Money Buzz! Europa

Category: Warsaw

  • P3 started the development of the second phase of the P3 Poznań logistic park

    P3 started the development of the second phase of the P3 Poznań logistic park

    P3 has started the development of the second phase of the P3 Poznań logistic park. The first two buildings will offer more than 23.000 sqm of total lease space.

    As much as 80% of their available space is already contracted for lease.

    Both new buildings will be used as storage space by customers who are already present in other P3 locations in Poland.

    The first one of them is Green Factory Logistics, focused on cold chain logistics, which is going to occupy 5.507 sqm. A part of the space occupied by the company will be used as cold storage.

    The second warehouse, covering 12.820 sqm, is leased in 100%. It is being developed as a cross-dock for one of the largest Polish logistic operators and will be fully adapted to the customer’s needs.

    P3 Poznań park is one of the currently largest logistic parks in the Wielkopolska region with more than 190.000 sqm of leased storage and office space.

  • Polish PGNiG Group to buy Danish natural gas from Ørsted

    Polish PGNiG Group to buy Danish natural gas from Ørsted

    Polish Oil and Gas Company (PGNiG) and Ørsted A/S have signed a multi-year contract for the sale and purchase of natural gas.

    The agreement covers a total volume of approx. 70 TWh (6.4 bcm) to be supplied between January 1st 2023 and October 1st 2028.

    Denmark is linked to Germany via the interconnector at Ellund and will be linked to Norway and Poland via the Baltic Pipe which is currently under construction.

    Under this agreement, Ørsted will resell some of the natural gas that it receives from the Danish part of the North Sea to PGNiG, e.g., from the Tyra field, which is Denmark’s largest gas reservoir.

    Currently, the Tyra platform is under redevelopment to extend its operational life by at least 25 years. For this reason, production from Tyra was halted in 2019 and is expected to resume in 2022.

  • Comarch, shortlisted for the Global Telecom Awards

    Comarch, shortlisted for the Global Telecom Awards

    Comarch has been shortlisted in the Global Telecom Awards (GLOTEL Awards), in the Project Delivery Perfection category.

    Comarch’s project, the subject of the Global Telecoms Awards in the Project Delivery Perfection category, included implementing an out-of-the-box service assurance solution for the first 5G telecommunications networks in Asia.

    In this category, Comarch will be competing with four recognized companies – Ericsson-Starhub, Huawei Technology and Sunrise Communications, BroadSource and Ufinet.

    Due to the global pandemic, the awards ceremony announcing the final winners will be held as a virtual event on November 6th.

  • Polish exports from January to August 2020 at PLN 649.0 bn

    Polish exports from January to August 2020 at PLN 649.0 bn

    Foreign trade turnover in the January – August this year according to exports at current prices amounted to PLN 649.0 bn, while imports amounted to PLN 621.0 bn, Statistics Poland report.

    The positive balance reached the level of PLN 28.0 bn, while in the same period of 2019 year amounted to minus PLN 0.4 bn.

    In comparison to the corresponding period of the 2019,  both exports and imports decreased by 3.2% and 7.4% respectively.

    Poland has the largest share in total exports with developed countries – 86.1% (of which EU 73.4%), and imports – 64.9% (of which EU 55.1%), as against 87.2% (of which EU 74.3%) and 66.3% (of which EU 56.5%) in the corresponding period in 2019 year.

    However, the smallest share was observed with the countries of Central and Eastern Europe, which in total exports amounted to 6.1%, and in imports – 6.5%, as against 5.8% and 7.8% in January – August 2019.

  • LG Chem is expanding in Europe and wants new joint ventures with car manufacturers

    LG Chem is expanding in Europe and wants new joint ventures with car manufacturers

    South Korean group LG Chem, the world’s largest maker of electric car batteries, is in talks with ”several” carmakers to set up joint ventures to make batteries, CEO Hak Cheol Shin told Reuters on Friday.

    LG Chem is making progress with joint ventures with US automaker General Motors (GM) and Chinese group Geely and hopes to expand its collaboration with other automakers, Shin said, without giving further details.

