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ABOUT BUSINESS - 12.2008
Balcerowicz among the European Union advisors
Professor Leszek Balcerowicz, a former deputy prime minister and Minister of Finance, will be a member of the prestigious group of experts who are responsible for creating a crisis-avoidance plan for Europe. The group is made up of eight outstanding European economists, and within the next five months they are supposed to propose initial projects to strengthen supervisory procedures over financial institutions. At the head of the committee is the former director of the International Monetary Fund, Jacques de Larosiere. The first report with the group’s proposals is expected to be presented before the European Union summit in March. The group is also supposed to help the European Commission work out a concept for reforms in Europe as well as in the entire financial system in the world.
Hindus in Wrocław
The Indian company Irevna, a world mogul in the industry of financial/analytical services, may open a business analysis center in Wrocław. It may employ 200 mathematicians and physicists, mainly those with doctorates. On the basis of complicated formulas and mathematical algorithms, reports and analyses of financial markets will be prepared for the largest financial institutions and banks in the world. It will be the first center of its kind in Poland and in our part of Europe. Two other cities, Prague and Budapest, were also competing for the Indian investment. The Hindus chose Wrocław.
Cheap flights for Christmas shopping
Threats to passengers that cheap flights will be eliminated are unjustified. Airlines have not stopped (and will not stop) offering low-price tickets. Sale prices are the basis of marketing for cheap airlines. Although the Christmas season may be associated with higher ticket prices, the prices of certain connections show that this is not always true. For instance, Gdańsk-Paryż costs 449 zł (with a stopover in Liverpool), Gdańsk-Brusssels - 40 zł, Katowice-Milan - 145 zł, Katowice-London - 165 zł, Cracow-Munich - 365 zł, Warsaw-New York - 1727 zł, Wrocław-Barcelona - 136 zł, Warszawa-Dusseldorf - 357 zł. All of these connections are offered by Wizzair, Ryanair or Lufthansa.
Guarantees in Polish banks
The President of Poland signed an amendment to a bill for the Bankowy Fundusz Gwarancyjny (Banking Guarantee Fund), which will raise guarantees on bank deposits to 50,000 euro. The new guarantee is in effect for an indefinite period. As the Ministry of Finance has explained, the 50,000 euro guarantee applies to individual people and will be ascribed to deposits in one bank. If someone has savings accounts in ten banks, in the amount of 50,000 euro each, he or she will receive a guarantee of 500,000 euro. In the event someone has a few saving accounts in one bank, the guarantee includes all of those deposits, but only up to the amount of 50,000 euro. The amount of the guarantee will be doubled in the event the account is attributed to two marriage partners.
Debt level at an average rate
Polish companies and banks are significantly less debt-laden than the majority of other countries in our region of Europe. We have one of the lowest inflation rates and a moderate deficit in current turnover with foreign countries. Our foreign debt in relation to GDP (the total gross foreign debt) amounts to 53.8%. However, in other countries, they are as follows: Latvia: 135.6%, Hungary 118.9%, Slovakia 56.3%, and Ukraine 56.2%. The Czech Republic has a lower debt than Poland, at 41%.
An atomic energy plant in Poland
South Korea is helping Poland build an atomic energy plant. The Polish prime minister met the president of Korea recently during a recent visit to China, and established that in 2012 a final decision will be made and the construction of the plant will begin. For the most part, Poles have already accepted the construction of an atomic energy plant in our country, which four years ago met with dissent. The Polish prime minister also encouraged South Korean companies to take part in the building project on the LNG condensed gas plant in the Baltic Sea.
Starwood Hotels in Poland
One of the largest hotel companies in the world, Starwood Hotels & Resorts Worldwide, Inc. is planning large investments in Poland. In the next several years, the number of sites they own in Poland may even double. They also plan to introduce new hotel brands to the Polish market. Currently, hotels from this chain offer clients 1,500 rooms in six 5-star hotels. Every year, 400,000 guests stay at these hotels. ‘I hope that number will increase to 1 million guests,’ says Thomas Schoen, regional director of the chain. Starwood manages six hotels in Poland. Four of them function under the Sheraton brand (in Warsaw, Cracow, Poznań and Sopot). In addition, it has hotels in Warsaw under the Westin and Le Meridien brands (ÑBristolî).
The Polish economy is doing well
The Polish economy has firm foundations, claim Polish politicians and economists. The Polish banking system currently has a rate of just 5% in so-called bad loans. As well, bank deposits are safe, and the insurance system is in good condition. Commentators emphasize that Poland slept through two years of fast economic growth, when the previous, right-wing government was in power during 2005-2007. Reforms and getting our country ready to adopt the euro (which prime minister Donald Tusk has already announced) would allow us to sleep soundly, without having to worry about the value of the zloty falling.
