Poland Economy – Warsaw S Hotel http://www.warsawshotel.com/ Just another WordPress site Tue, 20 Jul 2021 17:52:05 +0000 en-US hourly 1 https://wordpress.org/?v=5.7.2 https://www.warsawshotel.com/wp-content/uploads/2021/07/icon-4.png Poland Economy – Warsaw S Hotel http://www.warsawshotel.com/ 32 32 Poland: Sale of real estate by electronic auction | Miller Canfield https://www.warsawshotel.com/poland-sale-of-real-estate-by-electronic-auction-miller-canfield/ https://www.warsawshotel.com/poland-sale-of-real-estate-by-electronic-auction-miller-canfield/#respond Tue, 20 Jul 2021 16:16:18 +0000 https://www.warsawshotel.com/poland-sale-of-real-estate-by-electronic-auction-miller-canfield/ The law of May 28, 2021 amends the Code of Civil Procedure and certain other laws (Journal of Laws of 2021, article 1090). In addition to the controversial changes to the existing rules for handling cases in civil, criminal and administrative court proceedings and the rules for delivering letters to professional representatives in civil proceedings, […]]]>

The law of May 28, 2021 amends the Code of Civil Procedure and certain other laws (Journal of Laws of 2021, article 1090). In addition to the controversial changes to the existing rules for handling cases in civil, criminal and administrative court proceedings and the rules for delivering letters to professional representatives in civil proceedings, it also introduces rules governing the sale of real estate by electronic auction. A substantial part of the provisions of the aforementioned law entered into force on July 3, 2021; however, the provisions regulating electronic auctions of real estate will not take effect until September 19, 2021.

As far as real estate execution is concerned, this is a completely new solution, as the previous regulation only allowed sale by electronic auction for movable property. In general, these sales will be made in a manner similar to the current execution on buildings, with the exceptions provided for by the new legislation. While retaining the specificity of this solution governed by Part Three, Title II, Section VI and the new Chapter 6a of the Code of Civil Procedure (Articles 986¹ to 986¹¹), and taking into account the exclusion of the application of certain provisions , the existing provisions concerning, inter alia, an auction announcement (chapter 4), the auction conditions (chapter 5), the auction (chapter 6) and acceptance (chapter 7) remain applicable to the sale of real estate by electronic auction.

The sale of real estate through electronic auctions will be possible only at the request of a creditor, and if a property is seized to satisfy several claims claimed by different creditors, its sale by electronic auction will be mandatory in the event of presentation of a request by one of the creditors. Thus, a different solution has been adopted than in the case of electronic furniture auctions, where the sale procedure is decided by the creditor at whose request the first seizure took place. The bailiff notifies the debtor, within one week, that he has received a request from a creditor to proceed with the sale of real estate by electronic auction, indicating the real estate or a part of it that is the subject of the request. As at present, the debtor will have the right to indicate an order in which individual properties are to be auctioned if more than one property or parts of a property are to be sold as part of the given enforcement proceeding. It will also be possible to file the request initiating the sale of a property by electronic auction in the event of a request for a re-auction or a second auction.

As in the case of electronic auctions of movable property, the sale of real estate by means of electronic auctions will be done through an TIC system, where the condition of participation in the auction will be the creation of an individual account in the TIC system. . An announcement concerning the sale of real estate by electronic auction is published on the website of the National Council of Judicial Officers at least two weeks before the date of the auction. Under this mode of sale, the obligation to post an advertisement concerning an electronic auction of real estate on a website and a notice board of a court supervising the given execution on real estate (including including in different judicial districts, if the enforcement procedure involves one or more buildings located under the jurisdiction of different jurisdictions) or in the premises of a municipal authority competent for the location of the property, as well as an optional announcement of ‘any other way, including notably in a daily newspaper with wide circulation in the given locality, will no longer apply. The advertisement relating to the sale of real estate by electronic auction includes in particular:

§ information on the property for sale (its location and economic object, the land and mortgage register number and the place where it is kept or an indication of the collection of documents from the land and mortgage register and from a court where said collection is kept);

§ information that the auction is being held by electronic means, as well as the time at which the auction begins and ends;

§ information on the obligation to pay a guarantee and its amount;

§ the time at which the item can be viewed in the two weeks preceding the auction;

§ total amount of the estimate and the starting price.

Unlike the classic real estate enforcement procedure, when announcing the sale of real estate through an electronic auction, a bailiff will not provide the name and surname of a debtor. The time limit for filing a security deposit is also different from traditional enforcement against real estate. In case of sale of real estate by electronic auction, the deposit must be transferred to the relevant bank account no later than 2 working days before the start of the auction, while the deposit date of the deposit is the date on which the bank account of the bailiff is credited (conventionally, a bidder participating in an auction is required to deposit the security deposit no later than the day before the auction). The bailiff notes the fact of depositing the security deposit and providing the data necessary to render an acceptance decision immediately after receipt, admitting the bidder to participate in the auction. The bailiff notifies the interested party of the refusal of admission to the auction via the ICT system. A complaint can be made against the refusal of admission to the auction and concerning the manner of conducting the auction within 3 days from the date of refusal of admission to the auction or from the closing date. of the auction, respectively. Bidders and those who are not admitted to the auction will only be able to file the complaint through the TIC system, while others will benefit as long as they have an account on the system.

An electronic auction of real estate must be scheduled by a bailiff so that it takes place between 9:00 a.m. and 2:00 p.m. on working days. The duration of the auction was also imposed by law, ie 7 days. After the close of an auction (but at the latest within one week), a bailiff sends a report on the progress of the auction, unresolved complaints and the documents necessary to grant a acceptance to the competent court. The decision to accept will be made behind closed doors within one week and will be given to the highest bidder.

The regulations for the application of the newly adopted solutions are still being drawn up, in particular the regulations relating to the modalities of authentication of users of the ICT system, ensuring the accessibility of the system and the security of the use of documents in electronic form .

For one year after the entry into force of the law, it will only be allowed to choose to sell a property by electronic auction if, for technical reasons on the part of a bailiff, this is possible. Consequently, from the date of entry into force of the provisions regulating the solution described, its availability will largely depend on the efficiency of the bailiffs and their technical capacities to make it possible to take advantage of the new provisions.

