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☆ Moody's downgrades Poland's mBank, confirms Bank Millennium
▼ + stars: | 2023-03-25 | by ( ) www.reuters.com time to read: +1 min

WARSAW, March 25 (Reuters) - Moody's has downgraded the long-term deposit ratings of mBank and changed the outlook to negative from "under review" citing risks stemming from the legacy of Swiss franc loans at Polish lenders, the agency said. Moody's has downgraded the long-term issuer ratings of the bank's mortgage unit mBank Hipoteczny and changed the outlook to negative from "under review". The agency confirmed Bank Millennium's long- and short-term deposits ratings and changed the outlook on its long-term deposit ratings to negative from "under review". An adviser to the European Union's top court last month sided with Polish borrowers with Swiss franc-denominated mortgages. Poland's regulator has warned the matter could cost Polish banks 100 billion zlotys ($22.98 billion).

☆ Polish ammunition firm to boost output severalfold as part of EU-Ukraine plan
▼ + stars: | 2023-03-25 | by ( ) www.reuters.com time to read: +1 min

WARSAW, March 25 (Reuters) - Polish ammunition maker Dezamet, a unit of state arms producer Polska Grupa Zbrojeniowa (PGZ), will substantially boost capacity to supply EU-funded ammunition to Ukraine, Poland's prime minister said on Saturday. The announcement by Mateusz Morawiecki comes ahead of a planned visit by EU Commissioner for Internal Market, Thierry Breton, to Dezamet on Monday. Seventeen EU member states and Norway this week agreed to jointly procure ammunition to help Ukraine and to replenish their own stockpiles, the European Defence Agency said. Dezamet, which produces ammunition for artillery, mortars and grenade launchers, is one of PGZ group's more than 50 armaments enterprises. Morawiecki said that he also counted on private companies in Poland to boost their ammunition production.

☆ Prince William made a surprise trip to visit troops at the Ukraine border
▼ + stars: | 2023-03-23 | by ( Aditi Bharade | ) www.businessinsider.com time to read: +2 min

Prince William made a surprise trip to visit British troops in Poland near the Ukrainian border. He thanked the troops for "keeping everyone safe out here and keeping an eye on what's going on." This is his first trip to Poland since 2017, when he visited with his wife, the Princess of Wales. Prince William met Polish defense minister Mariusz Blaszczak at the military base, spoke with Polish and British soldiers, and checked out military equipment while on his visit, per CNN. Prince William plays a game of table tennis as he visits an accommodation centre, for Ukrainians who fled the war, in Warsaw, Poland on March 22.

☆ Zelenskiy tells Europe: Be quicker with military aid or face a long war
▼ + stars: | 2023-03-23 | by ( Nick Starkov | ) www.reuters.com time to read: +2 min

Although Ukrainian officials have repeatedly urged partners to step up supplies of weapons, Zelenskiy's comments represented an unusually open display of frustration. "If Europe waits, the evil may have time to regroup and prepare for years of war. "We cannot keep delaying the transfer of weapons to our soldiers ... we need modern aircraft. Is there truly any rational motivation in delays concerning modern aircraft?" Zelenskiy also complained that the EU appeared to be in no hurry to impose more sanctions against Russia.

☆ Even with F-16s, Ukraine's pilots still wouldn't be 'out of the woods' against Russia's air force, US officials say
▼ + stars: | 2023-03-22 | by ( Christopher Woody | ) www.businessinsider.com time to read: +10 min

Polish and Slovakian MiG-29s would add to Ukraine's fleet and be familiar to Ukrainian pilots but won't bring much more capability than Ukraine's current MiG-29s. 'The hard work'A pilot exits a Polish Air Force F-16 at an airbase in Poznan in November 2006. If the US or another NATO country elected to supply Ukraine with F-16s, Kelly said his first question would be "what sustainment depot are they going to use? "Again, that's just for the short-term of being able to launch or recover aircraft," Baum said. Ukraine's new jets would also be flying against Russian air-defense weapons that have claimed dozens of Ukrainian aircraft and continue to contest the airspace around the front lines.

☆ Unknown Pollock painting found in Bulgaria police raid
▼ + stars: | 2023-03-22 | by ( ) www.reuters.com time to read: +1 min

March 22 (Reuters) - A previously unknown painting by famed U.S. artist Jackson Pollock has been discovered in Bulgaria by police investigating international art smugglers, officials said. The work could be worth up to 50 million euros ($54 million), Bulgarian National Radio reported, citing experts. Several people, including Bulgarian citizens, were arrested in the international operation, state news agency BTA reported on Tuesday. The report did not give a description of the painting or any other details on the work. "This is an international operation with the participation of Europol, Greece and other countries," Petar Todorov, Bulgaria's Chief Secretary of the Ministry of Internal Affairs, said, according to the Novinite news agency.

