Czechia: Amendment on heritage care digitization tightens archaeological supervision

An amendment to the Act on the Digitization of Heritage Care, enacted by the Ministry of Culture and signed by President Petr Pavel in June 2024, comes into effect yesterday. The legislation introduces enhanced oversight of archaeological excavations and facilitates the digital integration of heritage protection data into the land registry. Jana Zechmeisterová from the Ministry of Culture’s press department shared details of the changes.

The amendment empowers regional authorities with improved supervision of archaeological findings, particularly for large-scale rescue excavations. Regions can now set explicit conditions for how artifacts are documented and processed before being handed over.

Additionally, the Ministry of Culture’s powers over archaeological organizations and private companies have been expanded. The ministry can now revoke excavation authorizations not only for a loss of professional qualifications but also for repeated or severe breaches of the law. “If an authorized organization has either repeatedly violated obligations over the last two years or committed a serious offense, the ministry can withdraw its authorization,” Zechmeisterová explained. However, the ministry’s existing control mechanisms will remain unchanged.

The law also facilitates the digitization of heritage protection by introducing machine-based data transfer on conservation zones to the land registry. Starting from January 1, 2025, the system’s implementation will be gradually rolled out, with its launch officially announced in the Collection of Laws and International Treaties.

This development means that the land registry will now include data on protected areas and buildings, providing a comprehensive view of monument protection. “The inclusion of protected areas in the basic register will allow for seamless sharing across public administration, ensure modern updates, and guarantee data accuracy,” stated Culture Minister Martin Baxa.

The Ministry of Culture anticipates minimal financial impact from the amendment, estimating costs at approximately CZK 3 million. The expenses will primarily cover updates to the Integrated Information System of Monument Protection to accommodate the new requirements.

By digitizing records and streamlining archaeological supervision, the amendment aims to modernize and enhance heritage care, ensuring the responsible management and preservation of cultural artifacts while promoting efficiency in public administration.

Source: CTK

Atradius survey: German companies face record pessimism heading into 2025

A wave of pessimism has swept over German businesses as only 14% of companies express optimism about economic improvement in 2025, according to a survey conducted by Atradius. With 32% anticipating a worsening economic climate and 54% expecting no change, the outlook suggests turbulent times ahead for Germany’s economy. Atradius Germany’s CEO, Frank Liebold, forecasts a challenging year: “We expect around 25% more insolvencies in 2025.”

Rising Insolvency Risk

Nearly 30% of surveyed businesses report high insolvency risks in their industries, with only 17% considering their sectors low-risk. The construction, automotive, and energy-intensive industries, including steel, paper, and chemicals, are particularly vulnerable. “Zombie companies that survived on pandemic-era loans are now beginning to fail,” Liebold stated. In 2024, corporate bankruptcies rose to 22,400 cases, up from 18,020 in 2023, and this trend is expected to worsen.

Liebold also warns of the potential for deindustrialization, noting that declines in German production could have a domino effect across other industries. “Well-paid jobs in sectors like automotive are at risk, which would reduce consumer spending and weaken the broader economy,” he added.

Cautious Optimism on Employment

Despite the grim economic forecasts, only 6.7% of companies plan to reduce their workforce in 2025, while 32.1% expect to hire new staff. Nearly 75% of businesses surveyed plan to maintain current employment levels. This cautious optimism reflects a focus on workforce stability, even amid economic uncertainty.

Business Demands for Political Action

The Atradius survey reveals mounting frustration among German businesses, with 82% calling for reduced bureaucracy, 73% advocating for lower energy costs, and 61% demanding tax breaks. Political stability remains a priority for 54% of respondents. Businesses argue that Germany’s regulatory framework, including measures like the Supply Chain Act and Packaging Directive, burdens their ability to focus on core operations.

“Sustainability and climate protection are essential, but they should be pursued from a position of economic strength,” Liebold emphasized. Companies also urge the government to tackle the skills shortage, reduce social security contributions, and foster innovation through investment incentives.

Economic Drivers and European Momentum

While German companies see limited internal drivers for economic growth in 2025, they are more optimistic about European markets. Forty-one percent of respondents believe most economic momentum will come from Europe, with Asia, particularly China, accounting for 26% and 14%, respectively. Only 17% expect North America to drive economic recovery.

Setting the Right Course

Germany has a track record of resilience in the face of crises, but businesses now look to policymakers for decisive action. “We have the ability to move forward again,” Liebold concluded, “but we need the right course to be set to unlock our potential.”

