Poland - Factors to Watch Aug 11
Following are news stories, press reports and events to watch that may affect Poland's financial markets on Tuesday. ALL TIMES GMT (Poland: GMT + 2 hours):
LOTOS
Grupa Lotos Poland's second-largest refiner, reported on Tuesday a bigger-than-expected 479 million zlotys ($125 million) net profit for the second quarter, mainly due to significant improvement in refining margins and output capacity.
FX MORTGAGES BILL
Poland's foreign currency loans conversion bill, if implemented in its current form, could cost the country's banks about 22 billion zlotys ($5.75 billion), a document from the financial regulator KNF showed.
Separately, Dziennik Gazeta Prawna daily reported that the ruling Civic Platform party has prepared a new bill on helping people who have problems servicing their mortgages. According to the bill, the state could pay their installments worth up to 1500 zlotys per montth for 1-1/2 year.
BORROWING NEEDS
Poland had secured most of its borrowing requirements for this year when it completed a bond tender last week, the Puls Biznesu newspaper quoted deputy finance minister Dorota Podedworna-Tarnowska as saying.
HEATWAVE
A heatwave has forced Poland to sharply cut electricity supply to industry for the first time in over a decade, pushing some companies to limit production. On Tuesday the grid operator slightly eased restrictions of power consumption for large commercial customers.
WARSAW SUBWAY
Turkish builder Gulermak and its Italian rival Astaldi placed the lowest bids in a tender for two extensions to one of Warsaw's subway lines, the Polish capital city said on Monday.
PGNiG
An appeals court in Warsaw has lowered a fine imposed by Poland's competition authority UOKiK on dominant natural gas firm PGNiG to 5.5 million zlotys from 60 million zlotys, Puls Biznesu daily reported.
****Reuters has not verified these stories and does not vouch for their accuracy.****
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