Stepping up refinery activity after just taking a massive hit from the struggling sector might at first glance seem a puzzling strategy. But the Polish overlords of most of the Czech refinery and petro-chemical sector believe they can turnaround the business as they prepare to take over full management control. But they say a little help from the Czech government would not go amiss.
The Chinese state-owned enterprise China Railway Signal & Communication Corporation has signed a deal to buy a majority stake in the Inekon Group from its founder Josef Hušek. Inekon, a Czech tram producer, will thus receive a marked financial boost and a strong foothold in the Chinese market. In addition to trams, it will provide know-how at a new production facility just built.
According to the daily Právo, Czechs most often take loans to buy home appliances, renovate their apartment, pay off earlier debts, or buy a car. But every spring and summer, there is a rise in a number of those willing to take loans to pay for upcoming vacations, by the sea, and sometimes more exotic locations. Experts warn taking loans for vacations is often not a good idea: some two percent of Czechs who do, often find themselves in financial difficulties afterwards, having trouble paying off their debts.
Czechs this week joined other central and eastern European countries in rolling out a new virtual currency called Czech Crown Coin (the CZC), a local alternative to other virtual currencies like the worldwide Bitcoin. The aim is to provide a Czech alternative for transactions and to boost support for online business.
The Czech-based carmaker Škoda Auto has unveiled a sketch of its third -generation Fabia model. The new hatchback will be wider and lower, with sharply styled panels. Production is set to start at Škoda’s plant in Mladá Boleslav later this summer, and the model will officially be unveiled at the Paris Motor Show in October.
A years-long effort by the Czech army to off-load some of its surplus L-159 planes has finally born fruit. On Monday Defence Minister Martin Stropnický and a representative of the Czech plane manufacturer Aero Vodochody signed a contract opening the way for the sale of 14 military airplanes to the American firm Draken International in 12 million dollar deal.
While German football fans are basking in their country’s fourth world title, the World Cup has also been a huge success for some Czechs despite the fact their national team failed to qualify for the event. The World Cup in Brazil was the single most successful event for Czech betting firms which took in bets worth over 1.1 billion crowns.
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