>>> BP / Sees $1B in group-wide restructuring charges over coming year, to revie

Sees $1B in group-wide restructuring charges over coming year, to review further cuts to CAPEX - Upstream strategy presentation to investors 

In October, BP told investors this could result in reductions of $1 billion to $2 billion in capital expenditure across the Group in 2015 against guidance of $24 billion to $26 billion laid out in March. This will be reviewed further as part of the 2015 plan, recognising the current outlook for oil prices.

CE: "We expect to see growth from our conventional and deepwater assets and an increasing contribution from gas. And we also have a quality pipeline of opportunities that we believe are capable of extending underlying growth well beyond 2020. Our focus throughout will remain firmly on safe operations, execution efficiency and greater plant reliability."

About one third of its Upstream projects around the world are operated under production sharing contracts and it is also investing in high quality gas projects which are typically less sensitive to oil price movements. Importantly, while BP approves projects at $80 a barrel, it also already tests each at $60 a barrel to understand the resilience of the portfolio at a range of prices. It will also continue to consider lower price sets as appropriate.

Between now and 2020, the Upstream team's focus will be on delivery, through safe and reliable operations, strong execution in the existing base business, and the start-up of a suite of new projects which are expected to be capable of adding over 900,000 barrels of oil equivalent a day of net incremental production to BP's portfolio by 2020. BP will also be progressing opportunities expected to continue to drive underlying growth into the next decade as it builds out its well-established conventional and deepwater oil positions and a distinctive and material portfolio of gas options.

>>> Crystal Amber Fund may conduct placing --> could see more spec. on SBRY.

--> Crystal Amber was mentionned as potential activist fund in SBRY, could see more spec on SBRY as soon as placement done

Crystal Amber Fund may conduct placing, Sanlam Securities advises

The Board [of Crystal Amber Fund] is considering a secondary issue of new ordinary shares in the Company ("Shares") (the "Placing") to facilitate further investment opportunities, in the light of the Company's recent performance. By way of background, the Company delivered a 68.5 % NAV total return in the three year period to 4 December 2014 and a 85.1 %. increase in the Share price over the same period.

Accordingly, the Board, the investment manager and investment adviser believe that the Fund is appropriately positioned to continue to deliver attractive returns, through its focus on special situation holdings which are more
dependent upon self-help and active engagement than upon macroeconomic recovery. Preliminary discussions have therefore been initiated with certain of the major shareholders regarding the potential to finance further investment
opportunities through a secondary issue of Shares. The Board believes that by increasing the size of the Fund, it will be able to acquire larger holdings offering the potential to increase its influence, invest in larger companies
with increased liquidity and help drive down further the Fund's total expense ratio.

In light of positive feedback from these discussions, the Board has instructed the Fund's advisers to give consideration to the implementation of the Placing.

The Board intends that any such secondary issue would be priced at a price equal to at least the prevailing NAV per share. As at 30 November 2014, the NAV per share was 150.07p, which equated to a market capitalisation of
approximately GBP 113m. The Board also intends to continue the discount management policy, through the implementation of the Fund's Share buyback programme, for the foreseeable future, subject to the Board's discretion and the requirements of the AIM Rules.

The Fund's advisers intend to discuss the potential for a secondary issue of Shares with other holders of Shares ("Shareholders") and with potential new investors and a further announcement in relation to the Placing and the
obtaining of the requisite approval of Shareholders will be made in due course.

Sanlam Securities UK Limited is the Nominated Adviser. Numis Securities Limited is the Broker.

(Les Echos) 152 députés socialistes réclament à Manuel Valls le rachat des conce

EXCLUSIF + DOCUMENT Dans une lettre envoyée la semaine dernière, ces élus demandent au Premier ministre d'agir avant la fin de l’année.

