. 1606 with proof of payment of the Creditable Withholding Tax must be attached to the ITR where the sales were declared by the seller.

OTHER TAX RETURNS TO BE FILED
The buyer of the real property must file BIR Form No. 1606 for the remittance of expanded withholding tax on the purchase of such real property, and BIR Form No. 2000-OT must be filed by either of the parties for the declaration and payment of the documentary stamp tax (DST) due on sale/transfer of real property.

RPVARA (REPUBLIC ACT NO. 12001)
In June, Republic Act No. 12001 or the Real Property Valuation and Assessment Reform Act (RPVARA) was signed into law. As a summary, this Act prioritizes the adoption and implementation of the Philippine Valuation Standard (PVS). The PVS aims to ensure uniformity in valuing real properties for taxation and other purposes. The law also establishes market value as the single valuation base for assessment, eliminating inconsistencies arising from different valuation methods.

With RPVARA, the BIR is no longer in the position of determining the zonal value of real property for internal revenue tax purposes. This function is now transferred to local assessors, who are required to adopt the PVS to ensure uniform valuation of real property. It is thus expected that the valuation of real property will now be uniform and easier, as this will be determined via the PVS. Hence, the computation of Capital Gains Tax and DST on sale of real property now has a uniform basis.

The law also grants a real property tax amnesty for unpaid real property taxes, including penalties, surcharges and interest. Property owners who want to avail of the amnesty may choose either a one-time payment or installment payment of delinquent taxes within two years after the law’s effectivity.

TAKEAWAYS
The sale of real property is considered to have special tax compliance rules. Hence, with the changes introduced by EoPT and RPVARA, we may expect new regulations to be issued by the BIR to ease the processing of related taxes for real properties and assist the real estate industry with its steady growth.

Let’s Talk Tax is a weekly newspaper column of P&A Grant Thornton that aims to keep the public informed of various developments in taxation. This article is not intended to be a substitute for competent professional advice.

 

Alexander M. Querido, Jr. is a manager of the Tax Advisory & Compliance division of P&A Grant Thornton, the Philippine member firm of Grant Thornton International Ltd.

pagrantthornton@ph.gt.com

Sebastian, Bacojo rule semis of National Chess Championships

MHAGE GERRIAHLOU SEBASTIAN

MHAGE GERRIAHLOU SEBASTIAN and Mark Jay Bacojo reigned supreme in the semifinals of the National Chess Championships at the PACE in Quezon City to lead the march to the finals where they will have a chance to a book a ticket to next year’s Bangkok Southeast Asian Games.

Ms. Sebastian, 19, survived a first-round defeat to LJ Getubig by scoring seven points in the last eight rounds including six victories to top the women’s section and make the finals tentatively scheduled this December also at the PACE.

There, the former national junior girls champion will battle against the national women’s team of Janelle Mae Frayna, Jan Jodilyn Fronda, Ruelle Canino, Shania Mae Mendoza and Bernadette Galas that captured the Category B gold in last month’s 45th FIDE Chess Olympiad in Budapest, Hungary.

Also making the finals were Allaney Jia Doroy, Vic Glysen Derotas, Cherry Ann Mejia and Bonjoure Fille Suyamin, who finished tied for second to fifth spots with 6.5 points each.

Mr. Bacojo, 18, for his part, split the point with International Master Ricky de Guzman in the last round and then edged Vince Angelo Medina and Alexis Emil Maribao in tiebreaks when they wound up tied for first with 6.5 points to snare the open crown.

Messrs. Bacojo, Medina, Maribao and De Guzman barged into the finals along with Phil Martin Casiguran where they will face a tough field of newly minted GM Daniel Quizon, GM John Paulo Gomez, and IMs Pau Bersamina and Jem Garcia, all part of the men’s team that went into Olympiad battle in Budapest.

Also invited and expected to join the finals set for Oct. 23 to Nov. 1 in Alicia, Isabela are GMs Darwin Laylo and Joey Antonio. — Joey Villar

CSB Blazers face SSC-R Stags for solo leadership of the NCAA Season 100

COLLEGE OF ST. BENILDE BLAZERS — FACEBOOK.COM/NCAA.ORG.PH

Games today
(Filoil EcoOil Arena)
11 a.m. – San Sebastian vs CSB
2:30 p.m. – Letran vs San Beda

COLLEGE of St. Benilde (CSB) will try to stay alone on top as it tangles with a sputtering San Sebastian College-Recoletos (SSC-R) even as Colegio de San Juan de Letran and San Beda University rekindle their age-old rivalry today (Oct. 1) in NCAA Season 100 at the Filoil EcoOil Arena.

Unflappable at the helm with a 5-1 mark, the Blazers shoot for another win against the Stags (2-5) in their 11 a.m. showdown that should fortify their hold of the solo lead.

