SPECIAL REPORT-Putin's allies channelled billions to Ukraine oligarch

(This is part of Reuters 'Comrade Capitalism' series)

By Stephen Grey, Tom Bergin, Sevgil Musaieva and Roman Anin

MOSCOW/KIEV Nov 26 (Reuters) - In Russia, powerful friends helped him make a fortune. In the United States, officials want him extradited and put behind bars. In Austria, where he is currently free on bail of $155 million, authorities have yet to decide what to do with him.

He is Dmitry Firtash, a former fireman and soldier. In little more than a decade, the Ukrainian went from obscurity to wealth and renown, largely by buying gas from Russia and selling it in his home country. His success was built on remarkable sweetheart deals brokered by associates of Russian leader Vladimir Putin, at immense cost to Russian taxpayers, a Reuters inv...

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Abraaj raises Bisco Misr offer to 80.58 EGP per share

CAIRO Wed Nov 26, 2014 7:45am EST

CAIRO Nov 26 (Reuters) - UAE's Abraaj Investment Management said on Wednesday it would raise its price for Egyptian cake and biscuit maker Bisco Misr to 80.58 Egyptian pounds ($11.27) per share following a counter bid by Kellogg Co.

Abraaj's initial offer of 73 pounds per share earlier this month was topped earlier on Wednesday by Kellogg's offer of 79 pounds.

The Bisco Misr takeover battle is part of a recent flurry of mergers and rights issues that has boosted activity on the Cairo bourse, which had struggled to revive investor confidence during more...

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Mhh-Europe shares rise; DAX enjoys longest winning run in 18 mths

Wed Nov 26, 2014 7:39am EST

* FTSEurofirst 300 up 0.3 pct, moving in tight range

* DAX up for 10th consecutive session

* Seadrill sinks 16 pct after scrapping dividend

By Blaise Robinson

PARIS, Nov 26 (Reuters) - European shares rose on Wednesday, with Germany's blue chip index DAX advancing for the 10th straight session as investors bet on further monetary stimulus from the European Central Bank.

ECB Vice President Vitor Constancio said on Wednesday the bank might decide as early as the first quarter of next year whether to begin buying sovereign bonds. His remark fuelled expec...

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Baghdad red tape puts Iraq Internet under Kurdish control

* Only 9.2 percent of Iraqis online

* Broadband costs are many times those in Kurdistan

* Baghdad's reliance may give Kurds political leverage

By Matt Smith

DUBAI, Nov 26 (Reuters) - Iraq's reliance on Kurdistan for Internet connectivity due to Baghdad bureaucracy has put the northern autonomous region in control of three-quarters of Iraqi networks.

This runs contrary to what Baghdad had sought from state control of fixed infrastructure within its jurisdiction, and the situation has spooked private investors and neutered Internet development outside Kurdistan, which sets its own rules.

Iraq bars private companies from owning fixed networks transiting domestic data and anythi...

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Huaneng sets up China's first carbon fund

BEIJING Wed Nov 26, 2014 7:21am EST

BEIJING Nov 26 (Reuters) - State-owned power generator Huaneng on Wednesday set up China's first carbon fund, which will focus on trading carbon permits in the emissions trading scheme in Hubei province.

The establishment of the 30 million yuan ($4.9 million) fund marks another step towards maturity for China's fledgling pilot carbon markets, which will convert to a national scheme in 2016.

"The money will be put in the market very soon. We think Hubei has sufficient liquidity to make some profit," said a fund manager who wished to remain anonymous b...

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