Tuesday , December 12 2017
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Greenford smuggler spared jail after stashing illegal cigarettes and tobacco worth £53,287 in back of lorry


WARSAW: A smuggler from Greenford who was caught stashing illegal cigarettes and tobacco among boxes of tissues in the back of a lorry has been spared jail.Artur Golebiowski, a 38 year old sales assistant, was arrested as he unloaded the stash of contraband products at a lock-up in Handsworth, Birmingham. Officers from HMRC found Golebiowski, originally from Poland, had created ... Read More »

DS Smith plans US expansion after 19% revenue increase


WARSAW: POLAND Cardboard box maker DS Smith said it plans to expand further into the US and open two new factories there, as it reported an almost one-fifth rise in sales during the six months to October. Chief executive Miles Roberts hinted there might be more deals to come in the US, saying he wanted “to build a big position ... Read More »

Poland cracks down on corporate tax avoidance


  WARSAW: Poland is chasing chief financial officers who go too far in reducing their companies’ tax burdens as it plans to boost corporate tax revenue by a third. Pawel Gruza, a deputy finance minister who spent 15 years advising businesses how to minimise their tax load, intends to reverse a 30% drop off in corporate income tax over the ... Read More »

Poland’s state budget posts surplus in Sept


  WARSAW: Poland’s state budget surplus amounted to 3 billion zlotys ($822 million) in the first nine months of the year, down from 4.9 billion in the January-August period, state news agency PAP said, quoting sources close to the finance ministry. The government had forecast that the full-year state budget deficit would amount to 32.9 billion zloty, while the original ... Read More »

Poland to supply about 800m cu m of gas to Ukraine this year

gas output - gas production

WARSAW: The Polish Oil and Gas Company (PGNiG) plans to sell 800 million cubic meters of gas to Ukraine in 2017. Furthermore, the company plans to increase supplies to Ukraine in the near future. Maciej Wozniak, Vice Chairman of the PGNiG Management Board for Trade, said this in an exclusive commentary to an Ukrinform correspondent during the Polish-Ukrainian Gas Forum ... Read More »

S&P boosts Poland’s GDP growth forecast

gdp growth

WARSAW: Rating agency Standard and Poor’s has boosted Poland’s GDP growth outlook for the period 2019- 2020 to 3.5 percent, up from three percent forecast in July. The agency – one of the “big four” rating companies – has also predicted that 2019 will see inflation at 3.5 percent. S&P is expected release it’s latest rating for Poland on Friday. ... Read More »

24 people smugglers arrested in Frontex-coordinated operation at Europe’s land borders


  WARSAW: Twenty-four suspected people smugglers were arrested during an international operation coordinated by Frontex, the European Border and Coast Guard Agency, along with Austria and Germany. Known as Joint Action Day (JAD) Dual, the operation targeted cross-border crime in the Western Balkans region and at selected border crossing points at EU’s eastern border. It focused on the detection of ... Read More »

RCP prices in Poland still high in September


  WARSAW: While other European countries have already felt the effects of lacking export opportunities to China and prices began to fall in September at the latest, Polish prices were still at a high level in September. Price cuts are expected for October. Polish recovered paper prices continued to climb over the past few weeks. Supermarket paper and board became ... Read More »

EU offers carrot instead of stick to Hungary, Poland


WARSAW: EU Commissioner of Justice Vìra Jourová said on Friday that she is ready to simplify rules controlling cohesion expenditure if Hungary and Poland join the new European Public Prosecutor’s Office (EPPO). This is a major departure in the Commissioner’s approach compared to her threat a few months ago that member states refusing to join EPPO risk losing access to ... Read More »

Poland keeps interest rates unchanged


WARSAW: The Polish central bank’s Monetary Policy Council on Wednesday left interest rates unchanged. The decision was in line with what analysts had expected. The reference rate remains at 1.50 percent. The last time the Monetary Policy Council cut interest rates was in March 2015. At the time, after trimming rates by 50 basis points, the council said the move ... Read More »

