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Daniel Foster - Senior Editor, Economy

Senior Editor, Economy An award-winning financial journalist and analyst, Daniel brings sharp insight to economic trends, markets, and policy shifts. He is recognized for breaking complex topics into clear, actionable reports for readers and investors alike.

Economy

Polish Airports Secures $770M Loan for Modernization & New Hub

by Daniel Foster - Senior Editor, Economy
written by Daniel Foster - Senior Editor, Economy

Warsaw, Poland – Polskie Porty Lotnicze (PPL) has secured a 3.3 billion złoty (approximately $817 million USD) loan from a consortium of Polish banks – Pekao, PKO BP and Bank Gospodarstwa Krajowego – to fund the modernization of Warsaw Chopin Airport and contribute to the development of the planned new national hub, Port Polska, officials announced Friday.

The financing, confirmed by representatives from PPL during a press conference, is intended to serve as a “financial foundation” for the company’s Integrated Strategy, according to a PPL statement. Bank Pekao will act as the security agent and loan agent for the deal.

Łukasz Chaberski, CEO of PPL, emphasized the significance of the agreement, stating, “This signed agreement worth 3.3 billion złoty is proof of the enormous trust that financial institutions have in our strategy and the company’s condition. These funds are fuel for our development. They will allow us to modernize Chopin Airport, thanks to which we will not only be able to serve over 30 million passengers annually, but also significantly increase our revenues.” Chaberski added that generated profits would bolster PPL’s ability to finance the construction of the new national airport.

Maciej Lasek, Deputy Minister of Infrastructure, described the loan as a clear signal of progress toward a cohesive vision for Polish aviation development. “There is no contradiction between the development of Chopin Airport and the construction of the new national airport – these are two stages of the same process, which must proceed smoothly and safely,” Lasek said. The secured funds are intended to guarantee Chopin Airport’s capacity until the new hub becomes operational.

The modernization of Chopin Airport is estimated to cost approximately 940 million złoty and is projected to increase passenger capacity to over 30 million annually, up from 24 million in 2025. Plans include expansions to existing terminals.

The agreement also marks a key step for Port Polska, with Dariusz Kuś, CEO of Port Polska.Lotnisko and a board member of the Central Communication Port (CPK), stating that PPL’s involvement as both an expert and a key industry investor is “a breakthrough moment” for the project’s ownership structure and operations. PPL is set to take a stake in a special purpose vehicle and commit approximately 4.6 billion złoty to the project by 2032, with a significant portion coming from the newly secured financing.

According to PPL, the loan agreement has been structured with the possibility of incorporating Sustainability-Linked Loan or Green Loan principles, aligning with the company’s Sustainable Development Strategy for 2025-2035.

Passenger traffic is expected to shift to Port Polska upon its planned opening in 2032.

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Economy

Ukraine’s Economy: Resilience, Risks & the Path to Recovery

by Daniel Foster - Senior Editor, Economy
written by Daniel Foster - Senior Editor, Economy

A missile strike on a Philip Morris International factory in Kharkiv, Ukraine, overnight has underscored the escalating economic impact of Russia’s war, even as Kyiv attempts to project an image of resilience and future growth. The attack, which caused a large fire spanning over 5,000 square meters, damaged part of the factory, according to Philip Morris Ukraine.

The incident is part of a disturbing pattern of attacks targeting Ukrainian industrial and economic assets, according to Ukrainian officials and Western observers. U.S. Senator Richard Blumenthal, during a recent visit to Kyiv, described the attacks as a “Russian hunt for American companies in Ukraine,” alleging that Vladimir Putin is deliberately targeting American factories and headquarters with missiles and drones.

According to the American Chamber of Commerce in Ukraine, 47 percent of U.S.-registered companies operating in the country have been attacked at least once. Beyond the Philip Morris facility, which produces Marlboro cigarettes, targeted assets include facilities belonging to the electronics manufacturer Flex and the agricultural trading conglomerate Bunge.

The attacks are taking a significant toll on Ukraine’s energy infrastructure. DTEK, a private Ukrainian power company, has lost approximately 70 percent of its generating capacity since Russia resumed targeting thermal and hydroelectric power plants, substations, transformers, gas pipelines, and power grids. The National Bank of Ukraine (NBU) forecasts that electricity shortages could reduce economic growth in 2026 by 0.5 to 3 percent. The International Monetary Fund has already lowered its 2026 GDP growth forecast for Ukraine to 1.8 percent.

In January alone, Ukrainian Prime Minister Yulia Sviridenko reported that tax revenues were 12 billion hryvnia (approximately 230 million euros) lower than planned. “These are huge losses for the country,” stated Economy Minister Oleksiy Sobolev. He added that each billion kilowatt-hours of electricity not produced due to the attacks costs the country approximately 0.15 percentage points of its gross domestic product.

Despite the economic challenges, Ukrainian officials maintain a cautiously optimistic outlook. Economist Elina Ribakova, Vice President for Foreign Policy at the Kyiv School of Economics, attributes Ukraine’s relative economic stability to reforms undertaken since the 2014 annexation of Crimea. “Crucial were significant improvements in macroeconomic management and strengthened integration with the West,” she said.