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Maya Wasowicz’s Olympic dream was shattered https://www.warsawshotel.com/maya-wasowiczs-olympic-dream-was-shattered/ https://www.warsawshotel.com/maya-wasowiczs-olympic-dream-was-shattered/#respond Fri, 16 Jul 2021 19:48:59 +0000 https://www.warsawshotel.com/maya-wasowiczs-olympic-dream-was-shattered/ Maya Wasowicz was on her own when the last flicker of her Olympic dream died. The best karate fighters in the world were throwing punches in Paris to determine who would go to the Olympics. Wasowicz and her supporters all felt she should have been there too. Instead, she sat on a bed in her […]]]>

Maya Wasowicz was on her own when the last flicker of her Olympic dream died.

The best karate fighters in the world were throwing punches in Paris to determine who would go to the Olympics. Wasowicz and her supporters all felt she should have been there too. Instead, she sat on a bed in her grandmother’s apartment in Opole, Poland, streaming the event live on her phone – alone, in the dark.

“I was really in mourning,” Wasowicz said a few days later. “My family and friends refused to watch. But I had to see it.

Over the next few weeks, fans of the Olympics will ingest a tidal wave of heartwarming stories lighting up the fulfilled dreams of dozens of dedicated and exceptional athletes. Stories of sacrifice and success, years of hard work rewarded with a moment of glory. Then there are the stories of those who stay, including many dedicated athletes like Wasowicz, who dream of medals but face complex political obstacles.

Emigrated from Poland to the United States at the age of 11, Wasowicz discovered karate in Brooklyn as a girl and became one of the world’s elite fighters. In 2016, when rumors leaked that karate would be introduced at the upcoming Olympiad, Wasowicz made the decisive decision to try to be one of the few competitors in Japan, the sport’s ancestral homeland.

She put the rest of her life on hold, returned to live with her parents and dove into training. She even dared to visualize herself in Tokyo, in the arena, the American flag on her costume, fighting for her adopted country.

In order to earn that coveted spot, Wasowicz first had to win a national tournament in Colorado Springs in January 2020, an event she competed in as one of the favorites. But in a day filled with controversy and acrimony, Wasowicz lost – unfairly, in his mind. An investigation by the United States Olympic and Paralympic Committee appears to support his claim, shared by other athletes, that the United States National Karate-do Federation is plagued by favoritism and conflicts of interest.

In a scathing report in April, the committee ruled that the federation “is not capable of fulfilling the responsibilities of an Olympic sports organization” and warned that if it did not address some serious issues it would be forfeited. its status as a national governing body. body.

But for Wasowicz and others, the report came too late. The USOPC did not ask the federation to organize a new competition to correct the injustices that may have existed in Colorado Springs.

“I feel validated that I’m not just a sore loser,” Wasowicz said. “People on the outside saw what was going on. But seeing them get away with it all is really hard to accept.

Today Wasowicz is back in New York City, looking for work and trying to make sense of everything that has happened.

Wasowicz, 27, was born in New Jersey, but spent her first 11 years in Poland, before her family moved to Williamsburg, Brooklyn, in 2005. Wasowicz remembers everything from her first day in the country. new metropolis. Her father took her across the Williamsburg Bridge and showed her the magnificent view of Manhattan stretching out below. A few hours later, she sees her first rat in the subway.

Life in a bustling city environment could be overwhelming at times, especially this confusing first year at school where Maya and her younger brother, Kuba, struggled to understand bits of English. The Polish markets and restaurants that dotted the city were places where the Wasowicz family found temporary refuge and support.

“We talk about it all the time,” Wasowicz said. “What if we end up in a random city in the middle of America?” Here I found people who could relate to my experience. We were very lucky to meet in New York.

One day, they stumbled upon the Goshin Ryu dojo, a karate school in Brooklyn. It was led by Luis Ruiz, who remains the sensei or trainer of Wasowicz. Maya and Kuba reveled in the physical outlet offered by karate, a place where English was not as important as dedication, discipline and honor – or a good measure of athletic ability.

Wasowicz’s parents hosted an activity that would help their children, who had been bullied at school, to stand up for themselves and gain self-confidence. For Maya and Kuba, it was just fun, and she continued to work with Ruiz, even after her family moved to Manhattan’s East Village.

It was there, while attending Tompkins Square Middle School, that Wasowicz also discovered basketball. When she moved to Beacon High School, Wasowicz joined the school’s varsity team and four years later was the school’s top scorer and the first Beacon player to retire her number. She got a college scholarship to New York University and played basketball for four years for the Violets while negotiating the complicated balance between college sports, rigorous academics (she majored in economics) and karate.

“I was in awe of Maya,” said Lauren Mullen, NYU coach at the time. “Here’s this 11-year-old girl who didn’t know English and then goes to NYU to play two sports at a very high level, and all with that self-confidence and tenacity that you rarely see. She was just a winner.

But at the end of his basketball career in 2016, Wasowicz’s Olympic dream came to the fore. She put all professional ambition aside and returned to her parents’ apartment in the East Village for the next five years while training two or three times a day with Ruiz in Brooklyn.

“Every athlete has to make this decision,” she said. “You put your life on hold and you do everything you can to achieve it”.

A heavyweight who fights in the over 68 kilogram category, Wasowicz has grown stronger and more dangerous. In 2016, she was part of an American team that won bronze at the world championships in Austria and reached 7th place in the world. In 2019, she won gold at the Pan American Championships.

Ahead of Team USA’s trials in Colorado Springs in early 2020, Wasowicz was brimming with confidence and ready for destruction. But in his matches against rival Cirrus Lingl that day, curious things happened, according to Wasowicz and Ruiz – their claims are supported by both video footage and the independent investigation.

John DiPasquale, president and chairman of the USA-NKF, which has a huge influence on the sport, has been behind the goalscoring table several times in Wasowicz’s matches against Lingl. DiPasquale runs a top dojo in Illinois where Lingl trained, and in one of the first matches between the fighters that day, Wasowicz became enraged, sensing that DiPasquale was trying to influence the score by favor of Lingl. During a break, Wasowicz and Ruiz decided that if this happened again, she would complain to the referee.

Video from one of the latter matches shows Wasowicz gesturing in dismay at DiPasquale as he hovered behind the table during a scoring review. He is also seen pacing behind the table, maybe just nervous for his fighter, during the action. But as the USOPC pointed out, this seemed inappropriate and raised doubts.

