The Czech power company ČEZ has said it will temporarily halt operations at its coal burning plant in Bulgaria as of the beginning of next year after it emerged that a planned investment to bring the plant up to EU environmental rules would not be economically justifiable given the cost of electricity.
The European Commission has allowed winemakers in the Czech Republic and other EU countries to use sugar to increase the alcohol content in their wine. The decision comes after winemakers complained that due to poor weather conditions this season, the natural content of sugar in grapes would be too low.
The lower house of Parliament has approved legislation that allows the exchange of information about banking accounts with other countries. The bill is a prerequisite for the implementation of the FATCA agreement with the United States which will require Czech financial institutions to inform US authorities about account owned by US citizens.
Trade between the Czech Republic and Belarus has been steadily growing over the past decade, with Czech exports to that country having risen by more 250 percent over the last five years. Belarus has also become an important destination for Czech investors, and its significance is set to rise in light of the Ukrainian crisis.
The Czech Finance Ministry is working on a draft law which would give the tax authorities more powers in investigating the source of undeclared property exceeding 10 million crowns. If the owner is unable to prove the origin of the assets, the authorities could levy a high tax on them. The proposal, which is part of a coalition agreement signed by the three ruling parties, has raised protests from the opposition.
A new campaign to support Czech-made food products will be launched this month. Funded by the Czech Ministry of Agriculture, the campaign - called České vánoce s regionálními výrobky, or Czech Christmas with Regional Products - is aimed to motivate consumers to buy locally-produced goods. Its costs are estimated at around 50 million crowns.