Word: pekao
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...Krzysztof Bielecki, Poland's Prime Minister in 1991, suggests Tusk can make the most of it. He has known Tusk since the two men were Solidarity activists in the 1980s, and they still play old-timers football together. "Tusk is pure striker," says Bielecki, now CEO of Bank Pekao, one of Poland's biggest financial institutions. "He is not a water boy or even central defender. He puts his head where others will only put their feet. And by that I mean that he has courage...
...lower. Analysts say standard profit-taking was responsible, but perhaps it was a bubble - inflated by post-accession optimism and rising regional economies - that needed to burst. "I think it was a classic case of overheating the market," says Artur Szeski, an equity analyst at CDM Pekao in Warsaw. "Right now the valuations are coming back to more reasonable levels." Although the region's markets are expected to gain about 5% or 10% over the next three to six months, most analysts advise caution over the longer term. Says Bohumil Pavlica, a broker with Prague-based BH Securities: "We have...
...million in lost revenue. The yard's 6,000 former workers have been protesting daily, demanding that the government get them their lost wages. The scandal has exposed many of the country's banks and made them nervous about new investments. Gdynia is accused of no wrongdoing, but the Pekao bank in early July withheld a loan from the yard, threatening its ability to compete for new contracts. Gdynia has said it may have to lay off workers...
...East. Poland is the leader in this mail-order trade, which is supported mostly by the 6,000,000 Polish-descended Americans and has the double purpose of sucking in hard money and keeping down local pressure for consumer goods. The 40 foreign branches of Poland's Pekao organization let outsiders order for Poland delivery to their relatives and friends. The insiders get scarce luxuries that range from Elizabeth Arden creams ($1 a jar) and Gillette Blue Blades ($5 for 100) to baby pigs ($16 for two) and Simca autos ($1,950). Pekao's take from this sanctioned...
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