Suchergebnisse

Th e aim of this study was to analyse the rules of the foreign exchange reserves management in Poland and its legal basis. Having international currencies and/or easy access to them determine now a day the external solvency, credibility and stability of economies, and that's why the emerging market economies accumulate foreign exchange reserves in order to become more attractive for investors and creditors. Constitutional guaranteed central bank independence gives fully autonomy in defi ning of strategy and conducting of foreign exchange reserves policy based on internal regulations of the National Bank of Poland's decision-making bodies. Th ese legal solutions in Poland are consistent with international standards and trends in the way of risk management in foreign exchange reserves investment. Security and liquidity remains a priority. Current structure of National Bank of Poland international reserves refl ects these rules. Th ey are invested in the most reliable instruments denominated in the main international currencies.

Celem artykułu jest porównanie percepcji zachęty podatkowej w postaci zwolnienia podatkowego u polskich i zagranicznych inwestorów na tle innych narzędzi wspierania przedsiębiorstw w SSE oraz w kraju. Analizę oparto na wynikach badania ankietowego przeprowadzonego w ramach projektu badawczego pt. "Ocena efektywności pomocy publicznej w Specjalnych Strefach Ekonomicznych w Polsce" wśród przedsiębiorców funkcjonujących na terenie SSE. ; The aim of the article is to compare perception of state aid gained in the SEZ in Poland in the view of domestic and foreign investors against others forms of public support to entrepreneurs in Poland. The analysis is based on the results of research project entitled "The assessment of state aid effectiveness in SEZ in Poland" among entrepreneurs located in SEZ. The conducted research has led to the conclusion that domestic entrepreneurs and entities with foreign capital have similar hierarchy of aid instruments offered in SEZ. Among all of the available support instruments in SEZs tax exemption was ranked as the most attractive one.

The aim of the article is to compare perception of state aid gained in the SEZ in Poland in the view of domestic and foreign investors against others forms of public support to entrepreneurs in Poland. The analysis is based on the results of research project entitled "The assessment of state aid effectiveness in SEZ in Poland" among entrepreneurs located in SEZ. The conducted research has led to the conclusion that domestic entrepreneurs and entities with foreign capital have similar hierarchy of aid instruments offered in SEZ. Among all of the available support instruments in SEZs tax exemption was ranked as the most attractive one. ; Celem artykułu jest porównanie percepcji zachęty podatkowej w postaci zwolnienia podatkowego u polskich i zagranicznych inwestorów na tle innych narzędzi wspierania przedsiębiorstw w SSE oraz w kraju. Analizę oparto na wynikach badania ankietowego przeprowadzonego w ramach projektu badawczego pt. "Ocena efektywności pomocy publicznej w Specjalnych Strefach Ekonomicznych w Polsce" wśród przedsiębiorców funkcjonujących na terenie SSE.

The position of Kaliningrad is unique in historical, economic and geopolitical terms. This one time part of Eastern Prussia, presently part of Russia, is distanced 600 km from this country. It is much closer to Warsaw and Berlin than to Moscow. On the other hand, the Oblast is relatively close to the well developed region of Western Europe. The region enjoys the status of a free economic zone and starting 1996 that of a special economic zone. The A 2005, is to accelerate social and economic development of the region. The Act favours big investors, particularly Moscow capital. It lacks reference to small and medium sized enterprises for which the requirement to invest at minimum 5 million euro is a serious barrier. Current changes on the banks of the Pregola River give rise to hope and to a smaller extent concern. Contemporary Kaliningrad belonging to Russia undergoes continuous transformation in all fields of life. Cut off from the world for decades it is briskly making up economic and cultural backlog. The political tension between Warsaw and Moscow is reflected on the local level. This can be observed in the rhythm and flow of border clearance. However, good international relations facilitate local cooperation. Thanks to the efforts of the Consul General of the Republic of Poland in Kaliningrad as well as Polish and Russian local authorities, mutual relations between Polish north east voivodships and the Kaliningrad Oblast of the Russian Federation in recent years are much better than on the governmental level. Nevertheless, the decision centre for fundamental issues concerning the Kaliningrad Oblast is not Kaliningrad, but Moscow. Interest in closer formal relations with Russian partners rose after Poland's accession to the EU. Economic cooperation between the Kaliningrad Oblast and Polish north east voivodships continuous to develop and is sustainable though it encounters many problems and legal and administrative changes connected with visa traffic and three year embargo on Polish meat in Russia. Trade exchange between Poland and the Kaliningrad Oblast is developing relatively well, however much below possibility is our capital involvement. The scope of economic cooperation is relatively modest. Work on securing and handling affairs of Polish investors in the Kaliningrad Oblast remains unsatisfactory. A good form of promoting and presenting Polish goods and services in Kaliningrad is the annually held Polish national Polexport in the city. Chances of further export growth to the Kaliningrad Oblast can be seen in the dynamically developing construction, building and finishing materials sector. ; Marcin Polom