Survey Details: The Atradius survey was conducted in late November 2024, sampling over 470 businesses across industries such as automotive, construction, chemicals, IT, consumer goods, and more. Respondents represented companies ranging from under €5 million to over €1 billion in annual revenue and employed between fewer than 100 to more than 1,500 staff.

ECO3 leased 1,140 sqm at Oxygen Park in Warsaw

ECO3, a prepress and printing solutions for the commercial, graphic arts, newspaper, and packaging industries, has become the latest tenant of the modern Oxygen Park office complex in Warsaw. The company has leased over 1,140 square meters of office space on the 4th floor of Building B. This marks an important milestone for Oxygen Park, reinforcing its position as a sought-after business hub.

Located on Aleje Jerozolimskie in Warsaw’s business district, Oxygen Park comprises two six-storey buildings offering a total of over 18,000 square meters of leasable space. Its fully glazed façade ensures ample natural light, while tilt windows provide natural ventilation. Each floor is designed to accommodate flexible office layouts, meeting the needs of diverse tenants.

Oxygen Park’s environment-friendly features have earned it a BREEAM “Very Good” certification. The complex includes amenities such as a green patio with relaxation zones, a canteen, retail outlets, and locker rooms with showers. It also provides 162 underground parking spaces and facilities for cyclists.

Strategically located just 7 km from Warsaw Chopin Airport and the city center, Oxygen Park offers excellent connectivity via car, public transport, and the nearby WKD Raków rail station. The complex is also close to shopping centers like Reduta and Blue City, as well as Leclerc and Makro supermarkets.

Designed by the renowned architectural firm JEMS Architekci and completed in 2013, Oxygen Park is home to an impressive array of tenants, including Adara, Agfa, Certis Belchim, DiaSorin, Eurotronic, Meril Poland, LSI Software, Parker Hannifin, Toshiba, Sodexo, and Nowy Styl. ECO3’s arrival further enhances the complex’s reputation as a hub for innovative and forward-thinking companies.

BGK appoints Bartosz Drabikowski as President of Vinci Management Board

Bank Gospodarstwa Krajowego (BGK) announced the appointment of Bartosz Drabikowski as the new President of the Vinci Management Board. On the same day, Adam Żelezik, the former President, was relieved of his duties.

“The primary responsibilities of the newly appointed Vinci Management Board will include reviewing and updating the company’s investment strategy and fostering close collaboration with BGK, in alignment with the bank’s overarching strategy,” the announcement stated.

Drabikowski brings an impressive academic and professional background to Vinci. He is a graduate of the Advanced Management Program at Harvard Business School and holds an Executive MBA from the University of Illinois at Urbana-Champaign. Additionally, he has degrees from the Warsaw School of Economics, Lodz University of Technology, the National School of Public Administration, and the Diplomatic Academy under the Polish Institute of International Affairs.

Previously, Drabikowski served as Vice-President for Finance at PKO Bank Polski. Between 2015 and 2016, he was a member of the Board of Directors at VISA Europe. Earlier, from 2006 to 2008, he held a seat on the Management Board of the National Clearing House.

“Bartosz Drabikowski is a highly experienced manager with extensive knowledge of financial and capital markets,” BGK noted. As an advisor to the BGK Management Board, Drabikowski has been instrumental in shaping strategies to support innovation and competitiveness. He also serves as Chairman of the Supervisory Board for the Three Seas Initiative Investment Fund S.A.

Vinci S.A. was established by BGK, which remains its sole shareholder. The company specializes in managing alternative investment companies (ASIs) focused on financing Polish entrepreneurs and advancing Polish technological innovation. Vinci currently manages a portfolio of eight companies.

Drabikowski’s appointment signals a strategic shift for Vinci, as the company aims to enhance its role in fostering innovation and driving economic development in Poland.

Source: Bank Gospodarstwa Krajowego (BGK) and ISBnews

Develia eyes organic growth in 2025 while exploring JV opportunities

Develia, one of Poland’s leading real estate developers, is prioritizing organic growth in 2025 but remains open to partnerships and joint venture projects to expand its portfolio. As of Q3 2024, Develia’s land bank consisted of nearly 13,600 units, with over 2,300 secured premises. During 2024, the company acquired land for over 4,000 apartments and plans to continue expanding its land reserves in the coming quarters, according to President Andrzej Oślizło in an interview.

“In 2025, we aim to strengthen Develia’s competitive edge in the housing market. Our mission is to be the first choice for customers seeking modern, comfortable living spaces that cater to a range of needs. Early next year, we will outline specific goals for 2025, including apartment sales, project launches, and unit transfers,” Oślizło stated.

