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CEZ acquires Bulgaria's largest bloc of power distributors; a Czech-Slovak financial company buys Sparta Prague; and the daily Mlada Fronta Dnes reports on a OECD report that says tax collection in the Czech Rep is costly & complicated

Next year the European Union will launch the opening phase of its ambitious Emissions Trading programme, which planners hope will help to reduce the union's overall greenhouse gas emissions. In line with the EU Emissions Trading Directive, as of 2005 individual EU members will be required to meet pre-set emissions caps spelled out in countries' National Allocation Plans. However, companies affected under the legislation will also be given emissions allowances, which, if saved, will be possible to trade as credit on a newly-emerging - and some believe

This week, we interview the president of the Czech branch of 'First Tuesday', a networking group for investors, entrepreneurs and high-tech companies. First Tuesday was named for its first such meeting, held in England in October 1998 at the dawn of the 'dot-com' boom. Radio Prague caught up with the president and co-founder of the Czech branch, Ivan Pilny, at the group's November meeting to take stock of the network's developments since its start here in 1999.

The Finance Ministry has predicted faster GDP growth, Prague houses one of the most expensive streets in the world, and household debt is on the increase.

There has been a lot of talk in recent years about a demographic "time bomb" ticking in Europe, the need to reform pension and welfare systems and revamp as part of building a more competitive European Union. Leading Czech and British economists met at Prague Castle last week for another in a series of conferences about the future of Europe. The focus this time around was on the Lisbon agenda, aimed at making the now 25-member strong European Union an unrivalled knowledge-based economic powerhouse, by 2010.

ECB 'Convergence Report' critical of Czech deficits; 'One-stop' registration for new businesses proposed; Downsizing Ispat Nova hut offers unprecedented severance pay; U.S. dollar falls below the 25 crown mark.

Trade and Industry Minister Milan Urban supports the idea of CEZ becoming a Central European giant; the value-added tax on museums, hotels, and historic sites may be lowered to the 5 percent rate in 2005; and TV Nova is considering reviving its relationship with its former servicing company CNTS.

It has been called the communist's answer to Coca Cola and Pepsi - a fizzy cola with an unexpected twist - the Czech brand Kofola - actually invented in the 1960s by the Communist Planning Committee as a means of using up surplus caffeine extracted from coffee beans. In the 1970s and 80s the brand enjoyed wide popularity in Czechoslovakia but found itself trouble in 1990 when brand giants like Coca Cola and Pepsi fully entered the Czechoslovak market.

Czech government to buy back stake in Aero Vodochody from Boeing for symbolic price; CVVM poll shows majority of people think Czech economy is in "bad" shape; 'Youth' loans proposed instead of 'Newlywed' loans; U.S. not to impose higher import duties on glass; CzechTourism becomes first gov't agency to agree to join 'Viva Etika' project

Accession to the European Union, the arrival of low-fare airlines, and an international televised ad campaign promoting the Czech Republic have all helped to attract foreign tourists to Prague. What have these trends meant in terms of revenue for local hoteliers and developers?