The reinstatement of local government at the level of the district in Poland in 1990 has resulted in the actual empowerment of local communities, while the local governments have become able to define the goals of local policy that are in line with the expectations of local communities. The local government of Kalisz has taken advantage of the new opportunities to improve the living conditions and standard of living of its citizens since it was instituted. Over the years, due to changes in the political system, related to the establishment of counties, the local government of Kalisz has received new operating opportunities, implementing projects at the level of both districts and counties. The political transformation was complemented by the changes in the election principles of the executive, which has significantly improved the efficiency and effectiveness of the President of Kalisz. The activities of local government have been concentrated on the increasing of social integration by means of taking maximum advantage of local assets and potential. In order to achieve these goals promotional instruments have been employed to encourage foreign investors to investment in Kalisz. A significant part of the local government's activities concern its longstanding international cooperation with towns in Western, as well as Central and Eastern Europe.

TTIP - the Transatlantic Trade and Investment Partnership is an agreement that carries a number of risks for the economy, the natural environment, consumer rights, labour rights and access to public services in the European Union. The mechanisms included in the agreement, concerning the settlement of disputes between states and foreign investors, pose a number of threats to democracy as well. The benefits that are supposed to result from the implementation of the agreement will primarily be reaped by large corporations involved in the transatlantic trade. Mostly the citizens and societies of the EU member states will be under threat from the agreement. The principle of mutual recognition of regulations, which is expected to be practically universally used in accordance with the agreement, will mean in practice lowering safeguards protecting the rights of citizens, workers and consumers in the European Union. The liberalization of trade within the TTIP will be a factor forcing increased competition also in relation to the Polish small and medium-sized enterprises, and as a result, putting also pressure to reduce wages and other costs, including those related to the need of complying with the norms or standards. Thus, there are far more threats than benefits of the agreement.

The reinstatement of local government at the level of the district in Poland in 1990 has resulted in the actual empowerment of local communities, while the local governments have become able to define the goals of local policy that are in line with the expectations of local communities. The local government of Kalisz has taken advantage of the new opportunities to improve the living conditions and standard of living of its citizens since it was instituted. Over the years, due to changes in the political system, related to the establishment of counties, the local government of Kalisz has received new operating opportunities, implementing projects at the level of both districts and counties. The political transformation was complemented by the changes in the election principles of the executive, which has significantly improved the efficiency and effectiveness of the President of Kalisz. The activities of local government have been concentrated on the increasing of social integration by means of taking maximum advantage of local assets and potential. In order to achieve these goals promotional instruments have been employed to encourage foreign investors to investment in Kalisz. A significant part of the local government's activities concern its longstanding international cooperation with towns in Western, as well as Central and Eastern Europe.

Sustainable development requires reconciling the requirements of agricultural land protection with increased investment needs in industry and housing, but also with respect for environmental protection requirements. These objectives should also be pursued in relation to agricultural land within the administrative boundaries of cities. However, with regard to agricultural land in cities, there is a clear conflict between the needs of investors and the resulting pressure to invest and the protection of agricultural land. The analysis of such determined research topic required a territorial approach to the protection of agricultural land, which is reflected in spatial planning. The purpose of this study is to analyze the Polish legislation from the point of view of the admissibility of change to agricultural land use in urban areas. ; Zrównoważony rozwój wymaga pogodzenia wymogów ochrony gruntu rolnego ze zwiększonymi potrzebami inwestycyjnymi w przemyśle i budownictwie mieszkaniowym, a także z poszanowaniem wymogów ochrony środowiska. Cele te powinny być realizowane również w odniesieniu do gruntów rolnych położonych w granicach administracyjnych miast. W odniesieniu do gruntów rolnych w miastach dochodzi jednak do jaskrawego konfliktu pomiędzy potrzebami inwestorów i wynikającą z tego presją na realizację inwestycji oraz ochroną gruntów rolnych. Analiza tak zakreślonego tematu badawczego wymagała podejścia terytorialnego do ochrony użytkowej gruntów rolnych, co znajduje swój wyraz w planowaniu przestrzennym. Celem niniejszego opracowania jest analiza polskiego ustawodawstwa pod kątem dopuszczalności zmiany przeznaczenia gruntów rolnych na obszarach miast.