Wasowicz claims she beat Lingl earlier today but didn’t get the points she deserved. This result kept Lingl in the competition and ensured that she and Wasowicz would fight again in the final. There Lingl, an expert in her own right, won with a skillful header. Furious, Ruiz landed on DiPasquale, accusing the president of having affected the outcome.

When reached by phone to comment on the investigation, DiPasquale said, “Not a chance, mate,” and hung up.

Others in the American federation have dismissed complaints of bias. “Maya is one of the best we have,” said Brody Burns, head coach of the US Olympic team and sensei at a top dojo in Texas. “But it’s not like she lost to an unnamed name. She lost against a good fighter.

Wasowicz agrees that she and Lingl are tied. But that day, she felt that she was doing better and that she should have won a place in the very important qualifying event in Paris.

Weeks later, however, his problems were eclipsed by the pandemic. During the shutdown, Wasowicz simmered and pondered his options, and learned that other athletes are making similar charges against DiPasquale and the federation. The USOPC agreed to look into the case and hired DLA Piper, an international law firm, to investigate.

In a dazzling letter from USOPC Ethics and Compliance Officer Holly R. Shick to DiPasquale and the National Karate Federation, dated April 24 and obtained by The New York Times, the committee demanded immediate reforms. He noted the “seriousness of the problems” and said terminating the federation’s status as a national governing body “may be appropriate at this time”.

The investigation revealed many real and perceived conflicts of interest, and the letter noted that there is a perception by athletes and coaches “of pro-athlete bias in the Mr. DiPasquale and Brody Burns dojos” . Other athletes routinely feel, investigators wrote, “they have to ‘beat the system to be successful’.”

Phil Hampel, the managing director of USA-NKF, declined to comment. A USOPC spokesperson sent all questions to the letter.

It sounded like an indictment, but it did nothing to further Wasowicz’s hope of retaking the qualifying event. That’s why she sat alone in that dark room in Poland on a family vacation in June, streaming Lingl’s fight in Paris on her phone’s small screen.

Lingl lost in the first round, assuring not only that she would not go to Tokyo, but that the United States would not have a karate fighter in Japan.

“There’s a part of me that obviously wanted her to win to keep the hope alive,” said Wasowicz, who until the final loss had left hope that she might somehow or other. another becoming a substitute. “There was also the part that I don’t like about me, that if she loses the first round, that will prove my point.”

Back in New York, Wasowicz is in the process of recovery. Her goal is to start a career, like most of her NYU classmates, except it’s five years later. She teaches in her dojo a few days a week, sends 20 CVs a day and prepares to tackle the next phase of her life as she did the last.

“You look back to where I was as an 11-year-old and where I am right now,” she said, “if I can do all of this, I can do a lot of things. “

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Polish media ownership bill threatens US-owned TVN channel https://www.warsawshotel.com/polish-media-ownership-bill-threatens-us-owned-tvn-channel/ https://www.warsawshotel.com/polish-media-ownership-bill-threatens-us-owned-tvn-channel/#respond Fri, 09 Jul 2021 16:36:23 +0000 https://www.warsawshotel.com/polish-media-ownership-bill-threatens-us-owned-tvn-channel/ Poland’s ruling conservative National Law and Justice Party (PiS) had a long list of things to do when it took power in 2015 – but at the top was the reform of the public broadcaster TVP. The first stage saw 200 journalists dismissed and Jacek Kurski hired as managing director. Despite close ties to the […]]]>

Poland’s ruling conservative National Law and Justice Party (PiS) had a long list of things to do when it took power in 2015 – but at the top was the reform of the public broadcaster TVP.

The first stage saw 200 journalists dismissed and Jacek Kurski hired as managing director. Despite close ties to the PiS, Kurski insisted his arrival in 2016 was a “guarantee that independence and freedom will be preserved on public television.”

Last month, Kurski adopted a different tone when he received a national honor for service to the Polish nation. In a vigorous speech, he echoed a narrative that TVP has fashioned for its viewers under its watch: Polish national identity and values ​​are under attack – from Germany, from Brussels, from liberalism and from “ideology. LGBT ”.

PiS is the latest political defender of these values, Kurski said in his speech, and could rely on TVP to counter what he called a “neo-Bolshevik attack” to corrupt Polish morals.

Since Poland’s transition to democracy in 1989, successive Polish governments have tinkered with TVP. But its unprecedented overhaul in the PiS era is reflected in Poland’s drop in the World Press Freedom Index from 18th place in 2015 to 64th today out of 180 countries.

The director general of Polish national television TVP, Jacek Kurski, who has close ties with the ruling party in the country, Law and Justice. Archive photograph: Reuters / Slawomir Kaminski / Agencja Gazeta

.

Reporters Without Borders, an international non-governmental organization that campaigns for a free press, describes TVP as a “spokesperson for government propaganda”, echoing critical voices in the European Parliament and the Parliamentary Assembly of the Council of Europe .

Judging by the audience figures, many Poles have moved away from TVP’s neo-Bolshevik narrative. Among the top 10 channels in the country, just over a fifth of Poles are regular viewers of TVP network channels while a third watch private channels. Among the most popular are those from the TVN stable, owned by the US Discovery Channel.

That could be about to change if a bill presented to parliament this week by PiS politicians becomes law. Prime Minister Mateusz Morawiecki said the bill aims to prevent “outside bodies” from influencing public debate in Poland without the approval of the Polish broadcasting regulator.

“Any serious country should have such instruments,” he said, defining “outside bodies” as being located beyond the European Economic Area, comprising the European Union, Norway, Iceland and Lichtenstein.

“Make us shut up”

TVN, which has a market share of almost 16% on three channels. said the bill was “intended to silence us and deprive viewers of their right to choose.” . . under the false pretext of a fight against foreign propaganda ”.

Opposition politicians joined the protest, with MP Joanna Senyszyn saying her Left Party would never agree to a “bill to eliminate TVN.” . . of the Polish media landscape ”.

The US Embassy in Warsaw has spoken out on the threat of such interventions in the past and said this week it is monitoring developments with “growing concern.”

“TVN has been an essential part of the Polish media landscape for over 20 years,” embassy charge d’affaires Bix Aliu tweeted. “An unfettered press is crucial for democracy. “

The bill is the latest step in the government’s self-proclaimed “repolonization” of the country’s media landscape. PiS chairman Jaroslaw Kaczynski described foreign ownership of Polish media as a security risk.

