South Africa's Steinhoff considers

Exclusive: South Africa's Steinhoff considers sale of PSG, KAP stakes to lift liquidity -sources
JOHANNESBURG/ FRANKFURT (Reuters) - South Africa’s Steinhoff (SNHG.DE) is considering selling stakes worth a combined $1.4 billion in local companies PSG Group and KAP Industrial to help plug a liquidity gap at the retailer, two sources familiar with the matter said.
FILE PHOTO: A Poundland employee checks products in a store in London, Britain November 10, 2015. REUTERS/Stefan Wermuth/File Photo
Steinhoff (SHFFp.J), the owner of more than 40 retail brands including Conforama, Mattress Firm and Poundland, is fighting for survival after more than $14 billion was wiped off its market value last week following its disclosure of accounting irregularities and the exit of its chief executive.
The company has said it planned to raise around 2 billion euros ($2 billion) from the sale of non-core assets and the proceeds of debt repayments from its African unit Steinhoff Africa Retail (SRRJ.J), to fill a hole in its balance sheet.
“It cannot get any more non-core than their stake in PSG,” a source in Johannesburg said. “It is on the table and so is the stake in KAP.”
The likely sale of the stakes was corroborated by a second source based in Frankfurt, who said they were first on the list of possible divestitures to plug funding holes.
Steinhoff owns about 25 percent of PSG, a 60 billion rand ($4.40 billion) investment holding company, and 39 percent, or of diversified industrial group KAP Industrial (KAPJ.J), which is worth around 6.1 billion rand at current market prices.
Steinhoff, KAP Industrial and PSG Group declined to comment.
The Johannesburg source, who declined to be named because he is not authorized to speak to the media, also said the stakes would most likely be sold in chunks via a so-called accelerated book build to institutional investors.
Steinhoff said on Sunday it had called in turnaround specialist AlixPartners to help shore up its liquidity. It also hired U.S investment bank Moles & Co to help it prepare for a delayed meeting with lenders in London next week.
Additional reporting by TJ Strydom in Johannesburg; Editing by James Macharia and Alexander Smith
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new tax cuts exceeded

Our newspaper Beijing on March 30 (reporter Wu Qiu yu) 30, the state administration of taxation, held in Beijing "optimize the tax business environment, power quality and economic development" theme forums, invite business on behalf of the tax reform, conspiracy future tax power enterprise development policy, and thus opened the prelude to a national tax awareness month twenty-seven. Party secretary, director of the state administration of taxation, wang jun said at the meeting, the party since the 18th, the tax authorities insist on real implementation of the preferential tax policy, new tax cuts for 2017 alone more than 380 billion yuan. Settle the payment of credit card debt  by CCB(Asia)'s personal loans with low interest rate and flexible repayment tenor. Clear all your card debts and achieve greater financial flexibility by applying our service now! This year the government work report and the state council executive meeting on March 28, put forward a series of tax cuts down the negative measures, focusing on the real economy, advanced manufacturing and modern service industries, small micro enterprises, fair treatment, such as the VAT rate of 17% and 11% were lowered by 1%, is expected to the reform can achieve tax 240 billion yuan.
The professional accounting and audit services from easyCorp helps to prepare profit tax return, validate tax balance sheet accounts and facilitate your business with other tax-related advisory support. According to the introduction, the tax data reflects the steady state of economic stability in our country. VAT invoice data show, this year the economic development of our country got off to a good start, 1-2 months, with high technology and new kinetic energy equipment manufacturing industry sales growth of 12.3%, higher than 4.7% in December last year; The growth rate of the new kinetic energy service industry was 50.1%, up from 22.7 percentage points in December last year, which reflected the good momentum of the transformation of enterprises. The contribution of the private sector has been steadily improved, with the coordinated development of consumption, investment and export, and the release of economic vitality, momentum and potential. This is the result of the continuous improvement of supply-side structural reform, and the result of the efforts of enterprises to expand and contribute positively.
Symposium, China telecom, SOHO China, haier, hkust xunfei (002230), huajian, pig eight quit network, suitable abundant international holdings (002352), Melinda renewable energy, deloitte China, PWC companies such as head of tax reform, to carry out the preferential tax policies, puts forward the opinion suggestion to enhance the level of collection and management services. The general administration of taxation said that it would review one article, carefully study it and respond to it as soon as possible, and as a point of improvement in the tax work Immuno Oncology Symposium . People's Daily

