News Parkiet

Personal savings

Brokers not interested in IKE accounts

Only one major Polish stockbroker, PKO BP's Dom Maklerski PKO BP, has agreed to offer IKE individual retirement accounts. Other brokerage houses say this year?s savings limit of 3435 zloty is far too low to even bother opening up special accounts and advertising the service to clients. 'Saving money for retirement on your own by buying stocks or bonds on IKE accounts doesn't make sense because of regulatory restrictions', Magdalena Raszdorf from CDM Pekao brokerage says.

IKE accounts are exempted from Poland's 19 percent capita gains tax.

Equity markets

SEC clears four new IPO's

Polish Securities and Exchanges Commission has given the go-ahead to four new companies planning to go public sometime this year. They include ATM, a telecommunications firm and Comp, an IT firm, both from Warsaw, private hospital Swissmed Centrum Zdrowia from Gdańsk and FAM, a mid-sized manufacturer of cast iron door handles and other metal accessories from Chełmno.

CPI

Inflation rate may overshoot MPC target, Rybiński says

Polish inflation rate this year will 'most likely' exceed the target set by Monetary Policy Council, central bank vice-chairman said yesterday.

Supply-side factors, including higher food prices after EU entry and rising oil prices have a more immediate impact than any interest rate hikes, Krysztof Rybiński from the National Bank of Poland told PARKIET in an interview.

The MPC, which manages Poland's monetary policy, has already raised rates by a total of 75 percentage points this year.

Construction materials

Ceramika reports second-quarter earnings

Shares of Ceramika Nowa Gala, maker of premium-quality ceramic tiles, rose 1.5 percent to 6.75 zloty yesterday after the company reported higher than expected second-quarter earnings. Końskie, central Poland-based firm said its earnings multiplied six-fold to 4.5 million zloty. Sales were up 67 percent to PLN 26 million because of rush of last-minute purchases before May 1st VAT tax hike on building materials.

Ceramika, which raised an estimated 35 million zloty in a heavily oversubscribed IPO in June, said it doesn't expect any problems meeting its previous forecasts.

Steel industry

Centrozap plans WSE comeback

Bankrupt steel trader Centrozap SA said it has asked for a 4.2 million zloty tax refund after a favorable verdict of the Polish court in one of several, long-running disputes with tax authorities. Centrozap is already working on a debt for stock swap with other creditors. It is planning to convert over 100 million zloty in unpaid debts into equity and list its stock on the WSE. The company was delisted late last year after it declared bankruptcy.

Separately Centrozap said it was awarded an official authorization to send a number of its employees to work in Germany.

Telecommunications

Polkomtel launches new prepaid phone card brand

Poland's third largest mobile phone operator Polkomtel SA begun selling a new prepaid phone card service in an attempt to catch up with Centertel and PTC, it's two bigger competitors. New prepaid phone card, sold under 'Sami Swoi' brand, is addressed mainly to older clients from smaller towns, people who've never owned a cell phone before. Polkomtel plans to sell its 199 zloty ($54.5) phone sets with 'Sami Swoi' card through Polish Post Office, at county fairs and other outdoor events.

Polkomtel marketing executive Robert Krawczyk, who presented the new product at yesterday's news conference, estimates his company might be worth between 11 and 13 billion zloty. Three Polish firms that now own a combined 59 percent stake in Polkomtel said they are planning to sell their telecom assets. Most likely buyers include either UK's Vodafone or Denmark's TDC. Each has a 19.6 percent stake in Polkomtel.

Insurance

Aviva'sCommercial Union Polska TUnŻ life insurer, Aviva Plc's insurance subsidiary in Poland said the value of its premiums rose 7.5 percent over the first six months of this year because of stronger demand for insurance products. Premiums at TUnŻ CU rose to PLN 890 million ($244 million) by the end of June, the company said at yesterday's press conference. Compensation payouts fell 5.8 percent to PLN 403.3 million. Net earnings have more than doubled to PLN 202 million ($55 million).