He would have been delighted when Polish oil company Orlen bought a leading media group from its German owner last year. It now publishes all but four Polish regional newspapers, and quickly replaced editors with pro-PiS figures.

Numerous private media report a continuing government attack: a constant stream of lawsuits against reports of corrupt PiS figures combined with a withdrawal of lucrative government ads.

Meanwhile, a proposed tax on advertising revenue sparked a strike among the private media. Their finances are already weakened by the economic effects of the pandemic and many fear that the new tax will end them.

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EMERGING MARKETS-FX at 2-month low, stocks slammed by Chinese tech crackdown https://www.warsawshotel.com/emerging-markets-fx-at-2-month-low-stocks-slammed-by-chinese-tech-crackdown/ https://www.warsawshotel.com/emerging-markets-fx-at-2-month-low-stocks-slammed-by-chinese-tech-crackdown/#respond Thu, 08 Jul 2021 11:43:00 +0000 https://www.warsawshotel.com/emerging-markets-fx-at-2-month-low-stocks-slammed-by-chinese-tech-crackdown/ * Tencent, Alibaba and Baidu down 3.7% to 4.6% * The largest Chinese component of the MSCI EM stock index * Polish c.bank meeting scheduled for later today * Russian ruble leads EMEA exchange rate losses, volatility peaks * Turkish Lira counteracts trend (adds details on volatility gauges, Didi Global) July 8 (Reuters) – Emerging […]]]>

* Tencent, Alibaba and Baidu down 3.7% to 4.6%

* The largest Chinese component of the MSCI EM stock index

* Polish c.bank meeting scheduled for later today

* Russian ruble leads EMEA exchange rate losses, volatility peaks

* Turkish Lira counteracts trend (adds details on volatility gauges, Didi Global)

July 8 (Reuters) – Emerging market currencies fell to their lowest level in two months on Thursday amid growing concerns over the slowing post-COVID economic recovery, while stocks fell 1.6% in because of the nervousness of the Chinese crackdown on tech companies.

The MSCI Emerging Market Currency Index fell 0.3% to a two-month low after minutes from the recent Federal Reserve meeting confirmed the bank’s schedule to start tightening policy .

The Russian ruble was the worst performing currency in Europe, the Middle East and Africa, sinking almost 1% to 75.2372 – its lowest level against the dollar in two months.

A one-month gauge of the ruble’s implied volatility hit its highest level in two months.

The Turkish lira reversed the trend, trading widely against the dollar after Reuters said the country was considering a further injection of capital for state banks to support economic growth.

A one-month gauge of the pound’s implied volatility hovered just above a one-year low.

In China, fears of a slowing post-COVID economic recovery intensified after the country’s cabinet said authorities would use timely cuts in banks’ reserve requirement ratios (RRRs) to support the economy.

The yuan fell 0.1% against the dollar, while the yield on 10-year Chinese sovereign bonds registered its largest decline in nearly a year.

“The signal for a possible easing of the RRR shows that policymakers are concerned about ensuring that sufficient liquidity reaches the economy,” said Sacha Tihanyi, chief emerging markets strategy at TD Securities.

Growing cases of the Delta variant of the coronavirus across the world have also soured sentiment of a recovery, hurting emerging markets in recent weeks.

The MSCI Emerging Markets Equity Index fell 1.6% to a more than seven week low. Chinese and Hong Kong heavy stocks were sold en masse after the government ordered the removal of the Didi Global ridesharing app from mobile app stores and fined large tech companies.

Didi shares have fallen nearly 7% in pre-market trading in the United States, with the company losing around $ 16 billion in market capitalization this week.

Tencent and Alibaba Group, the second and third largest emerging market stocks, and Chinese major Baidu Inc, fell between 3.7% and 4.6%.

South African equities led the declines in EMEA with a decline of 2.1%. Shares of tech company Naspers Ltd, which owns a large stake in Tencent, fell 2.8%.

In central Europe, the Polish zloty lost 0.3% against the euro ahead of a central bank meeting later today. The bank is generally expected to maintain interest rates slightly above zero.

The losses of the Hungarian forint were moderated after higher than expected inflation strengthened the case for tighter monetary policy.

For the CHART on emerging market foreign exchange performance in 2021, see tmsnrt.rs/2egbfVh For the CHART on the performance of the emerging MSCI index in 2021, see tmsnrt.rs/2OusNdX

For TOP NEWS in emerging markets

For the CENTRAL EUROPE market report, see

For the TURKISH market report, see

For the report on the RUSSIAN market, see

Reporting by Ambar Warrick Editing by Raissa Kasolowsky and Chizu Nomiyama

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Innocan Pharma and Health Investment Group SA sign exclusive distribution agreement for Poland https://www.warsawshotel.com/innocan-pharma-and-health-investment-group-sa-sign-exclusive-distribution-agreement-for-poland/ https://www.warsawshotel.com/innocan-pharma-and-health-investment-group-sa-sign-exclusive-distribution-agreement-for-poland/#respond Thu, 01 Jul 2021 07:00:00 +0000 https://www.warsawshotel.com/innocan-pharma-and-health-investment-group-sa-sign-exclusive-distribution-agreement-for-poland/ Herzliya, Israel and Calgary, Alberta – (Newsfile Corp. – July 1, 2021) – Innocan Pharma Corporation (CSE: INNO) (FSE: IP4) (OTCQB: INPF) (the “Company” or “Innocan”), is pleased to announce that it has signed an exclusive distribution agreement with Health Investment Group SA (“HIG”) for HIG to distribute Innocan’s SHIR and Relief & Go brands […]]]>

Herzliya, Israel and Calgary, Alberta – (Newsfile Corp. – July 1, 2021) – Innocan Pharma Corporation (CSE: INNO) (FSE: IP4) (OTCQB: INPF) (the “Company” or “Innocan”), is pleased to announce that it has signed an exclusive distribution agreement with Health Investment Group SA (“HIG”) for HIG to distribute Innocan’s SHIR and Relief & Go brands in Poland. The Polish domestic market for cosmetics is growing rapidly within the European economy.