Professor Leszek Balcerowicz, a former deputy prime minister and Minister of Finance, will be a member of the prestigious group of experts who are responsible for creating a crisis-avoidance plan for Europe. The group is made up of eight outstanding European economists, and within the next five months they are supposed to propose initial projects to strengthen supervisory procedures over financial institutions. At the head of the committee is the former director of the International Monetary Fund, Jacques de Larosiere. The first report with the group’s proposals is expected to be presented before the European Union summit in March. The group is also supposed to help the European Commission work out a concept for reforms in Europe as well as in the entire financial system in the world.
Hindus in Wrocław
The Indian company Irevna, a world mogul in the industry of financial/analytical services, may open a business analysis center in Wrocław. It may employ 200 mathematicians and physicists, mainly those with doctorates. On the basis of complicated formulas and mathematical algorithms, reports and analyses of financial markets will be prepared for the largest financial institutions and banks in the world. It will be the first center of its kind in Poland and in our part of Europe. Two other cities, Prague and Budapest, were also competing for the Indian investment. The Hindus chose Wrocław.
Cheap flights for Christmas shopping
Threats to passengers that cheap flights will be eliminated are unjustified. Airlines have not stopped (and will not stop) offering low-price tickets. Sale prices are the basis of marketing for cheap airlines. Although the Christmas season may be associated with higher ticket prices, the prices of certain connections show that this is not always true. For instance, Gdańsk-Paryż costs 449 zł (with a stopover in Liverpool), Gdańsk-Brusssels - 40 zł, Katowice-Milan - 145 zł, Katowice-London - 165 zł, Cracow-Munich - 365 zł, Warsaw-New York - 1727 zł, Wrocław-Barcelona - 136 zł, Warszawa-Dusseldorf - 357 zł. All of these connections are offered by Wizzair, Ryanair or Lufthansa.
Guarantees in Polish banks
The President of Poland signed an amendment to a bill for the Bankowy Fundusz Gwarancyjny (Banking Guarantee Fund), which will raise guarantees on bank deposits to 50,000 euro. The new guarantee is in effect for an indefinite period. As the Ministry of Finance has explained, the 50,000 euro guarantee applies to individual people and will be ascribed to deposits in one bank. If someone has savings accounts in ten banks, in the amount of 50,000 euro each, he or she will receive a guarantee of 500,000 euro. In the event someone has a few saving accounts in one bank, the guarantee includes all of those deposits, but only up to the amount of 50,000 euro. The amount of the guarantee will be doubled in the event the account is attributed to two marriage partners.
Debt level at an average rate
Polish companies and banks are significantly less debt-laden than the majority of other countries in our region of Europe. We have one of the lowest inflation rates and a moderate deficit in current turnover with foreign countries. Our foreign debt in relation to GDP (the total gross foreign debt) amounts to 53.8%. However, in other countries, they are as follows: Latvia: 135.6%, Hungary 118.9%, Slovakia 56.3%, and Ukraine 56.2%. The Czech Republic has a lower debt than Poland, at 41%.
An atomic energy plant in Poland
South Korea is helping Poland build an atomic energy plant. The Polish prime minister met the president of Korea recently during a recent visit to China, and established that in 2012 a final decision will be made and the construction of the plant will begin. For the most part, Poles have already accepted the construction of an atomic energy plant in our country, which four years ago met with dissent. The Polish prime minister also encouraged South Korean companies to take part in the building project on the LNG condensed gas plant in the Baltic Sea.
Starwood Hotels in Poland
One of the largest hotel companies in the world, Starwood Hotels & Resorts Worldwide, Inc. is planning large investments in Poland. In the next several years, the number of sites they own in Poland may even double. They also plan to introduce new hotel brands to the Polish market. Currently, hotels from this chain offer clients 1,500 rooms in six 5-star hotels. Every year, 400,000 guests stay at these hotels. ‘I hope that number will increase to 1 million guests,’ says Thomas Schoen, regional director of the chain. Starwood manages six hotels in Poland. Four of them function under the Sheraton brand (in Warsaw, Cracow, Poznań and Sopot). In addition, it has hotels in Warsaw under the Westin and Le Meridien brands (ÑBristolî).
The Polish economy is doing well
The Polish economy has firm foundations, claim Polish politicians and economists. The Polish banking system currently has a rate of just 5% in so-called bad loans. As well, bank deposits are safe, and the insurance system is in good condition. Commentators emphasize that Poland slept through two years of fast economic growth, when the previous, right-wing government was in power during 2005-2007. Reforms and getting our country ready to adopt the euro (which prime minister Donald Tusk has already announced) would allow us to sleep soundly, without having to worry about the value of the zloty falling.
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Information published at 15 December 2008