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The Warsaw Voice » Business » April 2, 2008
Business
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Business in brief
April 2, 2008   
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NBP Exchange Rates March 31, 2008

1 EUR = zl. 3.5258
1 USD = zl. 2.305
1 CHF = zl. 2.2446
1 GBP = zl. 4.4266
100 JPY = zl. 2.2429


Poland to Adopt Euro in 2012?
Poland could join the ERM-2 system in 2009, opening the door to the country adopting the euro in 2012, Finance Minister Jacek Rostowski says. In order to join ERM-2, the country will have to meet the Maastricht criteria and ensure stability on financial markets. National Bank of Poland chief Sławomir Skrzypek believes that 2012 is the earliest possible date for adopting the euro.


Going Green Costs
Poland will need over zl.170 billion to implement European Union directives on the environment by 2013, the Regional Development Ministry says. However, the country has only zl.42 billion available from national and regional programs.


Airports to Get EU Money
Companies establishing or managing regional airports will be eligible for financial assistance from the European Union, according to a draft resolution of the European Commission. The assistance will be available for the construction or modernization of airport, technical and organizational infrastructure, or extension and modernization of passenger terminals.


Natural Disasters Cost $70 Billion
Global losses caused by natural disasters resulting from human activity reached $70 billion last year, Swiss Re, a leading reinsurance company, has calculated. For example, the Kyrill hurricane that struck Germany, Britain, Belgium and Netherlands in January 2007 cost them a total of $6.1 billion.


Lower Inflation in Hungary
February inflation in Hungary dropped from 7.1 percent to 6.9 percent year-on-year, the Hungarian statistical office has announced. Analysts had predicted 7 percent.
Month-on-month consumer prices grew 1.1 percent, up from 1 percent in January. The country's annual inflation target is 3 percent; Hungary has exceeded it since August 2006.


Estonian GDP Growth Slows
Estonia's economy grew 4.8 percent year on year in the fourth quarter of 2007, says the Estonian statistical office. This was the worst result in six years. The office had expected even less, 4.5 percent. In the third quarter, GDP grew 6.4 percent, and 7.1 percent over the entire year. The central bank estimates that this year Estonian GDP will grow 4.3 percent.


ENEA and PGE on Stock Exchange
Energy companies ENEA and Polska Grupa Energetyczna will float more shares on the Warsaw Stock Exchange this year, says Treasury Deputy Minister Jan Bury. In the second half of the year, Tauron and Energa will also be floated. The value of the new share issue from ENEA will be zl.2-3 billion.


Ukraine Agrees Gas Price
Ukraine has agreed to pay $321 per 1,000 cubic meters of Russian natural gas supplied this January and February by RosUkrEnergo. The price accepted by Ukraine means that the country is a "solvent client" and can buy natural gas at that price, says Russian newspaper Kommersant.


Investment in Hotels
Over the next five years investment in the hotel industry in Poland will reach more than zl.5 billion, according to a Research and Markets report. The number of tourists visiting the country annually is expected to grow from 15.7 million to 19 million in 2012-2013.


Chinese Seek Partners
Chinese businesses are looking for partners in Central Europe to carry out more than 300 joint projects worth a total of over 20 billion euros. They will present their proposals at the Business in China forum May 28-29 in Berlin, which is also aimed at Polish companies. The event will be attended by Chinese government and company officials.


Profits for Fiat
Fiat Auto Poland, based in Tychy, southern Poland, recorded sales revenue of over zl.11.7 billion last year, with profits of zl.349 million. The company's general shareholders meeting decided to pay out zl.100 million in dividends and to channel the remaining zl.249 million into reserve capital.
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