Poland, China talk business, visas


WARSAW: Polish and Chinese officials have met to discuss closer business relations and easier access to visas for citizens in both countries. Deputy Foreign Minister Marek Magierowski represented Poland during the Beijing talks, which were described as “strategic dialogue.” The main problem in Polish-Chinese business relations is a continued trade deficit reported by Poland, according to officials. The Polish government ... Read More »

Poland sees hike in employment figures

profit rises

POLAND: The Polish labour market has recorded a 0.8 percent uptick in the employment rate quarter-on-quarter, Eurostat reported on Wednesday. In the first quarter, the growth amounted to 0.7 percent. In the EU, employment increased by 0.4 percent q/q. The growth in employment figures comes in contrast to the reportedly difficult situation of Polish employers, who say they cannot fill ... Read More »

Polish companies eye foreign markets


WARSAW: The Polish Investment and Trade Agency (PAIH) aims to open 20 trade offices abroad by the end of this year, its head has said. Around 70 such offices are to be set up by the end of 2019, Polish Radio’s IAR news agency reported. It added that Polish companies are increasingly eyeing foreign markets. Speaking at an Economic Forum ... Read More »

Inflation in Poland at 1.8% year-on-year: flash estimate


WARSAW: Inflation in Poland stood at 1.8 percent year-on-year in August, the country’s Central Statistical Office (GUS) said on Thursday in a flash estimate. Inflation stood at 1.7 percent year-on-year in July, 1.5 percent year-on-year in June and at 1.9 percent in May. Meanwhile, prices in August fell 0.2 percent from July as deflation continued month-on-month. Analysts approached by the ... Read More »

Polish govt. approves preliminary budget for 2018

budget proposals

WARSAW: The Polish government has adopted a preliminary draft budget for 2018, which expects the economy to grow 3.8 percent, with inflation at 2.3 percent and unemployment at 6.4 percent. According to Prime Minister Beata Szydło, the budget is geared toward boosting the country’s development and ensures full financing for the government’s key social assistance projects. These include its 500-plus ... Read More »

Unemployment remains at 7.1% in Poland


WARSAW: July unemployment in Poland came in at 7.1 percent, according to the Central Statistical Office (GUS), in line with labour ministry forecasts and unchanged from the month before. About 1.14 million were unemployed last month, some 11,000 fewer than in June. Joblessness in the second quarter was about five percent, down from 5.4 percent in the first quarter, GUS ... Read More »

Poland growth accelerates in Q3


WARSAW: Poland’s economic growth accelerated at the start of the third quarter, underpinned by strong expansions in both industrial production and retail sales in July, Liam Carson, an economist at Capital Economics, said. The annual retail sales growth accelerated to 6.8 percent in July from 5.8 percent in June. Similarly, industrial production growth picked up to 6.2 percent from 4.5 ... Read More »

Poland’s economy to grow faster than predicted

Stocks up

WARSAW: Poland’s finance minister expects economic growth to exceed the predicted 3.6 percent and “low” budget deficit after the statistical office released growth data for the second quarter. According to the Central Statistical Office’s data published on Wednesday, the economy in the second quarter of 2017 grew by 3.9 percent year on year. “The results on GDP growth after the ... Read More »

Polish bitcoin co sets up shop in India


MUMBAI: Poland-based BitBay, a platform for trade and exchange of cryptocurrency, has set up shop in India to expand its trading business and for sourcing IT talent to develop products for the world. “Our focus is to grow with regulation. The Indian market is the fourth largest for cryptocurrencies. On one side we want to work closer with banks so ... Read More »

Inflation in Poland at 1.7%

Finland inflation highest since Sep-2014

WARSAW: Inflation in Poland stood at 1.7 percent year-on-year in July, the country’s Central Statistical Office (GUS) said on Friday, confirming an earlier flash estimate. Inflation in Poland stood at 1.5 percent year-on-year in June and at 1.9 percent in May. Krzysztof Wołowicz, chief economist at finance broker BPS TFI, said that inflation is primarily being driven down by fuel ... Read More »