Online searches by Americans for flights to Europe trips are surging despite soaring air fares, a worsening economic outlook and risks of gridlock at some of the airports in Europe. The travel boom is promising record profit margins at some U.S. carriers, which are ramping up transatlantic capacity to cash in on Americans' thirst for travel to Europe. Travel website Kayak said searches for travel to Europe this summer are up 77% from last year. There is still untapped travel demand for Europe even after a busy summer last year, said Hayley Berg, lead economist at Hopper. Average fare for a round-trip flight to Europe, meanwhile, has risen 31% from last year, Hopper data shows.

ZURICH/BERLIN/LONDON, March 20 (Reuters) - Urs Kessler, who runs Jungfrau Railways, a train that takes tourists up the highest mountain in Switzerland, was excited for the return of Chinese tourists after COVID-19 restrictions were lifted late last year. Chinese outbound flight bookings to Europe during March and August are only 32% that of pre-pandemic levels, according to travel data firm ForwardKeys. OPTIMISM FOR THE FUTUREMany tourist operators and retailers hope the second half will bring a relaxation in visa policies, more flights and the long-expected influx of Chinese tourists. Harrods launched branded stickers, including its iconic teddy bear, on China's popular WeChat messaging platform this year to attract Chinese tourists. Kessler believes his Lang Lang campaign was still worth it.

☆ Republicans request Fed and FDIC oversight records for failed Silicon Valley Bank and Signature Bank
▼ + stars: | 2023-03-20 | by ( Christina Wilkie | ) www.cnbc.com time to read: +2 min

The Federal Reserve also created a Bank Term Funding Program aimed at safeguarding institutions affected by the market instability of the bank failures. In the days following the collapse, reports have emerged indicating that Silicon Valley Bank ignored repeated warnings from bank regulators that the bank would be at risk of collapse in the event that interest rates rose quickly. In it, Brown suggested that responsibility for the bank failures lay in part with top executives at the failed banks. Brown also asked the regulators to "identify and close regulatory gaps, shortfalls, or failures by state or federal regulators that contributed to the banks' failures." He did not ask for the names of individual Fed or FDIC officials involved in supervising the banks.

☆ Britain ready to fill Warsaw's air defence gaps after MiG-29 delivery to Ukraine - newspaper
▼ + stars: | 2023-03-19 | by ( ) www.reuters.com time to read: +1 min

BERLIN, March 20 (Reuters) - Britain is ready to help Poland fill its air defence gaps caused by Warsaw sending some of its MiG-29 fighter jets to Ukraine but Poland has not yet made such requests, British Armed Forces Minister James Heappey was quoted as saying on Monday. Poland last week said it would send Ukraine four MiG-29 fighter jets in coming days, making it the first of Kyiv's allies to provide such aircraft and possibly creating a need to ramp up Poland's air defence equipment. Britain would be able to help fill such gaps, as it previously did when Poland sent T-72 main battle tanks to Ukraine, providing Warsaw with Challenger 2 tanks, Heappey told German newspaper Welt. "We will look very positively at a Polish request to fill in the gaps that have arisen," Heappey said. Reporting by Riham Alkousaa Editing by Peter GraffOur Standards: The Thomson Reuters Trust Principles.

☆ Slovakia to Send 13 MiG Jet Fighters to Ukraine Ahead of Counteroffensive
▼ + stars: | 2023-03-17 | by ( Isabel Coles | Georgi Kantchev | ) www.wsj.com time to read: 1 min

Slovakia said it would send 13 MiG-29 jet fighters to Ukraine after Poland pledged to supply four, marking a significant boost in support for Kyiv as it builds up for a counteroffensive against Russia’s invading forces. Poland on Thursday became the first Western nation to say it would supply warplanes to Kyiv, underscoring Warsaw’s leading role in European policy-making on Ukraine.

☆ Moral hazard? Hawkish pause? What these terms mean and why should investors care
▼ + stars: | 2023-03-17 | by ( Zev Fima | ) www.cnbc.com time to read: +7 min

Two phrases are being thrown around on CNBC and elsewhere: "moral hazard" and "hawkish pause." Now that's not to say there isn't a middle ground, a scenario in which deposits are 100% guaranteed nationwide and regulations are put in place to protect against any resulting moral hazard. This is an interesting solution that does address the concern of moral hazard — at least at First Republic Bank — while providing needed liquidity. Given the Fed's dual mandate to ensure price stability and maximize unemployment, the argument for a rate hike is relatively straightforward — keep going until inflation reaches more sustainable levels. Two possible scenarios: a rate hike with more dovish commentary or the "hawkish pause."

