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The Warsaw Voice » Business » August 13, 2008
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Business in brief
August 13, 2008   
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NBP Exchange Rates (August 11, 2008)
1 EUR = zl. 3.2590
1 USD = zl. 2.1620
1 CHF = zl. 2.0114
1 GBP = zl. 4.1603
100 JPY = 1.9698

90 Percent of EU Funds Spent
Poland had spent 89.3 percent of its 2004-2008 European Union allocation, or some zl.33 million in all, by the end of June this year. The country has until the end of the year to spend the rest.

At the same time, Poland has already signed zl.1.8 billion worth of agreements under 2007-2013 programs.

Starline in Poland
Hong-Kong based computer-component manufacturer Starline International plans to spend zl.6 million on a distribution center for its flash memory, pen drives and MP3 players in ¦rem, south of Poznań, in the west of the country. The center is expecting sales of $20 million during its first year of operation. The company, founded in 2004, has a factory in China and a design studio in Poland.

Arms for Iraq
Polish arms manufacturer Bumar Group is negotiating new defense contracts in Baghdad, Iraq, this month, according to the corporation's spokeswoman Kamilla Walczak. The Iraqi army is interested in upgrading its T72 tanks and possibly in purchasing Rosomak armored modular vehicles (AMV) from Polish armored vehicle manufacturer Wojskowe Zakłady Mechaniczne. Burma, which already has contracts worth $400 billion in Iraq, has sent a preliminary offer to Baghdad.

Polish Firm Wins NATO Contract
Polish IT firm ABG has been chosen to supply NATO with information management systems to process secret information. The software will be deployed in 40 of the alliance's command centers and operational areas. The contract is a huge win for ABG, which already has 23 IT projects with NATO on its books. The company currently supplies the U.S. National Center for Supercomputing Applications (NCSA ) with strategic information management systems used in NATO intelligence and reconnaissance.

China Third Largest Import Source
Poland's imports rose 19.5 percent last year to reach 120.5 billion euros, according to the country's Central Statistical office (GUS). Polish expenditure on Chinese goods grew by almost 40 percent, making China Poland's third largest import market, after Germany and Russia.

Scania Rides Russian Wave
Scania, Sweden's second largest truck producer, recorded a 51-percent increase in net profit for Q2/2008, largely owing to an upsurge in demand from Russia. The company made a profit of $505 million, well ahead of the $391 million market watchers were expecting. Sales rose 14 percent to $3.9 billion over the same period last year.

Swiss Investment Fund in Poland
The asset management services of Swiss investment fund Aldini AG, a member of Switzerland's Rabini Group, are now available to Polish companies. The company's products are tailored to institutional clients interested in long-term investments (10-15 years). Rabini Group manages more than $2 billion worth of assets and Poland is the first step in Aldini's international expansion. The company is planning to open offices in Moscow and Dubai in the near future.
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