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Poland

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Poland launches new freight monitoring system

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WARSAW: A new monitoring system for the road transport of goods, part of Poland’s crackdown on tax fraud, comes into effect this week. The system aims to make it easier for customs officers to control the taxation of items being transported to or through Poland. “The monitoring system for road transport of goods is a tool in the fight with ... Read More »

Bangladesh seeks Polish investment in shipbuilding, pharma sectors

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DHAKA: State Minister for Foreign Affairs Muhammad Shahriar Alam has urged the Polish entrepreneurs to invest in Bangladesh’s potential sectors like shipbuilding, pharmaceuticals, leather and footwear and agro-processing. “Bangladesh could be a lucrative destination for the Polish businesses in many priority areas like shipbuilding, pharmaceuticals, leather and footwear and agro-processing,” he said, pointing out the country’s competitive and skilled labour ... Read More »

Poland to slap fines on unauthorized forex marketing

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WARSAW: Poland’s financial regulatory body, the Polish Financial Supervision Authority (KNF), today announced another tranche of regulation reforms pertaining to investment firms, this time setting specific requirements leading to a ban on the advertising of risky financial products, including forex. The modified provisions will enter into force as of April 29, 2017. The regulatory update is a reaction to the ... Read More »

Poland considers building floating LNG terminal by 2021

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WARSAW: Poland is considering building a second liquefied natural gas (LNG) terminal on the Baltic Sea by 2021 for about 700 million euros ($761 million), as a potential alternative to a planned gas pipeline to Norway, the gas system operator said. Poland imports most of the gas it consumes from Russia’s Gazprom. In a drive to reduce the reliance, Poland ... Read More »

Poland stocks higher at close of trade; WIG30 up 0.75%

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WARSAW: Poland stocks were higher after the close on Thursday, as gains in the Energy, Oil & Gas and Information Technology sectors led shares higher. At the close in Warsaw, the WIG30 added 0.75%. The best performers of the session on the WIG30 were Polski Koncern Naftowy ORLEN SA (WA:PKN), which rose 2.85% or 3.06 points to trade at 110.47 ... Read More »

French Customs finds EUR1m in Polish car

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PARIS: More than one million Euros in cash has been found in a Polish car in Urrugne, a village in southwestern France, the country’s customs agency said. Customs guards inspected the Audi car, which was travelling from Spain, on 26 March. They initially found banknotes under the front seats and near the boot of the car, and found more in ... Read More »

Poland-Iran need host to normalize bilateral banking ties: Polish minister

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WARSAW: Polish and Iranian lenders need host each other’s bank branches to normalize banking ties between the two countries, the Polish deputy minister of economy said. “That would not only boost the correspondent banking relations, but also provide finance for various projects in infrastructure and other sectors,” Tadeusz Koscinski said in an interview. The Polish official added that if the ... Read More »

Poland gets Natgas Exports ‘understanding’ with U.S.

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WARSAW: Poland’s desire to cut natural gas imports from Russia has led to an “understanding” with the United States to work toward a deal to export liquefied natural gas to its new Baltic Sea terminal, the country’s deputy prime minister said. Mateusz Morawiecki, who is also the minister of economic development and finance, said in an interview that discussions with ... Read More »

Poland stocks higher at closing of trade, WIG30 rises 0.72%

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WARSAW: Poland stocks were higher after the close on Wednesday, as gains in the Basic Materials, Developers and Chemicals sectors led shares higher. At the close in Warsaw, the WIG30 rose 0.72%. The best performers of the session on the WIG30 were KGHM Polska Miedz SA (WA:KGH), which rose 6.36% or 7.65 points to trade at 127.85 at the close. ... Read More »

Polish PMI falls in March

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WARSAW: Poland’s Purchasing Managers’ Index (PMI) fell to 53.5 in March from 54.2 points in February, according to Markit, a provider of financial information services. Analysts had expected a reading of 54.6 points. “Business conditions improved solidly amid further rises in output, new orders and employment. That said, rates of growth were below those seen earlier in the quarter. Substantial ... Read More »

