While Czech companies have seen healthy growth in their profits in the last year and a half, their employees have seen little change in their pay packets, Hospodářské noviny reported on Monday. Firms are instead opting to reinvest their gains or use them to cover losses sustained during the crisis, the business daily said.
New legislation will make it impossible for companies to use suggestive logos or slogans designating “Czech quality” in foodstuffs which by and large are produced elsewhere, news website iDnes reports. Instead, one logo – a picture of the Czech flag underlined by the words ‘Česká potravina’ – will be available for use by companies that meet the necessary requirements: namely, that the foodstuffs in question are produced fully or largely in the Czech Republic and mostly from Czech ingredients.
The Czech Republic has an export-dependent economy with the bulk of exports going to EU member states. The recent economic crisis and sanctions against Russia led the Czech government to draft a diversification strategy in 2012 and place a strong emphasis on economic diplomacy. However figures just out show that, so far, it has produced scant results.
The recent strengthening of the crown has led the Czech National Bank to consider extending its low crown intervention policy until 2017, according to the head of the bank’s currency and statistical section Tomáš Holub. In an interview with the business daily Hospodářské Noviny on Thursday Mr. Holub said it was the bank’s aim to continue with interventions on foreign markets for as long as necessary in order to support growth and move inflation towards the 2.0 percent target.
Prague’s new planned metro line “D” will feature automated (or driverless) trains, according to new website iDnes. The first part of the ambitious project is to be completed by the year 2022. The decision was taken by councillors at Prague City Hall on Tuesday. Previous plans greenlighted by the former administration of Mayor Tomáš Hudeček, counted on drivers, but cutting them out of the equation would apparently lower operational costs.
The announced sale of Prague’s Hilton Hotel last year appeared to stir a lot of interest from would be investors. But their appetite looks like it will have to be put on hold amid a legal battle between the former Irish owner and the consultancy charged with offloading some of the choice property assets.
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