La pression politique s’accroît sur le gouvernement dans le dossier des autoroutes. Alors que la majorité vient d’adopter des amendements visant à supprimer une exemption fiscale dont bénéficiaient les sociétés concernées, 152 députés socialistes ont écrit la semaine dernière au Premier ministre pour lui demander de prendre une mesure plus radicale : le rachat anticipé des concessions, avant la fin de cette année.
Les parlementaires rejoignent ainsi Jean-Paul Chanteguet, président de la commission Développement durable à l’Assemblée et rapporteur d’une mission d’information qui travaille depuis plusieurs mois sur le sujet. Le député (PS) doit présenter le rapport dans quelques jours, mais a déjà exposé sa principale proposition à la presse : la résiliation par anticipation, pour motif d’intérêt général, des concessions autoroutières , une possibilité prévue par les contrats signés en 2006.
C’est cette mesure que réclament les élus socialistes dans leur lettre, dont « Les Echos » ont eu communication : « Il s’agirait là d’un puissant acte de gauche.[...]Loin de nationaliser les concessions, comme cela a été écrit à tort pour mieux renvoyer cette proposition vers le passé, vous placeriez l’Etat en position de force, vous lui donneriez de réels moyens de négocier, dans de meilleures conditions, de nouveaux contrats de délégations à des sociétés privés, qui pourraient d’ailleurs fort bien être les nouveaux concessionnaires  », écrivent-ils.
L’ensemble des sensibilités du Parti socialiste
Jusqu’ici, ni François Hollande ni Manuel Valls ne semblaient prêts à examiner ce scénario. La lettre, envoyée le 4 décembre dernier, va-t-elle changer la donne ? Les 152 signataires représentent l’ensemble des sensibilités du Parti socialiste. Parmi eux figurent les sept présidents de commission, ainsi que Bruno Le Roux, le président du groupe à l’Assemblée, Delphine Batho, Henri Emmanuelli. La lettre rassemble des « frondeurs », mais aussi des députés proches de Manuel Valls, comme Christophe Caresche.
Le principal écueil, pour que la demande des députés soit exaucée, concerne son calendrier. Le rachat par anticipation «   ne peut se faire qu’au 1er janvier de chaque année, moyennant un préavis d’un an, notifié au concessionnaire, rappelle la lettre. Un rachat acté avant le 31 décembre 2014 permettrait de travailler tout au long de l’année 2015 à la mise en œuvre d’une autre gestion du réseau autoroutier [...] pour une application au 1er janvier 2016. [...] A contrario, laisser passer cette date équivaudrait à conforter les actuelles sociétés concessionnaires dans leur position de force ».
Les délais semblent toutefois extrêmement serrés avant la trêve des confiseurs. L’exécutif pourrait en tirer argument pour ne pas accéder à la demande des députés. Au risque que cet épisode laisse des traces dans la majorité.

>>> Salle Pleyel receives four takeover bids

Salle Pleyel receives four takeover bids - Newswire Round-up
Story
Fimalac, the investment company of entrepreneur Marc Ladreit de Lacharriere, the event company Eurosites, the entertainment production company Morgane and private investor Jean-Marc Dumontet are competing to acquire the Paris-based concert hall Salle Pleyel, according to a newswire.

The AFP report cited an announcement from the owner Cite de la Musique stating that the transaction is pending a decision from Paris Appeal Court scheduled for 16 December. Marie-Christine Tarditi, the wife of the previous owner, is contesting the sale of the venue in 2009 for EUR 60.5m, the piece noted.

Cite de la Musique is a state-owned group of institutions dedicated to music.

>>> BT deal to acquire O2 'imminent'

BT deal to acquire O2 'imminent'

BT Group, an FTSE-100 telecoms company, is about to agree the acquisition of Telefonica’s O2 UK mobile network, according to a Daily Mail report. The newspaper cited sources familiar with the talks who last night, 9 December said a deal is “imminent.”

BT is in discussions to acquire O2 or rival EE, owned by French rival Orange and German competitor Deutsche Telekom.

An agreed deal to acquire O2 could be announced as soon as this week, the item said.

All of the companies involved declined to comment, according to the report.

A Financial Times report said BT held a board meeting yesterday, 9 December to discuss whether to go ahead with a bid for either O2 or EE. The newspaper cited one person familiar with the talks who said BT executives have informed investors that buying O2 would be a simpler transaction than acquiring EE. O2’s mobile spectrum is more suitable for BT and O2’s brand is considered stronger, the item said.

EE would be the more expensive of the two potential deals, the article said, citing EE’s larger network and customer base, the report continued. Orange and Deutsche Telekom’s joint ownership of EE might make a deal more complicated, the article added.

All parties refused to comment, the FT report said.

A report in The Times also said BT is likely to announce whether it will bid for O2 or EE by the weekend. The report went on to cite industry insiders who suggested that BT considers O2 to be its main takeover target.