☆ Poland says it will send MiG fighter jets to Ukraine 'in the next few days'
▼ + stars: | 2023-03-17 | by ( Aditi Bharade | ) www.businessinsider.com time to read: +3 min

Poland will be the first NATO member to supply about a dozen fighter jets to Ukraine. This makes Poland the first NATO member to supply fighter jets to Ukraine. This plea for fighter jets has been a longstanding request from Ukrainian President Volodymyr Zelenskyy. But Poland's decision to supply military jets to Ukraine may not push other allies to do the same. A White House representative said President Joe Biden has not changed his mind on not giving Ukraine fighter jets.

☆ No conditions for Polish rate cuts until end of 2025, says c.banker Kotecki
▼ + stars: | 2023-03-16 | by ( ) www.reuters.com time to read: +1 min

"Today there are not conditions (for rate cuts) until the end of the projection period, so until the end of 2025," he told private broadcaster TOK FM. Glapinski has said he expects inflation to fall to single digits at the turn of August and September. However, Kotecki said that inflation did not show signs of weakening and that prospects of it reaching single digits by the end of the year were receding. "What worries me is that inflation still does not show significant, lasting signs of weakening," he said. Reporting by Alan Charlish and Marek Strzelecki; Editing by Toby Chopra and Bernadette BaumOur Standards: The Thomson Reuters Trust Principles.

☆ Poland Lays Out Plans to Send MiG-29 Fighters to Ukraine
▼ + stars: | 2023-03-16 | by ( James Marson | Karolina Jeznach | ) www.wsj.com time to read: 1 min

Poland released the first details of its and other European countries’ plans to send MiG-29 warplanes to Ukraine, pushing Western support for Kyiv over a key threshold ahead of a planned offensive later this spring, despite warnings from Russia against Western nations playing a larger role in the conflict. The Polish government this week said a coalition of countries was willing to send their Soviet-designed MiG-29 warplanes to Ukraine and Poland’s Prime Minister Mateusz Morawiecki said that Warsaw would deliver its own planes in 4-6 weeks, Polish state news agency PAP reported. An official at the country’s Bureau for National Security said Poland could send 4-5 planes “for a start” as soon as a week from now.

☆ Poland to Send Four MiG-29 Jet Fighters to Ukraine
▼ + stars: | 2023-03-16 | by ( Thomas Grove | Karolina Jeznach | ) www.wsj.com time to read: 1 min

Poland said it would send four MiG-29 jet fighters to Ukraine in coming days, making it the first Western nation to supply warplanes to Kyiv, which is preparing a counteroffensive against Russia’s invading forces. The move puts Poland once again at the center of European policy-making on Ukraine, following Warsaw’s successful efforts earlier this year to cobble together a coalition of countries willing to send German-made Leopard 2 tanks to Kyiv.

☆ Poland Says Russian Spies Sought to Sabotage Western Arms Transfers to Ukraine
▼ + stars: | 2023-03-16 | by ( Thomas Grove | Karolina Jeznach | ) www.wsj.com time to read: 1 min

U.S. Patriot Missile systems protect an airport outside the Polish town of Rzeszow where military aid flows into Ukraine. WARSAW—Poland’s domestic security agency detained nine foreigners suspected of planning to sabotage Western weapons shipments to Ukraine, in the largest known attempt by Russia to target arms deliveries from within Europe. Interior Minister Mariusz Kamiński said Thursday that the nine people, who have been detained in recent days, had been paid by Russian special services.

☆ Poland to Send Four MiG-29 Fighters to Ukraine
▼ + stars: | 2023-03-16 | by ( Thomas Grove | Karolina Jeznach | ) www.wsj.com time to read: 1 min

Poland said it would send four MiG-29 jet fighters to Ukraine in coming days—making it the first Western nation to supply warplanes to Kyiv, which is preparing a counteroffensive against Russia’s invading forces. The move puts Poland once again at the center of European policy-making on Ukraine, following Warsaw’s successful efforts earlier this year to cobble together a coalition of countries willing to send German-made Leopard 2 tanks to Kyiv.

☆ Poland to send Ukraine four MiG-29 jets in coming days
▼ + stars: | 2023-03-16 | by ( ) www.reuters.com time to read: +2 min

[1/2] A Polish Air Force MiG-29 aircraft fires flares during a performance at the Radom Air Show at an airport in Radom August 24, 2013. REUTERS/Kacper PempelWARSAW, March 16 (Reuters) - Poland will send Ukraine four MiG-29 fighter jets in coming days, the president said on Thursday, making it the first of Kyiv's allies to provide such aircraft. One of Ukraine's staunchest supporters, Warsaw has taken a leading role in persuading sometimes hesitant allies to provide Kyiv with heavy weaponry. NATO allies in the former communist east such as Poland and Slovakia have been particularly vocal supporters of Kyiv since Russia invaded Ukraine on Feb. 24, 2022. Slovakia has also been considering whether to send MiG-29s to Ukraine but has yet to reach a decision.

