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  • ATHENS, Feb 25- Greece will not go ahead with privatizing its dominant electricity utility PPC or power grid operator ADMIE, Energy Minister Panagiotis Lafazanis said, despite promising its creditors not to halt sales that are underway. The Public Power Corporation has already launched a tender to sell a 66 percent stake in its power grid operator ADMIE, and...

  • RIYADH/ DUBAI, Feb 25- Mobily's problems piled up on Wednesday after Saudi Arabia's second largest mobile operator said it made a $243 million loss in 2014, had breached covenants on long-term loans and removed its chief executive. Mobily-- officially known as Etihad Etisalat-- made a loss of 913 million riyals in 2014 after it took an additional charge of 1.13...

  • *Palladium prices hit 6- week high at $804.10/ oz. LONDON, Feb 25- Gold rose on Wednesday, recovering from the previous day's seven-week lows, after comments from Federal Reserve Chair Janet Yellen suggested the central bank would not be rushed into raising interest rates. The precious metal rose more than 1 percent to a session high earlier in Asia after Chinese...

  • JIZAN, Saudi Arabia, Feb 25- Saudi Arabia's Oil Minister Ali al-Naimi said on Wednesday that oil demand is growing and markets are calm, in some of his first public comments since the price of crude rebounded from a near six-year low. Oil crashed by 60 percent between June and January to a post-2009 low of $45 a barrel, with losses accelerating after OPEC decided in...

  • Feb 25- Canadian auto parts maker Magna International Inc cut its revenue forecast for 2015, hurt by weak demand from Europe. Demand for cars picked up in Europe last year after a six-year slump, boosted by incentive schemes from governments and carmakers. It lowered its forecast for production sales in Europe to $8.3 billion- $8.7 billion from $9.0 billion- $9.4...

  • ATHENS, Feb 25- Greece's new left-wing government will not block Canadian firm Eldorado Gold Corp.' s mining operations in the country's north but will review permits for a processing plant at the site, a senior energy ministry official said on Wednesday. "The mining will not stop," the official told reporters, a day after Greece climbed down from pledges to halt...

  • Georgia's central bank says weak lari hurts imports Wednesday, 25 Feb 2015 | 5:53 AM ET

    TBILISI, Feb 25- A 30- percent weakening in Georgia's currency has already begun to hurt imports but the central bank has enough reserves to secure financial stability, its central bank chief Georgy Kadagidze said on Wednesday.

  • Moller-Maersk will hand shareholders a $6.6 billion windfall in dividends this year after it sells its 20 percent stake in Denmark's biggest bank Danske. Analysts had expected Maersk to announce the divestment of some assets on Wednesday as part of its strategy of focusing on its core shipping and oil divisions- but the Danske Bank stake had not been among the...

  • ABU DHABI, Feb 25- Sikorsky Aircraft Corp, a unit of United Technologies Corp, expects to sell around 400 helicopters in the Middle East over the next five to ten years, roughly as many as it has delivered to the region to date, its regional head said on Wednesday. "Expansion of the existing fleet of 400 will be in a proportional manner, and modernisation is going to drive...

  • KIEV, Feb 25- Ukraine's central bank, which on Wednesday banned banks from trading currency on behalf of clients, reported the two first deals of the day at 12:30 pm at a rate of 24.00 hryvnia to the dollar, compared with the 31.63 Tuesday close. The total volume for the officially registered trades was only $170,000. The government has accused the central bank of...

  • BEIJING, Feb 25- China will increase its fiscal policy support for the economy, the country's cabinet said on Wednesday after a weekly meeting, as it extended a discount on corporate income taxes to more companies.

  • LONDON, Feb 25- Emerging currencies strengthened versus the dollar on Wednesday and shares rose to 12- week highs, lifted by forecast-beating Chinese factory data and the Federal Reserve signaling it was in no rush to hike interest rates. Activity in China's factory sector edged up to a four-month high in February, while comments from Fed chair Janet Yellen...

  • UKRAINE CENTRAL BANK REPORTS FIRST CURRENCY TRADE OF THE DAY, AT 24.00 HRYVNIA TO THE DOLLAR, COMPARED TO 31.63 TUESDAY CLOSE.

  • KIEV, Feb 25- Ukrainian Prime Minister Arseny Yatseniuk denounced the central bank on Wednesday for banning most foreign currency trading for the rest of the week, saying the move was taken without consultation with the government and would harm the economy. "This morning I found out on the Internet that the central bank had independently and without...

  • UKRAINE PM: CENTRAL BANK CURRENCY TRADE BAN HAS NEGATIVE IMPACT ON ECONOMY.

  • UKRAINE PRIME MINISTER SAYS CENTRAL BANK BANNED CURRENCY TRADE WITHOUT CONSULTATION WITH GOVERNMENT, MOVE DOES NOT BRING STABILITY TO CURRENCY.

  • Canadian auto parts maker Magna's profit rises 11 pct Wednesday, 25 Feb 2015 | 5:21 AM ET

    Feb 25- Canadian auto parts maker Magna International Inc reported a 11 percent rise in quarterly profit, helped by strong demand in North America. Magna said its dividend would rise to 44 cents per share from 38 cents after the stock split. The net income attributable to the company rose to $509 million, or $2.44 per share, in the fourth quarter ended Dec. 31 from $458...

  • *Saudi Arabia's oil minister says markets are calm. LONDON, Feb 25- Brent crude held steady around $59 a barrel on Wednesday as Saudi Arabia's oil minister said oil demand is growing and markets are calm. "Markets are calm now... demand is growing," said minister Ali al-Naimi, the driving force behind OPEC's shift in policy at its November meeting, when the group decided...

  • Uber makes uberX ride-sharing service free in Seoul Wednesday, 25 Feb 2015 | 5:09 AM ET

    SEOUL, Feb 25- U.S. taxi service provider Uber Technologies Inc on Wednesday said it will make its low-cost uberX ride-sharing service available free of charge in Seoul, in its second bid this month to operate legally in South Korea. In January, the city of Seoul declared Uber's services illegal and started offering rewards of up to 1 million won for people who...

  • ATHENS, Feb 25- Greece will not cancel privatisations that have already been done but the law allows the government to change the terms of sales that are underway and examine their legality, Finance Minister Yanis Varoufakis said on Wednesday. Earlier, Energy Minister Panagiotis Lafazanis said Greece would not go ahead with privatising its dominant...