9/14/2007

Poland 8 mths budget surplus around 275 mln zlotys - deputy finance minister

WARSAW (Thomson Financial) - Poland's estimated budget surplus was a higher-than-foreseen 275 mln zlotys in the first eight months of the year, a deputy finance minister said.

'Thanks to higher revenues and lower spending than expected, we estimate the budget had a surplus of 275 mln zlotys up to the end of August,' Elzbieta Suchocka-Roguska told Thomson Financial News.

Suchocka-Roguska also reaffirmed that the end of year deficit may now be as low as 23 bln zlotys compared to the 30 bln planned in the budget act.

A strong budget performance and prospects of a lower than expected shortfall overall for the whole of 2007 have limited borrowing by the finance ministry this year, supporting Polish bond prices.

Source: By Paweł Sobczak, forbes.com



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Czech Pegas dividend to be taxed in the Czech Republic, Poland

PRAGUE (Thomson Financial) - The dividend paid by Luxemburg-based Czech textiles maker Pegas Nonwovens should not be subject to Luxemburg withholding tax, however, it is subject to taxation in the Czech Republic and Poland, Pegas said today.

Under the Czech law, the dividend should be included in the general tax base of the taxpayers for calculation of personal or corporate income tax.

Under the Polish law, the dividend would be subject to 19 pct lump-sum corporate or personal income tax, Pegas said.

Prague and Warsaw listed Pegas will pay a dividend of 0.76 eur per share on or about Sept 27 to shareholders registered on Sept 20.

Source:forbes.com



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9/13/2007

China eyeing piece of Poland's 20 bln eur highway project - report

BEIJING (XFN-ASIA) - Nearly 40 private Chinese companies, led by China International Industry and Commerce Co Ltd (CIIC), are vying for contracts to build and refurbish roads and highways worth 20 bln eur in Poland, the China Daily reported, citing Wang Tianyi, CIIC's president.

'CIIC plans to set up a joint venture company with other Chinese private firms to participate in the expressway projects. About 38 companies have expressed interest in joining us,' Wang said.

CIIC, a Beijing-based real estate company, yesterday signed a letter of intent to cooperate with the Polish Ministry of Transport to participate in road upgrades.

Source: By Andrew Pasek, forbes.com



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Poland sells 1.505 bln zlotys in 20-year bonds, demand 3.43 bln zlotys

WARSAW (Thomson Financial) - Poland's finance ministry sold 1.505 bln zlotys of its 20-year bonds, maturing in September 2022, at a tender today, the ministry said in a statement.

Demand from investors for the bonds reached 3.43 bln zlotys. Minimum price accepted at the tender was 994.65 zlotys and the average yield 5.796 pct.

The ministry had set the offer for the tender at 1.5 bln zlotys.

Source: By Paweł Sobczak (Thomson Financial), forbes.com



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Poland trade, current account deficits soar above forecast in July

Poland's current account deficit widened to 1.3 bln eur in July, up from 1.18 bln eur a month earlier and above analysts' forecast of 1.115 bln eur, central bank data showed.

The bulk of the shortfall came from the deficit on trade, which totalled 1.28 bln eur, the bank's data showed.

A higher than expected deficit is negative for the zloty as it shows more cash flowing out of the country.

Separately, statistical office data showed the cumulative trade deficit so far for 2007 rose in July to 9.7 bln eur from 6.7 bln eur in the same period a year earlier.

The office said exports rose 12.8 pct to 55.4 bln eur and imports 16.7 pct to 65.1 bln eur.

Poland's current account shortfall, which measures the net outflow of goods, service and interest payments between into the country, has risen this year thanks to sharp rises in imports.

Source: By Patrick Graham ((Thomson Financia), forbes.com



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Asseco Poland to issue new shares by end-2007 to fund Prokom stake buy - source

Asseco Poland plans to issue new shares by the end of this year to fund its purchase of a 24 pct stake in peer Prokom, an analyst present at a company breifing told Thomson Financial News.

'First they will fund it all from a bank loan, and then they will refinance that with a share issue before the end of the year,' the analyst said.

'The reaction to this from analysts at today's conference with the company was very negative.

Source: Patrick Graham 9Thomson Financial), forbes.com



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9/12/2007

Ferrovial loses 44.7 mln eur contract in Poland for missing deadlines - report

MADRID (Thomson Financial) - Grupo Ferrovial SA has lost a 44.7 mln eur contract to build a sports arena in Krakow, Poland, for missing deadlines, El Economista reported, without naming its source.

