Poland's Bank Pekao may have 1 bln eur in annual profit after BPH merger - CEO

WARSAW, Nov. 21, 2007 (Thomson Financial delivered by Newstex) -- Bank Pekao could have 1 bln eur in annual profit after it merges with local peer Bank BPH to become Poland's largest lender, its chief executive was quoted as saying.

Bank Pekao, which together with BPH are units of Italy's UniCredit, expects double-digit growth in its loans portfolio and revenues in 2008, Jan Krzysztof Bielecki told daily Gazeta Wyborcza in an interview.

It also expects to win between 100,000 and 150,000 new clients next year after its customer base increases to around 5 mln from 3.7 mln following the merger, Bielecki added.

'I once joked that it would be good to have 1 bln usd in annual profit after the merger with BPH,' Bielecki was quoted as saying. 'Now it seems that 1 bln eur would not be a too optimistic target.'
Pekao had a net profit of 1.6 bln zlotys in the first nine months of this year and BPH earned 1.3 bln zlotys in the same period.

Pekao is swallowing up most of BPH to become Poland's biggest bank by assets, with the remainder of the smaller bank being sold off to General Electric (NYSE:GE) financial unit GE Money.

Pekao expects the court to approve the merger by the end of November and will need another six months to integrate both banks.
Source: By Piotr Skolimowski, money.cnn.com

EU urges Poland to speed cuts to budget deficit

The European Commission refused to end disciplinary measures against Poland over its public finances on Tuesday, urging the country's new government to cut the budget deficit more quickly.

In an assessment of Poland's public finances, the European Union's executive acknowledged that Poland would be able to reduce its deficit below the EU's cap of 3 percent of gross domestic product this year from 3.8 percent in 2006.

But the correction may not be sustainable and next year's shortfall is set to widen to 3.2 percent of GDP, rather than 3 percent as Warsaw forecasts, the Commission said, citing why it could not recommend ending the EU's excessive deficit procedure.

"The deficit, this year, is set to be below 3 percent also thanks to a favourable economic environment. But for the abrogation of the excessive deficit procedure, the correction needs to be sustainable," Economic and Monetary Affairs Commissioner Joaquin Almunia said in a statement.

"I therefore, look forward to seeing the measures that the new Polish government will adopt to put the public finances firmly on a sustainable path," he added.

Poland's government, led by the pro-business Civic Platform party which won an Oct. 21 parliamentary election, is likely to try to cut the deficit from levels proposed by the previous administration of conservative prime minister Jaroslaw Kaczynski, Platform officials say.

The Commission said no tougher measures are needed in the discipline procedure for now because Poland looks set to put its shortfall below the required cap this year.

The EU's 27 finance ministers are expected to approve the Commission recommendation in December.

Brussels monitors EU countries' deficits under the Stability and Growth Pact which is intended to underpin the euro.

Poland joined the EU is 2004 but is not yet in the euro zone, so the EU cannot fine it for persistently exceeding the deficit ceiling. But it could freeze part of the bloc's huge regional development aid as an extreme measure.

The Commission said Poland's 2007 deficit fell thanks only to much faster-than-expected economic growth, seen at 6.5 percent this year, which boosted tax revenues, and state spending actually increased.

Growth is expected to slow to 5.6 percent next year and spending will increase due to tax cuts and social security measures ordered by Kaczynski's government. (Editing by Ron Askew)
Source: By Marcin Grajewski, guardian.co.uk

Poland: six regionals make one national through ProtecMedia platform

Publisher Polskapresse is using the Spanish ProtecMedia’s Milenium platform to produce its new national daily, Polska The Times, through the merging of Polskapresse’s six regional titles.

Polska The Times was launched last month in cooperation with The Times of London.

Thanks to the Milenium publishing platform, Polskapresse was able to centralize the production of national content and of its six regional editions.

The system enables the coordination of content production, design and editing by more than 750 journalists.

The content management system handles all or most of the necessary tasks in newspaper production, including “page design and production, simultaneous editing, and integrated news and image wires. The multimedia archive is integrated with the newsroom system, which enables automatic pre-cataloguing of content and subsequent retrieval, according to ProtecMedia. Milenium tracks all editorial and advertising workflow operations to provide data for management reports,” reported Editor & Publisher.

Journalists have remote access to a single common database, and ProtecMedia developed a communications protocol that enables journalists to work online using low-bandwidth lines.

Polska The Times aims to sell between 700,000 and 800,000 copies daily.

Source: By Editor & Publisher

Aurelian Oil & Gas Announces Successful Testing of Trzek-1, Poland

Aurelian Oil and Gas PLC, on behalf of Energia Zachod Sp. z o.o, its 90% owned Polish subsidiary, announces the initial results of testing its Trzek-1 well in Central Poland.

