Poland to issue yen-denominated bonds in November, valued at minimum 50 bln yen

WARSAW (Thomson Financial) - Poland will issue yen-denominated bonds in the first half of November and the value of the issuance will be at least 50 bln yen, Polish deputy finance minister told state news agency PAP.

'Roadshow and the yen-bond issue itself will take place in the first half of November,' Katarzyna Zajdel-Kurowska told PAP.

'The value of the offer will be at least 50 bln yen. The real value, as well as other parameters of the issuance will be known after the roadshow,' she added.

This would be Poland's sixth bond issue in yen, PAP said. Five previous offers were valued at a total of 285 bln yen.

Poland's finance ministry has earlier appointed Mitsubishi (other-otc: MSBHY.PK - news - people ) and Daiwa Securities as the lead managers for the planned issue of yen-denominated bonds.

Source: By Adrian Krajewski, forbes.com

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Azerbaijan, Georgia, Lithuania, Poland and Ukraine signed energy cooperation agreement

Kazakhstan Today. October, 11. BAKU. Yesterday after the first working day of Vilnius Conference on Energy Security Azerbaijan, Georgia, Lithuania, Poland and Ukraine signed energy cooperation agreement, as reported by KZ-today correspondent with reference to Azerbaijan president' administration.

Besides, the agreement on establishment of "Sarmatiya", an interstate association with limited liability, was signed by Azerbaijan, Georgia, Lithuania, Poland and Ukraine oil companies' presidents.

During the joint press conference held with presidents of Azerbaijan, Lithuania, Poland and Georgia, the president of Ukraine, Victor Yushenko, stated that signed documents is a practical step towards realization the "Odessa-Brody-Gdansk" oil pipeline project.

"Today it is a historical step when the project of Kazakhstani oil delivery to Europe was transformed from political sphere to practical", - mentioned the president of Ukraine. "We have never hidden that the project's realization on Caspian oil delivery to the EU is our strategic project, not only for our country, but it is a strategy for Kazakhstan, Azerbaijan, Georgia, Lithuania and for many other partner countries", - he said.

Victor Yushenko also stated that he does not see any problems which could serve as obstacle to the project's realization including even financial.

Talking about signed agreement on energy sphere cooperation, it foresees the establishment and development of the corridor for hydrocarbon transportation from Caspian region to the world market via Azerbaijan, Georgia, Ukraine, Poland as well as research of possible ways of strengthening the security of transit network including sea transfer and pipeline supply of hydrocarbon from the Caspian Sea region.

Besides, parties have also agreed upon defining additional sources and developing supply and transit routes of hydrocarbon. "The agreement aims to support politically the transport corridor setting up which will define cooperation level between parties in energy sector", - stated in the information.

As reported, "Responsible energy -for responsible partners" conference organized by Lithuania Foreign Affairs Ministry and Lithuanian Centre for Strategic Research and the US Hudson University is joined by presidents of Azerbaijan, Ukraine, Georgia, Lithuania, Poland and from Kazakhstani side - by the RK Minister of Energy and Mineral Resources, Sauat Mynbayev.

During the 2-days conference parties plan to discuss questions connected to world security problem in energy and main directions for foreign policy and the EU in energy sphere.

Forum participants will also examine questions of trans-Atlantic energy dialogue, EU - Russia cooperation, EU - Caspian and Black seas cooperation in energy, Baltic States energy strategy development.

In the frames of the conference specialized international forum of energy companies and energy experts is executed. The theme of the forum is "Energy security: supply, demand and diversification".

Source: eng.gazeta.kz

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Lithuania expects to ink energy link agreement with Poland Wednesday

Lithuanian side is showing flexibility towards Poland regarding the Power Grid between the two countries. On the other hand Poland came with other suggestions and proposed to include in the project Latvia and Estonia.

