Polish Business Survey
Low turnover on bourse
Monday s very low turnover (under PLN100m) could suggest that despite pessimistic forecasts that the bourse could be in for a slight upturn in the next few days. Of course any increases in share values will only be on a speculative basis although of course on present performance very little capital will have to be placed to push the indexes up. Analysts are quick to note nonetheless that if some hope does not appear before long then the current depression could become very long term.
Ciech shares could be diluted
On 23 August a shareholders meeting of chemical giant Ciech is to be held and a decision as to the capitalisation of the company will have to be made.
Metropolitan Life kicks off
The American insurer Metropolitan Life started selling its life policies at the end of July. The company has invested PLN19m in Poland and plans to raise its capitalisation by the end of the year.
Sharp to open Bydgoszcz factory.
Audio-visual producer Sharp is planning to open an office in Warsaw in the next few days and a factory in Bydgoszcz at the beginning of next month.
Another incubator
The internet season continues with the third incubator to hit the market. This new one is e-Katalyst, following in the footsteps of e-incubator and Internet Investment Fund.
Taking off on e-business
Selling airline tickets, hotel rooms and tours on-line in the USA is going through a boom. This boom has caught on across the Atlantic and according to a report by European Online Travel it has now reached EUR1bn in Europe, a small part of which is in Poland.
Cash needed for sackings
Management of loudspeaker producerTonsil will decide today on its future. The company lost PLN16.6m last year needs PLN3.5m to sack around 400 employees in a restructuring drive.
Żagiel talks to investor
The Lublin based credit agency Żagiel is negotiating the sale of a minority holding in it with Kredyt Bank. Żagiel is the only agency in Poland that does not have the backing of an investor from the financial sector. An agreement with the bank can be expected in the next few days. Żagiel has second position in the league table of credit agencies.
EFL does not know what it wants
As reported last week the Europejski Fundusz Leasingowy joined the leasing companies organisation KPL. However as it decided the following day that it did not want to be a member after all, it left.
Coke doesn t add life
Despite a shortage of steel and increases in the price of the material, Polish steel mills are unable to take advantage of this opportune moment. Coke is also in short supply and the coke manufacturers cannot keep up with the steel works, their problem is a lack of coal suitable for making coke. The coal industry claims that due to pit closures they are unable to produce for the steel mills. The ironic thing about this situation is that the steel mills have large debts to the coke producers amongst others and this shortfall in steel could have given an opportunity to pay some of it back.