Monthly Archives: April 2010

Polish central bank leaves rates alone

Poland’s economy may have grown last year, unlike all of its European brethren, but its central bank continues to see no danger of inflation. In its first meeting since the death of its governor in the tragic plane crash at Smolensk, the Monetary Policy Council  left the seven-day reference rate at 3.5%, a level it’s been at for ten months now.

“Given that economic growth is driven mainly by exports and demand is unlikely to grow rapidly, the inflation rebound should be rather moderate in the second half of the year, also thanks to stronger zloty and falling producer prices,” said Rafal Benecki, senior economist at ING Bank Slaski in Warsaw.

Ryanair to quit expensive Prague

Management at Prague’s international airport apparently thinks it’s got enough business as it is, and refused to do a deal with Ryanair. The airline had offered to open a base in the Czech capital, thereby stepping up its volume of traffic, but the airport refused to budge. Ryanair will cease all flights to the city by the fall.

New Aupark to open

After years of work, Slovak developer HB Reavis will finally expand its Aupark brand of shopping centers in the town of Piestany, around an hour northeast of Bratislava between the towns of Trnava and Trencin. The new 10,000 sqm center will feature 60 shops and represents an investment of €25m.

Greek comedy / tragedy

If you don’t like satire, if you don’t really get irony or if dark humor just isn’t your thing, then give this a miss. Otherwise, it’s a good end of the euro week read.

Greece Declares Unilateral Withdrawal from Reality

ATHENS—The Greek government announced today that Greece was permanently withdrawing from reality, effective immediately.  “After careful consideration of all our options, we have determined that this is the best course of action for Greece at this difficult time,” Greek Finance Minister George Papakantpeydabillous said in a statement written in fairy dust.  Asked whether the withdrawal was a response to Greece’s debt crisis, Papakantpeydabillous made clear that the withdrawal was comprehensive.  “We’re not just talking about economic reality.  We fully intend to ignore reality in every way, shape and form.  We’re sick and tired of being straight-jacketed by the inflexible dictates of objective experience,” he said.  Papakantpeydabillous added that the withdrawal was not a radical departure for Greece.  “Actually, our de facto withdrawal occurred several years ago — we just figured it was time to make it official.” Continue reading

Panattoni unveils new website

Panattoni is proud of its updated website, which it’s just unveiled to the world. Check it out for yourself at www.panattoni.pl

Court upholds Orco share increase

The attempt by activist shareholders in Orco to nullify recent share increases has apparently been thwarted after a Luxemburg court ruled there was nothing improper about the move. Millenius Investissements, Clannathone Stern and Bugle Investments claim the purpose of the share increase was to reduce their ability to unseat Orco CEO JF Ott, but Ott has insisted the company simply needs the new equity.

This decision shall put an end to the attempts of these isolated shareholders to unhinge the group and its management during a critical period

Bucharest credit rating improves

The rating agency Fitch has upgraded the outlook for the city of Bucharest from negative to stable. At the same time, it left its long-term foreign currency rating at BB+ and its local currency rating at BB-. There are lots more details here, but the report says that having been hit hard by the recession, which saw a decrease in business and in tax-raising potential for the city, 2010 should see some improvement. The city’s improved rating will depend on Romania’s ability to stay in the good books of the agencies.