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The Warsaw Voice » Business » July 29, 2009
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Business in brief
July 29, 2009   
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NBP Exchange Rates (June 29, 2009)
1 EUR = zl. 4.1626
1 USD = zl. 2.9230
1 CHF = zl. 2.7309
1 GBP = zl. 8.8131
100 JPY = zl. 3.0706

WSE No. 1 in CEE
The Warsaw Stock Exchange topped the list among trading floors in Central and Eastern Europe in terms of trading volume and capitalization in the first half of this year. Vienna's Wienner Boerse was the runner-up.

At the end of June, the capitalization of companies listed on the Warsaw Stock Exchange totaled 66 billion euros and turnover between January and June totaled 16.3 billion euros.

Compared with the same period last year, trading declined by 35 percent in Warsaw and 60 percent in Vienna.

EU Aid for Airports
The European Commission has approved a 500 million euro aid package for Polish airports. The funds will go to regional airports in Poznań, Rzeszów, Cracow, ŁódĽ and Bydgoszcz and several other airports that have yet to be built. These are planned for Lublin, Modlin, the Podlasie region, Olsztyn-Szymany and Zegrze Pomorskie. Subsidies to small airports will come to 100 percent of the planned investment, while mid-sized airports like those in Cracow and Poznań will receive 76 percent subsidies.

PKN Orlen Moves up on Fortune List
Polish fuel giant PKN Orlen advanced to number 249, from 477 last year, in the latest annual league table of the world's largest corporations compiled by American magazine Fortune. PKN Orlen is the only Polish company included in the league table. Despite considerable losses last year, PKN Orlen was the seventh best company among those with the fastest revenue growth.

Never before has the league table of the world's largest corporations, which Fortune ranks every July, featured so many money-losing companies. Characteristically, this year, financial problems are primarily being experienced by those corporations that previously reported high profits. Most of them are banks and automotive corporations.

Poles Lukewarm About Euro
Poland's planned switch to the single European currency will have a negative impact on households, according to 53 percent of those polled by the TNS OBOP company. Only 22 percent of respondents said the adoption of the euro would improve their financial status. Forty-seven percent of respondents said joining the eurozone would improve the condition of the Polish economy, while one in three respondents expected the opposite. Twenty percent of respondents said Poland should stay out of the eurozone.

Crisis in Czech Republic...
Industrial production in the Czech Republic plummeted by 22 percent in year-on-year terms in May, falling for the eighth straight month. Although economists say that Czech industry may have somewhat recovered in June, the number of bankrupt companies increased by 57.6 percent in the first half of this year to 4,021, from 2,551 in the first half of last year.

...and Russia
Russia's GDP may decline by 8-8.5 percent this year, the country's economy ministry predicts. The recession in Russia is primarily due to declining external demand for domestic goods.

More Cars from Tychy
The car factory operated by Italian automaker Fiat in Tychy, southern Poland, increased output by 20 percent in the first half of this year, compared with the same period last year. The factory turned out almost 299,000 cars, mainly the Fiat Panda and Fiat 500 models as well as the Ford Ka model. In the first half of this year, Fiat accounted for 68 percent of all passenger cars manufactured in Poland, and 97 percent of Fiat's output was exported. This year, more than 500,000 cars are expected to roll off the production line at Tychy.
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