If not, it will give the rabid chase pack headed by Letran to snatch a piece of the lead assuming it could survive a familiar foe in San Beda, the reigning titlist, when the two collide at 2:30 p.m.

The Knights are at No. 2 with the Mapua University Cardinals on 5-2 slates while the Lions are finding their rhythm and form after going a disappointing 3-3 in their first six outings.

CSB though is heavily favored to hurdle SSC-R, which has fallen from grace with a 2-5 record after opening its campaign with two wins in a row.

Allen Liwag and Justine Sanchez should be the Blazers’ battering rams after coming through huge in a 103-78 demolition of the Lyceum of the Philippines University Pirates Friday.

Mr. Liwag was the juggernaut after ramming his way to 22 points and 12 rebounds while Mr. Sanchez served as the wrecking ball by finishing perfect from the field after making all his five shots from the field and eight from the charity line for 18 points.

“We just have to continue to show aggressiveness from both ends,” said CSB coach Charles Tiu. — Joey Villar

Ardina fades with 4-over 75 for a share of 44th spot

DOTTIE ARDINA — FACEBOOK.COM/LPGA

DOTTIE ARDINA’S dream title run in the LPGA Tour went up in smoke as a fumbling finish doomed her bid in the NW Arkansas Championship in Rogers, Arizona Sunday.

Only one shot behind the leader at the start of the day, Ardina faded in the final push and limped with a woeful four-over 75 that scratched her out of contention and into a share of 44th spot when the dust settled.

The Paris Olympian finished the 54-hole event at six-under 207 — 11 strokes off the 196s of Thai Jasmine Suwannapura (61) and history-making American Lucy Li (60) who disputed the championship in a playoff.

Suwannapura forced a playoff with an eagle on her 72nd hole. Then, after a stalemate on the first playoff hole, she calmly sank an eagle after Li had already come up short on her third shot.

Ms. Ardina settled for a take of $11,004 (over P600,000) for this disappointing finish on the heels of her sizzling start of 65 and 67.

She’s left to rue her disastrous three-bogey performance on the front nine and a mixed bag in the back featuring a bogey-double-bogey card on the 12th and 13th that wasted her birdies on Nos. 10 and 14.

Ardina was the last Pinay bet standing in the tourney with Paris fourth-placer Bianca Pagdanganan and Fil-Japanese Yuka Saso missing the cut for the final round. — Olmin Leyba

Sun fend off Lynx down the stretch behind Alyssa Thomas

ALYSSA THOMAS scored 17 points and nearly finished with a triple-double as the Connecticut Sun won Game 1 of a WNBA semifinal series, beating the Minnesota Lynx 73-70 in Minneapolis on Sunday night.

Thomas made the Sun’s final two shots with under a minute to play and went 8-for-12 from the floor in addition to piling up 10 rebounds and nine assists. Connecticut also got 20 points from Marina Mabrey and 10 points and 11 boards from DeWanna Bonner.

The Sun held the Lynx to just eight points in the fourth quarter.

“For us, it really came down to getting stops,” Thomas said. “I’m one of the leaders of this team. I’ve been here my whole career. Nothing changes. We’re in the pursuit of a championship.”

Napheesa Collier had 19 points, nine rebounds and four assists for Minnesota, and Bridget Carleton added 17 points.

The Sun took a three-point lead, 71-68, with 53.8 seconds remaining when Thomas dribbled past Alanna Smith and drove to the basket from the left wing to hit a layup. Smith had five blocks on the night but couldn’t catch up with Thomas as she sank a crucial bucket.

Collier responded on the Lynx’s next possession, slipping a screen, catching a pass from Smith and connecting on a wide-open finger roll. But again, Thomas had an answer, sinking a 15-foot jumper to push the lead back to three points with 12.3 seconds left.

“We really didn’t have a play. I liked the matchup I had on me. When I saw the opening, I took the shot,” Thomas said.

Out of a timeout, Minnesota was forced to settle for a long-range 3-point attempt from Collier on the left wing with Bonner draped over her. The shot clanked off the back iron and the buzzer sounded.

“We respect the hell out of her. We had to scheme for her,” Mabrey said of Collier.

Minnesota led by five points at the end of the third quarter after ending the frame on an 11-3 run that was capped by a 3-pointer from Courtney Williams.

Both teams had 13 turnovers, but the Sun scored 16 points off the Lynx’s mistakes while Minnesota mustered only eight points off Connecticut’s miscues.

Before the game, Minnesota coach Cheryl Reeve was presented with the WNBA Coach of the Year award, her fourth, and Collier was awarded the Defensive Player of the Year trophy for the first time in her career.

Bonner appeared in her 83rd playoff game, making her the WNBA’s all-time leader in postseason games played.

Game 2 is set for Tuesday in Minneapolis.

