Business

The L'Oreal cosmetics factory in Pruszkow produced around 206 bln cosmetic products this year. That is a 20 percent increase on its production quote last year.

One of the world's biggest producers of large trucks has opened a 100-mln-euro factory near Krakow with 400 workers.

Minister of Sport and Tourism Elzbieta Jakubiak says she will do everything in her power to assure that Krakow will be a host city for the European Championship football games in 2012.

Positioned at the heart of Europe, Poland continues to attract more foreign airlines, who plan to make new connections available to and from Polish airports.

Plaza Centers N.V is the seventh largest foreign company to make its initial public offering on the Warsaw Stock Exchange in 2007.

Media company Polskapresse, the Polish arm of Germany's Verlagsgruppe Passau, early this week launched a national newspaper in cooperation with Britain's The Times.

Some 31,000 jobs were created in Poland in 2006 thanks to foreign investors. This is the largest amount of externally-created employment in the whole of Europe. According to Gazeta Wyborcza foreign capital companies employ some 1.2 mln workers in Poland. Highly trained workers and cheap labor have been the motivating factors enticing foreign capital.

The giant search engine Google from Mountain View has eleven research end development centers in Europe, Africa and the Middle East. One of those centers is in Krakow. Nelson Mattos, who two weeks ago became Google's vice president responsible for the region, told Gazeta Wyborcza about the progress of the Polish IT engineers and the future plans for Google.

The Royal Swedish Academy of Sciences in Stockholm has awarded Eric Maskin and Roger Myerson the Nobel Prize in Economic Sciences for their "mechanism design theory." The theory allows, according to the Academy, to "distinguish situations in which markets work well from those in which they do not." The mechanism design theory plays a major role in various economic fields as well as in political sciences.

Polish Deputy PM and Finance Minister Zyta Gilowska announced that Poland's budget deficit at the beginning of October 2007 is lower than projected government estimates. Gilowska declared that the current downward trend is expected to continue, Gazeta Wyborcza daily reported last week.