The contract, which was awarded in 2005, is the second that Ferrovial has lost in Poland over the past month and a half, it said, noting that the Polish government has also hit Ferrovial with two fines for failing to meet deadlines.

In addition, construction work for the Warsaw-Helsinki motorway, one of Ferrovial's main projects in Eastern Europe, has also been stopped amid EU disapproval as some of the tranches run near conservation areas.

Source: forbes.com



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9/11/2007

Citi offers fee free online money transfers to Poland

Citibank is to offer fee free money transfers to Poland for the UK's estimated one million Poles.

The joint offer from Citibank and its Polish sister Citi Handlowy allows Poles to transfer money to Poland with only Citibank exchange rates applying to transfers and transactions across currencies.

The Citibank Easy Account offers Poles in the UK instant online transfers to Poland, no monthly fee for account maintenance and a Visa debit card.

Meanwhile Citibank has launched a new account service that allows potential UK customers to open a current account for a relative with Citi Handlowy without the need to visit the bank's branch in Poland.

Ian Kerr, Citi UK consumer business manager, said: "The 'One Citi' strategy is aimed at strengthening co-operation between business lines and between countries.

"The fact that today we can announce the launch of the UK's first 'one bank' service for Poles living and working in the UK is a direct outcome of the implementation of this strategy."

Agnieszka Burban, housing association worker in London, who moved from Poland in 2004, said: "I think its great news for all Poles sending money back to Poland. It must make their lives easier."

Figures from Polish Ministry of Finance reveal in 2006 Polish immigrants sent €4.5 billion to their families in Poland from around the world.
Source:.myfinances.co.uk

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Air Products to Expand Liquid Oxygen and Nitrogen Capacity in Poland with New Liquefier

LEHIGH VALLEY, Pa., Sept. 10 /PRNewswire-FirstCall/ -- A new liquefier to be built by Air Products will generate an additional 400 tonnes per day (TPD) of industrial gases to meet fast growing demand in Polish manufacturing sectors. The new liquefier will be located at the company's Kedzierzyn facility in the south of Poland, taking the total capacity there for oxygen and nitrogen products to 800 TPD. The facility is scheduled to be on-stream early in 2009, subject to approvals from the authorities.

Manufacturing in Poland grew by 7.4 percent in the six years to 2006. Nearly 30 percent of the total Polish manufacturing output and approximately 25 percent of new manufacturing investment are located within 150km of Air Products' Kedzierzyn facility. It is expected that the Polish gases market will become severely short of capacity in 2008 as demand continues to rise and will increasingly rely on imports.

Commenting, Air Products' vice president, bulk gases-Europe, Graham Rhodes said, "We are delighted to be making our first major new investment in Poland so soon after the acquisition of the BOC industrial gas business from The Linde Group. This signifies the confidence we have both in the market and in our highly motivated commercial team to leverage our proven competitive technology positions in key industries such as glass, metals and food. This will strengthen our market leading position."

The company says it also expects to generate distribution synergies, given Kedzierzyn's proximity to existing Air Products business clusters in the Czech and Slovak Republics.

In April, Air Products completed the acquisition of the BOC Gazy industrial gas business from The Linde Group, making Air Products the leading industrial gas supplier in Central Europe's fastest growing economy.

Air Products serves customers in industrial, energy, technology and healthcare markets worldwide with a unique portfolio of atmospheric gases, process and specialty gases, performance materials, and equipment and services. Founded in 1940, Air Products has built leading positions in key growth markets such as semiconductor materials, refinery hydrogen, home healthcare services, natural gas liquefaction, and advanced coatings and adhesives. The company is recognized for its innovative culture, operational excellence and commitment to safety and the environment and is listed in the Dow Jones Sustainability and FTSE4Good Indices. The company has annual revenues of $9 billion, operations in over 40 countries, and over 20,000 employees around the globe. For more information, visit www.airproducts.com.

Source:money.cnn.com

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Poland plans 2008 borrowing needs at 45 bln zlotys - govt source

WARSAW (Thomson Financial) - Poland's finance ministry has proposed budget borrowing needs for next year of 45 bln zlotys, against an earlier plan of 45-48 bln zlotys, a government source said.

'It is estimated that borrowing needs in next year's budget will be 45 bln zlotys,' the source told Thomson Financial News.

Earlier, another source said the government was set to cut the budget deficit to 28.1 bln zlotys, from an earlier planned 30 bln zlotys, and up its estimate for revenues next year.

The finance ministry holds a news conference on the budget draft tomorrow.

