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In this week’s Business News: Czech economic confidence takes fresh hit; Škoda reports strong sales and increased profits; the government is to increase the country’s petroleum reserves; Unipetrol reports significant losses; a survey finds that cleaners and politicians are the Czech Republic’s least prestigious professions and a Finance Ministry report says that taxing betting winnings is not viable.

In this week's Business News: the government reduces its forecasts for deficit reduction; the Finance Ministry predicts slower growth; Moody's affirms the Czech Republic's stable rating; Koh-i-noor is to purchase a French gas company; the country's water management authority commissions a study into a massive canal project and the country's construction sector is hit by the weak economy.

In this week's Business News: Škoda defies the weak economy with record car sales; the Czech Transport Ministry says it will accept financial claims caused by the vehicle registration meltdown; summer storm damages reach half a billion crowns; Czech debt reaches 1.6 trillion despite austerity; inflation rises in June and Czech Railways selects companies for train maintenance contract.

Regional Development Ministry says system of drawing EU funds is fixed; external debt grew by 33.7 billion in first quarter; household indebtedness grew by 3.6 billion from April to May; Nečas says impacts of EU summit measures will be limited; Czech National Bank cuts interest rates by quarter percent.

In Business News: Czechs buy a total of 13.8 billion state savings bond units worth 15.3 billion crowns; the Czech Republic could lose roughly 22 billion crowns in EU subsidies in 2012; more than 60 percent of Czechs are in favour of further development in nuclear energy; the Czech Republic remains the most attractive country for foreign investors; at the pump, a drop in fuel prices.

In Business news this week: Czech public debt is the second smallest in the EU but the gap widens between the country’s GDP and EU average; Škoda Auto seeks factories to produce its new SUV model; government plans to cap salaries of state-owned firms; Czech Post suspends deliveries to Syria; and a new study predicts how many medals Czech athletes will win at London Olympics.

In Business News this week: Czech economy contracts less than previously expected in the first quarter of this year, with more new jobs in May; lawmakers end the monopoly of Czech Post; new study finds how much dropping education standards cost the economy; a coal war breaks out between Czech billionaires; and a new glassworks opens in Světlá nad Sázavou.

The manufacturing sector hits its lowest point in three years; the government approves legislation banning anonymous bearer shares; the Finance Ministry expects the public finance deficit to drop to 3% GDP this year; new law on emission fees ratified; the Czech Republic’s international competitiveness slips for the third year.

In Business News this week: Czech government approves austerity measures but might run into problems securing EU funds; PM Nečas speaks of the consequences a Greek exit from the eurozone would have on the Czech Republic; the biggest Czech betting firm Tipsport buys its competitor; Czechs smoke less and most of them want a ban on smoking in public spaces; Czechs lie in their CVs more than other nations.

In Business News: the Czech economy contracts by 1.0 percent in the 1Q, the second-worst result among 19 EU states; the country’s ombudsman slams the government’s social system reforms, saying they have left thousands on the brink of poverty; the price of Czech garlic is set to go up; Czechs are budgeting more carefully and buying less when shopping in supermarkets than in previous years.