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Poland stocks higher at close of trade; WIG30 up 0.29%

stock exchange Warsaw

WARSAW: Poland stocks were higher after the close on Monday, as gains in the Basic Materials, Food and Chemicals sectors led shares higher. At the close in Warsaw, the WIG30 added 0.29%. The best performers of the session on the WIG30 were Synthos SA (WA:SNS), which rose 2.28% or 0.130 points to trade at 5.820 at the close. Meanwhile, Grupa ... Read More »

Polish GDP growth in 2017 may exceed 3.5% year on year: deputy PM

GDP growth

WARSAW: Poland may enjoy over 3.5% year on year GDP growth in 2017, thanks to a clear acceleration in investments, still strong consumption and public spending as well as rising exports, deputy PM, Finance and Development Minister Mateusz Morawiecki told public. “We will attain growth perhaps even exceeding 3.5%,” Morawiecki said for public news channel TVP Info of 2017 prospects. ... Read More »

Poland drops in economic freedom index


WARSAW: Poland has dropped to 45th spot in this year’s Index of Economic Freedom, measuring the ease of conducting business worldwide. Last year the country came 39th globally in the ranking issued by The Heritage Foundation and The Wall Street Journal. Among its European peers, Poland dropped to 21st place, down from the previous year’s 18th. According to the Warsaw ... Read More »

Electrovaya reports Q1 2017 revenue of $1.1m


WARSAW: Electrovaya reports financial results for Q1 2017. Electrovaya Inc – Inventory is $17.9 million as at December 31, 2016 as compared to $9.8 million for December 31, 2015. Q1 2017 revenue is $1.1 million for quarter ended December 31, 2016, compared to Q1 2016 revenue of $8.2 million. Electrovaya Inc – Net loss for Q1 2017 is $2.4 million ... Read More »

Poland shares higher at close of trade

Warsaw Stock Exchange

WARSAW: Poland shares were higher at the close on Thursday, as gains in the Energy, Banking and Oil & Gas sectors propelled shares higher. At the close in Warsaw, the WIG30 gained 2.25% to hit a new 52-week high. The biggest gainers of the session on the WIG30 were PKP Cargo (WA:PKPP), which rose 7.98% or 4.10 points to trade ... Read More »

Poland’s mBank 2017 net profit may drop to around PLN 1b


WARSAW: Net profit at Polish lender mBank , a unit Germany’s Commerzbank, may fall to around 1 billion zlotys ($246.73 million) this year from 1.2 billion zlotys in 2016 on the back of a bank tax, mBank’s CEO said on Wednesday. “Taking into account a higher bank tax, changes regarding bank guarantee fund, I would expect profit to be slightly ... Read More »

Poland smashes international tobacco smuggling gang


WARSAW: Polish police, border guards and customs officers have smashed an international criminal gang producing and smuggling tobacco products to EU countries. Officers closed down two illegal cigarette factories and two plants handling cut tobacco, seizing goods worth PLN 40 million (EUR 9.3 million, USD 9.9 million). Agnieszka Hamelusz, a spokeswoman for the Central Bureau of Police Investigation (CBŚP), said ... Read More »

Polish police raid offices of center monitoring racism, xenophobia


WARSAW: Police have raided the offices of the Center for Monitoring Racist and Xenophobic Behavior in Warsaw. The search by police on Friday came at the request of the Bialystok prosecutors’ office, which said it was undertaken in order to “find documentation on activity related to the commission of offenses.” “This is an attempt to intimidate a non-governmental organization, which ... Read More »

Poland may curb imports of low-quality coal to fight smog


WARSAW: Poland plans to curb imports of low-quality coal as it tries to fight heavy smog, a move that could hit purchases from Russia. The energy ministry, in a statement late on Wednesday, proposed a number of regulations aimed at cutting pollution, including monitoring the quality of solid fuel. Poland’s air is the most polluted in Europe, due in part ... Read More »

Poland expects UK will get Swiss-like deal with EU after exit


WARSAW: Britain is likely to retain far-reaching access to the European Union’s single market after it leaves the EU and keep paying some kind of contribution to the EU budget, Polish Deputy Prime Minister Mateusz Morawiecki said on Wednesday. Prime Minister Theresa May said last month that Britain would leave the EU single market of more than 500 million people ... Read More »

