The Supreme Audit Office has criticized the Czech system of granting subsidies in the sphere of research, development and innovation as ineffective. The office claims that despite a growing amount of funds channelled into these areas, there are few registered patents and there is a clear lack of cooperation between the private and public sectors.
The weakening crown coupled with robust wage growth could lead Czech central bankers to consider the first back-to-back increase in interest rates in over a decade at their next policy-setting meeting, the Bloomberg news agency reported on Tuesday, citing interviews with two board members keen to cool the overheating economy.
Czech petrochemical giant Unipetrol announced its financial results for the second quarter of 2018 on Friday. The company recorded a net profit of 2.9 billion crowns, down 687 million crowns in annual terms. The group’s total revenues reached 31.1 billion crowns, a year-on-year decrease of 44 million crowns.