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POLAND WILL SELL ITS EMISSION CREDITS – Poland has entered an agreement with Ireland and the World Bank to sell both parties greenhouse gas emission rights under the Kyoto Protocol

Posted by Gilmour Poincaree on December 12, 2008

11th December 2008

Source: Reuters

PUBLISHED BY ‘WARSAW BUSINESS JOURNAL'(Poland)

Ireland and the World Bank have entered into an agreement with Poland to purchase its carbon emissions rights, a move that will allow the country to invest in sustainable energy.

Ireland has signed a letter of intent to buy Poland’s carbon emission allowances worth €15 (zł.59.5) million, while World Bank signed a separate deal to purchase 10 million tones of emissions. According to a source that’s familiar with the transaction and who did not want to be named, “The price is around €10 (zł.39.6) a tonne.”

Under Kyoto, nations that are far below their emissions targets may sell excess quotas to other countries under the Assigned Amount Units (AAUs). Although Poland relies heavily on coal, World Bank said in a statement that Poland has a surplus of AAUs, since its greenhouse gas emissions have been decreasing since 1990.

Meanwhile, the proceeds from the deals allow Poland to invest in energy efficiency and renewable energy projects, which will be co-financed by the European Bank for Reconstruction and Development and the European Investment Bank.

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PUBLISHED BY ‘WARSAW BUSINESS JOURNAL'(Poland)

Posted in BANKING SYSTEMS, COMMERCE, ECONOMIC CONJUNCTURE, ECONOMY, ENVIRONMENT, FINANCIAL CRISIS 2008/2009, FINANCIAL MARKETS, FOREIGN POLICIES, INDUSTRIAL PRODUCTION, INDUSTRIES, INTERNATIONAL, INTERNATIONAL RELATIONS, IRELAND, POLAND, RECESSION, REGULATIONS AND BUSINESS TRANSPARENCY, THE FLOW OF INVESTMENTS, WORLD BANK | Leave a Comment »

DEBT COLLECTION ON THE RISE AS POLISH COMPANIES AVOID PAYING UP

Posted by Gilmour Poincaree on December 12, 2008

12th December 2008

Source: Rzeczpospolita (M.M.)

PUBLISHED BY ‘WARSAW BUSINESS JOURNAL'(Poland)

Polish companies are increasingly not paying liabilities to vendors and, in the construction sector alone, the amount of debts collected by debt collectors increased by 40 percent.

“They [exporters] feel the deterioration of the business situation on the Western markets most,” said Tomasz Starus of Euler Hermes. According to their latest report, entrepreneurs await for their payments longest in the richest regions of the country.

In the Mazowsze region, companies have an average delay in payments of three weeks, a period similar in Małopolska, Lower Silesia, Wielkopolska. The worst with this regard is the Pomorskie voivodship, with an average 22 day delay in payment, while in one of the poorest region – Podlaskie – only 12 days. It turns out that the situation is influenced by the presence of exporters that cause much of the delays.

Experts warn that the crisis is increasing and thus problems with covering debts will also increase.

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PUBLISHED BY ‘WARSAW BUSINESS JOURNAL'(Poland)

Posted in BANKING SYSTEMS, COMMERCE, CONSUMERS AND PSYCHOLOGICAL FACTORS, ECONOMIC CONJUNCTURE, ECONOMY, FINANCIAL CRISIS 2008/2009, FINANCIAL MARKETS, INTERNATIONAL, NATIONAL WORK FORCES, POLAND, RECESSION, REGULATIONS AND BUSINESS TRANSPARENCY | Leave a Comment »

EU EDGES CLOSER TO CLIMATE, STIMULUS DEALS – ITALY, POLAND SEE EU CLIMATE DEAL IN OFFING

Posted by Gilmour Poincaree on December 12, 2008

December 12, 2008

by Jan Strupczewski and Pete Harrison – Reuters

PUBLISHED BY ‘THE FINANCIAL MIRROR’

European leaders moved towards agreement on Friday on a multi-billion dollar plan to tackle the global recession and a climate change plan amended to limit impact on struggling industries.

Green groups warned that the European Union could forfeit its credibility as a force in tackling climate change if it accepted too many changes to a plan to cut carbon dioxide emissions by 20 percent by 2020.

One British group said compromises in climate policy, which will be key to world talks next year to produce a successor to the Kyoto pact on climate change, could amount to a ‘meltdown’.

The climate discussions took on a special significance, taking place some six weeks before Barack Obama takes over the U.S. presidency holding out the prospect of closer co-operation in matters of global warming.

Italian Prime Minister Silvio Berlusconi, who had threatened to veto a deal without concessions to protect key industries, emerged from the first day of a two-day summit, declaring: “We are heading towards a compromise…We are getting what we want.”

Poland, which had demanded concessions on its heavily polluting coal-based power industry, was also cautiously optimistic.

