Latest news with #WIG20
The Age
23-07-2025
- Business
- The Age
Billionaire sacked by his children as family feud spills over
Their father agreed to trigger a transfer of his two Liechtenstein-registered foundations, which effectively control his business empire, to them. Several days later, he changed his mind. The children also wrote a letter to the managers of family-owned businesses warning them against taking part in any potential takeover attempts. They said they were having difficulty contacting their father and were in conflict with Kulka. Then, in May, after Solorz tried to remove his sons from his companies, a Liechtenstein court dismissed a lawsuit by him attempting to block the succession of the foundation to the children. His lawyer, Radoslaw Kwasnicki, said the billionaire is appealing the ruling. Now, Solorz is out, the latest development in a saga that's gripped the Polish public. As the drama has ensued, Cyfrowy shares have lagged the broader Polish market. They've gained less than half as much as the benchmark WIG20 index, which is up 34 per cent this year. The stock fell 2.8 per cent on Tuesday. Investors look at the conflict 'mainly from the perspective of operational risks' for a company that has started to improve results in the past quarters, according to Piotr Raciborski, an analyst at Wood & Co. in Warsaw. Jaroslaw Kolkowski, a lawyer representing TiVi, told Bloomberg News that the dismissals this week were made 'to limit the risk of transferring assets out of the family foundation.' Separately, TiVi said in a statement published by Cyfrowy Polsat that it 'recognises and appreciates the indisputable contributions' of Solorz and former CEO Miroslaw Blaszczyk, and that it decided to dismiss them to boost supervision over key assets. 'The Foundation's cornerstone obligation is to protect its assets, and the above changes were indispensable to properly discharge said obligation,' TiVi said. It added it will 'monitor the situation and take additional decisions when necessary.' Solorz's lawyer Radoslaw Kwiasnicki told PAP news agency that the businessman will appeal the 'unlawful' dismissal, calling it 'merely a temporary situation.' Loading The billionaire rarely appears in public, but last year took part in a shareholder meeting via a videolink from an undisclosed location. His performance there increased concerns over his health, but his aides have repeatedly rejected such speculation. Kwasnicki told daily Puls Biznesu last month that Solorz was in 'great shape' and normally works long hours, including on new business ventures. For those watching the story unfold, the general view is there is more to go before any resolution.
Sydney Morning Herald
23-07-2025
- Business
- Sydney Morning Herald
Billionaire sacked by family as succession feud spills over
Their father agreed to trigger a transfer of his two Liechtenstein-registered foundations, which effectively control his business empire, to them. Several days later, he changed his mind. The children also wrote a letter to the managers of family-owned businesses warning them against taking part in any potential takeover attempts. They said they were having difficulty contacting their father and were in conflict with Kulka. Then, in May, after Solorz tried to remove his sons from his companies, a Liechtenstein court dismissed a lawsuit by him attempting to block the succession of the foundation to the children. His lawyer, Radoslaw Kwasnicki, said the billionaire is appealing the ruling. Now, Solorz is out, the latest development in a saga that's gripped the Polish public. As the drama has ensued, Cyfrowy shares have lagged the broader Polish market. They've gained less than half as much as the benchmark WIG20 index, which is up 34 per cent this year. The stock fell 2.8 per cent on Tuesday. Investors look at the conflict 'mainly from the perspective of operational risks' for a company that has started to improve results in the past quarters, according to Piotr Raciborski, an analyst at Wood & Co. in Warsaw. Jaroslaw Kolkowski, a lawyer representing TiVi, told Bloomberg News that the dismissals this week were made 'to limit the risk of transferring assets out of the family foundation.' Separately, TiVi said in a statement published by Cyfrowy Polsat that it 'recognises and appreciates the indisputable contributions' of Solorz and former CEO Miroslaw Blaszczyk, and that it decided to dismiss them to boost supervision over key assets. 'The Foundation's cornerstone obligation is to protect its assets, and the above changes were indispensable to properly discharge said obligation,' TiVi said. It added it will 'monitor the situation and take additional decisions when necessary.' Solorz's lawyer Radoslaw Kwiasnicki told PAP news agency that the businessman will appeal the 'unlawful' dismissal, calling it 'merely a temporary situation.' Loading The billionaire rarely appears in public, but last year took part in a shareholder meeting via a videolink from an undisclosed location. His performance there increased concerns over his health, but his aides have repeatedly rejected such speculation. Kwasnicki told daily Puls Biznesu last month that Solorz was in 'great shape' and normally works long hours, including on new business ventures. For those watching the story unfold, the general view is there is more to go before any resolution.