Nadmierne wydatki publiczne w Polsce przekraczające co roku wielkość dochodów publicznych powodują nawarstwianie się długu publicznego, który wzmaga ryzyko inwestycyjne w Polsce, odstrasza zagraniczny kapitał, zawyżając koszt kredytów i utrudniając dostęp do nich. Podkreślić trzeba, że rynkowy koszt kapitału należy w Polsce do najwyższych w UE – także na tle innych państw Europy Środkowo-Wschodniej, co oznacza, że oprocentowanie kredytów w Polsce należy do najwyższych w Europie, a polski rząd jest jednym z najdrożej pożyczających kapitał rządów wśród państw UE. Niemały już wcześniej, a dodatkowo skokowo powiększony w czasie covid-19, dług publiczny Polski będzie więc w następnych latach jeszcze bardziej ograniczać możliwości rozwojowe polskich przedsiębiorstw i poziom inwestycji, a w efekcie hamować proces nadrabiania zaległości rozwojowych polskiej gospodarki i obniżać poziom zamożności Polaków. Jednocześnie skazuje on polską gospodarkę na wyższy poziom opodatkowania w nadchodzących latach. ; Excessive public expenditures in Poland, exceeding the level of public revenues every year, causes the accumulation of even higher public debt, which increases investment risk in Poland, discourages foreign investors, overstating the cost of loans and hindering access to them. It should be emphasized that the market cost of capital in Poland is one of the highest in the EU - also compared to other Central and Eastern European countries, which means that the interest rate on loans in Poland is one of the highest in Europe, and the Polish government is one of the most expensive borrowers among EU countries. Public debt in Poland, which had not been insignificant before, was additionally abruptly increased in the covid-19 period. Therefore, Poland's public debt in the coming years will limit the development possibilities of Polish enterprises and the level of investments even more strongly, and as a result, inhibit the process of catching up of the Polish economy and reduce the level of wealth of Poles. At the same time, it condemns the Polish economy to a higher level of taxation in the coming years.

Since its inception, the cryptocurrency, a lot of controversy and concerns related to the threats posed by trading in virtual currency has aroused. The sharp increase in the value of bitcoin in 2017 had an impact on a significant increase in the interest of investors, institutions and entities related to financial markets, which was not only related to the desire to get rich. Blockchain technology and the cryptocurrency market based on, it enable the development of technology, fast and safe capital flow and have many other applications that may lead to revolutionary changes and discoveries in the future. However, it should also be remembered that the virtual currency market creates conditions for broadly understood criminal and terrorist activities, which pose a threat to the functioning of the entire political and economic system. The key element to ensure full market efficiency and use of the entire range of development opportunities, while maintaining the security of the entities existing in it, is the creation of appropriate institutional conditions that build the market. They will make it possible to maintain a balance between the level of interference in the financial system related to the introduction of virtual currency regulations and the free development of the market and the opportunities it brings. ; Rynek kryptowalut już od czasu swojego powstania budził wiele kontrowersji oraz obaw związanych z zagrożeniami, które stwarza obrót walutą wirtualną. Gwałtowny wzrost wartości Bitcoina w 2017 roku, miał wpływ na znaczny wzrost zainteresowania inwestorów, instytucji oraz podmiotów związanych z rynkami finansowymi, które nie dotyczyło jedynie chęci wzbogacenia się. Technologia blockchain oraz bazujący na niej rynek kryptowalut, umożliwiają rozwój technologii, szybki i bezpieczny przepływ kapitału oraz mają wiele innych zastosowań, które w przyszłości mogą doprowadzić do rewolucyjnych zmian i odkryć. Jednakże należy również pamiętać, że rynek waluty wirtualnej stwarza warunki dla szeroko rozumianej działalności przestępczej i terrorystycznej, będących zagrożeniem dla funkcjonowania całego systemu polityczno-gospodarczego. Kluczowym elementem dla zapewnienia pełnej wydajności rynkowej i wykorzystania całego zakresu możliwości rozwoju, przy zachowaniu bezpieczeństwa istniejących na nim podmiotów, jest kreowanie budujących rynek właściwych uwarunkowań instytucjonalnych. Umożliwią one zachowanie równowagi między poziomem ingerencji w system finansowy związanej z wprowadzeniem regulacji dotyczących waluty wirtualnej a swobodnym rozwojem rynku i możliwościami, które za sobą niesie.

