In Brief: KG given up on RG privatization?; PKP losses; Pension funds

Shareholders of the Gdańsk Consortium (KG), which was about to purchase Gdańsk Refinery (RG), are considering the possibility of closing the company as they do not see the point of its further operation. "Two weeks ago KG's entire management board stepped down," said one of the consortium's shareholder. He added that the decision was influenced by lack of progress in the talks with Nafta Polska on the privatization of RG. (Puls Biznesu, p. 8) ... PKP president Maciej Męclewski said on Friday that this year he expects to reduce the company's losses by zł. 1 billion. He added that currently PKP's liabilities stand at zł. 8 billion. (Parkiet, p. 7)... The $7.6 billion pension funds industry seems to prefer safe-haven bonds to stocks in March as war in Iraq sparked turmoil on global markets. Since the start of the year pension funds have stuck to their strategy of investing around a quarter of their cash in Warsaw stocks, with their asset allocations largely driven by the relative performance of stocks and bonds. (Reuters) A.Z.