Top news from Polish politics, economy, business & financial markets - 17:00
Following is a digest of the day's top news as compiled by PAP Market Insider.
BUSINESS & EQUITY MARKET NEWS
COPPER / KGHM - Listed copper producer KGHM wants to construct three mining shafts in Poland. The estimated cost of the investment is a minimum of PLN 9 billion (EUR 2.1 bln), the company wrote in a press release
ENERGY / ORLEN - At the end of June, Poland's largest energy concern Orlen completed its last contract for the supply of crude oil from Russia, which means that the company and the entire region will no longer be bound by any contracts with Russian entities regarding the supply of this raw material, Orlen announced in a press release.
ENERGY / ORLEN - Poland's largest energy concern Orlen is not currently holding any talks regarding the German Schwedt refinery, Orlen's CEO Ireneusz Fafara announced during a press conference on Monday.
RATING, BANKING / FITCH, PEKAO - Fitch rating agency has upgraded the long-term issuer default ratings (IDRs) of listed lender Pekao and its mortgage unit Pekao Bank Hipoteczny to 'BBB+' from 'BBB', with a stable outlook, the agency said in a statement
RATING, BANKING / FITCH, SANTANDER BP - Fitch rating agency has upgraded the Viability Rating (VR) of listed lender Santander BP to 'BBB+' from 'BBB', while affirming the bank's long-term issuer default ratings (IDR) on the negative watch list, the agency said in a statement
RATING, BANKING / FITCH, ING BSK - Fitch rating agency has upgraded the Viability Rating (VR) of listed lender ING Bank Slaski to 'bbb+' from 'bbb', while affirming the bank's long-term issuer default ratings (IDR) at 'A+' with the stable outlook, the agency said in a statement.
RATING, BANKING / FITCH, BANK HANDLOWY - Fitch rating agency has affirmed the long-term rating (IDR) of listed lender Bank Handlowy, the Warsaw-listed unit of Citigroup, at 'A-' with the stable outlook, the agency said in a statement.
BANKING - Citigroup Global Markets Europe AG, Commerzbank AG, ING Bank N.V. and Santander S.A. have been mandated to hold the issue of euro-denominated bonds, Poland's Ministry of Finance said in a statement. One of the tranches will be a green bond.
BANKING - The average interest rate of newly granted consumer loans in Poland fell to 11.94 percent in May from 11.98 percent in April, Poland's central bank NBP reported.
BANKING - The average interest rate of newly granted housing loans in Poland fell to 7.09 percent in May from 7.43 percent in April, Poland's central bank NBP reported.
BANKING - Polish lenders granted PLN 7.419 billion (EUR 1.73 bln) in housing loans in May, down from PLN 7.622 billion (EUR 1.78 bln) in April, Poland's central bank NBP reported.
BANKING - Polish lenders granted PLN 11.211 billion (EUR 2.62 bln) in consumer loans in May, down from PLN 11.403 billion (EUR 2.66 bln) in April, Poland's central bank NBP reported.
INDUSTRIALS / BORYSZEW, UNIBAX - Listed industrials group Boryszew's shareholder Unibax intends to sell up to 24 million shares in the company as part of an accelerated bookbuilding process, Boryszew said in a market filing.
SOFTWARE / TEXT - Listed software services provider Text posted PLN 36.8 million (EUR 8.7 mln) of the attributable net profit in the fourth quarter of the 2024/25 financial year, down by 3.1 percent year on year, the company said in its financial report. The PAP Biznes consensus was for a PLN 39.9 million (EUR 9.4 mln) net take.
SOFTWARE / TEXT - Listed software services provider Text wants to earmark nearly PLN 156.5 million (EUR 36.95 mln) from its profit made in 2024/2025 financial year for the payment of dividends, which translates into PLN 6.06 (EUR 1.43) per share, the company said in a market filing. Taking into account the interim dividends, PLN 2.89 (EUR 0.68) per share would remain to be paid.
RENEWABLES, BANKING / POLENERGIA, PEKAO - Listed renewables group Polenergia's subsidiaries, Amon and Talia, have signed loan agreements with listed lender Pekao for a total value of up to PLN 200 million (EUR 47.2 mln), Polenergia said in a press release. The vast majority of the funds will be transferred to Polenergia, with additional funds allocated to the development and implementation of the business strategy.
CHEMICALS, FERTILISERS - Poland's minister of state assets Jakub Jaworowski believes that the tariffs on fertilisers from Russia and Belarus, introduced on July 1, will help protect Polish fertiliser producers from a flood of cheap imports and improve the situation of the entire industry.
CONSTRUCTION / TORPOL - Listed builder Torpol's has a PLN 163.9 million (EUR mln) contract with Poland's railway operator PKP for the construction of a railway line connecting the Police rail station with the Police Sea Port, the company wrote in a market filing.
AUTOMOTIVE, RUBBER / DEBICA - The shareholders of listed tyre producer Debica, a Goodyear's subsidiary, has decided to earmark PLN 58.4 million (EUR 13.8 mln) from the company's 2024 profit for the payment of dividends, which translates into a dividend of PLN 4.23 (EUR 1.0) per share, Debica said in a market filing.
