Lower rates tipped
Amid strong expectations of record low inflation in December, the Central Bank is being tipped to cut interest rates at the next scheduled meeting of its Monetary Policy Council on January 28 and 29. Analysts generally agree that 25 basis points will be shaved off the main market rate, bringing it down to 6.5%. It remains doubtful whether this will be enough to satisfy Finance Minister Grzegorz Kołodko, who is waging a campaign for lower rates as a way of reducing the value of the złoty and boosting exports.
Agora a market buy
Media giant Agora has been given a welcome shot in the arm with the announcement that ING Financial Markets has raised its recommendation for the company to "Buy" from "Hold." The report suggested there had been an overreaction to the gloomy results prediction by Agora CEO Wanda Rapaczyński. Sales of the company's flagship daily Gazeta Wyborcza have been declining, advertising revenues have been hit by increased competition from television, and there are concerns about the impact of a new media law on Agora's business. Despite the news from the ratings agency, Agora shares still closed 0.4% down on the day.
Yen for an issue
The Finance Ministry has unveiled plans for an inaugural yen issue, as part of a stepping up of foreign bond issuances this year. The ministry, which has already announced a €750 million issue, will follow it with yen bonds worth €250 million. According to Jacek Tomorowicz, head of the Finance Ministry's foreign policy department, the yen bond issue would take place "in the nearest months."
A LOT bigger
National carrier LOT has announced that it plans to boost its fleet with 10 Brazilian-made passenger planes. The ERJ-170 aircraft, which are medium-sized 70-seater passenger planes made by Embraer, will cost LOT more than €200 million. Delivery is scheduled to begin in January 2004.
Agora a market buy
Media giant Agora has been given a welcome shot in the arm with the announcement that ING Financial Markets has raised its recommendation for the company to "Buy" from "Hold." The report suggested there had been an overreaction to the gloomy results prediction by Agora CEO Wanda Rapaczyński. Sales of the company's flagship daily Gazeta Wyborcza have been declining, advertising revenues have been hit by increased competition from television, and there are concerns about the impact of a new media law on Agora's business. Despite the news from the ratings agency, Agora shares still closed 0.4% down on the day.
Yen for an issue
The Finance Ministry has unveiled plans for an inaugural yen issue, as part of a stepping up of foreign bond issuances this year. The ministry, which has already announced a €750 million issue, will follow it with yen bonds worth €250 million. According to Jacek Tomorowicz, head of the Finance Ministry's foreign policy department, the yen bond issue would take place "in the nearest months."
A LOT bigger
National carrier LOT has announced that it plans to boost its fleet with 10 Brazilian-made passenger planes. The ERJ-170 aircraft, which are medium-sized 70-seater passenger planes made by Embraer, will cost LOT more than €200 million. Delivery is scheduled to begin in January 2004.