Highlights:

• Gas column of 89 meters discovered
• Confirmation of potentially commercial flow rates - initial short term flow rates up to 215,000 m3/d, then on restricted flow of 71,000 m3/d.
• Well now shut in for two week period to build up pressure
• Intention to install, in 2008, processing facilities to enable long term production testing
• Gas produced from long term production test is expected to be sold
• 3D seismic survey planned over Siekierki structural trend, commencing no later than January 2008, to provide greater definition of the structure
• Further drilling planned; a potential follow-up location in the southeast of the trend is also being considered for drilling in 2008.

The well was drilled earlier this year to a depth of 3,935 metres. A gas column of 89 metres, coinciding with gas shows recorded during drilling, was logged in Rotliegendes sandstones and confirmed by pressure data. The rig was released on 29 July to await testing using a workover rig and fraccing crew.

The interval 3,652 metres to 3,657metres (total vertical depth) was perforated and then fracture stimulated on 1 November. Pinnacle Technologies was responsible for treatment design and Halliburton carried out the stimulation treatment.

The well initially flowed at short term rates up to 215,000 m3/d (7.6 MMscf/d). The rate was then restricted to 71,000 m3/d (2.5 MMscf/d) at a wellhead pressure of 73 bar (1060 psi) to restrict production of underlying water. As anticipated, the gas contains 12.8% nitrogen, a normal quantity for this region. Gas flow was continued until 17 November and the well is now shut in for a two-week pressure build-up.

The stabilized flow rate and pressure data indicate that the well is capable of producing gas in sufficient volume to supply an existing sales point 4.3 kilometres from the well. Subject to full analysis of the test data and the granting of the necessary consents by relevant authorities, it is intended to install processing facilities in the course of 2008 to allow a long term production test with sale of the produced gas. This test will provide valuable information on long term reservoir response.

The Siekierki structural trend is a large feature, approximately 25 kilometres long and extending under the eastern suburbs of Poznan, Poland’s third largest city. A 3-D seismic survey over the whole trend is now planned to start no later than January 2008. This survey will provide greater definition of the Siekierki feature. Further drilling, which may involve horizontal legs and multiple fracs, will follow the full integration into the data base of the results of this survey. A possible follow-up location in the southeast of the trend is also being considered for drilling in 2008.

Energia Zachod Sp. z o.o is a 90% subsidiary of Aurelian, with the remaining 10% held by Avobone NV.

Michael Seymour Aurelian’s Managing Director commented:

“These test results are highly significant for us. The drilling of this first well on the Siekierki trend for over 20 years has been central to Aurelian’s development since inception and it is very pleasing to report its success.

The confirmation of potentially commercial flow rates now triggers immediate plans for putting Trzek-1 onto long term production test and we are confident that we will be able to sell the gas produced. A contract for the 3-D seismic survey is also expected to be signed within the next month. We already have an option on a rig slot for a follow-up well, with serious consideration being given to early drilling.

These initial results are encouraging and we look forward to updating further on Trzek as the work programme develops.”
Source:oilvoice.com

Euro for Poland likely after 2012, 2008 budget gap at 26 bln zlotys - official

WARSAW (Thomson Financial) - Concerns over higher inflation and an overvalued currency may delay Poland's entry to the euro until 2013, a senior official from the new pro-business government told daily Gazeta Wyborcza today.

Civic Platform party officials have long said Poland should join the single currency around 2012-13. Parliamentary party leader Zbigniew Chlebowski said the move was likely to come later rather than sooner in that window.

'Nothing has really changed here, but a delay of around a year may be coming into play,' he told the newspaper in an interview.

'The world economy is slowing, there are problems on the fuel market, food prices are rising, which leads to a rise in inflation in Poland. All of this may delay Poland's entry to the euro a little.'

Chlebowski also trimmed his estimates for a cut in the budget deficit next year, saying the new government would seek to reduce the shortfall to 26 bln zlotys from the outgoing cabinet's 28.6 bln.

He told Thomson Financial News last week the target was to cut the gap to 25 bln zlotys.

'It may be 26 bln zlotys, although we want it to be less,' he said.

After the Civic Platform won elections last month, some market players began to speculate on the EU's largest former communist economy joining the euro as early as 2011.

Hopes of a swift move to euro zone membership were also encouraged by the appointment of a known euro enthusiast, Central European University professor Jacek Rostowski, as finance minister. Rostowski has not spoken to media about the euro or the state budget since the elections on Oct 21.

'The minister has somewhat refined his views, in particular since today we have a zloty that is too strong against the euro,' Chlebowski said.

'Volatility on the foreign exchange market may require a reaction from the National Bank of Poland, once we are in the euro we will lose this option.'

Chlebowski said he was also concerned at the experience of the Baltic States, where inflation has soared toward double figures in recent months, aggravated by years of a stiffer currency board regime.

Analysts say Poland's floating rate currency regime shields it from similar overheating. But he also added that the government had more work to do to persuade Poles of the benefits of the euro.

Source: By Patrick Graham,

Poland in Euro finals for first time ever

The Polish national football team beat Belgium 2:0 on Saturday evening and qualified for the Euro 2008 finals in Austria and Switzerland.

