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The Industry and Trade Ministry is preparing a special help programme for businesses affected by the recent floods, particularly small and mid-sized businesses.

Czech retail sales dropped by 0.5 percent year-on-year in June in real terms, while in May they increased by 3.2 per cent, the Czech Statistical Office reported.

As one of the austerity measures, the government has scrapped plans to buy two dozen supersonic jet fighters for the Czech air force.

Premier Vladimir Spidla said he would ask the Chamber of Deputies to postpone the deadline for submitting a draft state budget for 2003 until the end of October.

The Finance Ministry and the Czech Association of Insurance Companies estimates that Czech insurers will have to pay around 19 billion CZK in compensation.

The government has estimated flood damage at between 60 and 90 billion Czech crowns, which is 2 to 3 billion USD.

The Czech crown depreciated in the past few days due to concerns about the effects of the disastrous floods in the Czech Republic. After several week of steady appreciation, the crown's exchange rate fell...