Source: By Pawel Sobczak, forbes.com



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GM Daewoo to buy 40 pct of Poland FSO for $255 mln

SEOUL, Sept 9 (Reuters) - GM Daewoo Automotive & Technology Co, South Korea's No. 3 auto maker, said on Sunday it will buy a 40 percent stake in carmaker FSO from the Polish government for 238.7 billion won ($254.5 million).

With the stake purchase, the Polish auto maker will become a joint venture, tentatively named GM FSO.

The deal is part of GM Daewoo's efforts to expand in Europe, but the South Korea-based company is unlikely to buy the remainder 60 percent in FSO, a GM Daewoo spokesman said.

General Motors Corp (GM.N: Quote, Profile, Research) and partners took a majority stake in some of the assets of failed Daewoo Motor in 2002, creating GM Daewoo. But FSO and other car assembly lines in East Europe were left out of the deal.

Separately, the Korea Economic Daily said on Saturday in an unsourced report that GM Daewoo was expected to buy a former Daewoo Motor plant in Uzbekistan soon. The company spokesman said no decision has been made yet on the plant purchase.

In April, GM Daewoo President Michael A. Grimaldi told Reuters that the company was in talks with Romania to buy Daewoo Motor's plant there.

($1=937.8 Won)

Source: By Kim Yeon-hee, Jacqueline Wong, reuters.com

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Startech Environmental Appoints Exclusive Distributor for the United Kingdom and for Poland

WILTON, Conn., Sept. 10 /PRNewswire-FirstCall/ -- Startech Environmental Corp. , a fully reporting company, announced today that it has appointed Waste 2 Green Energy Limited ("w2ge"), headquartered in London and with a presence in Poland, as the Company's exclusive distributor for the United Kingdom and also for the Republic of Poland.

Harvinder Hungin, Chairman of w2ge, said, "As Startech's exclusive distributor for the UK and Poland, we are well positioned to provide sales, service and after-market support to customers in the European Union and also in the other countries of Europe. w2ge will also promote and participate in the development of new waste to energy projects.

"Both the United Kingdom and Poland are among the twenty-seven Member States of the European Union whose collective economy is the largest in the world. w2ge is extremely well positioned to help address the critical issues of waste disposal and green energy production in the European market using Startech's leading-edge plasma processing technology."

For information please contact w2ge: +44 (0)207 630 1793

About Startech -- The Environment and Energy Company

Startech Environmental is an environment and energy industry company engaged in the production and sale of its innovative, proprietary plasma processing equipment known as the Plasma Converter System(TM).

The Plasma Converter System safely and economically destroys wastes, no matter how hazardous or lethal, and turns most into useful and valuable products. In doing so, the System protects the environment and helps to improve the public health and safety. The System achieves closed-loop elemental recycling to safely and irreversibly destroy Municipal Solid Waste, organics and inorganics, solids, liquids and gases, hazardous and non- hazardous waste, industrial by-products and also items such as "e-waste," medical waste, chemical industry waste and other specialty wastes, while converting many of them into useful commodity products that can include metals and a synthesis-gas called Plasma Converted Gas (PCG)(TM).

Among the many commercial uses for PCG, is its use to produce "green electrical power," Gas-To-Liquid (GTL) fuels such as ethanol, synthetic diesel fuel and other higher alcohol "alternative" fuels. Hydrogen, for use and sale, can also be separated and recovered from the PCG synthesis gas mixture.

The Startech Plasma Converter is essentially a manufacturing system producing valuable commodity products from feedstock-materials that were previously regarded as wastes.

Startech regards all wastes, hazardous and non-hazardous, as valuable renewable resources.

For further information, please visit http://www.startech.net or contact Steve Landa at (888) 807-9443, (203) 762-2499 EXT 7 or sales@startech.net.

Source: money.cnn.com



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Poland a cheaper treatment option

Health Wales dental columnist Alison Lowe last week gave her assessment of dentistry abroad. But Alison Hope, of StatMedica, which helps patients travelling to Poland, claims dentistry abroad is not necessary the poor relation to British dental treatment

FOR most patients in the UK there have previously been only two options for dental and medical treatment – treatment on the NHS, which has many well-documented problems, or private treatment, which can be a prohibitively expensive option for some.

There is now a third option emerging, as increasing numbers look abroad for effective healthcare solutions.

This concept, commonly known as “medical tourism” continues to gain momentum, and has been much discussed in recent months, as the notion of travelling outside the UK for treatment becomes more widely acknowledged, to the extent that health insurance providers are considering options to include it in their policies.

But this phenomenon also appears to have its fair share of critics.

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Many of the misconceptions and myths surrounding medical tourism stem from a lack of understanding of foreign medical training and procedures along with the natural inclination to believe that the best possible healthcare and treatment can only be found in the UK.

