The Czech Republic’s foreign trade balance showed a surplus of 19.3 billion crowns in September. Economists say the news is encouraging and proves that the slide in August of this year was a temporary problem caused by seasonal factors and the fact that the automobile producer Škoda, one of the main driving forces in foreign trade, was in the process of launching production of its new model Fabia.
The Czech Republic would like the planned EU-US trade deal, known as TTIP, to replace the current bilateral investment protection treaty between the US and the Czech Republic, the news agency ČTK reported, quoting Finance Ministry documents. Finance Minister Andrej Babiš raised the issue during Wednesday talks with the head of the EU’s Directorate General for Trade, Ignacio Garcia, the union’s chief negotiator of the trade deal. The Czech government believes the TTIP, which could be finalized by the end of the year, will increase the country’s GDP by up to 2.6 percent.
In Business News this week: Czech ministry says planed EU-US trade deal should help Czech economy; Czech Republic moves up in Ease of Doing Business survey; Czech firm to help build artificial islands in Caspian Sea; beer producer Plzeňský Prazdroj announces layoffs; and one third of Czech travel agencies do not respect obligations to clients.
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.
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