Statistics show that close to one in ten adults face financial execution. Against this backdrop, MPs are set to debate amendments to the Insolvency Act which aim to make it easier for people to qualify for debt relief – and thus avoid declaring personal bankruptcy. But are so many Czechs really in debt up to their ears?
As the United Arab Emirates continue to lower their country’s economic dependency on oil, new opportunities are on the rise. Czech companies, for whom the UAE are the biggest trading partner in the Persian Gulf, see the upcoming EXPO 2020, a Universal Exposition to be held in Dubai in two years’ time, as a great opportunity to extend trade relations. This week saw a special trade mission, made up of Czech companies, travel to the UAE and explore prospective business deals.
The 2019 draft budget is to focus on investment, increase of public sector salaries and the raising of pensioners’ living standards, Finance Minister Alena Schillerová said after it won government approval on Wednesday. The budget proposal counts on a CZK 40 billion deficit; ten billion less than originally planned by the Ministry of Finance.
Czech economic research institute CETA (Centrum ekonomických a tržních analýz) published a study focused on the residential housing market in Prague on Friday, which claims that bureaucratic hurdles, coupled with high demand, are primarily responsible for the current low availability of housing in the capital. It also claims that Airbnb flats, which have been the centre of focus for many councillors, are not to blame.
Opravárna is a new Czech app, which matches handymen to repair requests sent from across the country. The app has been quick to catch on and currently has nearly a thousand handymen registered. Yet Opravárna is not just a savvy business idea, but one of the ways in which the Czech Republic can contribute to the EU’s plan for achieving a more circular economy.