The Age
23-07-2025
- Business
- The Age
Billionaire sacked by family as succession feud spills over
Their father agreed to trigger a transfer of his two Liechtenstein-registered foundations, which effectively control his business empire, to them. Several days later, he changed his mind. The children also wrote a letter to the managers of family-owned businesses warning them against taking part in any potential takeover attempts. They said they were having difficulty contacting their father and were in conflict with Kulka. Then, in May, after Solorz tried to remove his sons from his companies, a Liechtenstein court dismissed a lawsuit by him attempting to block the succession of the foundation to the children. His lawyer, Radoslaw Kwasnicki, said the billionaire is appealing the ruling. Now, Solorz is out, the latest development in a saga that's gripped the Polish public. As the drama has ensued, Cyfrowy shares have lagged the broader Polish market. They've gained less than half as much as the benchmark WIG20 index, which is up 34 per cent this year. The stock fell 2.8 per cent on Tuesday. Investors look at the conflict 'mainly from the perspective of operational risks' for a company that has started to improve results in the past quarters, according to Piotr Raciborski, an analyst at Wood & Co. in Warsaw. Jaroslaw Kolkowski, a lawyer representing TiVi, told Bloomberg News that the dismissals this week were made 'to limit the risk of transferring assets out of the family foundation.' Separately, TiVi said in a statement published by Cyfrowy Polsat that it 'recognises and appreciates the indisputable contributions' of Solorz and former CEO Miroslaw Blaszczyk, and that it decided to dismiss them to boost supervision over key assets. 'The Foundation's cornerstone obligation is to protect its assets, and the above changes were indispensable to properly discharge said obligation,' TiVi said. It added it will 'monitor the situation and take additional decisions when necessary.' Solorz's lawyer Radoslaw Kwiasnicki told PAP news agency that the businessman will appeal the 'unlawful' dismissal, calling it 'merely a temporary situation.' Loading The billionaire rarely appears in public, but last year took part in a shareholder meeting via a videolink from an undisclosed location. His performance there increased concerns over his health, but his aides have repeatedly rejected such speculation. Kwasnicki told daily Puls Biznesu last month that Solorz was in 'great shape' and normally works long hours, including on new business ventures. For those watching the story unfold, the general view is there is more to go before any resolution.
Korea Herald
10-06-2025
- Business
- Korea Herald
Foreign inflow fuels Kospi rally
Foreign investors have poured nearly 4 trillion won ($3 billion) into the nation's benchmark Kospi so far this month, helping to drive a strong bullish run in the local stock market. Offshore investors net purchased shares worth 3.78 trillion won on the Kospi through Tuesday in June, continuing the 1.16 trillion won buying spree that began in May, according to data from the Korea Exchange, the nation's bourse operator. While they net bought shares worth 125 billion won on June 2, the amount surged on June 4, a day after the country's presidential election, to 1.05 trillion won, followed by a 980 billion won net purchase on June 5. On Monday and Tuesday, foreigners net bought shares amounting to 977 billion won and 634 billion won on the Kospi, respectively. The rally pushed the index to close daytime trading at 2871.85 on Tuesday, up 16.08 points or 0.56 percent, from the previous session. During intraday trading, the Kospi surged to as high as 2,885.67, nearing the 52-week high set at 2,896.43 on July 11 last year. The buying momentum has been partly fueled by growing expectations of political stability and reform following President Lee Jae-myung's election victory last week. 'With the inauguration of the Lee Jae-myung administration, expectations for revisions to the Commercial Act and efforts to address the 'Korea Discount' have stimulated foreign investor inflows,' said Lee Kyoung-min, an analyst at Daishin Securities. 'Protection of minority shareholder rights and improvements in corporate governance — longstanding demands from global investors — remain key themes. Foreign investment flows into the Korean stock market have clearly improved against this backdrop of policy-driven optimism and attractive valuations.' Backed by the rally, the Kospi has emerged as the best-performing major stock market worldwide over the past week, outpacing key global indices such as Hong Kong's Hang Seng, Denmark's OMX Copenhagen 25 and Japan's Nikkei 225, according to a list compiled by financial platform While not exhaustive, the list features selected stock indices of significant size and market value. Year-to-date, the Kospi has risen 19.36 percent, ranking as the eighth-best performer globally. It trails Poland's WIG 20 index, the top performer so far this year, which has surged 24.67 percent, placing the Kospi roughly five percentage points behind. Among the indices that function as comprehensive market indices that reflect the overall performance of their respective national stock markets, the Kospi ranked behind only those of Russia, Germany, Austria and Hong Kong. The others, such as the WIG 20, were composed of a limited number of selected large-cap companies.
