The saga surrounding the legal case of the bankrupt H-system housing project, which cost over a thousand clients millions of crowns, continues to resonate throughout the country. Many are pointing at the shortcomings of the judicial system and asking the question whether the state should intervene. On Tuesday, the head of the Supreme Court suggested the state should step into the case and compensate the damaged clients.
Czech banks may see profits drop by hundreds of millions of crowns due to
the Markets in Financial Instruments Directive (MiFID II), which forces
lenders to reveal how much they bill customers for exchange rate hedging
operations, a source told the daily E15.
Part of Europe’s biggest regulatory overhaul in a decade, the regulations in part were intended to stop banks from selling products that clients do not need or understand.
Czech banks, especially established lenders, have had a reputation of charging high and hidden fees. Newcomers to the market often highlight transparency in this regard to win over customers.
Estate agents have noted increased interest in renting cottages and ski
chalets, and not just in the high season but year-round, according to a
survey by state news agency ČTK.
Bezrealitky.cz executive director Hendrik Meyer said the motivation to rent rather than own is not just a question of money; Czechs increasingly do not want to be tied to a single weekend retreat or holiday spot. The most desirable locations are in the mountains and near waterways, within a reasonable drive from Prague, Brno and other large cities, he said.
Fincentrum Reality's Martin Fojtík said interest in renting cottages has doubled over the past four years, and prices have risen 15 per cent year-on-year. M & M Reality's Jan Martin said demand has risen in tandem with rising concerns over security in some popular foreign destinations, such as Egypt and Tunisia.
A housing cooperative whose members have been ordered to vacate their homes
near Prague are planning to make a complaint to the Constitutional Court
next week. On Tuesday the Supreme Court ruled that the administrator had
the right to dispose of the properties of around 60 families who were
one-time clients of the collapsed building firm H-System.
On Monday cooperative representatives will take part in a meeting with the administrator where Prime Minister Andrej Babiš intends to act as a mediator.
The families say they will not leave their apartments, which they themselves completed after H-System went bust.
Dozens of Czech families who made payments on new apartments in the 1990s found themselves high and dry when the building firm involved collapsed. Now they have been ordered to evacuate their homes forthwith after losing a long-running legal battle, a verdict that has come in for broad condemnation.
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.
At 2.9 percent, the Czech unemployment rate is the lowest in 22 years, and in particular graduates have never had it easier finding work. According to labour office statistics there are currently ten vacancies per graduate, a state of affairs that is attracting young people from Greece, Italy or Spain to the Czech Republic.
Bulgaria's anti-monopoly regulator has blocked two multimillion deals
with Czech businesses, saying the buyers might achieve dominance on the
market through a concentration of ownership.
One was the sale of Czech energy giant CEZ‘s Bulgarian assets to the Bulgarian company, Inercom, the other was the sale of one of Bulgaria's two largest media conglomerates, Nova Broadcasting Group, to the PPF group of Czech businessman Petr Kellner.The regulator said the deals could result in market dominance that might harm customers.
The ruling can be appealed before the Supreme Administrative Court within two weeks.
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