O2 would probably sell for about GBP 10bn (EUR 12.67bn), The Times article estimated.

A Daily Telegraph report cited unspecified sources who said BT is hoping to agree a deal for O2 or EE before Christmas and to conduct due diligence swiftly.


Source Daily Mail, Financial Times, The Times

>>> What to look at today - 10th of December 2014

US Market Closed Mixed with Dow & S&P down and NAsdaq & Russel higher at the end of the day. After China Performance and move on greece, sentiment was very cautious...The strength among small caps emboldened investors to delve into some other high-beta areas like biotechnology and chipmakers...Outside of technology, energy (+0.9%), materials (+0.3%), and industrials (+0.1%) were the only other advancers on the cyclical side. The energy sector ended in the lead while crude oil jumped 1.1% to $63.82/bbl...Volume were ahead of average @ 810mil shares...VIX @ 14,89 +4,79%...After the biggest decline in Shanghai A-shares in 6 years on Tuesday, today's session is notably more benign. China CPI slowed to a 5-year low of 1.4% and PPI fell by the biggest y/y rate in 18 months. Slowing consumer inflation was attributed in part to continued fall in oil prices, as non-food component slowed to 1.0% from 1.2%. Disappointing CPI/PPI numbers prompted a fresh round of analyst calls for more PBoC easing to take place as soon as this month...USD/JPY pair remains under pressure just below ¥119, consolidating the sharp US-morning dive to the ¥118 handle. Japan cabinet official Seko said the govt should include measures dealing with the adverse effects of weak yen in the economic stimulus, as voter surveys showed concerns over the excessive decline in exchange rate. An Asahi report did note that the ruling LDP/Komeito coalition could actually come away with a super-majority on election-day Sunday with more than 2/3 of seats in lower house of Parliament. Japan economic data saw Manufacturing BSI survey for Q4 miss estimates, as corporates also lowered projections for FY14/15 capital spending to +4.9% y/y from +5.7% prior forecast...Nikkei -2,25%.. Hang Seng +0,62%..Shanghai +3.13%

Eur$ 1,2389 S&P +0,08% EuroStoxx +0,50% Dax +0,58% SMI+0,43%

Macro :
- China Nov. Auto Sales 1.78m Units
- China Nov. Consumer Prices Fall 0.2% on Month

Keep an eye on :
- ACA FP : Credit Agricole to Discuss Chifflet Succession Dec. 17: Echos
- ATC NA : Altice Signs Definitive Pact W/Oi to Buy Portugal Telecom
- BG LN : APA Group Planning A$1.8b Rights Issue for BG Assets: AFR
- BP/ LN : BP to Invest More Than $12b in Egypt in Next 5 Yrs: Reuters
- CU FP : Fosun Group to Make New Offer for Club Mediterannee: FT Bidders aim to list Club Med in Hong Kong and Brazil,
- CDI FP : Christian Dior: Shareholders Adopt All Resolutions at Meeting, tp ay gross dvd E3,10/shr
- DTE GY : Deutsche Telekom Wins Cable Fees Clash With Kabel Deutschland
- DTE GY / TMUS US : T-Mobile Offers Unlimited 4G LTE Data for Businesses
- JAZ SM : Alken Sells Jazztel Stake, Ending Bid to Raise Price: Expansion
- NFLX US : Mark Cuban remains positive on the company and would buy more if the price went lower
- UG FP : Peugeot Citroen Plans EU1.5B of Investments to 2017: L’Agefi
- PTC PL : Portugal Telecom Says Isabel dos Santos Offer Too Low
- ROG VX : Roche Says Data Show Prognostic Value of Preeclampsia Test
- SAN FP : Sanofi’s Weinberg to Focus on Diversification: Handelsblatt --> in veterinary medication
- SAN SM : Santander: Not Considering Buying Santander Consumer USA Shrs
- SRG IM : S&P cuts rating one notch to BBB from BBB+; outlook revised to Stable from Negative
- STAN LN : U.S. Said to Be Ready to Extend Standard Chartered Probe: WSJ
- TSCO LN : Tesco Insurers Said to Face Possible Payouts for Legal Costs: FT
- TUI GY : TUI AG FY Underlying Ebita Beats Estimates
- VIV FP : Vivendi Outlook to Positive From Stable by S&P
- VWS DC : Vestas: U.S. Court Approves $5m Payment to Settle Class Action
- ZTS US : Zoetis Spiked After Sanofi Vet Med Comments in Handelsblatt

