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Date Posted: 15/02/2012 - 14:49
Poland is unlikely to agree on a loan to the International Monetary Fund in Q1 2012, central bank NBP head Marek Belka told reporters on Tuesday. "Works and talks on the terms of the loan are under way at the IMF right now and I don't expect that their effects will reach us soon," Belka said. "It's rather a question of months than days. I think the agreement on the loan will not take place in Q1." The potential loan will be neutral for the level of Poland's FX reserves, Belka said earlier during the lower house public finance commission sitting. Poland will likely contribute EUR 6.27 billion in a loan to the IMF to support funding for troubled euro-zone countries, deputy Finance Minister Jacek Dominik wrote in a response to an MP interpellation on January...
Date Posted: 14/02/2012 - 14:53
Poland's average margin on newly granted mortgage loans increased to 1.29% at the beginning of February as compared to 1.25% in the beginning of the year, the daily Rzeczpospolita wrote citing analysis by Expander consultancy. The average margin of EUR-denominated mortgage loans increased to 3.47% from 3.25% in the same period.
Date Posted: 31/01/2012 - 15:22
Poland does not plan to adopt the single European currency by 2015, but wants to meet convergence criteria by then, Finance Minister Jacek Rostowski said Monday, responding to a report that Prime Minister Donald Tusk had declared he wanted to switch to the euro by that date. "President Schulz must have misunderstood what the prime minister said," Rostowski told reporters, referring to a meeting Monday morning between European Parliament President Martin Schulz and Tusk. "The prime minister was not talking about joining the euro zone in 2015," added Rostowski. Schulz had earlier told a press conference: "Poland is a dynamic economy and its prime minister made a clear declaration that he wants to join the euro zone by 2015."
Date Posted: 30/01/2012 - 16:15
President Bronislaw Komorowski is attending the annual World Economic Forum in Davos on January 26-29, 2012. The president will also hold bilateral meetings with participating state leaders. President Komorowski will attend a panel entitled „Rebuilding Europe” devoted to Europe's future and a session on „The New European Identity”. Bronislaw Komorowski will meet world business leaders, representatives of global financial institutions and investors at a session called „Poland – a World of New Opportunities at Your Fingerprints”. On Sunday the Polish president will meet Swiss Polonia in Rapperswil. (PAP) Source: the official website of the President of the Republic of Poland - president.pl
Date Posted: 30/01/2012 - 16:03
Poland’s economy grew at a comparatively healthy 4.3 percent in 2011, according to preliminary data from the central statistical office (GUS). The figure is above economists’ expectations and above the 2010 figure of 3.9 percent. The government expects 2.5 percent growth in 2012. Meanwhile, unemployment came in at 12.5 percent in 2011, in line with market expectations. GUS deputy chief Halina Dmochowska said the economy was growing at a stable rate, especially taking into account the external environment in Europe and globally. Dmochowska noted in particular strong figures from the construction sector, with value added 11.8 percent up on 2010. Retail sales in December rose 8.6 percent year on year, below expectations of 10.3 percent. The World Bank (WB) said recently...
Date Posted: 23/11/2011 - 14:34
Germany sold 3.65 billion euros of new 10-year government bonds on Tuesday, in an auction which was technically uncovered after Berlin offered the lowest coupon on record for this maturity. Demand at the sale was below this year's average, with a bid/cover ratio of 1.1 compared with an average 1.56. The average yield of 1.98 percent versus a 2.74 percent average. "It's really bad. The Bundesbank had to retain 39 percent of the issue. Bunds are starting to lose their appeal because markets have to believe the euro bonds story and Germany is very close to start, essentially, to guarantee the debt of other countries," Achilleas Georgopoulos, Strategist at Lloyds Bank, London said.
Date Posted: 18/11/2011 - 12:05
The new governor of the European Central Bank (ECB), Mario Draghi, has called for "urgent action" to implement the new eurozone bailout fund. Speaking in Frankfurt, Mr Draghi expressed impatience with the lack of progress by European governments. "Where is the implementation of these long-standing decisions? We should not be waiting any longer," he asked at Friday's European Banking Conference. His comments came as markets remained jittery about the crisis. By mid-morning on Friday, all major European markets were down between 0.5% and 1.2%. In his speech, Mr Draghi suggested the ECB's main job remained to ensure long-term low inflation. "Credibility implies that our monetary policy is successful in anchoring inflation expectations over the medium and...
Date Posted: 11/11/2011 - 14:50
NEW YORK (CNNMoney) -- Standard & Poor's is facing a growing backlash in Europe after the ratings agency erroneously sent a message suggesting France's pristine credit rating had been downgraded. The incident on Thursday prompted French regulators and the S&P to open separate investigations. S&P later clarified that the message was the result of a "technical error" and that its rating on France remains at AAA, with a stable outlook. An S&P spokesman stressed Friday that it was a mistake, and that the rating for France posted on the agency's website never changed. But that didn't stop the outrage."This incident is serious and it shows that in the current tense and volatile market situation, market players must exercise discipline and...