As the BNS reported the Lithuanian Economy Minister Navickas is hopeful and expects that Lithuania and Poland will sign in Vilnius on Wednesday an agreement to establish a joint venture to build an “energy bridge” between the two countries. “Yes, the heads of (Poland’s) PSE and Lietuvos Energija (Lithuanian Energy) should sign the agreement, which will be useful to Poland as well”.

He said to the BNS that “It (Poland) will be able to purchase as much electricity as it wants from several sources: to have its own share of electricity from the planned nuclear power plant at cost price and buy an additional amount from other producers at market prices”.

Under the draft agreement, the joint company would be registered in Lithuania and the Poles would have the right to nominate its chief executive officer.

Today Navickas met with the EU coordinator for the energy link project Wladyslaw Mielczarski, who came to Vilnius to attend this week’s international energy security forum.

“He (Mielczarski) suggested that if Latvia and Estonia joined the project, three or four lines could be required, rather than a single one, in order to connect the grids of all three Baltic countries to the Western European UCTE system,” the minister said.

“Our opinion is that the project should be carried out in two stages. The energy link between Lithuania and Poland needs to be built first,” Navickas added.

Navickas also said that the energy link could be used not only to export energy produced by the new nuclear plant but for other purposes as well. “Cheap night-time electricity from Poland could be stored at the Kruonis Hydro Pump Storage Plant and be transported back to Poland in daytime. There are many possible ways of using the energy bridge,” he said.

Source: irzikevicius.wordpress.com

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South Africa: Country, Poland to Co-Operate in Agriculture

South Africa and Poland are to co-operate in a number of areas, including agriculture, following a meeting between top officials in Pretoria, Monday.

Deputy Foreign Minister Sue van der Merwe met the Polish Under-Secretary of State Witold Waszczykowski at the Union Buildings to discuss both countries' bilateral relationship and matters relating to their multilateral activities.

"Today, we discussed a number of issues including becoming involved in agricultural co-operation and other areas. To this end, we are evaluating some of the agreements in place with a view to improving on the efficiency and effectiveness thereof," Deputy Minister van der Merwe said.

Speaking to reporters after their meeting on Monday, the two leaders were pleased with the manner in which the talks went, with Ms van der Merwe saying talks were "extremely fruitful".

She explained that South Africa and Poland had deep bilateral relations with a number of agreements in place.

The two countries have strong political relationship and an impressively growing trade relationship between them, added the deputy minister.

"We also discussed high level visits including Ministerial and senior government officials visiting each others countries to deepen our relations.

"In addition to this, we also believe that we should continue these annual consultations in order to strengthen the relationship between the two countries," Ms van der Merwe explained.

Regarding multilateral activities, the two discussed the Africa-European Union (EU) Summit that will be held in Lisbon later this year.

Ms Van Der Merwe also explained that both the Polish and South African governments believed the meeting was "very important".

"You will all be aware this meeting has not taken place for seven years. We think that there are many matters to discuss between the two continents and this is a very opportune time to begin to reconvene these meetings so that the respective continents can engage on many matters of mutual importance.

"You will know that on South Africa's side, Europe is our biggest trading partner and it is very important that we begin to engage on that level between the European Union and the African Union," she said.

Mr Waszczykowski concurred that discussions covered an extensive bilateral agenda, adding that the two countries shared a number of views on the international agenda.

"In this regard, one of the major issues we addressed was the relationship between the EU and Africa.

"South Africa is one of the most frequently visited and consulted with countries in Africa because we think that our neighbouring continents must co-operate to resolve some of their challenges," he said.

he Africa-EU summit is due to take place in Portugal later this year, however some leaders had threatened not to attend if Zimbabwean President Robert Mugabe would be present.

"I think it will be good to have President Mugabe to attend the summit to have frank and open discussions. We would not like to exclude anybody from discussions.

"Although the decision has not yet been taken, we would rather advocate for the attendance of President Mugabe to enable frank discussions regarding the challenges his country is experiencing," Mr Waszczykowski explained.

Source: allafrica.com

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Procter & Gamble to open new Poland plant

Procter and Gamble Pharmaceuticals is to begin construction in central Poland of what would be its largest cosmetics plant in Europe.

