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The Warsaw Voice » Business » November 12, 2008
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Business in brief
November 12, 2008   
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NBP Exchange Rates (November 7, 2008)

1 EUR = zl. 3.6474
1 USD = zl. 2.8428
1 CHF = zl. 2.4072
1 GBP = zl. 4.4855
100 JPY = zl. 2.9158

Privatization Revenues
In the first 10 months of 2008, net income from privatization totaled zl.656.6 million, or 47.89 percent of the amount planned for this year, the Treasury Ministry announced. At the end of October, the dividend yield reached zl.2.57 billion, the ministry said.

Okęcie Airport Invests
Warsaw's Okęcie Airport will earmark almost zl.1.2 billion for investment through 2012, primarily for completion of Terminal 2 and its integration with Terminal 1. Polish Airports State Enterprise is also planning to upgrade the navigation infrastructure at the airport. "We hope for EU funds, but we are nevertheless prepared to carry out most of the projects using credits and the issuance of security bonds," said the company's financial director, Michał Nowotny.

Poland Imports Coal
Poland's coal imports this year will exceed exports from domestic coal mines, making Poland a net importer of coal. The situation is caused by declining output of Polish mines coupled with a growing demand for coal. In the first eight months of 2008, coal imports exceeded 6.2 million metric tons, compared with 5.9 million tons imported throughout 2007. Forecasts for this year predict imports of 8-10 million tons.

Ukraine Adopts Anti-Crisis Laws
The Ukrainian parliament has passed an anti-crisis legislation package that was required by the International Monetary Fund in return for a $16.5-billion loan. The new regulations establish a stabilization fund in the Ukrainian budget. The rules are meant to assure better protection of bank deposits owned by private persons, to enable the state to buy shares in banks in financial trouble and to increase budgetary discipline. After Hungary and Iceland, Ukraine is the third country to receive a loan from the IMF due to the global financial crisis.

Intervention Purchase of Crops
The Agricultural Market Agency (ARR) has begun purchasing wheat, barley and corn for intervention stocks. The grain needs to meet minimum quality requirements. The agency is buying the grain at 101.3 per ton and the price increases by 0.46 euros every month.

Dell, the world's second-largest computer producer after Hewlett Packard, will soon start selling to individual customers in Poland. So far, Dell computers were only available to individuals as special offers from telecom operators and in supermarkets. The configuration service which enables individual buyers to customize their computers has not been available in Poland to date.

Czech GDP Dwindles
The global financial crisis has prompted the Czech Ministry of Finance to lower the 2008 and 2009 GDP growth forecasts to 4.4 percent and 3.7 percent respectively. Earlier, the ministry predicted growth rates of 4.6 and 4.8 percent.

Tele-Fonika Cuts JOBS
Tele-Fonika Kable, the largest producer of cables in Poland, will lay off 900 of its 4,700 employees in December due to declining export orders. Tele-Fonika Kable exports 70 percent of its production and the global financial crisis is taking a direct toll on the company. Employees who decide to quit voluntarily will receive benefits according to seniority.
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