Staff Cuts in Banks

Is It Safe?

Is It Safe?

According to analysts and bankers, Poland’s banks, which employ a total of 170,000 people, are preparing for a series of dismissals for the first in a decade because of a decline in profits and government plans to charge the banking sector with additional costs. Last year, exceptionally low interest rates resulted in the loss of a quarter of the stock market value of some banks. New taxes put forward by the Law and Justice (PiS) government on assets and its plans to force banks to transform Swiss Franc mortgages into Polish złoty cause for concern because the decline in the value of the Franc has made mortgages too expensive for home owners. “By the end of 2017, new fees and taxes that have been recently forced on banks will result in the dismissal of 5% to 8% of the sector’s personnel,” says Mieczysław Groszek, vice president of the banking lobby of the Polish Bank Association (ZBP). One bank source claims that these dismissals may be higher. “For weaker banks, the reduction in personnel will reach around 10% to 20%. Thankfully, no cuts have taken place yet but HR departments are already beginning to evaluate the potential scale of the challenge ahead: the Excel spreadsheets have been prepared,” says one anonymous source.
biznes.onet.pl

Jan Kulczyk Dies

Jan Kulczyk

Jan Kulczyk

Jan Kulczyk, Poland’s wealthiest businessman, has died of complications after minor heart surgery in Vienna at the age of 65. According to Kulczyk Holding SA, he was supposed to leave the hospital on Wednesday, he already had business appointments arranged on Thursday. “It is impossible to talk about the transformation in the Polish political system after 1989 without mentioning Jan Kulczyk,” according to Leszek Balcerowicz, former Polish Minister of Finance. He was the most important Polish international trading businessman. He operated on the European, African and South American markets and created Kulczyk Holding with its headquarters in Warsaw as well as the international investment group Kulczyk Investments. He has consistently topped the Polish Rich List since 2002. His fortune is estimated at PLN 15.2 billion.
polskatimes.pl

Polish Export to Spain Increase

Poland's Main Export

Poland’s Chief Export

After Russia banned the import of products from Poland, Polish companies have been seeking other export opportunities. Spain has turned out to be one of Poland’s best partners and could soon become one of the five top export markets for Poland, according to Puls Biznesu. According to Marcin Luziński, a BZ WBK economist, Spain has undertaken several structural reforms and this has triggered faster economic growth. From January to April 2015, the export of Polish products to Spain increased by 22%, which positioned Spain as the seventh largest importer of Polish goods. First place is still occupied by Germany, where the export of Polish commodities increased by 9%; then the United Kingdom with an increased of 10.5%; and the Czech Republic, where Polish imports increased by 13.1%. Experts believe that Poland will soon begin making a greater impact on markets in the Middle East, the Far East, Africa and South America.
tvn24bis.pl

 

Opportunities on Real Estate Market

Capital Boom

Capital Boom

According to a report prepared by real estate agents Szybko.pl, Metrohouse and Expander, prices on the secondary real estate market in June in the 15 largest Polish cities dropped by 1.6% YOY. Compared to May, they grew by 0.1%. It is predicated that Poles can expect a boom on this market in the coming months. Marta Kosińska, a Szybko.pl real estate market expert, believes that it will be caused the typical increased activity of realty buyers and renters during the autumn, as well as changes in regulations and more MdMs (Apartments for Young Adults). In almost all cities in which markets have been analysed (except Wrocław), average transaction prices dropped slightly when compared to the previous month’s prices. The most significant fall in prices has been observed in Gdynia and Gdańsk. The most noticeable difference between offered prices and transaction prices was observed in Krakow (a difference of 8%), whereas in Warsaw, offered prices are 2% higher than the prices at which the properties are eventually bought.
finanse.wp.pl

Poland Interested in US Cyber Technology

Fighting Cyber Crime

Fighting Cyber Crime

Several American companies associated with cybersecurity recently visited Poland. This trade mission was announced last year by Penny Pritzker, the US Secretary of Commerce, who during her visit to Poland introduced development perspectives for American companies in Poland. Poland hosted representatives of twenty American companies who were investigating the possibilities of potential cooperation with Polish companies, as well as state organisations interested in obtaining the newest American cybersecurity technologies. Some of these US companies have been cooperating with Poland for decades. The fact that this meeting tok place is a sign of a mutual willingness of both countries to develop closer Polish-American economic relations. Annually, breaches of cybersecurity result in significant financial losses. The US has approved of Poland’s actions aimed at improving the infrastructure of security (as part of the recently implemented Cyberspace Protection Policy of the Republic of Poland). According to its American partners, Poland has the potential to be an influential partner in the field of cyber technology.
serwisy.gazetaprawna.pl

Poland is Home Appliance Heaven

Home Appliance Heaven

Home Appliance Heaven

This May, manufacturers, distributors and experts in the home appliance sector met at the 3rd International Forum of Home Appliance Manufacturers in Pabianice. The main theme of the forum was the future of the industry in Poland and abroad. As the deputy president of the Polish Information and Foreign Investment Agency reports, Poland is a perfect place for such investments. She believes Poland’s advantages include expertise and extensive connections with suppliers in the industry. Poland provides companies with a large customer base with 12 million households but most of all investing in Poland gives access to the larger Eastern European and EU markets. Additionally, Anna Polak-Kocińska claims that Poland can offer an attractive system of support for both domestic and foreign businessmen. Cooperation with the Łódź Special Economic Zone, the centre of the home appliance sector in Poland, shows that Poland is a perfect base for such investment. Companies like BSH or Indesit have been visible in the Zone. According to the head of the Łódź Special Economic Zone, other investors will soon follow suit.
paiz.gov.pl

First Underwater Building in World

Underwater Delight

Underwater Delight

The creation of the first underwater building in the world has been discussed in Tricity (Gdańsk-Gdynia-Sopot). Scientists from Gdańsk University of Technology and Deep Ocean Technology are working together on a project which financed by the National Centre for Research and Development. Initially, the building was supposed to be a research facility, but three years of research were completed without the need of a prototype. At first, a new hotel was to be built in place of the research facility, but ultimately a science centre is planned for construction. The main objectives of the research centre will be exploring new technology, underwater robotics, testing remotely-operated vehicles and a training centre for diving. The construction of the facility is expected to take two years and cost up to PLN 100 million. The underwater building consists of two discs: a steel disc submerged at a depth of 12.5 metres and a second disc above the water. Additionally, the discs are connected with a transport shaft. Three locations are being considered for the building: Beniowski Wharf in Gdynia, near the pier in Brzeźno or next to the breakwater at the entrance to the sea port in Gdańsk.
tvn24.pl