“The prime minister (Donald Tusk) achieved everything he wanted in negotiations on the climate package,” an official told Reuters. “The deal is flexible, allowing for the modernisation of the Polish power sector.”

HISTORIC?

The economic crisis sweeping Europe has further complicated climate talks that had already raised tensions in a 27-member bloc embracing former Soviet bloc states besides western Europe.

German Chancellor Angela Merkel, who opposes the heavy spending advocated by Britain and France for fear it could lead to escalating budget deficits, said at the start of the summit she was nonetheless keen to seal a 200 billion euro ($260 billion) stimulus package, amounting to some 1.5 percent of GDP.

Luxembourg Prime Minister Jean-Claude Juncker said on Thursday evening he thought EU leaders would agree on the main lines of the economic package and the climate deal on Friday.

“The economic crisis will pass, the climate crisis will stay. We have to do something,” he told reporters.

Finnish Foreign Minister Alexander Stubb said Friday would bring a ‘historic decision’ on energy and climate change.

‘Europe is going to show the way,’ he said.

Several leaders stressed the need to maintain the EU’s ambitious targets; but Merkel, seeking to limit damage to industry, appeared to have secured compromises.

Steel, cement, chemicals, paper and other industries will be sheltered from the added cost of buying permits to emit carbon dioxide from the EU’s flagship emissions trading scheme (ETS), according to a draft text that formed the basis for talks.

“This covers about 90 percent of industry, and I don’t see any reason why Germany would not accept this proposal,” German conservative Peter Liese told Reuters. “I see it as a victory.”

British Green group member Caroline Lucas said the proposals represented ‘the lowest possible common denominator’.

‘The eyes of the world are on the EU. The EU’s credibility as a leading actor on climate change is in freefall. It’s not too late for heads of state and government to intervene and save face.’

EASE THE SHOCK

In their first session of the summit, leaders agreed in principle on a set of concessions to Ireland enabling Dublin to hold a second referendum by next November on the Lisbon treaty, intended to streamline EU decision making. The treaty was rejected at a first poll and needs approval from all states.

“There was no opposition, there was no objection, there was no veto,” one European official said. Another stressed that the agreement was only provisional and there would be talks on the details of the arrangements on Friday.

The Lisbon Treaty — successor to the defunct EU constitution — aims to give the bloc more weight in the world by creating a long-term president and its own foreign policy supremo.

EU leaders aim to agree how to reach targets of slashing carbon emissions by 20 percent by 2020 and winning 20 percent of the bloc’s energy from renewable sources such as wind and solar power by that date, ahead of global talks next year on a successor to the Kyoto agreement from 2012.

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PUBLISHED BY ‘THE FINANCIAL MIRROR’

Posted in ECONOMIC CONJUNCTURE, ECONOMY, ENERGY, ENERGY INDUSTRIES, ENVIRONMENT, EUROPE, FINANCIAL CRISIS 2008/2009, FINANCIAL MARKETS, GERMANY, INDUSTRIAL PRODUCTION, INDUSTRIES, INTERNATIONAL, INTERNATIONAL RELATIONS, ITALY, MACROECONOMY, PAPER INDUSTRIES, POLAND, RECESSION, REGULATIONS AND BUSINESS TRANSPARENCY, THE EUROPEAN UNION, THE FLOW OF INVESTMENTS | 1 Comment »

POLÔNIA ADOTA PACOTE DE ESTÍMULO ECONÔMICO DE 24 BILHÕES DE EUROS (Poland)

Posted by Gilmour Poincaree on November 30, 2008

30/11/2008 às 15:20:14 – Atualizado em 30/11/2008 às 17:22:19

PUBLISHED BY ‘PARANÁ ON LINE'(Brasil)

Agência Estado

A Polônia adotou neste domingo (30) um pacote de estabilização e desenvolvimento econômico para 2009 e 2010 estimado em DONALD TUSK24 bilhões de euros para ajudar o país a enfrentar a crise financeira global, disse o primeiro-ministro Donald Tusk. Ao mesmo tempo, o ministro das Finanças, Jan Rostowski, informou que a previsão de crescimento econômico para 2009 foi reduzida para 3,7%, da estimativa anterior de expansão de 4,8%.

“Este é um programa de estabilização e desenvolvimento, porque a Polônia está na situação de um país que ainda está se desenvolvendo”, disse Tusk. “Felizmente, as conseqüências da crise global para a Polônia não são tão graves”, acrescentou. As informações são da agência Dow Jones.

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PUBLISHED BY ‘PARANÁ ON LINE'(Brasil)

Posted in ECONOMIC CONJUNCTURE, ECONOMY, FINANCIAL CRISIS 2008/2009, FINANCIAL MARKETS, INTERNATIONAL, POLAND, THE FLOW OF INVESTMENTS | Leave a Comment »