Locked content European Parliament demands triggering Article 7 against Poland

MEP voted to demand that EU member states punish Poland by triggering Article 7 of the EU treaty which would strip Warsaw of its voting rights in the European Parliament. While 438 lawmakers voted for and 152 against the motion, triggering Article 7 is highly unlikely as it requires unanimity, and H...

Locked content KGHM Q3 profit drops

WSE-listed copper and silver giant KGHM posted a PLN 604 million net profit in Q2, down by 63 percent y/y. Revenues amounted to PLN 4.77 billion, up from PLN 4.68 billion last year. EBITDA grew by 29.8 percent to PLN 1.41 billion. “”Despite the relatively small increase in revenue due to the n...

Locked content UOKiK extends Bytom-Vistula merger proceedings

The antitrust watchdog UOKiK has extended antimonopoly proceedings on the merger of clothing retailers Vistula and Bytom by 4 months. The case has been entered into the second phase of the proceedings, reserved for more complicated cases. UOKiK now can conduct, among others, market analysis. The mer...

Locked content Poland to extend the de minimis credit guarantee program

The Ministry of Finance wants to extend the de minimis credit-guarantee program until mid-2018. “The extension of the de minimis guarantee offer until 30 June 2018 will continue to make it easier for SMEs to get access to debt financing which in return will boost the economy,” the ministry said. The...

Locked content Raiffeisen Polbank Q3 profit way down

Raiffeisen Polbank, had a PLN 26.6 million attributable net profit at the end of Q3, down by 76 percent, the bank said in a market filing. Net interest income amounted to PLN 831.7 million, compared to PLN 752.91 million the year before while net fee income inched down by 1 percent to PLN 438.1 mill...

Locked content Bank Handlowy Q3 profit grows

WSE-listed lender Bank Handlowy recorded PLN 171.57 million net profit in Q2, up by 18.4 percent y/y. Net interest income amounted to PLN 273.5 million against PLN 247.3 million a year earlier. Net fee and commission income amounted to PLN 146.2 million compared to PLN 144.5 million a year earlier. ...

Locked content Play with PLN 187 mln Q3 net profit

WSE-listed telecom operator Play Communications recorded a consolidated net profit of PLN 186.9 million in Q3 vs. PLN 386.4  million profit a year earlier. Operating profit was slightly down to PLN 311.3 million vs. PLN 314.4 million the year earlier. Adjusted EBITDA increased 9.3 percent y/y to PLN...

Locked content Miele to invest €50 mln in new plant near Łódź

Household appliance producer Miele is set to invest over €50 million in a new washing machine manufacturing plant near Łódź, central Poland. The German manufacturer plans to employ 350 people in the first phase of the project. During the 2016-2017 fiscal year, ending on June 30, 2017, the company ge...

Locked content PiS support slightly drops – CBOS poll

Ruling Law and Justice (PiS) party support has decreased by 2 percentage points to 45 percent, according to the poll conducted by CBOS. Civic Platform (PO) was second with 17 percent support, up by 1 percentage point m/m. Kukiz’15 was third with 8 percent support (unchanged). Nowoczesna was th...

Locked content PGNiG to double exports to Ukraine

WSE-listed gas giant PGNiG hopes to increase its sales to Ukraine twofold this year to 700-800 million cubic meters, company’s Deputy CEO Maciej Woźniak said. At end-Q3, PGNiG sold 430 million cubic meters to Kiev. In order to boost sales, the company is planning to launch a second connection via Cz...