Has there been a problem? Most definitely

Johnson promises 'control' on uni pay Image caption University senior pay will be put under tougher scrutiny by new regulations
Universities Minister Jo Johnson says that excessive pay for university bosses will be brought "under control" by new regulations, which he told the BBC would appear in the new year.
Mr Johnson said he was "absolutely convinced" a new regulator, the Office for Students, will tackle pay concerns.
The minister promised "greater restraint... in setting top salaries".
It comes after protests over the former head of Bath Spa University receiving more than ?800,000 in her final year.
The pharmaceutical wholesale distributors provide detailed information of products for reliable usage. 'Has there been a problem? Most definitely'
Mr Johnson's comments follow a series of protests over vice-chancellors' pay in recent weeks - including at the University of Bath, the University of Southampton and this week at Bath Spa.
"Has there been a problem? Most definitely," said Mr Johnson. But he said universities now recognised the need to answer public concerns about value for money.
"I think they really are starting to get it," said the universities minister, who said that a "new regulatory framework" would be published by the government in the new year.
Image copyright Getty Images Image caption Jo Johnson says universities have to address value for money for students
Mr Johnson said the Office for Students would require universities to ensure their "governance is fit for purpose".
Universities are autonomous institutions, but the minister said there needed to be an understanding of the "perception of value for money" from the public.
In the new year, this would mean rules requiring much clearer evidence of the independence of committees deciding vice-chancellors' pay.
'Major review'
Universities will also have to explain the pay gap between top earners and the rest of their staff.
"When students are paying for their own tuition fees, there is a greater expectation of greater accountability to students, but also to the taxpayer, who is underwriting the student loan book," said Mr Johnson.
"Value for money is at the heart of why we set up the Office for Students," he said.
But he said he was "concerned that the proportion of students in England who feel they are not getting value for money is greater than those who feel they are getting good value for money".
The universities minister said that details of the "major review" of tuition fees and university funding - promised by Prime Minister Theresa May - would also appear in the "coming weeks".
But Mr Johnson has defended the structure of the current system as ensuring that more disadvantaged students can go into higher education and that universities are better funded.
In the dispute over pay at Bath Spa University, there have been calls by the UCU lecturers' union for an "urgent overhaul" of senior university pay.
Accounts for Bath Spa University show Prof Christina Slade was paid ?429,000 "for loss of office" on top of her ?250,000 salary and other benefits.
A spokeswoman for Bath Spa said the sum represented "value for money". Collaboration with Asia's Top Universities - PolyU fosters long-term partnership in academic and research collaboration with top universities in asia. Most of them are the top 10 Chinese universities and top ten universities in Asia.

reasons why skin care should not be mixed

Everyone goes to different environments throughout their lives. Completely closed room, the dust fly long distances on a business trip, when working against ultraviolet light interference, leisure, etc., different environment will bring different effects on the skin. Also, because of the skin to constantly adapt to the new environment, so it is easy to appear fatigue, and aging. Of course, you don't have to take a whole bunch of different skincare products to deal with these different environments. You just need to master your skincare skills, and you can keep your skin at your best regardless of the environment. Recently, the United States several authoritative skin experts told several assumptions life scenes of skin care essentials, to help you create the survival state of the abuse of the best, hope you can get enlightenment, healthy, beautiful skin Dream beauty pro .

Scene one: working hours
Because the chemicals in the paper will dry out the skin, put some moisturizer on the table and use it every day.
You also need sunscreen in the office. Office of glass will not filter UVA rays (UVA), and it is main cause of the spots (like office jade-like stone light will also accelerate the ageing of the skin, because it will produce A small amount of UVA rays.
Scene 2: the traffic jam
You're driving your family to the suburbs on a summer day, but you're stuck in a traffic jam Dream beauty pro.

Remember to prevent sunscreen. Cover your face, neck, forearm, hands, especially the UVA rays that come in through the window.
Open the window, even a small slit to ensure the air flow in the car.
Scene 3: court

I hope we can have a good exercise on the court.
Dermatology experts have been warning us, too much sun is harmful to the body, especially the UVA (UVA and UVB rays (uv-b) radiation. UVA can let the skin loses elasticity, UVB can let the skin burns. And then it turns red, which is what we usually say about sunburn.
Stay away from the sun, put on a visor, and put on a T-shirt. Rest in the shade or in the car at leisure Dream beauty pro hard sell .
Outdoor sports are easy to cause skin cancer, some obviously exposed parts, such as legs, arms, shoulders and face should be coated with at least SPF (sun protection factor) 30 or higher multiples of sunscreen, but don't forget to ear, the neck and hair, spray sunscreen is a good choice.
Wear sunscreen gloves if possible. Usually, the skin of the back of the hand is aging faster than the face, just because we focus on the face of the sun and ignore the sun protection of the opponent.
Scene 4: the plane
Make sure you get plenty of sleep before you fly, and stay away from drinks that speed up your skin, such as tea, coffee, and cola.
The moisture on the plane is only half as high as the ground, and after a few hours of flying, the skin can become dry, yellow and lifeless. So, not only do you need to moisturize during the flight, but you'll need to use some moisturizing products before and after you get on the plane.
The average person is used to drinking a glass of wine on a long flight. It is a very comfortable thing to do, and it can relieve the loneliness of the journey. But alcohol accelerates the drying of the skin. Of course, drinking lots of water instead of alcohol is the most basic way to cope with dry skin.
Wash your hands frequently. For aircraft cabin air is circulating, so is the flu viruses such as breeding ground, in order to prevent all kinds of bacterium infection during the flight, wash their hands and rub hand cream is a good solution.
After a long flight, people look haggard, so you can bring your skin care to your side and decorate the plane's bathroom with a tired face Dream beauty pro hard sell.