News Parkiet

Stock market

WIG20 set a new all-time high

The WIG20 index of Poland's largest companies advanced for the fourth day to a record high, rising 2,2% to 2507,4 points. Shares of the biggest Polish lender PKO BP and the phone monopoly Telekomunikacja Polska both gained almost 5%. Analysts say the Polish stock market performs well amid expectations Poland's opposition party, Citizens' Platform, which wants to lower corporate taxes on businesses and individuals, will win parliamentary elections on Sept. 25. Poland's stocks were raised to "overweight" from "neutral" at Citigroup, which said election results could help boost them.

Banking

UniCredito, Pekao sunk PLN 100 million into Xelion

UniCredito Italiano and its Polish subsidiary Bank Pekao invested as much as 100 million zloty in a new private banking unit Xelion S.A since it was founded in mid-2003. The company was supposed to reach break-even point after three years, but Xelion lost almost 50 million zloty in the two years to July 2005. Pekao's spokesman Rober Moreń says Xelion is 'on track' to meet its targets. He now says Pekao expects the company to break even in 2008 or 2009.

Insurance

PTU has two growth scenarios

Insurance company Polskie Towarzystwo Ubezpieczeń, or PTU, which is planning to list its shares on the Warsaw Stock Exchange, has to choose between two future growth options. The first one assumes the company will break even next year if it slows its growth. In the second scenario, PTU's break-even point will be two years from now, but the company would gain greater market share. The passive scenario is the more likely option right now. PTU also is weighing options for its stake in a publicly traded chemical company Ciech, which it may sell at some point.

Taxes

VAT e-invoices still not in use

Polish companies are hesitant to send VAT invoices to their business partners by mail, even though that is perfectly legal since July. According to the information from four authorized certification centers, there were only a few cases of companies buying mandatory certificates needed to make secure electronic signature. However, IT companies suggest that some large supermarket chains will introduce fully electronic transactions later this year.