>>> Brokers Upgrades & Downgrades - 10th of December 2014

>>> Up
*AIR FRANCE-KLM CUT TO SECTOR PERFORM AT RBC CAPITAL
*AMLIN RAISED TO NEUTRAL VS UNDERWEIGHT AT JPMORGAN
*BP RAISED TO BUY AT DEUTSCHE BANK
*PRYSMIAN RAISED TO BUY VS NEUTRAL AT GOLDMAN
*SERCO RAISED TO NEUTRAL VS UNDERWEIGHT AT HSBC
*SPIRENT RAISED TO BUY VS HOLD AT LIBERUM
*ZUMTOBEL RAISED TO NEUTRAL VS UNDERWEIGHT AT HSBC

>>> Down
*MIDSTATES PETROLEUM CUT TO HOLD VS BUY AT SOCGEN
*MEGAFON CUT TO UNDERWEIGHT AT BARCLAYS
*M.VIDEO CUT TO EQUALWEIGHT VS OVERWEIGHT AT BARCLAYS
*MILLICOM CUT TO UNDERWEIGHT AT BARCLAYS
*MTS CUT TO EQUALWEIGHT AT BARCLAYS
*SHELL CUT TO HOLD AT DEUTSCHE BANK
*VIMPELCOM LTD CUT TO UNDERWEIGHT AT BARCLAYS

>>> PT Changes


>>> Initiation
*CERVED RATED NEW BUY AT BERENBERG, PT EU5.80
*CLOETTA RATED NEW BUY AT BERENBERG, PT SEK29.60
*MONITISE RATED NEW BUY AT JEFFERIES, PT 45P
*RENTOKIL RATED NEW NEUTRAL AT UBS, PT 112P
*TLG IMMOBILIEN RATED NEW BUY AT UBS, PT EU14

>>> Call

FT : Bidders aim to list Club Med in Hong Kong and Brazil

Bidders aim to list Club Med in Hong Kong and Brazil

Fosun International and its partners bidding to take control of Club Méditerranée intend to list the French holiday group in Hong Kong and Brazil to raise funds worth hundreds of millions of euros.
Fosun, China’s largest privately held conglomerate, and its partners would use the new listings to help fund an ambitious investment programme, allowing one of the biggest brands in global tourism to expand in emerging markets such as China, Latin America and Russia.

“We intend to raise new capital in Hong Kong and São Paulo,” Nelson Tanure, the Brazilian investor, told the FT on Tuesday. Mr Tanure is a partner in Fosun’s Gaillon Invest II special-purpose vehicle.
The plans come as Gaillon is locked in a ferocious battle with Italian investor Andrea Bonomi for control of Club Med in what has now become the longest takeover struggle in French history.
Mr Tanure, who joined Fosun’s bid as a minority partner, said that Gaillon was gearing up to outbid Mr Bonomi yet again. “We are going with a new offer,” Mr Tanure said.
Mr Tanure, who has interests in oil and gas, telecoms and real estate in Brazil, said that Gaillon would look to retain a 51 per cent stake in the French holiday group following the planned listings. He confirmed that the group would also keep Club Med listed on the Paris stock market.
On Friday, Mr Bonomi and his partners, which include US private equity firm KKR, said they would offer €24 per share for Club Med, valuing the company at €915m. That came just four days after Gaillon had improved its own offer to €23.50.
Mr Bonomi said that he would take the specialist in all-inclusive getaways private so as to allow time to implement his investment strategy. “Club Med needs a period of calm,” he told a press conference.
Mr Tanure said that Fosun, whose partners include Club Med management, was in discussions with two new partners that were looking to join the Gaillon Invest II vehicle — though he did not give details.
Gaillon has rejected the tactic of making a substantial single increase in its offer in the hope of dissuading Mr Bonomi and his Global Resorts vehicle from bidding again.
Instead, it has decided to continue to bid incrementally. France’s stock market authority, the AMF, has said that any new bids must be at least 2 per cent higher than the €24 per share offer made by Mr Bonomi.
Gaillon Invest II has also decided to take its time presenting a new offer. It has until December 19 to do so, and is likely to delay presenting an offer until that date — or near it. “We are not going to lose this deal,” Mr Tanure said.