Both goals were scored by Euzebiusz Smolarek in the 44th and 50th minute. Last night’s victory was a historic one for Poland as it ensured it qualification for the Football Championship of Europe for the first time ever.

Poland will play one last game in the qualification phase with Serbia, but regardless of the result of that match, its appearance in Austria and Switzerland in 2008 is guaranteed.

Source: poland.pl

Hotel Construction In Poland 2007

Hotel Construction In Poland 2007 Is A Comprehensive Report That Presents A Detailed Evaluation Of The Current Status Of All Market Segments Of The Polish Hotel Construction Sector

Hotel Construction In Poland 2007 Is A Comprehensive Report That Presents A Detailed Evaluation Of The Current Status Of All Market Segments Of The Polish Hotel Construction SectorDUBLIN, IrelandRESEARCH-AND-MARKETS

Research and Markets (http://www.researchandmarkets.com/reports/c74780) has announced the addition of ?Hotel Construction in Poland 2007 - Development Forecasts for 2007-2012? to their offering.

Hotel construction in Poland 2007 is a comprehensive report that presents a detailed evaluation of the current status of all market segments of the Polish hotel construction sector. It provides up to date numeric data as well as in depth analysis of important economic factors and their influence on current and Future market development.

Forecasts predict planned expansion and estimate the required increase in accommodation spaces over the next five years along with the investment plans of major developers poised to take advantage of this market?s extensive potential for growth.

Hotel construction in Poland 2007 presents complete market data for all major segments in these three sections:

Section One focuses on the current hotel construction market in Poland. Data on the size of the market, the value of investment in existing facilities and projects currently in progress and the value of recently completed projects are provided.

Section Two is dedicated to the factors that influence the current hotel construction market as well as those that will play a major role in expansion over the next five years. This section describes how a combination of a low level of recent construction and planned future events focused on the stimulation of the tourism and business travel sectors of the economy will create a huge potential for increased market development in the near future.

Section Three presents a detailed Listing of the largest hotel groups operating in the market at present, as well as major developers and hotel chains. It describes the investment structure of institutional real estate and details planned investment levels for 2007-2012.

Report overview

The current hotel and institutional real estate market has begun to expand, but is not large enough to meet the demands of a growing economy in terms of business and tourism.

Hotel construction in Poland 2007 presents recent and current economic and market data, including:

- the value of investment in hotels and other tourism-oriented institutional real estate in 2006

- information indicating market size, such as the number of operational hotels in Poland as a whole, as well as in major cities and specific voivodships statistics illustrating the rates of occupancy and room rates at Polish hotels as well as hotels located in other European cities

- volume and value of hotel and tourism related construction in Poland for 2000-2006

- rising revenues from 2001-2006 construction projects in the sector, as demand rises and market supply of accommodation remains steady.

This report is essential to the activities of:

- senior management personnel of construction companies active in Poland and surrounding areas

- strategic planners and executives of firms considering entry into the Polish construction market

- companies engaged in construction and those active in the production and distribution of building materials in the region

- architectural and consultancy firms interested in this market

- developers interested in participation in the Polish hotel construction market

- businesses that provide goods and services integral to the establishment and operation hotels and the tourism industry

- consultants and analysts that provide advice and intelligence to governmental and business organizations, as well as those seeking investment opportunities.

Contents:

Methodology

Executive Summary

Situation in the hotel construction market

- Value of investments in hotel properties

- Size of the hotel construction market

- Overview of hotels completed in Poland

Factors which will shape Poland?s hotel construction market in 2007-2012

- Declining rates of return on investments in hotels

- Underdeveloped hotel market

- Increase in demand for hotel beds outpacing supply growth

Investors on the hotel construction market

- Largest hotel groups present on the market

- Real estate developers operating on the Polish hotel market

- Expansion plans of hotel chains and developers

- Development of hotel construction in 2007-2012

List of graphs

List of tables

About Us

Contact Us

For more information visit:
http://www.researchandmarkets.com/reports/c747
Source: ad-hoc-news.de

Source: ad-hoc-news.de

WARSAW, Nov 16 (Reuters) - Poland's top refiner PKN (PKNA.WA: Quote, Profile, Research) said on Friday in its five-year strategy it planned its EBITD

The property market in Poland is a "secure" place for investment and is the strongest market in Eastern Europe, an industry expert has said.

According to Davidoff Kleeberg & Maresch (DKM), due to the local house buying culture in the country, the market is especially competitive giving it fantastic potential in the long-term.

"Rather than [investing at] grass roots level in Bulgaria or Romania, I'd rather come in at the second tier or third tier in Poland – you'll still do better with your money and have a much stronger investment," said Richard Davidoff, partner at DKM.

He added that the first and second tier locations such as Krakow, Warsaw, Wroclaw and Lodz are "becoming popular", with investments guaranteed to "do very well" in these cities.

The GDP in Poland grew last year by 5.3 per cent, with its European Union membership in 2004 boosting foreign investment and interest in the country.

Source: holidaylettings.co.uk