He emphasized that a critical element of Develia’s growth strategy is the consistent expansion of its land bank. “Despite record-breaking annual sales this year, we have secured land on favorable terms for over 4,000 apartments, ensuring that Develia’s development potential continues to grow,” he added.

While organic growth remains a top priority, Oślizło noted that the company is exploring alternative development avenues, including partnerships and joint ventures. Additionally, Develia plans to ramp up its presence in the Private Rented Sector (PRS) and private dormitory markets, reflecting a broader diversification strategy.

Oślizło expressed optimism about the residential property market stabilizing in 2025, citing potential steadiness in revenue and costs. He highlighted the importance of monitoring financing costs and potential interest rate reductions, which could further boost market dynamics.

“Develia’s financial position is robust, providing a solid foundation for continued growth. We are well-prepared for various market scenarios, bolstered by anticipated financial inflows from divestments of commercial assets planned for 2025,” he said.

Develia operates residential and commercial projects in several major Polish cities. Listed on the Warsaw Stock Exchange (WSE) since 2007 (formerly under the name LC Corp), the company is part of the mWIG40 index. In 2023, Develia reported sales revenues of PLN 1.067 billion, further cementing its position as a key player in the Polish real estate sector.

Source: Develia and ISBnews
Photo: Centralna Vita, Kraków, Develia

Redan shareholders approve liquidation of the company

Shareholders of Redan have decided to dissolve the company and initiate its liquidation process, as per resolutions passed during the general meeting. The role of liquidator has been entrusted to the current president, Bogusz Kruszyński.

According to the resolution, the balance sheet prepared as of September 30, 2024, revealed that the company’s liabilities, amounting to PLN 60.5 million, significantly exceeded its assets, valued at PLN 42.5 million. This financial imbalance necessitated a vote in compliance with Article 397 of the Polish Commercial Companies Code (KSH), which requires management to convene a general meeting when losses surpass the sum of reserve capital, supplementary capital, and one-third of share capital.

“In light of the company’s halted operational activities and the submission of an application to open accelerated arrangement proceedings, under which it is proposed to transfer key assets to creditors, the Management Board recommends adopting a resolution to commence liquidation. This would allow for the dissolution of the company following the conclusion of the restructuring process, provided the court approves the restructuring application,” the resolution justification states.

The liquidation process will also allow for the termination of employment contracts with staff members currently under protection, thereby reducing the company’s operational costs.

Shareholders further confirmed the appointment of President Bogusz Kruszyński as liquidator, ensuring continuity during the process.

Founded in 1995, Redan has focused on logistics operations for the clothing industry. The company has been listed on the Warsaw Stock Exchange (WSE) since 2003.

Source: ISBnews

BIG InfoMonitor: 36% of Poles unsure about 2025 spending plans, 31% focus on savings

Over one-third of Poles (36%) remain undecided about their spending priorities for 2025, while 31% plan to prioritize building savings, according to the latest survey by the Register of Debtors BIG InfoMonitor. Nearly half of the respondents (49%) do not anticipate any income growth in the next 12 months, highlighting financial caution amid an uncertain economic outlook.

Geopolitical concerns and a perceived lack of security are contributing to restrained spending and long-term investment plans. “Key financial goals for 2025 include creating a financial safety net (31%) and saving for a dream holiday (28%). Meanwhile, nearly one in five Poles (19%) is focused on paying off debt. Surprisingly, 36% of adults are unsure about their spending plans, reflecting a cautious approach in the face of economic uncertainty,” the survey noted.

Poles anticipate increased spending in only one area—health and wellness—cited by 14% of respondents. Conversely, expenditures on electronics and entertainment are likely to decline.

“Many people are also prioritizing larger savings goals such as real estate purchases, travel, or investments, as declared by 21% of respondents. Additionally, 24% intend to exercise greater financial discipline by eliminating unnecessary purchases,” the study revealed.

Nearly half of the respondents (49%) do not expect any income increases in the coming year. Among those seeking to improve their financial situation, 27% aim to secure additional sources of income, while 19% plan to sell unused items. One in ten respondents is considering job changes as a way to bolster their finances.

Poles are adopting practical strategies to enhance financial stability, with 45% focusing on reducing impulsive purchases and 39% seeking better deals.

The survey revealed that inflation, rising interest rates, and labor market uncertainty are the primary concerns for 74% of respondents. For over one-third (34%), these worries are particularly acute. This pervasive economic uncertainty underscores the challenges Poles face in managing their finances.