Publikacja recenzowana / Peer-reviewed publication ; Istotnym elementem bezpieczeństwa energetycznego Polski jest węgiel kamienny, którego znaczne złoża są dostępne bezpośrednio w kraju. Prowadzona od 26 lat przez polski rząd restrukturyzacja górnictwa węgla kamiennego nie została zakończona. Od 2012 r. kopalnie Kompanii Węglowej SA działają nieefektywnie, a koszty wydobycia surowca przewyższają możliwe do osiągnięcia ceny rynkowe. Celem artykułu jest analiza polityki polskiego rządu w zakresie restrukturyzacji KW SA po 2014 r. Problematykę tę ukazano w kontekście górniczych protestów wobec skutków restrukturyzacji kopalń, cen węgla na światowym rynku oraz pozyskania inwestorów zainteresowanych nabyciem kopalń. Przeprowadzając analizę decyzji rządu Ewy Kopacz, zwrócono uwagę na czynniki, które wpłynęły na kryzys gospodarczy kopalń należących do KW SA, oraz założenia i realizację programu naprawczego. W wyniku przeprowadzonej analizy stwierdzono, iż rząd E. Kopacz nie rozwiązał problemów KW SA i w tej sytuacji zadaniem gabinetu Beaty Szydło będzie opracowanie strategii rozwoju górnictwa węgla kamiennego w Polsce oraz ocena obecnej sytuacji i przyszłości kopalń. ; The energy security of Poland relies on coal, whose substantial reserves are to be found in the country. The restructuring programme of coal mining industry has not been, as yet, completed. Since 2012, the mines of Kompania Węglowa SA (KW SA) have not been operating effectively and the cost of getting coal from underground exceeds coal's free market price. The aim of the paper is to examine the policies of the Polish government after 2014, focused on the restructuring of KW SA. The problem is presented in the context of miners protesting against the restructuring effects in their mines, coal prices on the international market and attempts made to attract foreign investors who would be willing to buy Polish coal mines. While analysing the decisions made by Ewa Kopacz's government, attention was paid to those factors that affected the economic crisis in KW SA coal mines as well as to the guidelines and the implementation of the recovery plan. Following the analysis, it was found that the government of Ewa Kopacz did not solve the problems facing KW SA. Consequently, it will be for Beata Szydło's government to work out a development strategy for the Polish coal mining industry and to assess the current and future situation of Polish mines.

