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POLAND: Underwhelming Q2 Results Of Major Grocery Retail Chain Draw Attention

POLAND
  • Poor Q2 results reported by Jeronimo Martins, the owner of the largest grocery retail chain in Poland, cast doubt on the strength of the recovery of consumer demand. The company's shares fell by the most since 2008, even as its CFO outlined plans to improve competitiveness and efficiency. Puls Biznesu attributed the underwhelming results to the "price war" with German-owned retail chain Lidl, adding that there are no signs of an imminent end to the intensive price rivalry.
  • Rzeczpospolita reported that Finance Minister Andrzej Domanski is facing a dilemma surrounding this year's spending plan. The official has recently been insisting that there is no need to amend the budget, but his assurances that public finances are in a good shape are encouraging coalition partners to ramp up their demands for allocations for their campaign pledges.
  • Newsweek leaked a short list of the main opposition Law and Justice (PiS) party's potential presidential candidates. The newspaper noted that the candidate will certainly be a man and the front-runners are younger-generation PiS officials rather than party veterans.

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