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Business News 23.9.2016

Round-up of business news this week: The government approved the draft budget for 2017; Foreign debt rose to over 3.350 trillion crowns in second quarter; Škoda Transportation completed the first part of a major German contract; Bělobrádek apologised for VAT confusion; top brewer says it will ... more >>

More and more Czech firms selling wares through e-commerce giants

Czech companies are beginning to sell products through major internet retailers like Amazon or China’s Alibaba. According to Czech Radio, domestic companies selling through international e-commerce retailers now number in the dozens. more >>

Czech companies increasingly relying on foreign workers

The Czech Republic’s economic boom has left many companies short-staffed and desperately seeking employees in order to be able to meet demand. Despite the fact that Czech labour offices currently register 390 thousand unemployed, companies are increasingly dependent on foreign labour. more >>

Government approves draft state budget for 2017

The Czech government on Wednesday approved its draft budget for 2017. The proposal envisages a deficit of 60 billion crowns and promises wage hikes for civil servants, doctors, nurses and teachers. While the opposition has criticized it for “excessively generous handouts”, the ... more >>

Minister proposes incentives to halt abandonment of small villages

The Czech minister of agriculture has presented a plan aimed at halting the abandonment of small villages. The scheme would offer incentives to both employers and employees in municipalities with a population of 500 or less. However, the minister of finance takes a dim view of the measures. more >>

Soft drinks producer Kofola reaches deal on Croatian mineral water

The popular Czech soft drinks producer Kofola ČeskoSlovensko confirmed this week its latest acquisition to its broadening portfolio, this time the Croatian brand-name mineral water Studenac, owned by Podravka. The two firms signed an agreement on the sale but did not release details about ... more >>

Coalition partners signal CZK 300 a month pension rise from January

It appears that old-age pensioners in the Czech Republic will be able to look forward to CZK 300 more a month starting from next year. The coalition parties have taken potshots at each other over who can take the credit, though ahead of a vote this week they are in broad agreement on the increase. more >>

Around 20 million a month swallowed by Blanka tunnel

The operation of the Blanka tunnel complex in Prague costs the city around 20 million crowns a month, deputy mayor of Prague Petr Dolínek told the Czech News Agency on Friday. The controversial tunnel, which cost the tax payers some 43 billion crowns, was opened on September 19 last year. ... more >>

Business News 16.9.2016

In Business News this week: Czech banks boost collective profits; apartment prices surge in second quarter; uncertainty over future of Aircraft Industries; ČEZ extends outage for Temelín reactor; exports to Russia continue to slide. more >>

Czech lottery firm Sazka marking 60 years of existence

The Czech Republic’s most powerful lottery and betting company Sazka is on Thursday marking 60 years of existence. Sazka, which operates the popular Sportka lottery, has survived the collapse of communism and bankruptcy and last week registered its second biggest payout ever. more >>

Zeman to announce his possible presidential candidature in March

Czech President Milos Zeman, 71, will announce in early March 2017 whether he is going to run for president again in the elections scheduled for early 2018, he told public Czech Television (CT) tonight. more >>

Babiš to consult lawyers if new bill is passed by Senate

Czech Finance Minister Andrej Babis (ANO) will wait until the conflict of interest bill is assessed by the Senate and President Milos Zeman and then he will consult lawyers on how to react, he said after the bill that restricts ministers' business activities was passed by the lower house ... more >>

Lower house backs moves curbing ministers’ business interests

The Czech Chamber of Deputies passed an amendment toughening the conflict of interests law including some restrictions of ministers' businesses that are evidently aimed at Finance Minister and billionaire Andrej Babis (ANO) yesterday. more >>

Czech exports to Russia continue to fall in 2016

Czech exports to Russia have continued to fall in 2016. According to figures released by the Czech Statistics Office on Tuesday, exports to Russia fell by 12 percent in the first six months of this year compared to the same period last year. This follows a year-on-year fall in the volume of Czech... more >>

Hotel chain planned for man’s best friend

A Czech-Slovak chain of pet shops, Pet Centres, is planning to open a network of dog hotels in the Czech Republic and Slovakia, the daily Hospodářské noviny reported on Tuesday. The company, owned by former managers of the Czech-Slovak investment group Penta, is set to build 17 hotels. Their ... more >>

Prague to defend security at EU summit in Bratislava

The Czech Republic will push for deepening EU security, both external and internal, and restart of the member states' coming closer to each other economically at the summit in Bratislava on Friday, according to the mandate for PM Bohuslav Sobotka that the cabinet approved tonight. more >>

Zeman, Hofer want to to strengthen role of Central Europe in EU

Czech President Milos Zeman and Austrian presidential candidate Norbert Hofer would like to strengthen the role of Central Europe in the European Union, the latter told journalist after their meeting yesterday. more >>

Former central bank governor says wage rises of around 5 percent realistic

The recently retired governor of the Czech national bank has pitched into the debate about the current level of wage deals in the Czech Republic, which divides employers and unions. On Czech television’s flagship discussion programme, Miroslav Singer said wage settlements of around 5 percent do ... more >>

Business News 9.9.2016

In Business News this week: Škoda Auto seen rolling out four new models in 2017; Average wages rise by 3.9 percent in second quarter; Union groups call for hike in minimum wage to 11,500 crowns a month; Central bank announces modest foreign currency interventions in July; Finance ministry revises... more >>

Calamity timber fells Lesy ČRs earnings

State-owned forestry company Lesy ČR is facing a serious bark-beetle infestation which has affected this year’s production of timber, the daily Hospodářské noviny reported on Friday. The company announced this week that up to 70 percent of the all its timber production is so-called calamity ... more >>
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