November 14, 2012 / 7:04 AM / 5 years ago

Poland - Factors to Watch on Nov 14

Here are news stories, press reports and events to watch, which may affect Poland’s financial markets on Wednesday. ALL TIMES GMT (Poland: GMT + 1 hours):


Canadian mining company Talisman that holds three shale gas concessions in Poland may quit the market due to cost savings, Puls Biznesu quoted its unnamed sources.

Talisman spokeswoman quoted by Puls Biznesu said that no such decision was taken and the group was working on its next year’s strategy.


The Polish utility could spend 4 billion zlotys ($1.22 billion) on investment next year, with priority given to energy generation, the company’s deputy chief executive Krzysztof Zawadzki told Puls Biznesu daily.

Zawadzki added that the level of spending will depend on whether Tauron signs a deal for the construction of a power unit in the Polish city of Jaworzno.


Poland could get an allocation of nearly 74 billion euros in the latest project of the European Union’s long-term budget for 2014-2020 of European Council President Herman van Rompuy, Rzeczpospolita daily reported without naming its sources.


The state budget has lost around 1 billion zlotys revenue in 2011 and 2012 due to the 20-percent or so decline in auto production in Poland, the Polish association of auto producers PZPM said in a statement quoted by the Rzeczpospolita daily.


PGE is working on a change in its long-term strategy, which will assume cutting investments in renewables and focusing more on coal-fired generation, newspaper Dziennik Gazeta Prawna reported.


Eastern Europe’s biggest listed insurer nearly quadrupled its net profit in the third quarter, beating expectations thanks to improved results from investments due to the recovering equities market and continued bond rally.


Poland’s biggest media group swung to a bigger than expected net profit of 172 million zlotys in the third quarter as a stronger zloty helped outweigh the costs of its euro debt.


Poland’s top utility posted an in-line, 33-percent rise in its third-quarter net profit, after a court ordered the company to pay a smaller penalty to Swiss trader Alpiq than it had provisioned.


Warsaw-listed real-estate developer GTC posted on Wednesday a wider-than-expected net loss of 16 million euros ($20.3 million) in the third quarter after it sold three shopping centres in Romania below book value.


Poland’s No.3 utility Enea posted a 38-percent drop in third-quarter net profit to 190 million zlotys, the group said on Wednesday.


Irish builder SIAC Construction is taking Poland’s state road operator GDDKiA to court to head off claims for penalty payments after it walked away from a 1.8 billion zloty ($548 million) contract.


Poland’s statistics office releases inflation data for October at 1300 GMT. Analysts polled by Reuters expect the reading to ease to an annual 3.4 percent.

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