In Brief: Baltic Fleet irregularities; Alstom & Warsaw metro; banks' earnings

The Supreme Board of Inspection (NIK) has filed with the prosecutor's office information it claims implicates the previous management of the Polish Baltic Fleet (PZB) in financial irregularities. The NIK reports that financial mismanagement cost the PZB zl.164 million. (Prawo i Gospodarka, p. 5) ... According to Jakub Radulski, president of Alstom Polska, it is possible an agreement on the construction of the second Warsaw metro line may be signed in the second half of next year. Alstom and Siemens are said to be the two favorites to be awarded the contract for the project, which is estimated to cost some zl.8 billion and to take four or five years to complete. (Rzeczpospolita, p. B3) ... ING Barings has increased its investment rating for domestic banks BZ WBK, BPH PBK, BRE Bank and Pekao SA, in view of an anticipated strong rebound in their earnings this year. "Polish banks should see a revival of their earnings growth this year, despite admittedly unenthusiastic near-term prospects for the economy," said ING Barings in a report. (Gazeta Wyborcza, p. 19; Reuters) P.J.