Figure 1: Shir by Innocan Pharma

To view an improved version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/6922/89207_241c9d95a4ce1b63_002full.jpg

In 2020, the Polish luxury cosmetics and perfumes market was worth 185 million euros. By 2025, the value of this sector is expected to exceed 221 million euros, according to Statista. In addition, Euromonitor, a well-known market research group, recently reported that the Polish market for hemp and CBD products is expected to reach a total value of € 1 billion by 2025.

About Health Investment Group SA

Health Investment Group SA is part of the IPS Holding group and is responsible for the international JUST BUY IT project. HIG is responsible for the group’s strategic initiatives and is currently working with around 30 international brands for exclusive distribution in Poland. HIG’s customers include the large pharmaceutical wholesaler TRAMCO which supplies smaller wholesalers, hundreds of pharmacies and hospitals across the country. In May, HIG participated in three product categories in the most prestigious research in Poland, in which the jury of members of the board of directors, purchasing and marketing directors of the largest retail chains, such as as Lidl, Biedronka, Kaufland, SPAR, Shell or Lotos. .

Thanks to specialists selected to measure, HIG collaborates with related companies of the IPS Holding group to create an international distribution network of exclusive brands. The main field of activity is the production and distribution of premium products, including emerging CBD products and applications.

Marius Gorsky, Managing Director of IPS Holding Group, said: “Health Investment Group SA is delighted to add the Shir & Relief & Go brands to its existing distribution channels among pharmacies, pharmaceutical wholesalers and some retail chains. Poland.

Iris Bincovich, CEO of InnoCan Pharma: “We are honored to have added another leading European market partner such as Health Investment Group as a market partner in Poland.

About Innocan

Innocan Israel, a wholly owned subsidiary of the Company, is a pharmaceutical technology company focused on the development of multiple drug delivery platforms containing CBD. Innocan Israel and Ramot at Tel Aviv University, are collaborating on a revolutionary new exosome-based technology that targets both central nervous system (CNS) indications and the Corona Covid-19 virus using CBD. CBD-laden exosomes have the potential to aid in the recovery of infected lung cells. This product, which should be administered by inhalation, will be tested against various lung infections.

Innocan Israel has signed a worldwide exclusive license agreement with Yissum, the commercial arm of the Hebrew University of Jerusalem, to develop a unique controlled-release liposome-based CBD drug delivery platform for injection. Innocan Israel plans, in collaboration with Prof. Berenholtz, head of the membranes and liposome research laboratory at the Hebrew University of Jerusalem, to test the liposome platform on several potential indications. Innocan Israel is also working on a skin product that integrates CBD with other pharmaceutical ingredients as well as the development and sale of pharmaceutical products integrated with CBD, including, but not limited to, topical treatments for symptom relief. psoriasis as well as the treatment of muscle pain and rheumatic pain. The founders and executives of Innocan Israel each have successful business backgrounds in the pharmaceutical and technology sectors in Israel and around the world.

For more information, please contact:

Innocan Pharma Corporation
Iris Binkovich, CEO
+ 972-54-3012842
info@innocanpharma.com

RI: Lytham Partners, LLC
Ben Shamsian CPA | Vice president
Direct: 646-829-9701
Cell: 516-652-9004
shamsian@lythampartners.com

NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATORY SERVICE PROVIDER HAVE REVIEWED OR ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS COMMUNICATION.

Caution regarding forward-looking information

Certain information contained in this press release, including, without limitation, information regarding research and development, collaborations, the potential to treat conditions and other therapeutic effects resulting from research activities and / or products. of the Company, the required regulatory approvals, the size of the cosmetics and perfumes market in Poland, the size of the CBD and hemp market, and the timing of market entry, potential sales resulting from the distribution agreement is forward-looking information within the meaning of applicable securities laws. By their nature, forward-looking information is subject to numerous risks and uncertainties, some of which are beyond Innocan’s control. The forward-looking information contained in this press release is based on certain key expectations and assumptions made by Innocan, including expectations and assumptions regarding the anticipated benefits of the products, the satisfaction of regulatory requirements in various jurisdictions and the satisfactory completion of production and distribution required. .

Forward-looking information is subject to various risks and uncertainties which could cause actual results and experience to differ materially from anticipated results or expectations expressed in this press release. Principal risks and uncertainties include, but are not limited to: general economic, market and business conditions, global and local (national); government and regulatory requirements and actions of government authorities; and relationships with suppliers, manufacturers, customers, business partners and competitors. There are also risks inherent in the nature of product distribution, including import / export issues and failure to obtain required regulatory and other approvals (or to do so in a timely manner) and availability on each site. input and finished product market. some products. The expected timeframe for market entry may change for a number of reasons, including the inability to meet necessary regulatory requirements, or the need for more time to enter into and / or meet manufacturing and service agreements. distribution. In view of the foregoing, readers should not place undue reliance on the forward-looking information contained in this press release regarding the timing of the commencement of distribution of the product. A full discussion of other risks that impact Innocan can also be found in Innocan’s public reports and filings which are available under Innocan’s profile at www.sedar.com.

Readers are cautioned not to place undue reliance on forward-looking information, as actual results may differ materially from forward-looking information. Innocan does not undertake to update, correct or revise any forward-looking information as a result of any new information, future event or otherwise, except as required by applicable law.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/89207

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Orbán: V4 countries set to become winners of global economic transformation https://www.warsawshotel.com/orban-v4-countries-set-to-become-winners-of-global-economic-transformation/ https://www.warsawshotel.com/orban-v4-countries-set-to-become-winners-of-global-economic-transformation/#respond Thu, 01 Jul 2021 05:15:37 +0000 https://www.warsawshotel.com/orban-v4-countries-set-to-become-winners-of-global-economic-transformation/ The Hungarian presidency of the Visegrad Group will encourage the efforts of member countries to become the winners of global economic changes, Prime Minister Viktor Orbán said in Katowice on Wednesday. Orbán told a press conference marking the end of the Polish V4 presidency that the Hungarian presidency, which begins on July 1, will help […]]]>

The Hungarian presidency of the Visegrad Group will encourage the efforts of member countries to become the winners of global economic changes, Prime Minister Viktor Orbán said in Katowice on Wednesday. Orbán told a press conference marking the end of the Polish V4 presidency that the Hungarian presidency, which begins on July 1, will help members of the Visegrad group (Czech Republic, Hungary, Poland, Slovakia) to restart their savings by stimulating investment. As taxes must be kept low to attract investment, Hungary does not support international initiatives to raise taxes, he added.

