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The Warsaw Voice » Business » July 1, 2009
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Business in brief
July 1, 2009   
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NBP Exchange Rates (June 29, 2009)

1 EUR = zl. 4.4908
1 USD = zl. 3.2084
1 CHF = zl. 2.9401
1 GBP = zl. 5.2901
100 JPY = zl. 3.3567

Economic Revival on the Horizon?
The International Monetary Fund (IMF) has upheld its forecast of a global economic revival at the start of 2010. The IMF warned, however, that there are a number of risks and added that a lot will depend on what happens in banks.

Dominique Strauss-Kahn, managing director of the IMF, said at a conference in Montreal, Canada, that he was expecting a reversal in global trends this fall. Under the most likely scenario, upward trends will begin at the end of this year, followed by a more distinct recovery in the first half of 2010, Strauss-Kahn said.

ECB Warns of Risks
The European Central Bank has warned that the financial system of the eurozone is still fraught with risks. One is a crisis of public trust in large banks.

The ECB said it is also concerned about the financial condition of insurance companies. Moreover, it predicts that the United States may see sharper declines in real estate prices than expected.

Oil Prices Up
The average price of oil will reach $59 per barrel this year and $65 next year, the Economist Intelligence Unit predicts. The analysis center said the growing prices of oil find no justification in what is happening in the global economy, because demand for oil is low and oil stocks are high.

Latvia Cuts Spending
The Latvian parliament has decided to cut salaries in the public sector by 20 percent as of July 1. Social benefits and pensions will be reduced by 10 percent. Healthcare spending has been cut by 89 million lats, prompting health minister Ivars Eglitis to resign in protest.

Latvia had to adopt a savings plan in order to receive aid from several institutions, including the International Monetary Fund. In December, Latvia agreed with the IMF, the EU and several countries on a loan of 7.5 billion euros. Disbursement of 1.2 billion euros as part of the loan depended on a radical reduction of the budget deficit.

Fewer Construction Permits
The number of new construction permits issued in Poland in May declined by 16.3 percent year-on-year to 16,150, according to the Central Statistical Office (GUS). Since the beginning of this year, 75,000 construction permits have been issued, 18,500 less than in the same period last year.

Subsidies for E-Services
The Polish Agency for Enterprise Development (PARP) has announced a new competition for companies seeking co-financing for the development of e-services. The competition will be launched July 13.

The agency has decided to accept extra applications for subsidies in response to high interest. A total of zl.32 million is up for grabs. The next competition will begin in September.

Private Hospital Opens in Warsaw
Health services company Medicover opened a private hospital for children and adults in Warsaw's Miasteczko Wilanów neighborhood June 18. The facility, with an area of 16,000 square meters, offers 180 beds for patients undergoing treatment in cardiology, surgery, gynecology, pediatrics, and pediatric surgery. The hospital has five operating rooms with state-of-the-art equipment, a physiotherapy center and a diagnostic center with a computed tomography (CT) and magnetic resonance imaging (MRI) laboratory.
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