(BFW) Alken Sells Jazztel Stake, Ending Bid to Raise Price: Expansion

BN 12/10 06:25 *ALKEN SELLS JAZZTEL STAKE, ENDING BID TO RAISE PRICE: EXPANSION
Alken Sells Jazztel Stake, Ending Bid to Raise Price: Expansion
2014-12-10 06:31:42.828 GMT


By Ben Sills
Dec. 10 (Bloomberg) -- Alken Asset Management sells entire
6% stake in Jazztel saying other stocks off better
opportunities, Expansion reports.
* Alken had rejected Orange’s bid of EU13 / shr for Jazztel,
saying co. was worth EU20 / shr
* NOTE: Last week, Orange’s Jazztel Bid Gets In-Depth EU Probe
on Pricing Concerns Link

Link to Company News:{JAZ SM <Equity> CN <GO>}
Link to Company News:{ORA FP <Equity> CN <GO>}

For Related News and Information:
First Word scrolling panel: {FIRST<GO>}
First Word newswire: {NH BFW<GO>}

To contact the editor responsible for this story:
Ben Sills at +34-91-700-9603 or
bsills@bloomberg.net

>>> Asian Update

Asian Market Update: China CPI falls to 5-year lows amid energy price slump


***Economic Data***
- (CN) CHINA NOV CPI Y/Y: 1.4% V 1.6%E (5-year low)
- (CN) CHINA NOV PPI Y/Y: -2.7% V -2.4%E (33RD STRAIGHT MONTH OF DECLINE; Steepest fall in 18 months)
- (JP) JAPAN Q4 BUSINESS SURVEY INDEX (BSI) LARGE ALL INDUSTRY Q/Q: 5.0 V 10.0E; BSI LARGE MANUFACTURING Q/Q: 8.1 V 12.7 PRIOR
- (JP) JAPAN NOV CONSUMER CONFIDENCE: 37.7 V 39.5E (4th straight monthly decline and lowest since April)
- (JP) Japan Oct Conference Board Leading Economic Index m/m: 0.4% v 0.3% prior
- (JP) JAPAN NOV CGPI (PPI) M/M: -0.2% V -0.3%E (4th consecutive decline); Y/Y: 2.7% V 2.6%E (8-month low)
- (AU) AUSTRALIA DEC WESTPAC CONSUMER CONFIDENCE INDEX: 91.1 (lowest since Aug 2011) V 96.6 PRIOR; M/M: -5.7% V +1.9% PRIOR
- (AU) AUSTRALIA OCT HOME LOANS M/M: 0.3% V 0.1%E (1st rise in 3 months)
- (NZ) New Zealand REINZ Nov House Price Index: 4,118.7 v 3,989 prior; House Sales Y/Y: +6.5% v -2.4% prior
- (KR) SOUTH KOREA NOV UNEMPLOYMENT RATE: 3.4% V 3.5%E (4-month low)
- (KR) South Korea Nov Bank Lending to Households (KRW): 513.7T v 507.7T prior
- (KR) South Korea Nov Import Price Index M/M: -0.8% v -1.1% prior; Y/Y: -7.9% (27th consecutive decline) v -7.6% prior
- (PH) PHILIPPINES OCT UNEMPLOYMENT RATE: 6.0% v 6.7% PRIOR

***Index Snapshot (as of 02:30 GMT)***
- Nikkei225 -1.8%, S&P/ASX flat, Kospi -1.3%, Shanghai Composite +0.4%, Hang Seng -0.2%, Dec S&P500 -0.1% at 2,057

***Commodities/Fixed Income***
- Feb gold flat at $1,230, Jan crude oil -0.9% at $62.94/brl, Mar copper -0.5% at $2.91/lb
- GLD: SPDR Gold Trust ETF daily holdings rise 3.7 tonnes to 721.8 tonnes; Highest level since Nov 17th, biggest increase since Sept 10th
- (US) API PETROLEUM INVENTORIES: CRUDE: +4.4M (largest build since Oct 15th) v -2.5Me, GASOLINE: +6.7M v +2Me, DISTILLATE: +4.3M v +0.5Me
- (US) PIMCO: Raises Total Return Fund's holding of US Treasuries to 37% in Nov from 35% in Oct
- (JP) BOJ offers to buy ¥450B in 1-3yr JGB, ¥450B in 3-5yr JGB, ¥240B in 10-25 yr JGB and ¥160B in JGB with maturity over 25-yr
- JGB: (JP) Yield on Japan's 10-yr JGB falls to 20-month low of 0.4%
- (AU) Australia MoF (AOFM) sells A$600M in 4.5% bonds due 2033; Average yield: 3.4022%; Bid-to-cover: 1.85x
- USD/CNY: (CN) PBoC sets yuan mid point 6.1195 v 6.1231 prior setting (strongest Yuan setting since Mar 3rd)