Date Posted: 04/10/2011 - 13:06
Goldman Sachs fell into line with other banks on Tuesday as it cut its 2012 Brent crude and copper price forecasts, on growing worries that the European financial crisis would restrain economic growth and curb global fuel demand. The U.S. investment bank, known by some of its competitors as a 'perma-bull' for its relatively high commodity price forecasts, trimmed its 2012 Brent price estimate to $120 a barrel from $130 and cut its forecast for U.S. light crude, also known as WTI, to $109 from $123.50. Goldman Sachs had the highest Brent 2012 forecast of $130 a barrel in the latest Reuters monthly oil poll, well above an average of $106.8 a barrel next year. It is now in line with forecasts by other banks, including UniCredit, and below forecasts from ANZ Bank and CIBC. "The...
Date Posted: 04/10/2011 - 13:01
China's foreign ministry has said it "firmly opposes" a bill pushed by the US Senate that will allow the country to impose duties on countries that undervalue their currencies. In a statement posted on China's official government website on Tuesday, the ministry said the US was "using the excuse of 'currency imbalances'" to adopt protectionist trade measures that violated World Trade Organisation rules. "The Chinese side appeals to the US side to abandon protectionism and not to politicise trade and economic issues, so as to create a favourable environment for the development of China-US economic and trade ties,'' Ma Zhaoxu, the Chinese foreign ministry spokesman, said. The Senate voted on Monday to advance legislation designed to press...
Date Posted: 04/10/2011 - 12:58
The National Bank of Poland (NBP) sold euros on Monday to bolster the złoty, which has increasingly lost value recently against the single currency. This sends an important signal to speculators, the liberal daily Gazeta Wyborcza writes, approvingly: "Now every speculator must understand that the NBP will not hesitate to use its currency reserves to defend the złoty. The NBP has intervened on the market three times in recent days. In the past something like that only happened on very rare occasions. Now however the conditions have changed. The first sign that something might happen came with the Swiss decision to peg the franc to the euro. That's when speculative capital started to concentrate on markets like ours, where local financial institutions seldom intervene to stabilise...
Date Posted: 14/09/2011 - 11:17
According to a piece of market research conducted in the US, LEDs will take 40 per cent of the global lamp market in 2013 but will begin to contract by 2018.   The research predicts that with long life and energy efficiency underpinning the success of LEDs, the longer life of LED lamps will mean that as more are installed, the smaller the market will become as replacement lamps will not be required in the short term.   According to the research, the growth rate for LED lamp shipments from 2009-2015 is forecasted to be 97 per cent, while the growth rate from 2015 to 2020 will slow to 13 per cent.   The research indicates that in order for manufacturers to profit, it will be necessary for them to enter the market early and they will need to be vertically integrated making...
Date Posted: 10/04/2011 - 15:36
The new law on consumer credit in Poland in a while bring some changes for the worse, it suggests many improvements. She insists to pay interest, if you cancel your loan. Are encouraged to borrow abroad, where there below the euro interest rate. This will help figure out why the bank refused to cash. Changing practices is crucial, because consumer credit, which includes among others installment loan, credit account, car loan or a cash loan is one of the most popular financial products to both banks, as well as non-banking companies. The number of consumer loans granted only by the banks themselves can be counted in hundreds of thousands annually. Along with those granted by credit unions and non-bank and other institutions are already millions of statistics.Why the European Union has...
Date Posted: 08/04/2011 - 00:00
European finance ministers said Portugal must make deeper budget cuts and privatize state firms in return for a bailout that could be agreed by mid-May. Portugal bowed to pressure from financial markets and its European partners this week and became the third euro zone country after Greece and Ireland to request financial help from the European Union and the International Monetary Fund. Finance ministers from the 17-nation single currency area met at a palace north of Budapest on Friday to discuss the sovereign debt crisis that has haunted the bloc for over a year, with Portugal the main focus of their talks. Portuguese Prime Minister Jose Socratesresigned last month after parliament rejected a new round of budget austerity meant to help the country meet its deficit reduction targets for...
Date Posted: 29/03/2011 - 20:48
For nearly two months seeing in global equity markets progressive weakness in the technology industry. Relation MSCI AC World Information Technology to the MSCI AC World's fell to its lowest level since the autumn of last year.More recently, such a clear weakness in the technology sector witnessed in the period May-August 2010, then the behavior of the relative strength of the industry's overall market share against well-facilitated the diagnosis of equity markets. Stood firmly on his feet only when the technology sector began to recover strength before the whole stock market. This scenario may repeat itself even now. The new hole relative strength compared to the technology industry share of world markets suggests that stock market on a global scale are in the wave upward...