W wyniku zmian ustroju Polski po 1989 r. podmiotowość odzyskały samorządy terytorialne, na które nałożono obowiązek zaspokojenia zbiorowych potrzeb społeczności lokalnych, wymieniając podstawowe zadania w tym zakresie. Zadania te sprowadzić można do dbałości o rozwój społeczno-gospodarczy oraz o zagospodarowania przestrzenne. To dla osiągnięcia tych celów samorządy lokalne opracowują strategie rozwoju społeczno-gospodarczego oraz studia uwarunkowania i kierunków zagospodarowania przestrzennego, a także miejscowe plany zagospodarowania (phisycal plans) i przystępują do ich realizacji. Niedoskonałość regulacji prawnych, zwłaszcza dotyczących gospodarki przestrzennej oraz nie zawsze dobrze zrozumiane zadania samorządu w tym zakresie sprawiają, że często nie lokalna władza, a inwestorzy, właściciele nieruchomości, deweloperzy budownictwa mieszkaniowego, konsorcja projektowo-budowlane, a także różnego rodzaju spekulanci mają wpływ na dokonujące się zmiany. Innym zadaniem dla władz lokalnych, które należy rychło podjąć, a czego regulacje prawne znajdują się w fazie ustalania, jest rewitalizacja zdegradowanych obszarów miast oraz terenów wiejskich. Nie może pozostać poza sferą zainteresowania samorządów polskich miast polityka miejska, do czego zobowiązuje członkostwo w Unii Europejskiej, jakkolwiek brak jest stosownych regulacji prawnych w tym względzie. Przez okres 25 lat polskie samorządy lokalne stały się bardziej dojrzałe, umocniły swoją pozycję gospodarza terenu i coraz lepiej wykonują swoje zadania. Nie oznacza to tego, że nie może być lepiej. Działalność struktur samorządowych wymaga odpolitycznienia, priorytetowego potraktowania interesu ogólnospołecznego, uspołecznienia procesu decyzyjnego dotyczącego rozwoju oraz odejścia od kliencko-patronackiego modelu sprawowania władzy. ; As a result of the changes in Poland's political system after 1989, self-government has regained agency as administrative entity and is now obliged to satisfy the collective needs of local communities. There is a list of the basic tasks vested in local self-government and they generally involve taking care of socio-economic and spatial development. To accomplish these goals, local government authorities work out strategies of socio-economic development, prepare studies of the conditions and directions of spatial development, and draw up local development plans.However, because of inadequate legal regulations, especially those concerning spatial economy, and sometimes also due to a poor understanding of the tasks, it frequently happens that entities in control of the changes are not local authorities, as should be the case, but investors, property owners, housing construction developers, design-construction consortia, or all kinds of speculators. Another urgent task before local authorities (the legal regulations of which are still being drawn up) is revitalisation of the degraded parts of towns and rural areas. Urban policy cannot be of no interest to the local authorities of Polish towns, since it became obligatory when Poland joined the European Union. And yet, there are no legal regulations in this field either. For the last twenty-five years, Polish local self-government has gained in maturity, has strengthened its position as manager of its areas, and has performed its tasks ever better. This, however, does not mean that there is no room for further improvement. The activity of self-government structures needs de-politicising, giving priority to general social interests, socialising the development-related decision-making process, and departing from the client-patron model of exercising power.

Niniejszy artykuł omawia kwestię własności państwowej w sektorze paliwowo- -energetycznym w kontekście bezpieczeństwa energetycznego na przykładzie wybranych krajów. Przedstawiony rys historyczny pokazuje szerszy kontekst procesów prywatyzacyjnych omawianego sektora zarówno na Zachodzie Europy jak i w byłych krajach socjalistycznych. Następnie poddano analizie stopień kontroli właścicielskiej państwa w poszczególnych, wybranych krajach. Szczególnie przeanalizowano relacje pomiędzy narodowymi (państwowymi) a prywatnymi (globalnymi) koncernami sektora paliwowo-energetycznego, a zwłaszcza sektora gazowo-naftowego. W podsumowaniu wskazano na brak jednolitego modelu postępowania w tym zakresie, wynikający z różnych uwarunkowań geopolitycznych i makroekonomicznych prezentowanych państw oraz na wyzwania wobec polskiego rządu, dotyczące wyboru wzorców najbardziej adekwatnych dla sytuacji naszego kraju i wprowadzenia ich w życie. ; The article discusses a relation in between energy security and state ownership of the enterprises active in energy and fuel sector. A history of privatisation efforts carried out both in Western Europe and in post-communist countries is presented to give background for current state of the governmental involvement in the sector. The main part of the article is devoted to individual analysis of selected countries representing various models of ownership policy, among others: USA, UK, Germany and Russia. These analysis are complemented by a chapter discussing the issue of competition between so called National Oil Companies, owned, or at least controlled by governments and Global Oil Companies, public but almost purely privately owned ones. They indicate a variety of ownership models applied or rather developed due to differences in size and structure of natural energy resources, balance of internal supply and demand, military strength, political position, particular model of free market economy in general, membership in key international organisations. All the factors mentioned have lead to a situation in which a total lack of governmental ownership in the sector's corporation can be attributed only to USA and UK. In all other countries analysed states act as important or even dominant shareholders in key energy companies, trying to pursue, in more or less open ways, their policies. Having understood that their results depend very much on the strength and international presence of state controlled corporations governments promote their business development through adoption of the most advanced managerial practices, research in technology and participation in global cooperation with key players in energy and energy related sectors. Therefore they do not exclude neither a partial participation of private investors nor bringing state controlled companies to, even foreign, stock exchanges. But always governments execute control over activities related to energy security and protect these corporations from hostile takeovers. On the other side governments actively support the controlled companies on various fields for example trying to weaken certain EU regulations, negotiating international agreements considering their presence abroad or granting licences for their own natural resources on preferential terms. In conclusion it is stated that no universal "correct" or "European" pattern regarding neither state ownership in energy companies nor using this tool for protecting energy security exists. Therefore Poland has to select solutions most adequate to it's own situation and apply them in the most effective way.