The $55 million plant, with construction to start this year in the central Polish town of Aleksandrow Lodzki, is to become the main producer of Olay cosmetics when it goes into operation in 2009, Polish Radio reported Tuesday.

The plant, with 210 workers, will be producing 30 tons of cosmetics per day.

Procter and Gamble already has factories in Warsaw and the central Polish city of Lodz.
Source: upi.com

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Asseco Poland launches shares in Czech arm on road to regional expansion UPDATE

WARSAW (Thomson Financial) - IT services company Asseco Poland plans to raise 50-100 mln zlotys by floating its new Czech arm on the Warsaw stock exchange in December as it seeks to build on a recently sealed mega-merger on its home market.

Asseco, which last week completed a tie-up with peer Prokom that will make it central Europe's biggest player in the sector, said it would also use some of the funds from the issue to fund the development of its Austrian arm.

Asseco Czech Republic, which controls 3.1 pct of the fragmented Czech IT market, specializes in business IT outsourcing and lists the Czech Finance Ministry as well as the country's biggest bank CSOB among its clients.

The company almost tripled its net profit in the first half of 2007 to 25.1 mln Czech crowns, while sales rose year-on-year by 2.4 pct to 482.4 mln.

Its officials said they wanted to use some of the IPO money to develope its Austrian arm through two possible acquisitions planned for next year.

'Creating the group's new pillar in Austria is our main target for 2008,' said Jan Prerovsky, Asseco Czech Republic's chief executive.

'We're in talks with one mid-sized Austrian IT company and we hope to end the process until the first quarter of 2008,' added Jozef Klein, head of Asseco Czech Republic's supervisory board.

'We'll seek to add one more Austrian company in the future.'

Poland's IT market is valued at 3.1 bln eur, compared to a combined 2.7 bln eur in the Czech Republic and Slovakia.

Outside Poland, Slovakia and the Czech Republic, Asseco, valued at 3.6 bln zlotys, also operates in Romania, Germany, and Lithuania and is searching for possible acquisitions in the US, Ireland, Austria, France, and the Balkans.

The Polish company said last month it planned to buy 10 or more software providers for around 500 mln zlotys over the next six months, possibly financed by share issues.

Most of Central Europe's former communist economies are growing by at least 5-6 pct annually on the back of inflows of EU aid and foreign investment as well as booming domestic economies.

Asseco group runs a policy of floating its subsidiaries on the Warsaw Stock Exchange.

Asseco Czech will be the fourth after Asseco Poland to make its debut in 2004, last year's newcomer Asseco Slovakia, and Asseco Business Solutions which is also to be floated before the end of this year.

Shares in Asseco Poland fell 0.13 pct to 77.9 zlotys today, underperforming Warsaw's broad WIG index, which rose 2.13 pct.

Source: Adrian Krajewski, forbes.com

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Poland offers 1.8 bln zlotys of 10-yr bonds at tender on Wednesday

Poland will offer 1.8 bln zlotys of its 10-year bonds maturing in 2017 at a tender on Wednesday, the finance ministry said, setting the offer in the lower half of its preliminary 1.5-2.5 bln zloty range.

Poland also today sold all 500 mln zlotys of its 52-week treasury bills on offer at a tender, with investors bidding for a total of 1.24 bln of the bills, the ministry said in a statement.

Minimum price at the T-bill tender was 9,519.7 zlotys, with the average yield 4.966 pct.

Source: By Patrick Graham, WARSAW (Thomson Financial)

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Poland unlikely to avoid inflation

Nobody seems entirely sure why Polish inflation is still so low given the booming economy, soaring wages and growing consumption. Few believe it will last.

Expectations that price growth will accelerate mean the central bank's Monetary Policy Council has room to keep raising borrowing costs despite the fact that inflation remains well below the central bank's target.