Poland’s LOT to lease 3 B787-9s from ACG


WARSAW: LOT Polish Airlines (LO, Warsaw Chopin) has signed a firm agreement with Aviation Capital Group for the longterm lease of three B787-9s the US-based lessor has confirmed in a statement. Sourced from ACG’s Boeing (BOE, Chicago O’Hare) order book, the first of the widebody twinjets is expected to be delivered in March 2018. They will be powered by Rolls-Royce ... Read More »

Polish charities campaign for 1% of income tax


WARSAW: Polish charities have started an annual campaign aimed at encouraging Poles to give them one percent of their annual income tax. Each year, an increasing number of Poles allocate one percent of their income tax to charitable organizations. Experts forecast that this year the participation rate will continue to rise. “There is a growing awareness and understanding among tax ... Read More »

Poland looks for $15b to challenge slowdown data


WARSAW: Poland’s government is having a hard time coming to grips with economic growth that fell far short of the level it targeted last year. With gross domestic product set for its first sub-3 percent gain since 2013, Deputy Prime Minister Mateusz Morawiecki said last week that Poland’s expansion in 2014 and 2015 should be revised downward because of “fictitious” ... Read More »

Veg shortage hits Poland


WARSAW: Leading Polish producer and distributor Amplus has revealed how the cold weather in Turkey, Spain and Italy has affected its imports of vegetables this winter. “We are mostly doing imports at the moment,” said strategy and development manager Magdalena Domzalska. “Spanish and Moroccan tomatoes have had some quality problems. The availability from Turkey is better, but the sizes are ... Read More »

Polish coking coal miner JSW sees 2017 price stabilizing


WARSAW: Europe’s largest coking coal producer, Jastrzebska Spolka Weglowa, sees its average price for hard and semi-soft coking coal stabilizing this year at an average $130-$140/mt, CEO Tomasz Gawlik said. “We expect our price to stabilize this year at the level of $130-$140/mt,” Gawlik told reporters. In the third quarter of last year JSW, the latest period for which JSW ... Read More »

Poland IT market estimated to account for US$ 6,245.8m by 2020


WARSAW: Future Market Insights (FMI) released its latest report titled, “Poland IT Software and Service Market Forecast and Assessment, 2014 – 2020”. According to the report, the Poland IT software and service market was valued at US$ 4,104.3 Mn in 2013 and projected to reach US$ 6,245.8 Mn by 2020, registering a CAGR of 5.9% during the forecast period. The ... Read More »

Polish 2015 GDP overestimated due to tax scams: Finance minister


WARSAW: Poland’s exports, which are included in calculating gross domestic product (GDP), were overestimated in 2015 and 2014 by as much as 30 billion zlotys ($7.36 billion) each year due to tax scams, Finance Minister Mateusz Morawiecki said. Morawiecki said the statistics office, which uses official data from the finance ministry to calculate GDP, should revise down the value of ... Read More »

Poland to double tax breaks for innovative firms


WARSAW: Poland aims to double tax breaks for companies investing in research and development, a government minister said on Friday. Science and Higher Education Minister Jarosław Gowin said the plans would help boost innovation in the Polish economy. The government wants a new bill on innovation to come into force on 1 January 2018. It will usher in bigger tax ... Read More »

Polish retail sales rise

Morocco’s auto industry exports likely to rise to $10b by 2020

WARSAW: Retail sales in Poland rose 21.3 percent in December compared to a month earlier, according to the country’s Central Statistical Office (GUS). Compared with the same month a year earlier, retail sales were up by 6.4 percent. Year on year the most significant increase was in the retail sale of food, beverages and tabacco. Read More »

Polish private sector employment, wages up

Malta employment

WARSAW: Average employment in Poland’s private sector in December was 3.1 percent up on the same month a year earlier, the country’s Central Statistical Office said on Wednesday. The employee count in private businesses stood at 5,798,900 last month. Meanwhile, the average monthly gross salary in the business sector climbed 2.7 percent year on year to PLN 4,635 (USD 1,130, ... Read More »