The ČEZ power utility, which is 70% owned by the state, will explore the
possibilities of lithium mining at Cínovec in the Ore Mountains.
The company will give European Metals Holdings (EMH), which has a prospecting license to mine lithium in the area, a loan of two million euros (51.2 million CZK) and by the end of the year, decide whether to enter the company or have the loan returned.
The Czech Republic has the biggest lithium reserves in Europe and many politicians have pushed for lithium mining in the country to be in the hands of a state-run company.
Severe rain and hail storms in the past two weeks are reported to have
caused damages to the tune of one billion crowns, according to data from
Czech insurance companies. The most damages are reported from the Olomouc
region but people all around the country have been filing insurance claims
over damaged roofs, cars and gardens.
Insurance companies say they have managed to settle around a third of the claims so far. Farmers also report severe damage to the fruit harvest.
The Czech economy is expected to grow by 2.6 percent this year, following a
3 percent expansion in 2018, according to the latest forecast from
For the coming year, the European Commission foresees growth of 2.5 percent, again mainly fuelled by solid growth in household consumption, with investment growth expected to ‘normalise’.
Private consumption is likely to remain the main growth driver and should continue to benefit from swift growth in wages and pension incomes, and robust consumer confidence, the EC said.
The trade balance is set to deteriorate over the forecast horizon and detract from GDP growth in 2019, before turning neutral in 2020, the forecast says.
Unemployment in the Czech Republic stagnated at 2.6 percent this June after
decreasingly slightly over four consecutive months, the Labour Office
announced on Tuesday.
The number of jobseekers in June fell to 195,723, a drop of about 5,000 compared to May, while the number of vacancies rose to 342,510.
The Czech unemployment rate is at its lowest level since May 1997. In Prague, it stands at 1.9 percent.
Czech municipalities have become adept at managing their finances, suggests a study carried out by credit rating agency CRIF and cited by the news website iDnes.cz. The country’s local authorities as a whole have been in the black for the last eight years and no less than CZK 125 billion crowns lies in their collective bank accounts.
Czech state-run power group ČEZ has announced plans to sell its Bulgarian
assets to local investors Eurohold for 335 million euros, subject to
approval by regulatory authorities.
ČEZ entered the Bulgarian market in 2004. The prospective sale concerns seven of its local units.
Last February, a rumour that ČEZ might sell major Bulgarian assets to small firm called Inercom sparked protests over alleged corruption that led the Minister of Energy to resign.
The Czech Republic’s producer price inflation slowed in May after rising
the previous month, according to data released by the Czech Statistical
Office on Monday.
The producer price index rose 3.8 percent year on year in May, slower than 4.3 percent increase in April. The biggest increase was in ‘electricity, gas, steam and air conditioning’ prices, which rose by 8.6 percent annually in May.
Prices of ‘mining and quarrying’, and ‘food products, beverages and tobacco’ rose by 7.5 percent and 4.0 percent, respectively. Among the main industrial groupings, energy prices grew the most, rising 8.1 percent in annual terms.
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