"In the long term, it is hard to imagine we will be a miracle economy, able to avoid inflation despite the boom," said Rafal Benecki, senior economist at ING Bank in Warsaw.

"The council should act further because the assumption that inflation will not grow beyond the central bank's 2.5 percent target is risky," Benecki added.

Central Europe's biggest economy, which expanded 6.7 percent in the second quarter of this year, has so far avoided bigger inflation threats despite soaring wages and rising consumption.

That raises the question whether the central bank can afford to keep interest rates flat or could hike again soon.

The strong zloty, cheap imports, productivity growth and investment are all seen as factors that have helped keep down inflation so far.

The consumer price index rose just 1.5 percent in August year-on-year, well below expectations as well as the central bank's target in the former communist country of 38 million

That, together with dovish comments from some rate setters, have cooled expectations for further hikes in borrowing costs after three quarter-point rises this year that have taken the main interest rate to 4.75 percent.

The shift of attitude is evident in the bond market which started to price in 50 basis points more in hikes compared with a previous 75 basis points by mid-2008.

Also global markets are keen to see any signs of monetary easing amid a global credit crunch.


But there are signs of possible inflation pressures building -- wages are rising faster than industrial production and productivity, and unemployment is at 12 percent from around 20 before Poland joined the European Union in 2004.

Some believe low inflation is largely the result of a time lag between growth and prices, meaning that a spike should be expected.

"I am very surprised that price growth has been subdued so far. It is difficult to imagine that Poland will luck out and see no inflation pick-up amid the booming economy," said Raiffeisen bank's chief economist in Warsaw, Jacek Wisniewski.

"I think the central bank should raise rates more, even if it is 'just in case'. Whether the statistics office sees inflation or not, the economy in the long term may be affected if it proves that its data is slow in reflecting real processes."

But not all are convinced the council will respond with more hikes and believe it could allow more time to see whether slowing economic growth next year in Poland -- and the rest of the world -- help ease the inflation pressures.

The council also wants to be wary of putting rates up too far, too fast. Poland went through years of stagnation before its entry into the European Union helped trigger the boom.

"The council has time to observe developments. It can afford a wait-and-see policy for a few months as both inflation and core inflation is low," said Ryszard Petru, chief economist at Bank BPH.

"In time it will become clearer what is happening to the world economy. And although it is not clear now whether there will be no more hikes for sure, the council can enjoy relative comfort for some time to come."

Source: By Karolina Slowikowska - Analysis,

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BBC to set up four new channels in Poland

BBC Global Channels plans to expand to Poland – the corporation will start up four new BBC channels in December.

Until now, the Polish viewers could get acquainted with British television through BBC Prime, but this channel will soon stop operating and will be replaced four new ones: by BBC Entertainment, with films, series and reality shows; BBC Lifestyle; BBC Knowledge (all three available in a voice-over version) and children’s channel Cbeebies (dubbed).

“Poland is a strategic market for us, very large and very ready. Our ideas, like ‘Strictly Come Dancing’, are very successful here.

“Besides, research shows that Poles watch a lot of television,” said Dean Possenniskie, vice president of BBC Global Channels.
Source: thenews.pl

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MAN Nutzfahrzeuge has opened a new assembly plant for heavy trucks in in Poland.

The plant will produce mainly heavy trucks from the TGA WorldWide range for growth markets in Eastern Europe, the CIS countries and the Middle East.

All variants of the heavy truck range can be built at the new plant which was chosen because of closeness to sales and procurement markets.

The new heavy truck plant has now commenced series production and with its present workforce of 400 will have produced up to 4,000 trucks by the end of the year.

It is designed for a maximum output of 15,000 units per shift. By mid-2010 the company will be employing at least 650 people at the new facility.

Important pillar
As a supplier of trucks, buses, diesel engines, turbo machinery and industrial services, the MAN Group is one of Europe’s leading industrial companies, with a focus on transport related engineering.

Anton Weinmann, chairman of the executive board said Poland has become an important pillar in the international growth strategy of MAN.