☆ Poland breaks up spy network, says defence minister
▼ + stars: | 2023-03-16 | by ( ) www.reuters.com time to read: +2 min

WARSAW, March 16 (Reuters) - Poland has broken up a espionage network operating in the country, the defence minister said on Thursday, after private broadcaster RMF FM reported that a group of spies working for Russia had been detained. RMF reported on Wednesday that Polish security services had detained six people suspected of spying for Russia. "This is undoubtedly proof that the Polish services work for the security of our country in a very efficient manner." According to the RMF report, the six people arrested were from countries to the east of Poland and were working for Russian intelligence. RMF reported that security had been stepped up around key railway routes and critical infrastructure as a result of the discovery of the spy network.

☆ Analysis: Sweden faces recession as housing market troubles take toll on economy
▼ + stars: | 2023-03-15 | by ( Simon Johnson | ) www.reuters.com time to read: +6 min

But in Sweden, the structural problems rooted in its housing market are magnifying the effects. Banking group Nordea (NDAFI.HE) expects household consumption to fall around 2% in 2023, while the National Board of Housing expects housing starts to fall around 50% in the coming year compared with 2021. "However, in the last few months, the interest rate has almost tripled making it almost unaffordable to survive," Logan said. Sweden's banks are among the most strongly capitalised in Europe - partly as a result of worries about the housing market. But Sweden's economy is likely to remain a hostage to imbalances in the housing market while its structural problems go unresolved.

☆ A millennial whose employer gives paid period leave said it's improved her work life knowing she could take time off when the pain becomes unbearable
▼ + stars: | 2023-03-15 | by ( Jason Lalljee | ) www.businessinsider.com time to read: +6 min

Paid menstrual leave is much more common in Asia than the US or Europe. One worker told Insider menstrual leave at her Polish company made life easier in the last year. "By giving additional days off for those experiencing menstrual period pain, we acknowledge these symptoms are real." Rutkowska also praised the relative ease and discretion of requesting menstrual leave, especially in comparison to other forms of leave. She said she simply logs onto her online time sheet, fills out "menstrual leave" as the reason, and gets approved quickly.

☆ Poland may give Ukraine MiG-29 jets in next 4-6 weeks, says PM
▼ + stars: | 2023-03-14 | by ( ) www.reuters.com time to read: +1 min

WARSAW, March 14 (Reuters) - Poland could give Ukraine MiG-29 fighter jets in the coming four to six weeks, Prime Minister Mateusz Morawiecki said on Tuesday, suggesting that Kyiv's allies were moving closer to an agreement on the next step in their military support for the country. Poland has said it would be prepared to send Soviet-designed MiG-29 jets to Ukraine as part of a coalition of countries. "That could happen in the coming 4-6 weeks," Morawiecki told a news conference when asked how long it could be before Warsaw supplies the aircraft. Nad said the time had come also for Slovakia to make a decision on whether or not to send jets to Ukraine. Poland has sent 14 German-made Leopard 2 tanks to Ukraine.

☆ Mobile games developer Huuuge says has $24.2 mln at SVB
▼ + stars: | 2023-03-13 | by ( ) www.reuters.com time to read: +1 min

March 13 (Reuters) - Mobile games developer Huuuge Inc (HUGP.WA) said late on Saturday about 10% of its cash and securities were held at the collapsed Silicon Valley Bank (SVB), adding it has sufficient resources to meet cash requirements for the foreseeable future. U.S.-registered Huuuge said it had about $237 million of cash and securities as of March 10 and about $24.2 million of that was held at SVB. The Warsaw-listed company known for its social casino games said the remaining balance of its cash and cash equivalents is held across "several large reputable financial institutions". The recovery of the funds will be subject to the FDIC (Federal Deposit Insurance Corporation) process and the Issuer is unable to determine the exact timing and the extent to which the assets held at SVB can be recovered," Huuuge said. Reporting by Anna Pruchnicka; Editing by Kim CoghillOur Standards: The Thomson Reuters Trust Principles.

☆ European arms imports climb, U.S. dominance in exports grows, think tank says
▼ + stars: | 2023-03-12 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Kacper Pempel/File PhotoSTOCKHOLM, March 13 (Reuters) - European states increased their imports of major weaponry by 47% in the five years to 2022, while the United States' share of global arms exports rose to 40% from 33%, a leading conflict think-tank said on Monday. European states in the U.S.-led NATO alliance increased their arms imports by 65% from the previous five-year period. The United States and Russia have been the world's largest and second-largest arms exporters for the past three decades. U.S. arms exports increased by 14% from 2013-17, and the U.S. accounted for 40% of global arms exports. "It is likely that the invasion of Ukraine will further limit Russia's arms exports," SIPRI's Siemon T. Wezeman said.

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