In Brief: KGHM; Huta Katowice; Gas price cut; DB declines PZU; Elektrim

Despite the price of copper rising to a record high of $2,000 per tonne, the share price of copper mining conglomerate KGHM Polska Miedz remains low, attributable to unfavorable macroeconomic factors of the Polish economy. (Parkiet, page 1) ... The aeronautics firm PZL Mielec has received the prestigious Economy Ministry prize for best export results for 1999 for among other things the sale of M28 Skytruck and M26 Iskierka jets to the Venezuelan Defense Forces. (Prawo i Gospodarka, page 3) ... The steel mill Huta Katowice has signed a $600 million deal with Danieli of Italy for the construction of a foundry and integrated casting and sheet-metal rolling plant. (Prawo i Gospodarka, page 3) ... On the news that OPEC is to boost production of petroleum, the largest oil producer and distribution company Polski Koncern Naftowy (PKN) Orlen has decided to lower the wholesale price of gasoline by between zl. 20 and zl. 40 per tonne. (Prawo i Gospdarka, page 4) ... PZU Zycie, the life insurance division of Powszechny Zaklad Ubezpieczen (PZU) is baffled by news that Deutsche Bank (DB) will not buy the insurer's shares in BIG Bank Gdanski (BIG BG). Analysts say DB's decision is a consequence of the legal battle during which the court temporarily ordered PZU and its associates to halt disposing of their stakes in BIG BG. (Prawo i Gospodarka, page 9 ) ... The supervisory board of Elektrim Kable, owned by the conglomerate Elektrim S.A., has dismissed the management board saying a new management was needed to prepare the firm for the growing cable market. The company has had disappointing financial results in 1999 and early this year. (Reuters)