Waldemar Rogowski, Chief Analyst at BIG InfoMonitor, anticipates that 2025 will pose significant challenges for household budgets, especially as rising living costs strain spending capacity.

“The increased cost of daily necessities and persistently high borrowing costs will push many Poles to focus on saving while cutting back on non-essentials such as entertainment and electronics. Geopolitical instability and economic uncertainties will encourage greater financial prudence, with an emphasis on building stability and avoiding large liabilities,” Rogowski stated.

According to Rogowski, the coming year will see Poles doubling down on strategies to bolster their financial stability. This includes prioritizing savings, cutting unnecessary expenses, and exploring safer financial options.

“2025 will be about finding a balance between securing financial health and managing daily expenditures. Poles will increasingly seek practical, disciplined approaches to navigate the economic challenges ahead,” Rogowski concluded.

The survey, titled “New Year’s Financial Plans of Poles,” was conducted in December 2024 using the CAWI method by Quality Watch on a representative sample of 1,061 Poles aged 18 and older.

Source: BIG InfoMonitor and ISBnews

Generali Group’s Generali Fond Realit acquires Panattoni Park Zabrze II

Panattoni has successfully finalized the sale of Panattoni Park Zabrze II, a key logistics investment in Silesia, to Generali Fond Realit, a fund within the Generali Group.

“This transaction highlights the growing liquidity and positive investment sentiment in the market. Panattoni Park Zabrze II, a fully commercialized facility in Silesia, serves as a critical logistics hub for Central and Eastern Europe and Western Europe’s supply chains. Our assets combine prime locations with top-tier technical and ecological standards, making them highly attractive to international investors. As the market transitions into the next phase of its cycle, buyers are actively seeking premium investment opportunities,” stated Michał Stanisławski, Co-Head of Capital Markets Poland at Panattoni.

Located in Zabrze within the Katowice Special Economic Zone, Panattoni Park Zabrze II is a state-of-the-art logistics park spanning 45,000 sq m. Its strategic location near the A1 and A4 motorways provides seamless access to Polish and wider Central and Eastern European markets. The facility is fully commercialized, with over 50% of the space leased by Zarys International Group, a leading European supplier of medical equipment.

The industrial park boasts BREEAM certification at the Excellent level, featuring energy- and water-saving solutions that reduce operational costs for tenants while adhering to high sustainability standards.

Upper Silesia, recognized as one of the largest industrial regions in Central and Eastern Europe, continues to attract global businesses due to its exceptional transport infrastructure, large population base, and incentives offered within special economic zones. Panattoni Park Zabrze II addresses the growing needs of the logistics sector, supporting global trends such as nearshoring and supply chain optimization.

This acquisition underscores Generali Fond Realit’s commitment to investing in high-quality, strategically located assets that cater to evolving market demands.

Czech Republic rings in 2025 with celebrations across the nation

As the clock ticks down on 2024, people across the Czech Republic are preparing to welcome the new year in diverse ways. Whether celebrating at home, in the mountains, at restaurants, clubs, or city streets, Czechs are coming together to mark the arrival of 2025. New Year’s Eve is also filled with traditional events like festive runs, hikes, and gatherings at scenic locations. Thousands are expected to converge at Velká Javořina in the White Carpathians, while others will head to Javořice, the highest peak in the Bohemian-Moravian Highlands.

Theatres across the country are presenting light comedies, castles and historical landmarks remain open for visitors, and concerts add to the festive atmosphere. For the faithful, churches are holding special Masses to give thanks for the year gone by. Many celebrations will culminate with fireworks displays, although some cities have opted for alternative festivities like video mapping, music, or laser shows.

In Prague, tens of thousands, including many foreign tourists, are set to gather in the city center for the celebrations. The municipality has once again reminded the public of restrictions on pyrotechnics in areas such as the historic center, hospitals, elderly homes, parks, and along the Vltava River. Instead of hosting official fireworks or video mappings, Prague offers a variety of cultural and leisure activities, including visits to the botanical garden, museums, observatories, and other landmarks. The Prague Zoo also offers discounted admission through January 3.

Restaurants in the capital are luring diners with special New Year’s Eve menus, while a musical program at the Old Town Square markets promises entertainment from 4:45 PM to midnight.

Emergency services are on high alert nationwide, with paramedics, firefighters, and police ensuring safety and order. Despite annual warnings, fireworks remain a significant cause of fires and injuries due to improper handling.

As the Czech Republic bids farewell to 2024, the celebrations are a reflection of both tradition and modern festivities, ensuring a warm and vibrant start to 2025.