INTERFAX - Poland news report of 17.05.2008

MONETARY POLICY

Poland’s average gross wage up 10.1% y/y in Q1, strengthening interest rate hike expectations

STATISTICS

Poland’s foreign trade deficit at EUR 4.8 bln in January-March

Poland’s current account deficit grows to EUR 1.605 bln in March

Poland’s central budget posts PLN 600.9 mln surplus in January-April

Poland’s consumer price index at 4% y/y in April, in line with expectations

POLITICS

Polish President Kaczynski discusses anti-missile base, Georgia with U.S. President Bush

PRESS: Polish Prime Minister under media scrutiny for cost of South American visit

PRESS: Economists call on Polish prime minister to hold back rising public-sector wages

PRESS: Polish PO-led government plans sharp deficit cut for 2009

Poland to speak with single voice during upcoming energy summit in Ukraine - Polish PM

PRESS: U.S. pressuring Poles to agree to anti-missile base terms by mid-July

Polish President Kaczynski may submit motion to audit Econ Min energy security moves

COMPANY NEWS

MANUFACTURING

Polish ceramics firm Cersanit disappoints with PLN 20.7 mln Q1 net profit

METALS

Russian-Latvian co. takes over steel plant in Poland, sees EUR 20 mln in extra investment by 2011

CHEMICALS

Polish chemical firm Ciech decreases net profit nearly 20% to PLN 98 mln in Q1 2008

Polish chemical co. ZCh Police to factor natural gas price hikes into final product prices

Polish chemical co. ZCh Police to invest PLN 220 mln in 2008

Polish chemical firm ZCh Police more than triples net profit to PLN 130 mln in Q1 2008

PHARMACEUTICALS & HEALTHCARE

Polish biotech Bioton posts PLN 4.74 mln in Q1 net profits

MEDIA

Polish media Agora drops 10% on news of PLN 120 mln classifieds portal acquisition

Polish media group Agora posts PLN 18.7 mln Q1 net, in line with consensus

Polish television broadcaster TVN disappoints with PLN 63.4 mln Q1 net profits

REAL ESTATE

Polish developer Triton Development to invest PLN 500 mln in suburban Warsaw residential project

Poland’s apartment completions at 47,090 in January-April, up 31.8% y/y

Polish construction firm Pol-Aqua declares failure of planned merger with developer Polnord

Polish construction firm Pol-Aqua to decide shortly on upping stake in developer Polnord

Polish real-estate developer Polnord posts PLN 31.2 mln in Q1 net, below market expectations

Polish construction firm PBG beats expectations with PLN 14.8 mln Q1 net profits

Polish developer J.W. Construction to sell 2,500 apartments in full-year 2008

Polish developer J.W. Construction continues search for acquisitions, confirms guidance

Polish developer J.W. Construction disappoints with PLN 19.1 mln Q1 net profits

Polish developer Gant sees completion of eight projects, start of at least 10 projects in 2008

Poland-based developer GTC beats expectations with PLN 122.4 mln in Q1 net profits

PRESS: Polish developer Dom Development reduces sales target for 2008 in wake of market slump

Government appoints new director to jump start national infrastructure

UK’s Guardian Managers Limited buys Batory Office Complex in Warsaw

Polish developer Dom Development’s Q1 sales disappoint on lower customer demand

Polish real-estate developer margins likely to drop as demand limited by high prices – consultant

Warsaw-listed developer GTC sells 1,200 apartments in Romania

Polish developer Dom Development beats expectations with PLN 45.362 mln Q1 net, up 21.39% y/y

ENERGY NEWS

OIL & PETROCHEMICALS

Poland’s No. 2 refiner Grupa Lotos’ upstream unit to hold 80% stake in Lotos’ Norwegian unit

Polish second largest refinery Grupa Lotos plans to invest PLN 390 mln in oil production in 2008

Polish oil sector firm Petrolinvest decreases net loss to PLN 5.3 mln in Q1 2008

Polish top fuel firm PKN Orlen’s new management board is likely to be appointed by end-May

Polish refiner Grupa Lotos to determine details of capex financing by end-May

Polish refiner Grupa Lotos sees improved second-quarter results on core business

Polish No. 2 refiner Grupa Lotos’ Q108 net profit slightly exceeds expectations at PLN 267.92 mln

Top Polish fuel firm PKN Orlen turns in PLN 626 mln net profit in Q1, as expected

Polish gas monopolist PGNiG will decide on LMG oil field development by June 9

U.S.-based FX Energy deepens net loss to USD 4.3 mln in Q1 2008 due to oil exploration expenses

Polish No. 2 refiner Grupa Lotos to select two management board members in H2 of June

Polish top fuel firm PKN Orlen CEO may be changed again, analysts

GAS

Polish gas pipeline system operator Gaz-System opens representation office in Brussels

Polish gas monopolist PGNiG to link Polish gas pipelines with European network

Polish gas monopolist PGNiG may consider applying for further gas prices tariff increase in 2008

Danish Energinet.dk could contribute to 10% of costs in construction of Baltic Pipe gas pipeline

Polish gas monopolist PGNiG maintains interest in gas exploration and production projects in Iran

PRESS: Polish gas monopolist PGNiG may agree to cut gas supplies to copper miner KGHM

Polish gas firm CP Energia posts PLN 1.19 mln net loss in Q1 2008 due to investments

Polish gas monopolist PGNiG’s Q1 2008 results support continuation of major investments

Polish gas monopolist PGNiG exceeds forecasts with PLN 779 mln net profit in Q1 2008

Polish firm PBG-led consortium wants to build PGNiG underground gas storage facility

COAL

Polish Econ Min wants power plants to rebuild coal mandatory reserves for 2008-2009 winter

PRESS: British Gibson Group initials deal on purchase of Polish coal mine Silesia

HEAT, POWER & SEWAGE

Polish No. 1 power group PGE seeks new management board members

Polish No.2 power group Tauron will begin share conversion process May 19

Polish No.2 power group Tauron gets 10-year license for electric energy trade

Poland to decide in 2008 on building Poland’s first nuclear reactor – Economy Minister Pawlak

PRESS: Poland may face blackouts in the summer due to aging grids and insufficient capacity

IT & TELECOMMUNICATIONS

IT SERVICES

Polish IT Asseco Poland beats expectations with PLN 51 mln Q1 net profit

EMERGING MARKETS NEWS HIGHLIGHTS

Estonian minister sees no politics in Russia’s decision to re-route oil products’ transit

Putin says oil exports may be rerouted from Baltic to ports in Russia

Moscow hopes talks with EU on new agreement will not be burdened by far-fetched terms

FINANCIAL MARKETS

CURRENCY

National Bank of Poland official currency rates – 16/05/2008

Nb: This news report features only the headline of each news