General government deficit lowest in 9 years

The general government deficit, i.e. the deficit of central and local governments and the social security funds controlled by these units, amounted to 2.3 percent of GDP last year and was the lowest since 2007, the European Commission said. For 2017-18, the Commission forecasts that deficit will amo...

Locked content President signs new harsh law on VAT frauds

President Andrzej Duda signed a new amendment to the penal code which makes VAT frauds exceeding PLN 10 million punishable by up to 25 years in prison. The new law will also allow multiple government agencies, including the Anti Corruption Bureau (CBA), Military Police, and Border Guard, to investig...
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Locked content Poland with 682 MW new wind powerplants – report

Poland installed 628 MW of new wind energy capacity last year, according to a report published by WindEurope. This amounted for 5.5 percent of EU’s new capacity. The result is nearly twice as low compared to 2015, when 1,266 MW wind energy capacity was launched. Overall, in the EU, 12,490 MW w...

Locked content Mila supermarket chain mulls IPO

Supermarket chain Mila is considering IPO, company’s CEO Artur Góralczyk said in an interview with ISBnews. “We’re using the sector’s potential and want to focus on organic growth and increasing effectiveness. One of possible opportunities for growth is IPO,” he explained. “The sec...

Locked content PGZ with new CEO

Polska Grupa Zbrojeniowa (PGZ) CEO, Arkadiusz Siwko resigned from his post on Monday. Błażej Wojnicz, who previously ran Polish Defense Holding was appointed in his place. Siwko, who helmed the company since December 2015, did not give reason for his decision. Several media outlets, including daily ...

Locked content Bankruptcies on the rise in January

In January, 69 Polish companies were declared bankrupt, which is a 44 percent rise year-on-year, according to a report issued by Euler Hermes. The highest number of bankruptcies was recorded in the manufacturing sector – 18, up from eight last year. According to Euler Hermes this was caused by lack ...

Locked content Kruk to continue with M&As, sees 10-20% growth in 2017 – CEO

WSE-listed debt collector Kruk is mulling further takeovers both on domestic and foreign market, company’s CEO Piotr Krupa told the Polish Press Agency. “We are looking at next acquisitions on the German, Spanish, Italian as well as the Polish market.” Krupa also expects this year’s net ...

Locked content Orange with PLN 1.9 bln net loss in Q4

WSE-listed telecom Orange Polska posted a PLN 1.9 billion net loss in Q4, due to a PLN 1.79 billion impairment. Adjusted EBITDA for the quarter, was at PLN 640 million and PLN 3.16 billion for the whole year (10.1 percent drop). Revenue for 2016 fell to PLN 11.53 billion (2.6 percent drop). For this...