The most popular misconception about medical tourism is that you get what you pay for, and a patient travelling overseas in order to receive cheaper treatment will receive inferior treatment.

This is not the case at all. StatMedica assists patients travelling to Poland for dental and medical treatment and carefully selects the clinics and hospitals that we work with, and, in many cases, the specialists are leaders in their field.

It is the difference in the economies that makes Poland a more cost-effective option.

Patients who travel overseas for dental or medical treatment do not tend to make the decision lightly, and rarely travel on a whim.

With the help of email and the internet, patients often scrutinise the experience and qualifications of their surgeon, and are more likely to ask many more detailed questions, such as the material used in their dental implants for instance, than they would if they were visiting a dentist in their home town.

“What if something goes wrong?” is a very common question. While nobody goes ahead with a procedure with the intention of complications, it is certainly something to bear in mind.

Some dentists and doctors in Poland have guarantees in place should anything go wrong, and this is increasingly with a partner clinic in the UK.

The fact that Poland is now a member of the EU and must therefore comply with certain high standards should offer further assurance.

With a large influx of migrant workers from Poland to the UK, one could imagine that highly-respected medical professionals would also make the decision to move west. However this is not the case.

Many of the specialists that StatMedica works with have built up a solid reputation and have invested in advanced technology in their own practices and are reluctant to move away.

At the same time, many younger doctors are returning to Poland, having spent time working in other countries, including the UK, and have an awareness of working practices with British hospitals and have learned and improved their skills in English.

Dentists and doctors in the UK may be less keen on the concept of their regular patients travelling overseas for treatment. However they cannot deny that the trend towards medical tourism is set to grow.

For many people, it is not simply a decision between having treatment at home or having treatment overseas. It is often a case of having treatment overseas or not at all, as some procedures may appear prohibitively expensive at home.

Travelling overseas for treatment may not be suitable for everyone. However it should not be dismissed as easily as its critics would like us to.

Instead, it is an option that should be considered for many types of treatment, including dentistry, fertility treatment, eye surgery and general surgery such as hip and knee replacements.

It is an alternative that can make a lot of sense as long as the patient has thoroughly researched the procedure, the specialist and the clinic.

For more information about StatMedica, visit www.statmedica.com

Source:



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9/10/2007

GM Daewoo to buy 40 pct of Poland FSO for $255 mn

GM Daewoo Automotive & Technology Co, South Korea's third largest auto maker, said on Sunday it will buy a 40 per cent stake in carmaker FSO from the Polish government for 238.7 billion won ($254.5 million).

With the stake purchase, the Polish auto maker will become a joint venture, tentatively named GM FSO. The deal is part of GM Daewoo's efforts to expand in Europe, but the South Korea-based company is unlikely to buy the remainder 60 per cent in FSO, a GM Daewoo spokesman said.

General Motors Corp and partners took a majority stake in some of the assets of failed Daewoo Motor in 2002, creating GM Daewoo.

But FSO and other car assembly lines in East Europe were left out of the deal. Separately, the Korea Economic Daily said on Saturday in an unsourced report that GM Daewoo was expected to buy a former Daewoo Motor plant in Uzbekistan soon.

The company spokesman said no decision has been made yet on the plant purchase. In April, GM Daewoo President Michael A. Grimaldi told Reuters that the company was in talks with Romania to buy Daewoo Motor's plant there.
Source: economictimes.indiatimes.com



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Modis International opens office in Poland

Modis International's newest office in Krakow is its 13th in Europe. Alf Davis, the director of Modis International's projects division, said the demand for staffing services is strong in Poland, especially permanent hiring and the outsourcing of recruitment services.

"We have been serving clients in Poland from our neighboring branches for several years," Davis said. "With its economy growing faster than Western Europe, Poland is a great market for further expansion."

Jacksonville-based MPS Group Inc. (NYSE: MPS) provides staffing and consulting in a variety of fields, including information technology, finance and accounting, law, engineering and health care.

Source:bizjournals.com

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DJ GM Daewoo To Buy 40% Stake In Poland Auto Plant At KRW238.7B

South Korea's GM Daewoo Auto & Technology Co. said Friday it will to buy a 40% stake in an automobile manufacturing plant in Poland for KRW238.7 billion.
GM Daewoo, a South Korean unit of General Motors Corp. (GM), will buy the 40% stake from the Polish government, which wholly owns the plant, said a company spokesman.

The spokesman said it has not yet been decided who will buy the remaining 60% stake in the production facility, which produces 150,000 units a year.
Source: biznes.onet.pl



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