Warsaw Stock Exchange without CEO

Paweł Tamborski, Ex-CEO of Warsaw Stock Exchange, photo WSE

Croatian MOL subsidiary to get long-term multi-currency credit facility.

Ukrainian government will help saving energy.

Pizza Hut to enter Latvia.


Paweł Tamborski, President of the Management Board of the Warsaw Stock Exchange, stepped down on Thursday, December 3rd. He will resign from the position as of December 31st. “The WSE and capital markets require stability and consistency. Polish companies should have straightforward access to capital, to support their development and strengthen the Polish economy” – he wrote in his final statement. Tamborski has run the company since July 2014. Earlier he was working in the Ministry of State Treasury as Under-Secretary of state and Deputy Minister.

The decision is explained as his comment to the political situation in Poland. Tamborski talked about “political games” over the Polish capital market.

After the new government of Law and Justice (PiS) came to power a month ago, there are very many changes in Polish economy and political life. A few days ago Jakub Karnowski and Piotr Ciżkowicz – respectively the CEO and a member of the board of state-controlled railways PKP – had stepped down from their positions. At the moment, boards of directors of other state-owned enterprises are being replaced. The government is also working to change the 2016 budget. There are also constitutional issues. Constitutional Tribunal ruled Thursday that two of five judges appointed to the court by the previous coalition (Civic Platform and Polish People’s Party) were nominated illegally. In the meantime the President Andrzej Duda confirmed four new judges appointed by now-ruling party. The fifth is to be confirmed next week. On Thursday hundreds of people protested against “messing in constitutional order”.



Croatian company INA which is a subsidiary of Hungarian oil and gas giant MOL will get credit of USD300m. On Wednesday, December 2nd the company signed an agreement with Erste Group Bank AG (as a coordinator) and ING Bank N.V (as the facility agent) on a “long-term multi-currency revolving credit facility”. In details, the maturity of the credit facility is 3 years (with an extra option to extend it for 1+1 year). “The facility will be used for general corporate purposes to procure relevant funds on domestic and international markets”, writes Budapest Business Journal. INA-Industrija Nafte d.d. was founded in 1964. Today it is a stock company of which biggest sharholders are MOL Group (of Hungary) and the Croatian Government. Its headquarter is in Zagreb, Croatia. Its headcount is approx. 12.500.



The new state program which aims to compensate (partially) the cost of credits taken for the modernization of heating and energy efficiency measures in the housing sector will start in 2016. Participating banks will issue loans of UAH8bn. “I think that given the pace we are moving with, considering the market potential that exists today, next year we will be able to issue UAH8bn in loans for energy efficiency” – Interfax cites Serhiy Savchuk, the head of State Agency on Energy Efficiency and Energy Saving. The main beneficiary of the previous state energy saving program in Ukraine is Lviv. Out of UAH1bn loans granted under the program (started in 2014), about UAH120m was issued in Lviv.



It may seem strange but Latvians don’t know Pizza Hut. The company founded in the USA in 1958 will enter the country for the first time in 2016. The company’s spokesman Vitalijas Ziauga didn’t give details about the precise location of the fast-food restaurants.


What’s up in indexes?

BUX (of Budapest) was up 0.03 per cent on Thursday, December 3rd. It closed at 23687.65 index points. The previous close was at 23681.22 index points. From year-end it’s up 42.41 per cent.

BET (of Bucharest Stock Exchange) gained 0.18 per cent on Thursday. It increased from 7003.10 index points Wednesday to 7015.86 index points Thursday. From year-end it lost 0.95 per cent.

PX (of Prague) lost 0.85 per cent, decreasing from 959.39 index points Wednesday to 951.27 index points Thursday. From year-end it lost 0.48 per cent.

WIG20 (of Warsaw) dropped by 0.98 per cent closing at 1867.96 index points. The previous close was at 1886.50 index points. From year-end it lost 19.34 per cent.

OMXT (of Tallinn) was up 0.72 per cent increasing from 894.87 index points Wednesday, December 2nd to 901.31 index points Thursday, December 3rd. From year-end it’s up 19.37 per cent.

OMXR (of Riga) gained 0.46 per cent – climbing from 583.83 index points Tuesday to 586.52 index points Wednesday. From year-end it’s up 43.74 per cent.

OMXV (of Vilnius) lost 0.33 per cent, falling from 487.10 index points Wednesday to 485.5 index points Thursday. From year-end it’s up 7.31 per cent.

SAX (of Bratislava) dropped by 0.93 per cent, decreasing from 304.84 index points Wednesday to 302.02 index points Thursday. From year-end it’s up 35.85 per cent.

SOFIX (of Sofia) increased from 436.23 index points Wednesday to 435.42 index points Thursday. So it dropped by 0.19 per cent d/d and 16.60 per cent from year-end.

UX (of Kyiv) gained 0.85 per cent – climbing from 705.44 index points to 711.46 index points. From year-end it dropped by 31.15 per cent.

CROBEX (of Zagreb Stock Exchange) was up 0.25 per cent on Wednesday, December 3rd. It closed at 1677.37 index points. The previous close was at 1673.27 index points. From year-end it dropped by 3.90 per cent.

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