Business News | All stories

Share-prices on the Prague Stock Exchange have slumped to their lowest level since November 2006, Škoda car sales around the world increased by 14.5 percent last year and Visa has apologized for a glitch in its transaction system in Poland, the Czech Republic and Hungary that left an unspecified number of customers with duplicated withdrawals on their accounts.

In Business News this week: state-owned brewer Budvar will probably not be privatised during the term of the current government, says the minister of agriculture; top managers at ČEZ are set to take home phenomenal amounts under a share option incentive scheme; with a rise in the number of second-hand autos imported, some are suggesting the Czech Republic is Europe’s car graveyard; ČT24 will soon begin broadcasts from the Prague Stock Exchange; and the Czech makers of a hit computer game are bought out by a US firm.

In Business News this week: the budget deficit is significantly lower than predicted; the prime minister signals an end to state support for building savings; the euro could be adopted as late as 2019, says the governor of the central bank; almost half the foreigners working in the Czech Republic would like to leave, citing trouble finding employment corresponding to their qualifications; and after years of growth, the number of mobile phone text messages sent on New Year’s Eve fell slightly.

In this week’s Business New: the Czech Republic to receive more funds from the EU; Home Credit starts off in China; Czech Railways plan record renovation; Czech food prices to go up in 2008; and CEZ Hungarian deal causes controversy.

In Business News this week: energy giant CEZ buys a 7% share in Hungary’s MOL and raises its profit estimate by 1.2 billion crowns; Czech Airlines agrees to sell its catering business; Skoda Auto wins Exporter of the Year award; Starbucks is coming to the Czech Republic in early 2008; and Czech beer output is set to finally cross the 20 million hectolitre mark.

In Business News this week: inflation in the Czech Republic stands at 5 percent and is set to rise further, while salaries should grow next year by almost 8 percent; unemployment is at a nine-year low of 5.6 percent; Skoda is about to start rolling out Octavias that run on alcohol, but only for the Swedish market; Seattle follows Portland’s lead and introduces Czech-made trams; sales of organic food have doubled and are set to keep doubling annually for the next couple of years; and the Czech National Bank is minting more coins, due to uncertainty

In Business News this week: GDP growth slows, but remains above 6 percent; the giant Czech anti-virus company Grisoft buys a US company providing protection from dangerous web sites; US private equity firm Warburg Pincus acquires the second most popular Czech web portal; Ikea significantly increases its sales in the Czech Republic; bakery chain Paneria is set to expand to 30 outlets; and Prima TV sells a serial to a Czech-language broadcaster in the US.

The Czech government approved an updated convergence programme for euro adoption, but still no target date in sight; The Czech National Bank board raised its key interest rate by a quarter of a percentage point to 3.5 percent and Czechs are making more money - the average wage in the Czech Republic is up by 7.6% year-on-year.

In Business News: with the Czech crown going below 18 to the US dollar, it is now exceedingly difficult for Czech firms to export to America; a new study finds the Czech tax system one of the most complicated and burdensome in the EU; Meinl European Land, owner of over 100 shopping centres in the Czech Republic, is expanding further; Heineken is reportedly hoping to acquire another slice of the Czech drinks market; and the country’s breweries are expecting a merry Christmas.

In Business News this week: As power giant CEZ announces healthy profits, analysts warn of further increases in the price of electricity; Czech Railways is now in profit after years in the red, though the company is fined for late trains by the Olomouc regional authority; increases in home prices should slow, though prices are not likely to fall; and cable company UPC now has over a million customers.