    The South Korean group is currently supplying batteries from its factory in Nanjing, China, for Model 3 vehicles produced at the Tesla plant in Shanghai.

    Shin added that Testa is not one of the companies with which LG Chem discusses joint ventures.

    LG Chem, which has a factory in Poland, is also looking for a location for a new battery factory in Europe, the head of the South Korean group announced.

    In 2017, LG Chem announced that it will invest over one billion euros to increase the production capacity of its unit in Poland.

  • Polish government to restructure the utilities and mining sector

    Polish government to restructure the utilities and mining sector

    Polish government seeks to restructure the utilities and mining sector with a view to balancing environmental and social aspects, Moody’s latest report shows.

    The recent agreement between mining unions, the state and the largest miner, PolskaGrupaGornicza (PGG), heralds an end to domestic coal mining by 2049 as a precedent of state support is set.

    Solar power is growing strongly from a small base thanks to subsidies for households. Offshore wind is expected to start generating electricity from 2025 onwards.

    75% of Polish electricity was generated by coal and lignite in 2019

    Polish utility sector has a high reliance on coal and lignite, with around 75% of electricity generated from these fuels in 2019.

    Carbon intensity of Poland’s GDP has fallen 40% over the past decade, but is still higher than other EU countries.

    The National Energy and Climate Plan to 2030, submitted to the EU Commission, foresees a gradual reduction of coal and lignite fuels.

    The latest draft of the Polish Energy Plan 2040 foresees the share of coal in electricity generation at 37%-56% in 2030 and 11%-28% in 2040. Solar installations and offshore wind will be the main replacements.

    In the first eight months of 2020, electricity consumption in Poland declined by 4.4% from a year earlier, whereas generation fell by 7.2%.

    The decrease in power generation was disproportionately borne by coal and lignite plants, where output fell by 12.9% and 11.5%, respectively.

    Poland’s interconnection capacities with its neighbours have increased since 2015, resulting in cheaper wind and hydropower from Germany, Sweden (directly and via Lithuania) as well as nuclear power from the Czech Republic competing in the Polish market.

    More capacity will be added through the Baltic Synchronisation project, which will synchronise the Baltic countries’ grids with Western Europe, with Poland serving as an important gateway.

    No offshore wind before 2025 at the earliest

    Initial Polish offshore wind capacity is planned to come online from 2025.

    The government has therefore sped up its efforts to pass a legislative framework for offshore wind installations, which we expect to come into force by early 2021.

    Large utilities have started to team up with experienced European developers, such as EquinorNew Energy(Baa1 negative), Iberdrola(Baa1 stable) and Orsted (Baa1 stable).

  • LPP generated PLN 2.1 bn revenues from May to July 2020

    LPP generated PLN 2.1 bn revenues from May to July 2020

    In the period from May to July, LPP generated PLN 2.1 bn revenues and operating profit of PLN 32.3 m. Revenues were lower than in the comparable period last year by 9%.

    The pick-up in revenues in that period was due to lifting the economic lockdown restrictions and record e-commerce turnover, which translated into PLN 3.3 bn of total revenues in H1, a fall YoY by 20.6%.

    Three-digit dynamics in the online channel, which reached 125% YoY, provided LPP with revenues exceeding PLN 621 m. Thus, online sales in Q2 accounted for 29.2% of the Group’s turnover and 30.9% from Poland, which accounted for approximately 48% of the total online revenues.

    Despite the continuing difficult situation in all markets, Q2 of 2020/21 turned out to be another one for LPP withe foreign revenues exceeding the domestic ones. In the period from May to July, they accounted for nearly 55% of total revenues.

  • CCC introduces searching for products based on a photo on all platforms

    CCC introduces searching for products based on a photo on all platforms

    After iOS, CCC introduces searching for products based on a photo on all communication channels – Android platform, ccc.eu online store, and Messenger.

    The customer can now take any photo of shoes or handbags and use the image search engine to see the most similar products in the CCC offers.

