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Gov't Begins Overhaul Of SOE Managers, Tusk Plans To Visit France & Germany

  • The WIG20 Index added 1.2% on Thursday and extends gains this morning as the new government began an overhaul of management boards at state-owned companies. The supervisory board of energy giant Orlen, most of whom were appointed by the previous administration, dismissed CEO Daniel Obajtek before the government had the chance to oust him. The dismissal had symbolic meaning, marking the end of an era. Obajtek presided over attempts to turn it into a "national champion" through a series of M&As, but also faced accusations of politicising the company, which included leveraging Orlen's market position to cut fuel prices in the lead-up to the recent parliamentary election or buying out hundreds of local media outlets.
  • Rzeczpospolita reported that Prime Minister Donald Tusk will soon visit Germany and France and his administration is in talks on specific dates, as he looks to revive cooperation in the "Weimar Triangle" format. Tusk's first foreign trip during his current stint as Prime Minister was to Kyiv.
  • Both sides of the aisle are preparing for confrontation over the Constitutional Tribunal. Source reports suggest that the ruling coalition has drafted the necessary legislation and may table them next week, while opposition PiS party leader issued a statement accusing them of violating the constitutional order.

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