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In this week’s business news: An increase of the lower category VAT has gone into effect, Czech online discount sites see steep increases in sales, hard liquor consumption is on the decline, Škoda Auto has sold a record number of cars in 2011, and the Czech Agriculture and Food Inspection Authority says that 15 percent of food products it inspected in 2011 failed to meet its quality standards.

In Business news this week: Czech crown falls to its lowest to the dollar since July 2010; Česká spořitelna withdraws from legal battle over bankrupt lottery firm Sazka; Czech foreign debt reaches 49 percent of GDP; sales of alcoholic beverages took another slump this year; and Czech Republic’s Vietnamese community launches its own discount website.

In Business News this week: a poll suggests that a majority of Czech business leaders oppose contributing to the EU’s efforts to save the euro; Central Bank governor says that the loan to the IMF will have to be very seriously considered; The government’s economic advisory council NERV acquaints PM with detailed crisis scenario.

Economy grows by 1.2% in 3Q; criminal liability for companies passes parliament; fifty billion crowns in deals for Czech and Russian businesses; inflation accelerates to 2.5%; construction continues decline.

In Business News this week: the Czech Finance Minister warns of disastrous consequences the fall of the euro would have for Czech economy; Czech banks pass new stress tests but Moody’s downgrades their outlook to ‘negative’; Westinghouse signs cooperation deal with Vítkovice engineering firm; Škoda Auto announces plans to develop a new SUV model; and Nová Paka in eastern Bohemia is named the Czech town for business.

In business news today: household energy prices to grow in coming months; Slevomat.cz buys share in Hungary’s Bónus Brigád; Czech Post expects rise in profit compared to 2011; Construction sector expects crisis to deepen.

In Business News this week: the economy slows down suggesting even bleaker outlooks; the Czech crown loses its lustre for investors; Czech banks lose billions in the Greek debt crisis; President Klaus vetoes a bill introducing criminal liability for corporations; firms increasingly introduce loyalty programmes to keep customers; and Czech Post will launch “great parcel revolution”.

In this week’s business news: lower house approves package of reform bills, coalition agrees to postpone tax reform until 2014, EC revises Czech growth forecast downward and Czechs pessimistic about the future.

The lower house passes the draft state budget for 2012 in a first reading; the 2011 Czech state budget deficit falls to 91.5 billion crowns in October; the Czech unemployment rate drops 0.5 percent to 6.6 percent year on year; the lower house approves restrictions of state support to building savings; and Škoda Auto reveals price of its new model.

The prime minister wants a referendum if the euro is to be adopted; a new natural gas line opens to the north; passenger car production up; the government shells out 11.7 billion on operation of renewable energy sources; and Czech Television stops advertising.