Orbán cited security as another important goal, adding that it was closely linked to migration. Hungary does not support the compulsory distribution of migrants, he said, adding that migration poses a particularly significant risk in the current health situation.

In addition, Hungary advocates the fastest possible European integration of the countries of the Western Balkans, the Prime Minister said.

Orbán also stressed the need for a restart in intellectual terms. He said the countries of the Visegrad Group, both individually and as a group, will participate in the debates on the future of the EU.

Orbán praised Poland for their performance as V4 chairman in what he called the most difficult year in decades. Nonetheless, cooperation continued between the four members and none of them was left alone in difficulty, he added. Members of the Visegrad group have cooperated in transporting citizens to their homes when Covid restrictions made travel difficult, distributing equipment, sending doctors between them and also access to vaccines, a- he declared.

Orbán said that after the coronavirus pandemic, the global economic and political status quo has changed. The world’s largest free trade area was established in Asia and the UK left the European Union, he said. The Prime Minister said good relations with Britain should be maintained even after Brexit.

Orbán said that if the V4 countries were seen as a single entity today, they would represent the 17th largest economy in the world, with economic growth twice as fast as that of the EU and public debt only 4% of that. of the EU. After Germany, the V4 countries have the highest number of workers in the EU, he said.

In response to a question, Orbán said overcoming the region’s lag in infrastructure development was a priority. During the Cold War, connections were made in an east-west direction and the situation has not changed since, he said. However, the construction of north-south links has now become vital for the V4 countries. However, it remains to be seen to what extent EU funding can be involved in this program, he said.

Orbán said that Central Europe represents a considerable economic weight in the EU economy. The countries of Central Europe are full members of the European Union with major contributions to its overall performance helping the bloc to keep pace with other regions. As a result, they demand respect, he said.

The prime minister said Hungarians would never accept other EU members telling them how to raise their children. They also won’t accept someone saying that a central European nation should be brought to its knees, he said.

Restarting V4 Partner Economy Vital for Hungary, Foreign Minister Says

For the Hungarian economy to recover quickly, the economies of the other Visegrad Four member states should also grow dynamically, said Peter Szijjarto, Hungarian Minister for Foreign Affairs and Trade, in Katowice, where he attended the Wednesday summit of prime ministers of the Visegrad group.

Hungary’s trade turnover with its three Visegrad partners has exceeded 10,000 billion forints (28.5 billion euros) even in the last “dark year” of world trade, he said. he said, adding that the Czech Republic, Poland and Slovakia together accounted for 14% of Hungary’s trade. Since the “remarkable economic achievements” of Central Europe are due in large measure to low taxes, all external attempts to force countries in the region to raise taxes must be rejected, he said. he declares.

The Hungarian V4 Presidency will spare no effort to prevent the imposition of the global minimum tax on the Visegrad Group, Szijjarto said. “It is in our vital interest that fiscal policies remain under national control,” he said.

Regarding the security challenges for the post-pandemic world, Szijjarto said that “Brussels is once again putting mandatory resettlement quotas on its agenda, but it is in vain”. Central Europe should make it clear that it does not accept illegal immigrants, he said.

Another priority, Szijjarto said that EU enlargement should not be taken off the agenda and that the countries of the Western Balkans should be admitted to the bloc as soon as possible. The security and stability of the Western Balkans is a key condition for stability in Central Europe, he said.

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Multinationals funneled € 27 billion through Ireland in 2016, report says https://www.warsawshotel.com/multinationals-funneled-e-27-billion-through-ireland-in-2016-report-says/ https://www.warsawshotel.com/multinationals-funneled-e-27-billion-through-ireland-in-2016-report-says/#respond Thu, 01 Jul 2021 04:45:21 +0000 https://www.warsawshotel.com/multinationals-funneled-e-27-billion-through-ireland-in-2016-report-says/ Multinationals channeled 27 billion euros of profits generated in other countries via Ireland in 2016, according to a new study. Research commissioned by the left-wing group in the European Parliament suggested that Ireland was the second largest beneficiary of so-called profit shifting in the European Union behind the Netherlands. Profit shifting refers to the practice […]]]>

Multinationals channeled 27 billion euros of profits generated in other countries via Ireland in 2016, according to a new study.

Research commissioned by the left-wing group in the European Parliament suggested that Ireland was the second largest beneficiary of so-called profit shifting in the European Union behind the Netherlands.

Profit shifting refers to the practice of shifting profits generated in one country to another to benefit from a lower tax rate.

The report by Czech academic and economist Petr Janský found that of the $ 1 trillion in profits “transferred to tax havens around the world,” 22% – or $ 215 billion – went to tax havens. which are EU member states.

By far, the Netherlands with $ 140 billion in profits transferred in 2016 was “the most important tax haven among EU member states,” he said, followed by Ireland with $ 28 billion. of dollars (27 billion euros) and Luxembourg with 18 billion dollars.

The report suggests that at least two-thirds (18 out of 27) of EU member states lose out because of profit shifting by multinationals.

Germany and France

Germany experienced the biggest profit drain in absolute terms, at $ 102 billion, followed by France with $ 91 billion. This was equivalent to 30 percent and 27 percent of their respective tax bases.

Relative to their corporate tax revenues – in addition to Germany and France – Lithuania, Poland, Romania and Italy are set to lose more than 15% of their corporate tax revenues because of profit shifting, he said.

The report notes that the reforms currently being discussed by the G7 and the Organization for Economic Co-operation and Development (OECD) aim “to turn the tide: tax havens would lose out while other countries would benefit”.

The first round of reforms centered on the reallocation of tax rights would benefit countries in which multinational companies are headquartered much more than other countries, according to the report.

However, by contrast, proposals for a minimum effective tax rate would benefit all countries in which multinationals “are economically active, having sales, assets or employees there, regardless of the country in which they operate. their headquarters, ”he said.

Corporate tax rate

The two pillars of the reform process forged by the OECD – that multinationals pay a higher proportion of taxes in the countries where they make profits, and the establishment of a minimum rate – have put pressure on the economy. Ireland which has a corporate tax rate of 12.5 percent.

Finance Minister Paschal Donohoe said the Republic could lose up to a fifth of its overall tax revenue if the proposals are passed.