Yahoo
02-06-2025
- Business
- Yahoo
Revved-Up Polish Assets Dip as Election Erodes Pro-EU Tilt
(Bloomberg) -- Polish stocks and bonds — among the world's stand-out performers of 2025 — dipped after a nationalist unexpectedly won the presidential election, dealing a blow to the government. Billionaire Steve Cohen Wants NY to Expand Taxpayer-Backed Ferry Where the Wild Children's Museums Are Now With Colorful Blocks, Tirana's Pyramid Represents a Changing Albania The Economic Benefits of Paying Workers to Move NYC Congestion Toll Brings In $216 Million in First Four Months Investors are concerned that the victory by the resurgent right, which has been emboldened by Donald Trump, may unravel Poland's pro-European Union tilt — impacting both fiscal and monetary policy and imperiling the rally in the nation's assets. Warsaw stocks slumped 3.4% on Monday before recouping about half of the losses, while the sovereign's dollar bonds were among the biggest losers in emerging markets. The zloty weakened 0.2% against the euro, trading in the middle of a pack of 31 major currencies. Now, traders will be watching how Prime Minister Donald Tusk works with incoming President Karol Nawrocki, which will dictate where the Polish 'risk premium lands,' according to Adnan El-Araby, a fund manager at Barings Emerging EMEA Opportunities. 'The outcome of the elections might harm the positive sentiment of this year, but there are always well managed companies that have the ability to grow earnings,' he said. 'We now have to be more selective.' Nawrocki, a conservative historian and former boxer, won 50.9% of Sunday's runoff ballot, while centrist Warsaw Mayor Rafal Trzaskowski took 49.1%, according to unofficial tallies from the electoral commission. More Downside Henrik Gullberg, a macro strategist at Coex Partners, said the market-leading performances by Polish stocks and the zloty mean there's more downside to a Nawrocki win than upside had Trzaskowski come through. Poland's WIG20 equity index traded 2.1% lower as of 1 p.m. in Warsaw, with banks leading the selloff. The gauge was up 40% in dollar terms this year as of Friday's close, one of the strongest rallies globally. 'A Nawrocki win is thought to revive tensions with Brussels, stall judicial reforms, and therefore jeopardize access to over €130 billion ($148 billion) in crucial EU funding,' Gullberg said. The yield on benchmark 10-year local-currency government bonds increased 11 basis points to 5.47% on Monday. The asset class had returned nearly 16% in dollars since December — the best performance among developing markets after Brazil and Mexico until just before the ballot. Poland's fiscal deficit is front and center for investors. At more than 6% of economic output it's the largest in the EU after Romania's. Election-campaign promises risk further deepening the budget hole. The election 'will hinder the implementation of necessary reforms and may favor the maintenance of an excessively loose fiscal policy,' said Piotr Bujak, chief economist at PKO Bank Polski SA. This 'may worry foreign investors,' he said. Thwarted Agenda Tusk's agenda has been largely thwarted by the outgoing president, who, like Nawrocki, is backed by the opposition Law & Justice party. The election of a more radical successor could exacerbate the paralysis. 'It is feared that this stalemate will continue,' Commerzbank AG currency analysts Michael Pfister and Charlie Lay said. 'Similarly, the disbursement of EU funds, from which Poland has benefited significantly in recent years, is likely to be further delayed,' given the conflict between Law & Justice and the EU Commission. Piotr Matys, a strategist at In Touch Capital Markets Ltd., said the result creates the risk 'that Tusk's coalition may collapse, leading to early general elections,' which would otherwise be due in 2027. The premier, who will have a televised address at 8 p.m., may call a parliamentary vote of confidence in his cabinet, reported Monday. The ballot could also make Polish policymakers more reluctant to extend interest-rate cuts, according to economists at Morgan Stanley, Citigroup Inc. and Banco Santander SA. Derivatives used to wager on Polish interest rate levels ticked higher, signaling bets on less easing this year. State Assets Minister Jakub Jaworowski, who oversees the government's controlling stakes in seven of the companies in the WIG20 index, said Nawrocki's victory will prolong a period of 'elevated instability.' 'It has been difficult, but it will be now even harder,' he told a financial congress in Sopot, northern Poland, on Monday. He vowed to continue with the government's agenda focused on improving corporate governance and building shareholder value. --With assistance from Matthew Burgess, Joanna Ossinger, Maciej Martewicz, Andras Gergely, Peter Laca, Piotr Bujnicki and Agnieszka Barteczko. (Updates with new comments and market moves and political developments throughout.) YouTube Is Swallowing TV Whole, and It's Coming for the Sitcom Millions of Americans Are Obsessed With This Japanese Barbecue Sauce Mark Zuckerberg Loves MAGA Now. Will MAGA Ever Love Him Back? Trump Considers Deporting Migrants to Rwanda After the UK Decides Not To Will Small Business Owners Knock Down Trump's Mighty Tariffs? ©2025 Bloomberg L.P. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
