July 28, 2015 / 6:13 AM / in 2 years

Poland - Factors to Watch July 28

Following are news stories, press reports and events to watch that may affect Poland’s financial markets on Tuesday. ALL TIMES GMT (Poland: GMT + 2 hours):

ORANGE POLSKA

The Polish unit of France’s Orange surprised on Monday with 34 percent growth in its second-quarter net profit, citing lower depreciation and financial costs.

The company holds a conference call with analysts at 0900 GMT.

KGHM

Polish Prime Minister Ewa Kopacz on Monday said her government should review the structure of taxes levied on copper miner KGHM.

KGHM CEO said the government’s new mining tax proposal would allow the company to return to some previously unprofitable projects in Poland.

Daily Puls Biznesu quoted a report by JP Morgan, claiming that KGHM’s investment in Canadian rival Quadra FNX, now named KGHM International, was not money well spent. KGHM thinks the report’s assumptions were wrong, says Puls Biznesu.

CENTRAL BANK

Polish central bank’s non-voting management member Malgorzata Zaleska told daily Dziennik Gazeta Prawna she thought the Polish banking tax should be implemented together with measures regarding the banks’ FX mortgage loans.

PKP ENERGETYKA

Poland’s main opposition party and political poll leader Law and Justice (PiS) hopes to block the Polish railways PKP’s sale of its utility arm PKP Energetyka to global private equity fund CVC, daily Dziennik Gazeta Prawna reported.

For latest update on the sale go to

GETIN NOBLE BANK

The lender, controlled by one of Poland richest men, Leszek Czarnecki, expects the first quarter of 2015 was the bottom for its revenue and net interest income, with the second quarter marking a rebound and the third seen even better, Getin’s CEO Krzysztof Rosinski told daily Parkiet.

OT LOGISTICS

One of Poland’s largest logistics companies wants to become a co-owner in Croatia’s Luka Rijeka, which in turn controls the Croatian port in Rijeka, daily Parkiet reported.

CREDIT UNIONS

Polish financial regulator KNF will on Tuesday hold a meeting on the country’s troubled credit unions, called SKOKs, daily Gazeta Wyborcza reported.

STATE TREASURY

Thanks to a new law Poland’s treasury minister will be able to block an investment in a state or private company if it rendered a transaction threatening to Poland’s safety, Gazeta Wyborcza reported.

ARMY CONTRACTS

Polish defense minister Tomasz Siemoniak told daily Rzeczpospolita that the country’s contract for military helicopters may just as well be signed by the new government, to be elected in October. Poland has provisionally selected French Airbus Group helicopters as it speeds up the modernization of its military amid tensions with Russia.

****Reuters has not verified these stories and does not vouch for their accuracy.****

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