The biggest fear, however, is that an effective minimum rate will undermine Ireland’s tax advantage and hamper future investment.

Mr Donohoe expressed reservations about the possibility of a global minimum corporate tax rate, suggesting that small countries “must be able to use tax policy as a legitimate lever to offset the advantages of scale, location, resources, industrial and real heritage, material. and a persistent advantage enjoyed by large countries ”.

The European Commission recently announced plans for a unified corporate tax code to prevent member states from competing on tax matters or offering so-called “sweetheart” agreements to businesses.

The commission’s plan follows a US proposal for a minimum rate of 21 percent on international profits of US companies, which is well above the Irish rate.

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Central and Eastern European countries ranked in the top 10 of the new financial risk index https://www.warsawshotel.com/central-and-eastern-european-countries-ranked-in-the-top-10-of-the-new-financial-risk-index/ https://www.warsawshotel.com/central-and-eastern-european-countries-ranked-in-the-top-10-of-the-new-financial-risk-index/#respond Wed, 30 Jun 2021 22:22:22 +0000 https://www.warsawshotel.com/central-and-eastern-european-countries-ranked-in-the-top-10-of-the-new-financial-risk-index/ Hungary, Poland and Romania are ranked in the top quarter of a new financial risk index. Nomura says countries should act now to reduce the risk of a crisis in the next three years. Three Central and Eastern European economies have been flagged by a new analysis which identifies the countries most at risk of […]]]>

Hungary, Poland and Romania are ranked in the top quarter of a new financial risk index. Nomura says countries should act now to reduce the risk of a crisis in the next three years.

Three Central and Eastern European economies have been flagged by a new analysis which identifies the countries most at risk of financial crisis in the medium term.

Hungary and Poland are in the top 10 countries identified by investment bank Nomura as the most vulnerable to a shock over the next 12 quarters – with Romania just outside at number 11.

Nomura economists focused on five early warning indicators: the ratio of private credit to GDP; the debt service ratio; actual stock prices; real estate prices; and the real effective exchange rate.

Nomura’s clue, which he nicknamed Cassandra after the Greek mythological figure whose warnings were fatally ignored, currently highlights six economies – the United States, Japan, Germany, Taiwan, Sweden. and the Netherlands – as vulnerable to financial crises over the next 12 quarters, with scores above 100.

While the three Central and Eastern European countries all have lower scores of 38, they contrast with 21 economies in the assessment that are considered to have no risk of crisis, including countries like Australia, l Spain and the UK which drew warnings from other forecasters.

Rob Subbaraman, chief economist of Nomura and head of global macroeconomic research, said he was concerned that only six countries crossed the threshold due to current historic low levels of interest rates.

“So we did a stress test where we shocked Cassandra with an interest rate shock,” Subbaraman told Global Markets. Hungary and Romania both reached 70 on the index.

“Cassandra suggests that in fact the navigation is not always smooth. There are quite a few countries that are approaching this vulnerability threshold 100. Countries that are between 70 and 100 years old are starting to worry a little. “

He said policymakers in countries with a high reading should consider tighter macro-prudential policies, such as lowering mortgage-to-value ratios and lowering debt-to-income ratios.

While macroprudential measures would be preferable to tightening monetary policy, he said policymakers in CEECs would be right to raise interest rates in the face of rising inflation. “If you have inflation as well as signs of financial vulnerability, that just adds another reason to start raising rates,” Subbaraman said.

The National Bank of Romania (NBR) said the analysis was “not … very plausible”, pointing to a recent European Systemic Risk Council report which gave it a low risk rating and found that prices of real estate were 36% undervalued against their core values. .

A spokesperson added: “In a paper prepared by the NBR, we estimated the likelihood of a banking crisis event that showed a relatively weak and downward trend between 2014 and 2019.”

Nomura also added a measure of climate change risks to account for the physical risks of climate change and the transition risk of moving towards a greener economy. “Both lead to more financial vulnerabilities,” he said.

The combination of climate change and interest rate shocks pushed readings for Romania to 91 and Hungary to 81. He said countries that failed to adequately manage the transition were facing to the risks of higher financing costs and falling asset prices. “The longer it takes for policymakers to address financial vulnerabilities, the greater the damage in the long run,” he said.

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Visegrad Group, a major player in the EU https://www.warsawshotel.com/visegrad-group-a-major-player-in-the-eu/ https://www.warsawshotel.com/visegrad-group-a-major-player-in-the-eu/#respond Wed, 30 Jun 2021 15:34:17 +0000 https://www.warsawshotel.com/visegrad-group-a-major-player-in-the-eu/ Mateusz Morawiecki (2L) told a press conference that the group, often known as V4 and made up of Poland, Hungary and the Czech and Slovak Republics, had grown in importance over the 30 years of operation. Andrzej Grygiel / PAP The Visegrad group is today a major player in the EU and has enough clout […]]]>

Mateusz Morawiecki (2L) told a press conference that the group, often known as V4 and made up of Poland, Hungary and the Czech and Slovak Republics, had grown in importance over the 30 years of operation.
Andrzej Grygiel / PAP

The Visegrad group is today a major player in the EU and has enough clout to influence European policy, the prime minister said after the group’s summit meeting in Katowice, southern Poland, on Wednesday.

Mateusz Morawiecki told a press conference that the group, often known as V4 and made up of Poland, Hungary and the Czech and Slovak Republics, had grown in importance over the 30 years of operation.

“Our alliance within the Visegrad group has persevered, it has stood the test of time and is an important force in the EU, which gives us much more weight on many of the issues discussed in this forum,” said Morawiecki said at a press conference summarizing Poland’s 12-month stint as V4 president.

The presidency, Morawiecki said, had focused on the fight to save lives and the economy, and to keep unemployment low during the Covid-19 pandemic.

Although “it has not been an easy year,” he added, Poland has finally achieved its targets.

One of the main goals of the Polish Presidency was to ensure that the EU’s Post-Pandemic Recovery Fund was large enough and flexible enough to be adapted to different economies.

The PM also said that thanks to the V4’s collaboration, the group’s savings would benefit from a large part of the fund.

The V4, Morawiecki also said, supported the accession ambitions of the Western Balkan states, arguing that by letting them into the club the EU would be able to conduct a more effective security policy, especially in areas like migration.