Ribakova emphasized the challenges of managing “massive macroeconomic shocks,” including infrastructure destruction, export collapse, revenue losses, population displacement, labor market disruptions, declining foreign investment, and extreme uncertainty. Though, she credited the NBU with maintaining the stability of the banking system, controlling inflation, and stabilizing the hryvnia.

Sobolev reported that Ukraine’s economy grew by 2.2 percent in 2023, while Russia’s grew by only 0.7 percent. He predicted that Ukraine’s economy would grow by 2 percent this year, despite ongoing blackouts. “It is as well an economic war. We must be economically stronger than Russia,” he stated.

Lesya Karnauch, head of the State Tax Service of Ukraine, thanked taxpayers for continuing to contribute to the state budget despite the ongoing conflict. “Despite the war, the constant bombardments, the unrest, and the lack of light and heat, you have filled the budget. Every hryvnia of tax paid is a contribution to Ukraine’s victory,” she said.

However, prolonged disruptions to electricity supplies pose a significant threat. The Kyiv School of Economics forecasts that extended outages could lead to production losses of 2 to 3 percent of GDP. Western financial aid is mitigating the impact, allowing for a revised GDP growth forecast of 3.2 percent for 2026.

Ukraine’s state budget currently allocates 43 percent of its spending to defense, resulting in a rapidly growing budget deficit that is largely covered by Western financial assistance. This is driving up the country’s national debt. The external trade deficit is also growing faster than expected, partly due to the need to import electricity and military goods.

Sobolev explained that the trade deficit is not a sign of economic weakness, but rather a consequence of Russia’s attacks forcing Ukraine to import electricity and military equipment. “These are financed by foreign aid, so the macro-financial situation remains stable,” he said.

The future of coal and metal industries, which account for 7.2 percent of GDP and approximately 15 percent of exports, remains uncertain due to power shortages and blackouts. Smaller companies are relying on diesel generators, which have increased their electricity costs fivefold since the start of the war.

Stricter export quotas for Ukrainian grain and vegetable oils imposed by the EU, as well as attacks on ports, are also impacting trade. Sobolev envisions a future where Ukraine, in partnership with European companies, becomes a leading global food exporter. He proposed a plan for European companies to invest in Ukraine, process agricultural raw materials, and jointly export them to Asia and Africa. He also highlighted opportunities for cooperation in developing biogas production for European customers.

Currently, 56 percent of Ukraine’s exports are agricultural products, worth $22.6 billion in 2025, with 47 percent going to the EU. The arms industry is now a major driver of economic growth.

Yuriy Lomikovsky, co-founder of the IRON Lviv Tech Cluster, described a shift from state-dominated arms production to a sector now dominated by 800 to 1,000 private producers. “Today, we support each other in our production. This helps to localize production and become independent of Chinese components,” he said. He emphasized the need for foreign investment and international cooperation.

Sobolev is seeking foreign buyers for large, state-owned enterprises such as Naftogaz, a fertilizer producer, and two banks. However, potential investors have expressed concerns about the security of their investments, asking, “Where is the guarantee that Russia will not destroy the facility after we have invested $100 million?” Sobolev acknowledged that such guarantees are currently impossible to provide.

Dimitar Bogov, Lead Economist for Ukraine and Moldova at the European Bank for Reconstruction and Development (EBRD), believes that Ukraine has the potential to become a “recent European tiger state” during the reconstruction period, echoing the success of Asian economies with rapid growth rates. He cited Ukraine’s strengths in defense, digital innovation, and traditional sectors like agriculture, but stressed the need for deep reforms, strong security guarantees, and increased private investment.

Bogov attributed Ukraine’s survival to the “resilience of the Ukrainian people,” which has allowed the economy to continue growing even during wartime. Tourists are still being invited to Kyiv, with a large sign proclaiming “Kyiv is waiting for you” displayed near St. Sophia’s Cathedral.

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Economy

Is February 22, 2026 a Shopping Sunday? Store Opening Hours in Poland

by Daniel Foster - Senior Editor, Economy
written by Daniel Foster - Senior Editor, Economy

Poland and other NATO member states are bracing for a sustained campaign of hybrid warfare tactics orchestrated by Russia, as evidenced by recent acts of sabotage and disinformation, according to officials and intelligence assessments. The escalating situation, confirmed by a surge in covert attacks across Europe, is raising concerns about a deliberate effort to destabilize the region and undermine support for Ukraine.

The latest incident, a rail line sabotage in Poland in November 2025, is being investigated as a deliberate act intended to disrupt the flow of military aid to Ukraine. Polish Prime Minister Donald Tusk described the explosion as an “act of sabotage,” and authorities suspect the involvement of “disposable agents” employed by Russia to sow fear and weaken resolve. Investigators found evidence of explosives used to damage the railway, narrowly avoiding a potentially catastrophic derailment.

