In Brief: Pekao profits warning; Softbank denies creative accounting; G-8 bi d

On Friday Bank Pekao S.A. lowered its net profit forecast for this year from zl.1.4 billion to zl.1 billion, citing lower than expected revenue growth, d eterioration of its asset portfolio, as well as reserves created in connecti on with the bankruptcy of the Szczecin Shipyard. (Gazeta Wyborcza, July 27-2 8, p. 27) ... The shares of Softbank rebounded on Friday by 15%, having plun ged 50% in previous days. Investors were calmed by the press conference orga nized by Softbank president Aleksander Lesz and its auditor PricewaterhouseC oopers, who rejected claims that creative accounting techniques were used to boost the company's profits. (Gazeta Wyborcza, July 27-28, p. 27) ... Today Treasury Minister Wieslaw Kaczmarek is to announce the results of exclusive negotiations with El-Dystrybucja on the sale of a 25% stake in the G-8 group of power distribution companies. Unofficial sources claim that the parties h ave agreed a deal, with El-Dystrybucja likely to pay around $500 million for the shares. (Puls Biznesu, p.5) T.J.