Moody’s upgrade Poland 2017 GDP forecast by 3.2%

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WARSAW: The Moody’s rating agency upgraded Poland’s 2017 GDP forecast to 3.2 percent from an earlier projection of 2.9 percent, according to a report published on Monday. According to the agency, Poland’s GDP growth will be boosted by increasing private consumption. The Moody’s report also noted that unemployment fell in February and that wages in the business sector went up ... Read More »

Poland best emerging market, S. Korea is second

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WARSAW: Emerging markets’ rebound has been sharp this year, with the benchmark MSCI EM index up 12%. The big winner is a bit of a surprise: Poland, where equities are up 21.5%. (All results in this column are through March 23.) The Central European nation’s advance had been helped by projected economic growth of 3.3% this year, following last year’s ... Read More »

Poland stocks lower at closing of trade

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WARSAW: Poland stocks were lower after the close on Friday, as losses in the Basic Materials, Construction and Food sectors led shares lower. At the close in Warsaw, the WIG30 lost 0.08%. The best performers of the session on the WIG30 were PKP Cargo (WA:PKPP), which rose 2.98% or 1.91 points to trade at 65.90 at the close. Meanwhile, Cyfrowy ... Read More »

Polish fish exporters’ revenue up 7% in 2016

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WARSAW: Polish fish processor Seko reported record revenues of more than PLN 152 million (€36.5 million) for 2016, up 7% compared with a year earlier, and aims to continue its investments to raise the output capacity of its fish processing plant in Chojnice, according to senior company representatives. Last year, Seko invested more than PLN 5 million (€1.2 million) with ... Read More »

Poland hopes to counter tax fraud by EVS

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WARSAW: Poland hopes to catch out tax cheats by automatically monitoring bank transactions for high risk deals. The Finance Ministry of Poland announced that it will soon establish an electronic verification system (EVS) using bank data to catch out VAT fraud. The new system is meant to catch out tax cheats who issue fake invoices in order to claim unwarranted ... Read More »

Warsaw stocks lower on Tuesday closing, WIG30 lost 1.28%

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WARSAW: Poland stocks were lower after the close on Tuesday, as losses in the Information Technology, Basic Materials and Telecoms sectors led shares lower. At the close in Warsaw, the WIG30 lost 1.28%. The best performers of the session on the WIG30 were Grupa Lotos SA (WA:LTSP), which rose 2.75% or 1.55 points to trade at 57.90 at the close. ... Read More »

Poland market shifting towards higher priced e-bikes

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WARSAW: The Polish market for bicycles and e-bikes expanded by approximately 10% this year. Obviously the relatively short and mild winter contributed to the popularity of bicycles this year, but there is more. The number of cyclists, especially commuters, has been showing a significant growth in the past years. It is obvious when strolling the street of Polish cities but ... Read More »

Poland Finance Minister believes Poland is not ready for the Euro

Poland Finance Minister believes Poland is not ready for the Euro

WARSAW: Poland’s Minister of Economic Development, Mateusz Morawiecki, stated that Poland is not ready to adopt the Euro but could be ready in 10-20 years when it could be as developed as other countries in the eurozone. Morawiecki said that Poland is not yet on a par with the economic or industrial standards of the countries of the eurozone, either ... Read More »

Paying tax in Poland easier with new system

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WARSAW: A finance ministry spokesman said that people need to fill out a new form, giving information about tax deductibles and children, as well as other information. Five days later, a completed tax form is sent to a nominated email address. The tax payers can then review and adjust the return, if necessary, and send it to the tax office. ... Read More »

Polish government eyes economic growth

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WARSAW: Speaking at a joint conference with Deputy Prime Minister and Finance Minister Mateusz Morawiecki, Prime Minister Beata Szydło said GDP growth, low unemployment, and rising wages were proof that government economic programmes were working. Szydło added that both rating companies and the European Commission had indicated that the Polish economy would this year grow more quickly than expected. Meanwhile, ... Read More »