Polish Business Survey
Environment spells profit
The year long fight for the control of the Bank Ochrony Środowiska (BOŚ) came to an end last week with the visit to Warsaw of Lars Thunell, managing director of the Swedish SEB. He dicussed development plans with the largest shareholder the state owned NFOŚ.
No-one wants Huta Katowice
Węglozbyt, Węglokoks and Kopex have all been named as state owned companies that could add extra capital to steel makers Huta Katowice. However it is clear that none of them would agree, Huta Katowice owes Węglozbyt PLN200m for example. Industry expert Dr Jan Maciej admits that he does not know what to suggest for Huta Katowice. Successive governments only paid lip service to consolidating the plant with Huta Sendzimira in Kraków. More was possible as the workforce here, unlike in other sectors, agreed to restructuring. He doubts that state owned firms would agree to adding more capital to the works.
Treasury discussing beer drinking plans
This week a meeting is planned between the treasury and representatives of the beer industry, including trade unions. The industry is to make concrete proposals for excise duty on beer for next year.
Minister tries to squirm out of sale
The treasury recently tried to annul its agreement to sell insurer PZU to the Portuguese Eureko. It considers the foreign company to be one of several minority, and what is worse — unwanted, shareholders . Eureko sees things differently. The most recent comments of minister Andrzej Chronowski suggest that the treasury wants to put PZU into Polish hands and, if that proves impossible, then to find another investor. The minister is hoping that a court will annul the privatisation agreement. Soon after lodging the case in court, deputy minister Aldona Kamela-Sowińska said that Eureko would get its money back and a new investor would be found. She is backed by a handful of MPs who want the state to remain in control of the company.
From the ashes
A clothing company called ZPO has been formed to operate in the liquidated factory of Vistula Kraków in Przeworsk in south east Poland. The company has already won its first contract, producing for the Italian Textura.
Employers fight unemployment
The employers’ organisations BCC and PKPP are attempting to persuade parliament not to make things even more difficult for them. They believe that liquidating work on Saturdays and reducing the working week will only increase operating costs and disencourage companies from creating new jobs. Former finance minister Leszek Balcerowicz agrees that change is essential as the current labour law only adds to unemployment.