REAL ESTATE / MARVIPOL - Listed real estate developer Marvipol Development's ordinary general meeting of shareholders has decided to earmark PLN 24.99 million (EUR 5.9 mln) from the company's 2024 net profit, which translates into PLN 0.60 (EUR 0.14) per share, Marvipol said in a market filing.
RAIL HAUL / PKP CARGO - After May 2025, listed rail hauler PKP Cargo suffered a year-on-year market share decline volume-wise to 26.29 percent from 27.68 percent in the prior year period, and fell in monthly terms from 26.57 percent recorded at end-April, Poland's rail transport authority UTK reported.
RAILWAY, TRANSPORT - Poland's railway transported 37.5 million passengers in May, up by 3.7 percent year on year, Poland's rail transport authority UTK reported. According to UTK, this is the highest result in the history of monthly data.
WSE - The shareholders of Warsaw Stock Exchange operator GPW have decided to pay a dividend of PLN 132.2 million (EUR 30.9 mln), which translates into a total dividend of PLN 3.15 (EUR 0.74) per share.
FINANCIAL MARKETS
T-BONDS - In the third quarter of 2025, Poland's Ministry of Finance will hold 6-7 Treasury bond sale auctions with a total supply of PLN 55-75 billion (EUR 12.9-17.6 bln) and 1-2 bond swap auctions, the ministry said in a statement.
T-BONDS - Poland's Ministry of Finance plans three Treasury bond sale auctions in July; on July 9 with a supply of PLN 5-10 billion (EUR 1.2-2.3 bln), July 16 with a supply of PLN 5-9 billion (EUR 1.2-2.1 bln) and July 23 with a supply of PLN 6-12 billion (EUR 1.4-2.8 bln), the ministry said in a statement.
T-BONDS - Polish Treasury bonds saw the share of foreign investors decreasing by PLN 1.4 billion (EUR 326.7 mln) in May to PLN 157.2 billion (EUR 36.7 bln), the Ministry of Finance said in statement.
FX - The Polish zloty slightly strengthened at 4.241 against the euro on Monday at 17:00 local time.
ECONOMIC & FINANCIAL NEWS
CPI - Poland's Consumer Price Index (CPI) has increased by 4.1 percent year on year and by 0.1 percent month on month in June, according to the Poland's stats office GUS flash estimate.
CPI - Poland's Ministry of Finance expects that inflation in July will be at around 3.0 percent year on year, Poland's finance minister Andrzej Domanski told a press conference.
BUDGET - Poland's 2025 budget gross borrowing needs have been financed in approximately 75 percent, announced the Deputy Finance Minister Jurand Drop, quoted in the ministry's statement.
BUDGET - Poland's balance of funds accumulated in budget accounts at the end of June will likely amount to PLN 183 billion (EUR 42.7 bln), Deputy Finance Minister Jurand Drop reported in his comments on the supply of Treasury securities for July.
MPC - In May, Poland's Monetary Policy Council again rejected the proposal for a 200 basis points interest rate hike, which was supported only by one member Joanna Tyrowicz, Poland's central bank NBP reported. The others present at the meeting were against it.
EU FUNDS, KPO, POWER - Thanks to the EU funds under the national recovery plan KPO as part of the Energy Support Fund and cooperation with Poland's state development bank BGK, over PLN 50 billion (EUR 11.8 bln) in extremely attractive loans for investments in power grids have already been granted, Prime Minister Donald Tusk told a conference held at the headquarters of Poland's grid operator PSE.
BUSINESS CLIMATE, ECONOMY (GENERAL) - Poland's leading business cycle indicator WWK, which provides advance information on future trends in the economy, has fallen slightly by 0.3 points month on month in June, with no threat to the upward trend in the national economy, researcher BIEC reported.
C/A BALANCE - Poland's current account deficit after the first quarter of 2025 stood at EUR 1.178 billion against a deficit of EUR 1.274 billion after the fourth quarter of 2024, Poland's central bank NBP stated on Monday.
FOREIGN DEBT - Poland's gross foreign debt increased to EUR 454.874 billion in the first quarter of 2025 from EUR 442.988 billion in the fourth quarter of 2024, Poland's central bank NBP reported.
INVESTMENT POSITION - Poland's adjusted net international investment position at the end of the first quarter of 2025 amounted to minus EUR 268.786 billion versus minus EUR 243.482 billion at the end of the fourth quarter of 2024, Poland's central bank NBP reported.
EU FUNDS - By June 29,16,914 agreements had been signed for EU funding for projects that will use 44.2 percent of the available EU cohesion policy funds earmarked for 2021-2027, Poland's Ministry of Development Funds and Regional Policy (MFiPR) reported on its website.
MPC, INTEREST RATES - Poland's Monetary Policy Council member Joanna Tyrowicz voted against the rate cut in May, while the other nine members of the MPC voted in favour of the resolution, according to the court bulletin MSiG.
POLITICAL & GOVERNMENT NEWS
GOVERNMENT RESHUFFLE - Poland's Prime Minister Donald Tusk will propose the shape of the government after the reshuffle in the middle of July, according to a statement made during a press conference on Monday.
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