"We build our low-floor buses in Starachowice, our city buses in Poznan and now our heavy trucks in Niepolomice. After all, every second major logistics provider in Poland now bases its operations on MAN products".

Following the ramp-up of series production in September MAN Nutzfahrzeuge aims to build up to 4,000 vehicles in the Cracow plant by the end of 2007.
Source: supplychaindigital.co.uk

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New Report Describes the Outlook for Poland's Travel and Tourism Market

DUBLIN, Ireland--(BUSINESS WIRE)--Research and Markets (http://www.researchandmarkets.com/reports/c70765) has announced the addition of Euromonitor International's new report: Travel and Tourism in Poland to their offering.

Our Travel and Tourism in Poland report offers a comprehensive guide to the size and shape of the market at a national level. It provides the latest market size data (2000-2005), allowing you to identify the sectors driving growth. It identifies the leading companies and offers strategic analysis of key factors influencing the market be they new legislative, technology or pricing issues. Background information on disposable income, annual leave and holiday taking habits is also included. Forecasts to 2010 illustrate how the market is set to change.

Sector coverage: travel accommodation, transportation, car rental, travel retail and tourist attraction markets

Why buy this report?

- Get a detailed picture of the travel and tourism industry

- Pinpoint growth sectors and identify factors driving change

- Understand the competitive environment and the markets major players

- Use five-year forecasts to assess how the market is predicted to develop

We have over 30 years experience of publishing market research reports, business reference books and online information systems. With offices in London, Chicago, Singapore, Shanghai and Vilnius and a network of over 600 analysts worldwide, We have a unique capability to develop reliable information resources to help drive informed strategic planning.

Second year of positive growth for the travel and tourism market

2005 was a second year of positive growth for the Polish travel and tourism industry, following the 2000-2003 recession and first signs of recovery in 2004.

This growth was mainly underpinned by Polands accession to the EU in May 2004, which has created numerous positive social and economic developments.

Another contributory factor was economic growth, which underpinned investments mainly in the accommodation sector. However, an inadequate tourism promotion still hampers further developments in this sector.

The ongoing social and economic integration of Poland into the EU results in the westernisation of Polands travel and tourism market as well as consumer habits and preferences. This affects both incoming and outgoing tourism and destinations.

Incoming tourism main growth driver on Polish market

2005 saw a significant development of incoming tourism in Poland. However, it relates mainly to travellers from Western Europe and overseas countries. The market experienced a significant growth in volume terms especially when it comes to tourists from main inbound countries such as Germany. In some cases the dynamics of incoming tourists from Western European countries even exceeded 50%. On the other hand, arrivals from the East show a slight declining trend.

The positive tendencies in incoming tourism emerged despite the fact that Poland does not belong to typical European tourist countries. However, it offers variety of attractions, such as interesting historic sites, city attractions and diversified, unspoiled nature (mountains, Baltic See, lakes etc.). Additionally, central geographical location of Poland and favourable price-quality relation of products and services contribute to attract a growing number of tourists which start to perceive this country as an interesting tourist destination.

The interest in the country abroad was even boosted by the increasing liaisons of Poles with Western Europeans, intensified business contacts and a clear trend to visit a country, which recently became the new member of EU.

For more information visit http://www.researchandmarkets.com/reports/c70765.

Source: businesswire.com

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Poland lowers VAT building costs

Polish President Lech Kaczyński has signed an annexe to the Polish VAT terms that would mean tax rebates for private building investors.

From 1 January 2008, apartments to the size of 150m² and detached houses of up to 300m² bought from developers and housing associations will be charged at the lower 7% VAT rate.

The act is a change to a previous one stating that the higher 22% VAT rate will remain in force as Poland’s accession treaty to the EU envisaged.

The definition of the buildings was changed to match criteria that would allow for continuation of construction with materials and services charged at 7%.

All materials and services incurring VAT for repair and refurbishment of premises will also be charged at the preferential 7% rate.

The act comes into force on the 1st January 2008.

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