This incident is part of a broader pattern of Russian activity, including cyberattacks, drone incursions, and disinformation campaigns targeting critical infrastructure and public opinion across Europe. NATO officials have condemned Russia’s actions, reaffirming their support for Ukraine’s sovereignty and territorial integrity. However, the nature of hybrid warfare – operating below the threshold of traditional armed conflict – presents significant challenges for a unified response.

Russia’s opposition to Ukraine’s potential NATO membership remains a central point of contention. In late 2021, as Russia amassed troops along the Ukrainian border, Moscow demanded guarantees that Ukraine would never join the alliance. This demand, coupled with the ongoing military aggression, underscores Russia’s strategic objective of preventing further Western encroachment into its perceived sphere of influence.

Despite increased support from NATO, Ukraine continues to face a difficult situation on the ground. As of February 2026, Russia controls approximately 20% of Ukrainian territory. A strategic assessment indicates that the conflict has resulted in an estimated 1.2 million casualties, and the Ukrainian economy has suffered significant damage. The ongoing war has also prompted a permanent expansion of NATO, as member states reassess their security posture in response to the perceived Russian threat.

The situation is further complicated by the internal political dynamics within NATO member states. Whereas there is broad consensus on the demand to support Ukraine, differing national interests and priorities can hinder a coordinated response. Some countries are hesitant to escalate the conflict, fearing a direct confrontation with Russia, while others advocate for a more assertive approach.

In Poland, the concerns are particularly acute given its geographic proximity to both Ukraine and Russia. Polish officials have warned that Russia is actively attempting to exploit existing social and political divisions within the country, using disinformation and covert operations to undermine public trust and destabilize the government. The Polish government is working with NATO allies to enhance intelligence sharing and strengthen border security.

The Kremlin has consistently framed Ukraine’s aspirations to join NATO as a threat to its own security. In December 2025, Russian President Vladimir Putin reiterated this position during talks with U.S. Officials, stating that Ukraine’s NATO membership remained a “key question” in bilateral relations. The U.S. Administration has maintained its support for Ukraine’s sovereignty and right to choose its own security arrangements, but has not offered a clear timeline for potential NATO membership.

Meanwhile, domestic economic factors are influencing the situation. The ongoing conflict and the associated sanctions have had a ripple effect on global energy markets and supply chains. The economic consequences of the war are being felt across Europe, adding to the political and social pressures facing governments.

The Polish government has not announced any immediate plans to alter its security posture beyond increased vigilance and cooperation with NATO allies. However, officials have indicated that they are prepared to take further measures if necessary to protect the country’s interests and deter further Russian aggression. The situation remains fluid and unpredictable, and the risk of escalation remains high.

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Economy

Gen Z & Work: Meaning, Feedback & Being Heard

by Daniel Foster - Senior Editor, Economy
written by Daniel Foster - Senior Editor, Economy

A recent survey of over 9,300 young adults across Europe reveals a fundamental shift in expectations regarding work, with Generation Z prioritizing purpose, flexibility, and open communication over traditional career paths. The findings, released by the EDHEC NewGen Talent Centre and JobTeaser’s Gen Z Lab, indicate a rejection of the “9-to-5” model and a desire for greater influence over an employer’s mission.

The study, conducted in France, Germany, the United Kingdom, Belgium, Spain, Italy, and Luxembourg, found that the long-term commitment to a single company, once a hallmark of career loyalty, is rapidly diminishing among those aged 18 to 30. Instead, Generation Z seeks “agile” work environments offering flexible hours and the freedom to change roles more frequently. This contrasts sharply with the rigid processes and hierarchical structures that defined the 20th-century workplace.

“The dream of a job from 9 to 5 and a laborious climb up the corporate ladder is over,” stated Geneviève Houriet Segard, Deputy Director of the EDHEC NewGen Talent Centre. The emphasis on mission alignment is also a key differentiator. Younger workers are increasingly motivated by a sense of purpose and seek to engage in dialogue with their superiors, according to the research.

These findings echo observations from Switzerland, where employers are beginning to adapt to the changing demands of this recent workforce. Reports indicate that Generation Z members are less tolerant of “authoritarian” management styles and place a high value on receiving feedback and being heard. Some employers have characterized this generation as “fragile” or “lazy,” but experts suggest these criticisms stem from a misunderstanding of their priorities.

The generational shift is further defined by a strong connection to digital platforms and a heightened awareness of social issues. Born between the late 1990s and the early 2010s, Generation Z – also known as “Zoomers” – relies on visual communication through platforms like Instagram, Snapchat, and TikTok. They are also vocal about their values, readily challenging brands and employers that fail to demonstrate authenticity or address concerns related to ecology, inclusion, and diversity. This generation is also more open about discussing mental health challenges like anxiety, and stress.

While Millennials, born between the early 1980s and the late 1990s, were early adopters of the internet and social media, Generation Z has grown up immersed in a digital world, shaping their communication preferences and expectations. The shift in values is prompting a re-evaluation of traditional workplace norms, with companies increasingly recognizing the need to offer more flexible and purpose-driven opportunities to attract and retain young talent.

The EDHEC NewGen Talent Centre has not yet announced any follow-up studies or specific recommendations for employers based on the findings.

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