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Can a small firm operate a successful business selling music CDs from the Czech Republic? How can e-commerce work successfully now that the Internet bubble has burst? Can a business be tied to a cultural mission? Tamizdat, a Prague-based non-profit firm selling alternative music from Eastern and Central Europe over the Internet is out to prove that all these things are possible. The following report was prepared by Katya Zapletnyuk.

Improve finances ahead of euro adoption, says CNB vice governor. Agrofert to bid for government share in Unipetrol again. Czechs will have to pay more for coffee in coming months. Biggest Czech lottery company in the money. Night-shift workers at Skoda Auto strike ahead of pay talks. Food imports up against exports. EU accession to benefit some agriculture sectors. Sales of motorbikes up by one third in Czech Republic.

Oil prices on world markets have been growing recently mainly due to the political crisis in Venezuela and the looming war against Iraq. Although the oil prices decreased slightly after the oil cartel OPEC hinted it might increase output to compensate for the dropout in Venezuela's exports, the main risk factors remain in place. The Czech Republic is dependent on oil imports and turbulence on the oil market can seriously affect its economy. However, a favourable exchange rate for the Czech crown to the US dollar is helping to compensate for the

The cabinet has suspended its discussion of the long-awaited fiscal reform aimed at stopping the growth of the public finance deficit. Pilots working for the Czech national air carrier, Czech Airlines (CSA) have reportedly threatened to go on strike to support their wage demands. U.S. manufacturing conglomerate Honeywell has chosen the Czech city Brno for a planned global design center. Czech internet users will be able to get a broadband connection using the ADSL technology with a 3-month delay in March.

Extremely low inflation, appreciation of the currency, high demand, growing unemployment and trade gap, and unsustainable increase in public finance deficits - that's in a nutshell what the year 2002 was like. More...

Czech central bank recommends adopting euro in 2007. Number of foreign tourists to be 15 pct lower this year. Two thirds of Czechs get lower than average wages. Temelin's second reactor reconnected to grid after 4-month shutdown. CzechTrade to open new office in Copenhagen in January. Czechs more satisfied with living standards than 4 years ago.

Click here for a brief overview of some of the important economy and business-related events expected to take place in 2003.

Bill on 2003 State Budget Deficit Passed. Finance Minister Details Budget Reform Plan. Public Sector Salaries To Rise In New Year. Two Japanese companies to build manufacturing plant in Plzen. Seven former IPB bank executives charged with abuse of confidence. European Union Will Protect Budejovice Beer Designations. Retail revenue growth slows down in October. Czech and Slovak economies before and after the dissolution of the common.

According to a recent study, more than 40 percent of working time is spent in an unproductive way in Czech economy. At the same time, managers are rather sceptical as to the possibilities of improvement. However, productivity growth potential is estimated at around 30-percent.

Inflation reaches another all-time low but unemployment causes growing concerns. Efforts to revitalise northern regions worst-hit by unemployment continue. Czech doctors are prepared to push their wage demands by going on strike. Economic crime in Northern Moravia has been on the increase.