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“Make whole” the opponents of Nord Steam-2 – EURACTIV.com https://www.warsawshotel.com/make-whole-the-opponents-of-nord-steam-2-euractiv-com/ https://www.warsawshotel.com/make-whole-the-opponents-of-nord-steam-2-euractiv-com/#respond Wed, 30 Jun 2021 15:10:13 +0000 https://www.warsawshotel.com/make-whole-the-opponents-of-nord-steam-2-euractiv-com/ Poland and Ukraine have long opposed the Nord Stream 2 pipeline and both claim their financial and political losses should be made good. But in fact, they were already “made whole,” writes Danila Bochkarev. Danila Bochkarev is an associate researcher Institute of Political Studies Louvain-Europe. TThe opinions expressed here are solely those of the author […]]]>

Poland and Ukraine have long opposed the Nord Stream 2 pipeline and both claim their financial and political losses should be made good. But in fact, they were already “made whole,” writes Danila Bochkarev.

Danila Bochkarev is an associate researcher Institute of Political Studies Louvain-Europe. TThe opinions expressed here are solely those of the author and do not represent the views of his organization.

The pipeline is already the subject of negotiations between Germany and the United States. The project was discussed at the recent meeting between Chancellor Merkel and Secretary Blinken in Berlin and will be debated during the Biden-Merkel talks at the White House on July 15. Previously in a audience in the United States House of Representatives, Secretary Blinken confirmed that the United States was “actively engaged with [Berlin] to… ensure that the transit charges that Ukraine at some point in the future could lose due to this pipeline…[is] made whole ”. The parties have not provided specific details, but a potential aid package could include German investments in Ukraine’s renewable energy or hydrogen industry. Berlin too insisted Ukraine must remain a transit country.

The Ukrainian side also presented rather maximalist demands, a common practice in the negotiation process when the parties correct their initial positions in order to find a compromise. Ukrainian Minister of Foreign Affairs stress that the condition for the launch of the gas pipeline be the “disengagement of our territories”. Vitrenko, new CEO of Naftogaz appointed de facto requests to extend EU law to Russian territory. The negotiations are likely to be long and we should not expect a breakthrough before the Biden-Merkel and Biden-Zelenskiy meetings, but the chances of reaching an agreement are high. Just a note: the Ukrainian side should not forget that “rebuilding Ukraine again” does not necessarily equate to “rebuilding all of Naftogaz” and that the aid program could take the form of aid to the development and not a compensatory payment. Nonetheless, Ukraine’s interests are now at the center of discussions between Berlin and Washington.

Poland, on the other hand, also redoubled its efforts to delay the launch of Nord Stream-2 once it became clear that Washington was not going to further sanction European companies involved in the project. Prime Minister Morawiecki was critical the 180-degree turn of the Biden administration on the pipeline, and the Polish government claims Nord Stream 2 is a threat to energy security. In April, a group of Polish MPs tried to force a plenary vote on the pipeline and in June, the Polish Sejm adopted a resolution calling on the EU and NATO to stop the construction of Nord Stream-2.

Polish politicians have consistently cited the pipeline as an example of German-Russian collusion on the interests of Central and Eastern European states. In addition, Poland’s national security strategy affirms that blocking the creation of gas transport infrastructure from Russia to Europe is its energy security objective.

However, it is unclear how the project could negatively affect Poland’s energy market or its energy security. Several impact analyzes have shown that Nord Stream-2 will have positive effects on the European gas market. A study by Frontier Economics / Institute of Energy Economics stress that gas prices in Europe in the case of Nord Stream 2 are 0.77 EUR / MWh lower than in the case without. This could benefit Polish consumers if Warsaw rolls back the gas storage regulations that partially shielded the Polish gas market from competition.

A study by the Oxford Institute of Energy Studies also mentionned that the new Russian gas arriving in Germany could be the best option to compensate for any possible shortage of supply from alternative sources. It should be noted that Poland is already independent of physical gas imports from Russia. All of its import demand could be supplied with LNG (5 mcma) and via counter-current pipelines from Germany (9 mcma). In addition, the launch of Nord Stream-2 would not necessarily reduce the flow of Russian gas through Poland. The transport of gas via the “Polish route” is governed by the EU’s capacity allocation mechanisms and the Polish TSO will just have to compete with other routes – including Ukraine – by offering attractive conditions.

The fixation on “ideological physicality” in gas supplies (a term used by Prof. Jonathan Stern) was behind Warsaw’s quest for new supply routes such as the Baltic Pipe and the expansion of the Świnoujście LNG terminal. By 2022, this new infrastructure will add 12.5 bcm of import capacity, which should make the issue of dependence on Russia completely irrelevant.

Warsaw’s quest for “ideological physicality” is co-funded by European taxpayers. The import pipeline and LNG infrastructure (Świnoujście LNG terminal and Baltic Pipe) were supported by EU grants amounting to € 669 million. In addition, Poland is the largest net recipient of European financial aid. In 2014-2020, the country received over 86 billion euros from Brussels. Network infrastructure in transport and energy received 23.6 billion euros, the low-carbon economy – almost 10 billion euros, environmental protection and resource efficiency – 8.25 billion euros and adaptation to climate change – 1.23 billion euros. Therefore, in a sense, Poland has been “restored” several times, long before Nord Stream 2 was operational.

At this point, it is purely political. According to Warsaw, Nord Stream-2 breaks European solidarity. But conveniently, this argument is often made to deflect Europe’s demands from Poland in other areas, such as migration, rule of law and energy transition.

As long as Germany and other Western European states apply Nord Stream 2, Polish politicians feel no need to account for broader European policies or the concerns of their neighbors. This strategy is, however, a double-edged sword, especially in Poland’s relations with Germany. Warsaw has included nuclear power as well as offshore wind power as key strategic projects that will help the country decarbonize its power system. Supporting financial and political support for Polish nuclear power could be difficult for the German government, which has already made a firm commitment to phase out nuclear power by 2020. This support will be difficult, if not impossible, in case the Greens would join the next coalition government. In this context, Poland could come under increased pressure to review the timetable for its phasing out of coal.

Nord Stream 2 is in the final stages of finalization. This realization guided the policy change in Washington and opened the door to a political debate aimed at improving Ukraine’s energy security. Secretary Blinken also recognized that “the physical completion of the project… (is) a fait accompli”. It goes without saying that Poland should take inspiration from Washington’s book and also bury the hatchet.

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