Hyundai to build $1.2bn car plant in the Czech Republic; Premier Jiri Paroubek has agreed to set up parliamentary commission on Unipetrol; Swedish broadcaster MTG buys $115m stake in TV Prima; State to sell 56 percent stake in Severoceske Doly to CEZ for $375m; Retailers Tesco (UK) and Carrefour (France) agree to asset swap in Taiwan, Czech, Slovak republics
Forget the weather - the hot topic in Prague this summer is the price of petrol. For a nation of country cottage enthusiasts for whom a weekly trip to their country cottage is a must the price of petrol is a big deal. And it has been climbing steadily all summer. Nowadays you'll see many drivers slowing down as they go past a petrol station with an eye out on where you can get the lowest price.
President Klaus vetoes regional hospital bill; Czech economy posted GDP growth of 5.1 percent in 2Q; Market research survey shows growing disparity in purchasing power between Bohemia and Moravia; South Korean automaker Sungwoo Hitech to build $105m plant here; Czech Republic building highways at fastest rate ever, but at a greater cost than many European countries
The Czech economy grew by 5.1 percent in the second quarter of this year, its fastest rise since the same period in 1996, the Statistical Office said on Friday. Deputy Prime Minister for the Economy Martin Jahn said the growth was due to foreign investment and the utilisation of European Union funds.
Supreme Court upholds judge's dismissal for lack of progress on commercial cases; Paroubek favours 2010 target date for adoption of the euro; Anti-monopoly office asks fuel retailers asked to explain jump in price; State attempting to collect on fugitive billionaire's 50mn crowns in promissory notes; US and Polish investors buy Czech anti-virus software company Grisoft for $52m
Unemployment went up by one decimal point in August, according to
Labour Ministry figures published on Thursday. The number of people
looking for work rose to just over half a million, or 8.9% of the
workforce. The chief economist of Raiffeisenbank in Prague, Pavel
Mertlik, said that despite the increase, the figure was encouraging.
With those leaving school entering the job market, August is
traditionally the worst month of the year.
Inflation figures have also been published, showing that the year-on-year rate for August remained unchanged at 1.7%. According to the Czech Statistics Bureau rises in fuel prices were matched by a fall in the price of some foodstuffs. Consumer prices remained at July levels.
The Finance Ministry has asked the Polish concern PKN Orlen for permission to publicly release details from a contract between the Czech state and PKN Orlen in the sale of the Czech Unipetrol oil and petrochemicals company earlier this year. PKN Orlen bought the Czech state's share in Unipetrol in May for more than 13 billion crowns, or 553 million U.S. dollars. The Finance Ministry's move follows a recent bribery scandal - so far unproven - that cast doubt on the transparency of the sale. The finance minister has maintained from the start that the sale of Unipetrol was above board.
The Czech currency has further gains against the common European currency, reaching 29.03 crowns to the euro on Monday morning following fresh data from the United States. The currency is nearing its record high of 28.92 against the euro, which was set in July 2002. Meanwhile, as expected, Prime Minister Jiri Paroubek confirmed on Monday that the government is looking to delay the adoption of the euro by one year, to 2010.
Finance Minister 'convinced' Unipetrol privatisation was transparent; Czech Republic pushes back target date for Euro adoption to 2010; First ever Czech foreign trade surplus posted for month of July; American broadcasting group CME has bought Galaxie Sport from PPF; Cabinet's draft bankruptcy law would give creditors' greater power; Denmark's Lego Group to relocate Swiss factory to the Czech Republic
World oil prices fell slightly on Friday after the U.S. government moved to avert a fuel shortage and some oil operations resumed on the Gulf Coast. But it could be months before the global economy recovers fully from the damage wreaked by Hurricane Katrina, and that also affects the Czech economy. Rob Cameron has more.
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