News Parkiet

The economy

Economists see faster 3Q growth

Third-quarter economic growth reached 3.5 percent, economists polled by PARKIET said last week. That?s down from last year?s 4.8 percent GNP growth in September quarter, but the figure is higher than 1Q and 2Q figures of 2.1 and 2.8 percent respectively.

Economists say they expect higher consumer and corporate spending, the latter averaging some 5.4 percent in real terms, the best in five and half years.

Investment banking

EBRD sees record investments in Poland

EU?s investment bank for developing countries, the European Bank for Reconstruction and Development estimates it will invest between 350 million and 500 million in Poland this year, an all-time record. Investments last year totaled 292.5 million euro.

Founded in 1991 to help finance emerging private sector in Eastern Europe and the former Soviet Union, EBRD loaned some 120 million euro for the expansion of Kaufland supermarket chain plus another 60 million euro to complete construction of Pątnów II power block at ZE PAK power plant. Senior EBOR official Allain Pilloux said the bank has no plans to sell its 15 percent stake in Bank Gospodarki Żywnościowej, a mid-sized Polish agricultural lender that was taken over by Rabobank earlier this year.

Home appliances

Zelmer to give away shares to employees

Home appliance maker Zelmer SA will restart employee privatization plan in which it gives out 2.28 million shares to company employees. Their total market value based on Friday?s closing price of 18.5 zloty is around 42 million zloty, or just over 10 million euros.

Privatized earlier this year in an IPO that was twenty times oversubscribed by retail investors, Zelmer plans to give away shares to as many as 4175 existing and former staff members. The oldest workers will receive 840 shares each, worth over 15 000 zloty. The stock will be subject to a two-year lock-up period.