A Swiss subsidiary of the Polish state energy giant Orlen revealed details of the roughly $400 million (1.6 billion zloty) it lost on prepayments made without collateral under the firm’s previous management for Venezuelan crude oil and petroleum products that were never delivered. Orlen Trading Switzerland (OTS) reported that over half the money was paid…
Poland recorded the EU’s largest increase in house prices in the final quarter of 2023. Costs were up by 13% YoY and by 4.8% QoQ, new Eurostat data showed. Across the EU as a whole, prices remained broadly flat. The rises seen in Poland continued to be driven by a popular mortgage subsidy scheme for…
Poland will borrow a further EUR 250 million (1.1 billion zloty) from World Bank to finance the government’s “Clean Air” programme, aimed at to tackling poor air quality by providing subsidies for households to upgrade to cleaner heating systems and improve insulation. “We have signed an agreement with the World Bank for EUR 250 million…
Poles are on average 40% richer than they would have been if the country had not joined the European Union, according to a new report by the Polish Economic Institute, published ahead of next month’s 20th anniversary of Poland’s EU accession. PIE’s analysts calculated that Poland’s GDP per capita in purchasing power parity (PPP) terms…
A Polish court has reportedly issued an order forbidding Google from favouring its own price comparison service, Google Shopping, for users in Poland at the expense of competing services. The order has been put in place while the court considers a legal complaint by Ceneo, a leading Polish price comparison engine, against the US giant,…
Poland has received almost 27 billion zloty (EUR 6.3 billion) of EU funds, as Brussels begins to pay out money frozen under the previous Law and Justice (PiS) government due to rule-of-law concerns. The transfer is the largest Poland has ever received in its 20 years of EU membership, says the government’s minister for funds…
From June, drivers working for ridesharing firms like Uber or Bolt in Poland will be required by law to have a Polish driver’s licence. The move is intended to increase safety for customers. But Uber warns that it will lead to longer waiting times and higher prices. The new regulations, which were approved by the…