In Business News: Czech Airlines gets a firm commitment for financial support from Korean Air and pushes ahead with restructuring plan, the ruling parties agree on the introduction of kurzarbeit to cushion the impact of the EU-Russia sanctions and give their approval to a finance ministry proposal to level a punitive tax on undeclared property, and, the average interest rate on mortgage loans drops to its lowest level since 2003.
The anti-corruption watchdog Transparency International has criticized a number of countries, among them Japan, Russia, Brazil and the Czech Republic, for not abiding by an OECD convention on combating bribery in international business transactions. In its 2014 report on fighting bribery in business Transparency said only the US, Germany, Great Britain and Switzerland were actively upholding the agreements reached. The fact that some big exporters are tolerating and even exporting bribery in international business is hampering global progress in the field, the IT report says.
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.
Thomas Szende, a Budapest-born management consultant moved to the Czech Republic in 2005 where, along with his wife, he founded the Prague Thrift Store. When we met up to talk about his successful endeavour, I noted that the stores are charity-oriented, which is quite a rare thing to see in the Czech Republic.
The Czech tram manufacturer Inekon has won a tender to sell trams to the US city of Detroit. The deal, worth 30 million crowns (roughly 652 USD), involves shipping three sets of trams to Detroit by the end of the third quarter of 2016, the server E15.cz reported this week, citing the company’s head of foreign sales Milan Haloun. The company is now seeking to secure bank guarantees.
Czech authorities have streamlined the system of support for exporters, creating a joint network of services for companies trying to enter foreign markets. The new system, which includes a central Prague-based client centre, comes after the ministries of foreign affairs and industry and trade agreed to coordinate their activities in support of Czech exporters. But the country’s main association of exporters remains sceptical about the move and is calling for a more hands-on approach.
The government has moved to protect the Czech food market against cheap imports diverted to the country due to Russia’s embargo on food products from the EU. Importers are now required to report some types of incoming food products to two days before their arrival, and inform the authorities of their estimated retail price. But some in the Czech food industry are questioning the effectiveness of the measure.
Over 1,000 skeletons discovered during renovation of Kutná Hora “bone church”
Language exams for foreigners seeking permanent residency permit to become tougher
Why are Russian and Chinese spying activities in Czech Republic so intense and how exactly do they do it?
Prague’s historical Koh-i-noor factory to be converted into residential area
The history of the “German Czechs”