***Market Focal Points/Key Themes/FX***
- After the biggest decline in Shanghai A-shares in 6 years on Tuesday, today's session is notably more benign. China CPI slowed to a 5-year low of 1.4% and PPI fell by the biggest y/y rate in 18 months. Slowing consumer inflation was attributed in part to continued fall in oil prices, as non-food component slowed to 1.0% from 1.2%. Disappointing CPI/PPI numbers prompted a fresh round of analyst calls for more PBoC easing to take place as soon as this month. ANZ note forecasted a RRR cut, and JPMorgan issued 2015 easing projections containing one more PBOC interest rate cut, 2-3 RRR cuts, and other targeted measures. Regulators also scrambled to address the spike in market volatility, issuing a warning to retail investors about the risks in equity trading while also calling brokerages to determine the impact of yesterday's market drop. Separately, China Securities Depository and Clearing (CSDC) announced that new stock accounts in the week of Dec 5th rose over 60% to 598K - the highest total since 2009.

- USD/JPY pair remains under pressure just below ¥119, consolidating the sharp US-morning dive to the ¥118 handle. Japan cabinet official Seko said the govt should include measures dealing with the adverse effects of weak yen in the economic stimulus, as voter surveys showed concerns over the excessive decline in exchange rate. An Asahi report did note that the ruling LDP/Komeito coalition could actually come away with a super-majority on election-day Sunday with more than 2/3 of seats in lower house of Parliament. Japan economic data saw Manufacturing BSI survey for Q4 miss estimates, as corporates also lowered projections for FY14/15 capital spending to +4.9% y/y from +5.7% prior forecast.

- Australia Westpac Consumer Confidence slumped to its lowest level in over 3 years. Chief economist remarked that while concerns over job security may be an overreaction, they do pose "significant risks to spending, particularly over the course of the next few months." AUD/USD fell to session lows below $0.8270 after the China CPI data but has since recovered above $0.8320 going into Australia close.

- Ahead of tomorrow's RBNZ rate decision, the NZIER Shadow Board forecasted a 67% chance of a hold, up from 62% before the last decision. A more neutral RBNZ statement would likely put further pressure on the kiwi, with market expectations previously anticipating renewed tightening in the first half of 2015. Earlier today, NZD/USD fell to $0.7660 after Fonterra cut its FY14/15 payout forecast for farmgate milk price to NZ$4.70/kg from NZ$5.30/kg, citing geopolitical uncertainty and subdued demand from China amid elevated inventory levels.

***Equities***
US markets:
- VG: Announces Strategic Initiatives; To exit Brazil consumer operations; Board approves $100M share buyback program (about 15% of market cap); +2.4% afterhours
- BRCM: Guides Q4 higher to R$2.075-2.15B v $2.09Be ($2-2.15B prior); increases dividend, approves $1B buyback program (4.3% of market cap); -0.6% afterhours
- CMTL: Completes Review of Strategic Alternatives; will remain independent; -3.9% afterhours
- YUM: Guides initial FY15 EPS growth of at least 10%; -4.4% afterhours
- KKD: Reports Q3 $0.18 v $0.20e, R$122.9M v $124Me; -5.1% afterhours

Notable movers by sector:
- Consumer Discretionary: Skymark Airlines 9204.JP +8.7% (ANA considers alliance)
- Energy: Senex Energy SXY.AU +6.3% (capex plan for rest of FY15); Beach Energy BPT.AU +1.1% (new agreement with Origin Energy)
- Industrials: Geely Automobile 175.HK -0.3% (Nov result)
- Technology: Tencent 700.HK -1.6% (Chairman cut stake)
- Utilities: GCN Power 1816.HK +20.1% (IPO debut)
- Telecom: PCCW 8.HK +1.4% (approval to extend TV license)