Public Power Corp SA won a European Union court ruling that allows it to maintain preferential access to cheap fuel for power generation, potentially helping the Greek government in talks with creditors on an economic overhaul needed to qualify for more emergency loans.
Public Power Corp. SA rose for the first time in over two weeks in Athens trading after the company agreed on terms of a 960 million-euro ($1.3 billion) bank loan to help it overcome liquidity problems and refinance debt.
Greece and the European Commission will complete an agreement this week to open up 40 percent of Public Power Corp. SA’s lignite-fueled capacity to competitors, Energy Minister George Papaconstantinou said.
Greece’s government named a former chief executive of the country’s largest power company to head a state-asset sales drive as Prime Minister Antonis Samaras seeks to pay down debt to help finance an international rescue.
Public Power Corp. SA’s labor unions said they will hold 48-hour rolling strikes to protest government plans to open up lignite coal-fueled production at Greece’s largest electricity producer to competition.
Saudi Arabia issued final regulations on real estate financing, leasing and the supervision of financial companies as the kingdom tries to ease a housing shortage by opening up its mortgage market and enacting the first home-loans law.