LIBERTY STRIKE FIRST IN SEMIFINAL SERIES WITH ACES
Breanna Stewart scored 34 points, Jonquel Jones recorded a double-double of 13 points and 12 rebounds and the New York Liberty never trailed in their 87-77 Game 1 win over the visiting Las Vegas Aces on Sunday in the WNBA semifinals.

New York opened a 2023 WNBA Finals rematch with an early 10-2 run that set the tone for the game. The Aces cut the Liberty lead to two points on two occasions near the midpoint of the second quarter but could never find a way to get the upper hand.

The win marked New York’s fourth in a row over the two-time defending champions, a run that includes a three-game sweep of the regular-season series. Game 2 of this best-of-five semifinal series is set for Tuesday in New York.

Stewart, Jones and Sabrina Ionescu combined to score all but 19 of the Liberty’s points. Ionescu finished with 21 points to go along with five assists, four rebounds and two steals.

“It’s helped all season, just being able to get into the paint, whether it’s finishing, driving (and) looking to kick, whether it’s dumping to the bigs or just looking to find my shooters,” Ionescu said. “But any time you’re able to get into the paint, it collapses the defense. That’s something I’ve tried to do all season, but (will look to continue to do) especially in this series.”

The trio including Ionescu also went 6-for-12 from 3-point range, accounting for most of New York’s 8-of-19 shooting from beyond the arc. Leonie Fiebich added the other two made triples on four attempts for all six of her points.

Las Vegas, meanwhile, shot 7-for-25 from long range. Kelsey Plum, who scored a team-high 24 points, went 4-for-8 while the rest of the Aces were 3-for-17 from deep.

New York was able to get to the free-throw line more effectively, as well, capitalizing on 19 makes in 23 attempts. Las Vegas was 12-for-15 at the charity stripe.

New York also pressured WNBA Most Valuable Player A’ja Wilson, making her work for her 21 points on 9-of-16 shooting. Six of Wilson’s points came in the final 3:46, with Las Vegas facing a double-digit deficit for the better part of the game’s final minutes.

“The whole (New York defense) is pretty much committed to taking away A’ja,” Las Vegas coach Becky Hammon said. “She had two, three people on her all night, so we’ve got to do a better job of getting her in space. But also, giving her outlets (to pass to), and that’s just about playing the right way.”

Jackie Young joined Wilson and Plum in double figures with 17 points. Alysha Clark added nine points off the bench, but no other Las Vegas scorer notched more than four points. — Reuters

Chiefs lose Rashee Rice, still clip Chargers; Purdy helps 49ers cruise past NE Patriots

SAMAJE PERINE snapped a fourth-quarter tie with a short touchdown run and Patrick Mahomes shrugged off a slow start to throw for 245 yards as the visiting Kansas City Chiefs stayed unbeaten with a 17-10 win over the Los Angeles Chargers on Sunday.

Mahomes completed 19 of 29 passes with a touchdown and an interception and overcame the early loss of receiver Rashee Rice, who caught 24 passes in the team’s first three games. Rice left Sunday’s contest in the first quarter due to a knee injury and didn’t return.

ESPN later reported the team fears Rice suffered a torn ACL.

Travis Kelce picked up the slack with Rice out and finished with season-high totals of seven catches for 89 yards, while Perine put Kansas City (4-0) ahead for good with a 2-yard scoring plunge with 6:04 remaining in the game.

Justin Herbert hit on 16 of 27 passes for 179 yards and a touchdown for Los Angeles (2-2), which managed only 224 total yards and 12 first downs.

The pregame storyline was centered around how Los Angeles would cope with a short-handed offensive line that didn’t feature either starting tackle due to injuries sustained in last week’s 20-10 loss in Pittsburgh.

But the Chargers got off to a fast start anyway, thanks in large part to Kansas City mistakes. After recovering a Carson Steele fumble at its own 26 just over two minutes into the game, Los Angeles marched 74 yards for a 7-0 lead that came on Herbert’s 7-yard touchdown pass to rookie Ladd McConkey.

Kristian Fulton then intercepted Mahomes on the Chiefs’ next snap. While trying to tackle Fulton, Mahomes dove helmet first into Rice’s knee. Rice was carted off the field and Los Angeles soon made it 10-0 on Cameron Dicker’s 50-yard field goal.

Kansas City struck back with 4:06 left in the first half on the first play after a punt. Mahomes unleashed a bomb that Xavier Worthy grabbed for a 54-yard score. The Chiefs had a chance to tally again before the break, but two holding penalties forced them to settle for a 65-yard field-goal try that Harrison Butker missed as time expired.

SAN FRANCISCO 49ERS
Brock Purdy completed 15 of 27 passes for 288 yards and a touchdown Sunday to help the San Francisco 49ers end a two-game losing streak by beating the visiting New England (NE) Patriots 30-13.