    The solution can be used in the first place by users in Poland and Hungary.

    How the solution works

    This is a version of the technology used in Google Lens, personalized for CCC, which is based on the use of image analysis by deep neural networks.

    The algorithm identifies the characteristic features of a given product and searches for the most similar ones from the store’s product set. It can recognize and distinguish all products in the photo, which are also in the store’s offer.

  • Polish e-commerce giant Allegro to be listed on Warsaw Stock Exchange

    Polish e-commerce giant Allegro to be listed on Warsaw Stock Exchange

    Polish e-commerce giant Allegro will be listed Monday, October 12, on the Warsaw Stock Exchange at an estimated value of 9.4 billion euros.

    The company, owned by London-based investment funds Cinven, Permira and Mid Europe plans to raise about one billion zlotys (220 million euros) to repay its debts.

    Founded in 1999, as a local version of the eBay auction site, Allegro has seen remarkable growth, with sales up 19% in 2018, 31,1% in 2019 and 51.8% during the first six months of this year.

    Also, net profit reached 289.7 million zlotys (65 million euros) in the first half, compared to 195.7 million zlotys in the same period last year.

    The company has a medium-sized warehouse and intends to open a larger one, as well as four smaller ones, but over 90% of the products sold never go through the warehouses and go directly from the seller to the buyer.

  • ArcelorMittal to close a big part of its Krakow unit

    ArcelorMittal to close a big part of its Krakow unit

    ArcelorMittal announced that it had decided to close its furnace and steelworks in Krakow, Poland, due to the difficult operating environment and insufficient protection from imports from outside the EU, DPA reports.

    ”The process of closing the blast furnace and steelworks will begin in October and will take several weeks until the assets are permanently shut down,” the company said, not expecting a rapid return in steel demand.

    ”The EU steel sector has been hit hard by the coronavirus pandemic (Covid-19), with all sectors using steel reducing their activity,” ArcelorMittal said, justifying the shutdown at the Krakow unit.

    The company also blamed higher energy prices in Poland and the recent EU decision ”to increase the share of duty-free steel imports from outside the EU bloc, at a time when steel demand in Europe it has dropped dramatically.”

    In an attempt to improve its competitiveness, ArcelorMittal will now focus on operations at the Dabrowa Gornicza plant, which has two blast furnaces.

    The Krakow coking plant will continue to operate.

  • Sinsay to open the biggest store in Poland in Galeria Północna

    Sinsay to open the biggest store in Poland in Galeria Północna

    Galeria Północna has signed an agreement with LPP to relocate its Sinsay store. The deal will result in the largest brand store in Poland with over 2,600 sq. m.

    The new Sinsay will have a total of 2,665 sq. m of area on two floors of Galeria Północna and is scheduled top open mid-December.

    Recently, a brand new Food Hall has been opened in the shopping center. It is a combination of four, newly established restaurants on the Warsaw market, including Zdrowia Smak, La Terra Cafe, La Terra Pizzeria, and Burger Booth.

    Also, Galeria Północna received a new mural on the roof as well as two new playgrounds. On the other hand, a new arcade place has been opened and the outside playground has been expanded with a zip line.

  • Wizz Air will fly from the 10th airport in Poland, Rzeszów Jasionka

    Wizz Air will fly from the 10th airport in Poland, Rzeszów Jasionka

    Wizz Air announced the launch of its operations at the tenth airport in Poland – Rzeszów Jasionka, starting 6 November.

    Wizz Air will offer a new service to Eindhoven from Rzeszów Jasionka, first on Mondays and Fridays and from December 20 on Tuesdays and Saturdays.

    Tickets for the new connection are available for sale. Prices start at PLN 69.

    Adam Hamryszczak, CEO of Rzeszow-Jasionka Airport, said: ”Today’s announcement is a real milestone in the history of Rzeszow-Jasionka airport. Our strategic goal is to diversify our business partnerships therefore we highly appreciate the decision of Wizz Air to start operating from our airport. I hope this new route marks the beginning of a long-term co-operation and further route development.”