News Parkiet

Mutual funds

Franklin Templeton cleared to sell funds in Poland

US-based mutual fund group Franklin Templeton has obtained SEC clearance to sell up to 44 Luxembourg-registered funds to Polish investors. Templeton, which filed for SEC registration two months ago plans to sell sector and regional funds, possibly using the services of independent financial services brokers like Expander, as well as various Polish banks and brokerage houses.

Information technology

Softbank up 3.8 pct.

Shares of Softbank SA information technology group rose 3.8 percent to close at 30.1 zloty in heavy trading yesterday on news that Warsaw-based company has won a tax appeal against local tax authorities. Part of Prokom Software IT group, Softbank has already received 3.2 million zloty tax refund it paid in the years 2000 and 2001. The company is expecting another tax refund totaling nearly 8 million zloty.

Natural gas

Gazprom has no plans to buy POGC shares, executive says

Russian oil giant Gazprom has no plans to buy shares of Polish Oil and Gas Company in the upcoming IPO, deputy CEO Alexander Ananienkov said at a conference yesterday. State-owned POGC will seek about 1.5 billion zloty ($470 million) in an offering scheduled later this year.

Building materials

Nowa Gala may cut earnings forecast

Ceramic tile maker Ceramika Nowa Gala may be forced to revise its 20.3 million zloty earnings forecast for the fiscal 2005 in the upcoming quarterly report. ?Things are tough?, vice CEO Piotr Turski said. ?We are seeing some improvement from one month to the next. We will comment on our previous forecasts in our 2Q report?, he said.

Power industry

PKE to merge with Enion

Two huge energy groups, Południowy Koncern Energetyczny power company and Enion power distributor, both from southern Poland, say they?ve set up special task forces that will work on the merger of the two state-owned companies. PKE and Enion have already signed a letter of intent on the merger of their businesses.

Media

Ozon Media to try new strategy

Publishing company Ozon Media, the owner of popular weekly magazine ?Ozon? has fired its CEO after lower than expected circulation figures since the new weekly was launched three months ago. Company officials said ?Ozon? editor in chief has also resigned, adding that the publisher will now work on a new strategy that would bring fledgling magazine closer to break-even point.

Small business

One third of new businesses fail, GUS says

Over a third of new businesses created in 2003 in Poland failed last year, the country?s Main Office of Statistics (GUS) said in a recent report. GUS survey showed that 35.6 percent of the 176 900 companies registered two years ago had to close down because of weak consumer demand and stiff competition by other firms.