Purdy tossed a 12-yard touchdown pass to tight end George Kittle in the second quarter. He also had a pass intercepted in the end zone by Jabrill Peppers in the fourth.

San Francisco’s Jordan Mason carried the ball 24 times for 123 yards and a touchdown, and caught two passes for 37 yards. The 49ers’ other TD came when linebacker Fred Warner intercepted a Jacoby Brissett pass and returned it 45 yards for a score in the first minute of the second quarter. Warner left the game late in the second quarter with an ankle injury. — Reuters

Slick Spurs romp to 3-0 win over 10-man Manchester United

MANCHESTER, England — Tottenham Hotspur’s Brennan Johnson, Dejan Kulusevski and Dominic Solanke got on the scoresheet in a 3-0 victory over 10-man Manchester United in the Premier League on Sunday as the visitors ran roughshod over the bedraggled Old Trafford side.

Ange Postecoglou’s Spurs climbed to eighth in the table on 10 points after six games, while beleaguered United, who saw captain Bruno Fernandes sent off in the 42nd minute for a high challenge on James Maddison, are 12th with seven points in a loss that will again raise questions about manager Erik ten Hag.

Tottenham went ahead in the third minute when defender Micky van de Ven carried the ball over half the length of the pitch before playing a low centre across the six-yard box for the wide open Johnson to tap in for his fourth goal in four games.

“Eleven v 11, or 11 v 10, we completely dominated the game,” Johnson said. “We had a clear game plan and we did exactly what we wanted to do.”

Spurs continued to run circles around United on a nightmare evening for Dutchman Ten Hag in rainy Manchester.

“To concede a goal after two or three minutes like that, it did something to our belief,” he said. “Totally unnecessary. — Reuters

Cross-border M&A recovers in Asia as dealmakers look abroad for further growth

FREEPIK

HONG KONG/SINGAPORE — Cross-border mergers and acquisitions (M&A) involving companies in the Asia-Pacific region have recovered this year and are booming in Japan as businesses seek new growth after adjusting to cope with higher interest rates.

The total announced value of such deals rose 25% year on year to $286 billion as of Sept. 30, LSEG data showed, with around 80% of them transacted with an entity outside the region.

“There has been a notable pick-up in cross-border transactions as political stability returned to some markets just as pent-up demand for investments and dealmaking and adjustments to higher interest rates began to drive M&A activity again,” said Andre Gan, a M&A partner at Wong & Partners, a member law firm of Baker McKenzie in Kuala Lumpur.

Overall, Asia M&A totaled $622 billion in the first nine months of the year, down 0.2% from the same period in 2023, LSEG data showed.

The cross-border recovery was partly boosted by a number of mega-deals, including Canadian firm Alimentation Couche-Tard’s $38.5-billion all-cash takeover bid for Japanese convenience store owner Seven & i Holdings, the largest announced M&A deal globally this year.

Rupert Murdoch-controlled Australian firm REA Group has also been bidding aggressively for British real estate portal Rightmove, having sweetened its offer to $8.3 billion after three previous proposals were rejected.

Japan is going to drive the region’s multibillion-dollar deals, bankers said, as relaxed corporate governance rules have made its public companies more open to takeovers, while some of the local champions are seeking to expand overseas.

Japan inbound M&A surged more than 16-fold so far this year to a record $74 billion, while outbound deals were up 49% to $50 billion, LSEG data showed.

Texas-headquartered real estate investor Hines, which owned and operated $93 billion worth of assets as of June 30, is actively looking for opportunities globally including Asia, its Asia Chief Investment Officer Ng Chiang Ling told Reuters last month.

Having acquired some assets in Japan and Singapore this year, Hines also sees opportunities in Australia, Ms. Ng said.

In Southeast Asia, cross-border transactions are picking up. German insurer Allianz announced in July that it was planning to buy a majority stake in Singapore’s Income Insurance for about $1.6 billion to strengthen its foothold in Asia.

“Looking forward, 50% of the APAC pipeline is made up of global cross-border transactions,” said Rohit Satsangi, Deutsche Bank’s co-head of M&A, Asia Pacific.

Mr. Satsangi said he expected a resurgence of outbound activity by state-owned companies in China that are searching for renewable and natural resources assets globally.

A bounce in China would be welcomed by dealmakers. China outbound deals totaled $14 billion so far this year, down 8% year-on-year and were at the second-lowest level in the last decade, LSEG data showed.

Wong & Partners’ Gan said the overall outlook for M&A in the region was expected to improve, including for deals that did not cross borders.

“Heading into 2025 and 2026, considering the recent easing of interest rates by the US Fed and conclusion of the US elections in late 2024, we expect continuing stability to lead to a resurgence of M&A activity,” he said. — Reuters

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