Elon Musk agrees to resign as Tesla’s Chairman

Tesla’s CEO Elon Musk agreed to step down as the automaker’s Chairman in a settlement with the US Securities and Exchange Commission (SEC). Musk needs to pay a $20 million fine. However, he is still allowed to remain in the position of Tesla’s CEO. Musk doesn’t have to admit or den...

Locked content Warsaw signs contract for metro extension

The President of Warsaw Hanna Gronkiewicz-Waltz and Gülermak CEO Kemal Güleryüz signed on Friday a contract for the construction of the last section of Warsaw’s second metro line. The new underground stations will be built at Zacisze, Kondratowicza, and Bródno. The works should be completed wi...

Locked content Czerwińska sees 2018 budget deficit at PLN 25 bln

The budget deficit for this year will be approximately 60 percent of the planned PLN 41.5 billion, Minister of Finance Teresa Czerwińska said to Interia.pl. This would amount to about PLN 25 billion. In the draft budget for this year, the government assumed GDP growth of 3.8 percent, however, after ...

Locked content Diesel and LPG prices are expected to grow

This week fuel prices at petrol stations are likely to grow, especially the prices for diesel and LPG, analysts estimated. The main reason is high oil prices on the wholesale market. BM Reflex forecasts retail prices for LPG to grow on average by PLN 0.7 per liter, and diesel prices to come close to...

Locked content R22 will buy two Romanian firms for €4.2 mln

R22 unit signed conditional share purchase agreements for two Romanian companies S.C. Web Class IT and Net Design for a total value of €4.2 million. Thus, the group will reach 15 percent share in the Romanian market and plans to further increase it to 30 percent. The acquisitions will be financed fr...

Locked content Mostostal Zabrze unit signs PLN 48 mln contract

Mostostal Zabrze unit signed a PLN 48 million contract with Balcke – Dürr Polska belonging to Polska Grupa Energetyczna (PGE). Under the contract, Mostostal Zabrze Realizacje Przemysłowe will perform works on 1-4 power units. The works should be completed in October 2021. The final remuneratio...

Locked content Foreign investments in Polish bonds decreased

In August foreign investments in Polish sovereign bonds fell by PLN 2.8 billion to PLN 187.8 billion, the Ministry of Finance said. The share of foreign investors in bonds declined to 30.5 percent from 30.9 percent, it added. Banks, in contrary, increased their exposure to PLN 261.2 billion in Augus...

Locked content Orbis will buy land for a new hotel in Kraków

Orbis signed a preliminary agreement for the purchase of land at Worcella street in Kraków to build a new hotel, the company informed. The value of the contract is PLN 9.2 million net. The final contract should be signed no later than by September 30, 2020 after fulfillment of conditions. In Februar...

Locked content AmRest applies for trading suspension on WSE on Oct. 4-8

Restaurant operator AmRest applied for suspension of trading in its shares on the Warsaw Stock Exchange (WSE) from October 4 to 8 inclusive, the company said in a statement. The decision is related to the planned transfer of the home deposit of shares to Spain. This will not affect the quotations of...

Locked content Gino Rossi with H1 net loss of PLN 51 mln

Fashion retailer Gino Rossi reported H1 net loss of PLN 51 million compared to profit of PLN 2.3 million a year ago. Revenue declined by 9 percent y/y to PLN 87.1 million. EBITDA loss amounted to PLN 9.7 million. Unsatisfactory sales results are primarily the result of the insufficient level of the ...