Polityka klastrowa, która została wypracowana przez instytucje Unii Europejskiej, a która jest wdrażana od wielu lat bezkrytycznie przez instytucje państwowe, jest niedopasowana do realiów polskiej gospodarki oraz relacji społeczno-gospodarczych, a przez to nieefektywna. Ostatnie badanie wykonane przez Delloite Business Consulting S.A. Benchmarking klastrów w Polsce – 2010 Raport z badania1 wskazuje, że organizacje klastrowe w Polsce nie są rozwinięte i borykają się z problemami finansowymi oraz problemem nieufności przedsiębiorców wobec swojego otoczenia biznesowego i instytucji państwowych. Raport ten potwierdził stwierdzenia zawarte w raporcie PAG, który zostanie omówiony w dalszej części tej publikacji.Polityka klastrowa jest realizowana przez Urzędy Marszałkowskie, co nie przynosi zakładanych rezultatów, bowiem politycy są bardziej zainteresowani tworzeniem nowych inicjatyw klastrowych niż wspomaganiem i rozwijaniem tych, które sami pomagali powoływać do życia.Celem niniejszej pracy jest przedstawienie koncepcji rozszerzenia kompetencji oraz zakresu działalności Specjalnych Stref Ekonomicznych o działalność brokera klastra. W opinii autorów ustawowe przydzielenie SSE roli brokera klastra, bazując na modelu działań odgórnych (top –down), może przynieść pozytywne rozwiązania i zapewnić budowanie klastrów przez profesjonalne organizacje, posiadające zarówno know-how, odpowiednie zasoby ludzkie oraz istniejące struktury organizacyjne.[.] ; Since last two decades, the cluster concept developed by Porter has been widely used as the tool for policy makers to intervene in regional agglomeration and industrialization process. The European Union introduced Cluster Based Policy to its members, aiming on spreading idea of cluster among them, and providing best practices by basing on researches done on existing clusters in Western Europe. The basic assumption of the EU bottom-up CBP is to support recognized cluster initiatives and provide financial means for start up. In this model, the market should prove whenever the cluster initiatives were strong enough to grow up or decease. Poland does not have national CBP and the national policy is based on European recommendations. These recommendations do not fit to Polish social and economic reality. Poland is considered as the one of post-communism countries with all the social and economical limitations appearing from that fact. The citizens and entrepreneurs still do not trust each other as well as they do not trust in government and its institutions. The mentality of people has not caught up the wave of economical changes yet. During last decade in Poland there were established many cluster initiatives. After initial euphoria, especially among politicians, within a period of 2-3 years almost all cluster initiatives and cluster organization in Poland have gotten into financial and organizational troubles. They exist; however, either do not act or act in order to find financial sources to cover basic operational costs, such as the costs of an office, stuff or current payments, thus they are not focused on cluster projects at all. The cluster policy in Poland seems to be ineffective and inappropriate tailored to our social and economical conditions. The authors would like to propose to change bottom-up policy and let government take a part in establishing and supporting cluster organizations in Poland. The Polish government has a tool to intervene on the regional market to create agglomeration processes leading to establishing clusters. The Polish Government legislated the act on Special Economic Zones and thus prepared a useful tool to support regional development. SEZ territorially cover all regions of Poland. So far SEZ have been responsible over attracting investors to the zones by providing them with: fiscal support, help in start-ups, facilitating with governmental institutions and education. The last world crisis showed, it is not so hard to attract a new investor, but it is very hard to keep the investment in region. Due to its long experience and already existing organizational structures SEZ are perfect to undertake the role in cluster policy as the cluster brokers and facilitate all cluster projects. SEZ as the broker of cluster could bring a benefit to the actors of the clusters and increase regional development and competitiveness.