TheChek News Flow

*ITALCEMENTI SHRS INDICATED 67% UP IN PRE-MARKET
2015-07-29 06:46:15.9 GMT

--FRANCESCA CINELLI

-0- Jul/29/2015 06:46 GMT

BN 07/29 06:08 *FRANCE AUTHORIZES ADP TO RAISE ITS TARIFFS, LA TRIBUNE SAYS

France Authorizes ADP to Raise Its Tariffs, La Tribune Says
2015-07-29 06:18:31.918 GMT


By David Whitehouse
(Bloomberg) -- The French govt. has validated a plan for
2016-2020 under which Aeroports de Paris will see its tariffs
frozen ex. inflation in the first year and then be allowed to
raise rates ex. inflation by 1% in the four following years, La
Tribune reports.

* Airlines had been seeking a cut: La Tribune
* Newspaper does’t say where it got the information
* Link to story: {http://bit.ly/1SMcm7B}

Link to Company News:{2292074Z FP <Equity> CN <GO>}
Link to Company News:{ADP FP <Equity> CN <GO>}
Link to Company News:{AF 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:
David Whitehouse at +33-1-5365-5059 or
dwhitehouse1@bloomberg.net

Tullow Oil Loss Narrows; FY Guidance Remains at 66-70Kbopd
2015-07-29 06:02:59.767 GMT


By James Cone
(Bloomberg) -- 1H op. profit $97m vs $36m y/y, says mainly
due to lower exploration write-off of $88m

* Loss after tax $68m vs $95m loss y/y
* 1H capex $783m; FY forecast remains $1.9b
* Net debt at end 1H $3.6b, with facility headroom, free cash
of $2.3b
* Says restructuring incl. job cuts and other cost savings
will save $500m over 3 years starting from 2H
* 1H West Africa oil production avg. 66.5kbopd with Jubilee
avg. 105kbopd
* Maintains FY guidance for 66-70kbopd, although gross Jubilee
avg. production now seen reverting to previous guidance of
100kbopd after S/T production constraints
* Avg. realized oil price after hedging for 1H $70.6/bbl vs
$106.7/bbl y/y
* Says TEN project on target, on budget for first oil in
mid-2016; ~65% complete
* 2H exploration campaign focused on Suriname (Spari), Norway
(Salander), Kenya (Cheptuket)
* Statement: NSN NS8JG03HHEDC<GO>

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

To contact the reporter on this story:
James Cone in London at +44-20-3525-2572 or
jcone@bloomberg.net
To contact the editor responsible for this story:
James Ludden at +44-20-3525-2645 or
jludden@bloomberg.net

BN 07/29 05:30 *SCHNEIDER CUTS FULL-YEAR SALES, ADJ. EBITA TARGETS

*SCHNEIDER CUTS FULL-YEAR SALES, ADJ. EBITA TARGETS
2015-07-29 05:30:06.246 GMT

--KURT SCHUSSLER

-0- Jul/29/2015 05:30 GMT

Oaktree Sees Brew of China, Oil, Greece Cracking Global Markets
2015-07-28 18:59:54.812 GMT


By Devin Banerjee
(Bloomberg) -- The past few years have been frustrating for
the world’s biggest distressed-debt investor, as soaring markets
kept companies clear of trouble. For Oaktree Capital Group LLC,
its time to shine is getting closer as China, commodities,
Greece and Puerto Rico threaten to crack markets.
“Relative tranquility belies the fact that there’s still
plenty to worry about,” Bruce Karsh, Oaktree’s co-chairman,
said Tuesday on a conference call with the firm’s investors.
“The U.S. economy recovery remains tepid, interest rates are
poised to rise sometime in the coming year and the global
economic environment is quite unsettled with the overhang of the
Greek debt crisis and the slowing Chinese economy.”
Oaktree executives Karsh, Howard Marks and John Frank have
lamented the high-priced environment in the U.S. since at least
2013, when the Standard & Poor’s 500 index was still only in the
middle of a four-year run that started in 2011. Buoyant debt
markets have enabled troubled companies to refinance, with 53
defaults globally last year, an 80 percent drop from the peak in
2009, according to Moody’s Investors Service.
Oaktree has distributed almost all of the money and profits
from a $14.5 billion distressed debt fund raised before the 2008
financial crisis. The Los Angeles-based firm on Tuesday said
second-quarter profit dropped 37 percent from a year ago, when
it was selling assets from the Opportunities Fund VII pool.
The firm has prepared for a coming crisis by gathering
almost $10 billion for a new distressed debt vehicle,
Opportunities Fund X. A further slump in commodities prices or
the Chinese stock market may set off enough opportunities for
Oaktree to seek more money, Karsh said.

Global ’Cracks’

“To the extent that we see further cracks in the general
environment -- either commodities markets, effect of China
slowing -- we may well decide to increase the amount that we
raise above $10 billion,” he said. “Perhaps well above.”
Karsh also cited Puerto Rico’s “deteriorating” debt as
one of the factors heightening market volatility and creating
new investment opportunities.
Oaktree continues to evaluate potential oil and gas deals,
as oil this week traded in a bear market amid surplus supplies
and concern that Chinese demand will wane. Karsh said the firm
has “a lot of dry powder” available for energy investments.
“As things get worse and worse, the opportunity set for us
opens more and more,” he said of oil and gas industries. “The
psychology is starting to turn negative, but it’s just
beginning. We haven’t dived in yet.”

For Related News and Information:
Oaktree Said to Plan New Europe Fund in Bet Bank Retreat to Last
Oaktree Busier in Europe Than Ever for Bargain Hunt, Marks Says
Oaktree Is Said to Raise $7 Billion for Distressed Debt Fund
Top stories: TOP <GO>
Credit market watch: CMW <GO>
M&A database: MA <GO>
Private equity market: PEM <GO>

To contact the reporter on this story:
Devin Banerjee in New York at +1-212-617-1534 or
dbanerjee2@bloomberg.net
To contact the editors responsible for this story:
Christian Baumgaertel at +1-617-210-4624 or
cbaumgaertel@bloomberg.net
Pierre Paulden, Mary Romano