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Business NewsBusiness News
Trade Unions have been stepping up their protests against fiscal reforms
planned by the government. Central Bank governor has encouraged the
cabinet to go ahead with the reforms. Meanwhile, the Ministry of Finance
said the Czech Republic will show the biggest fiscal deficit in its
history this year. The dominant Czech telephone operator, Czech Telecom,
will lay off 1,800 workers by the end of the year. The Czech foreign trade
balance fell into a higher than expected deficit in July. Every tenth
Czech household defaults on its loans.
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Business NewsBusiness News
Prague blue-chips hit a three-year high earlier this week. Meanwhile, the
Czech crown fell to its lowest in over a year and a half against the euro.
The Czech central bank will most likely change its inflation targeting
policy. New Telecommunications Act forces former monopoly Czech Telecom to
rent last mile to competitors. Czech Telecom to sell off some assets. The
largest Czech coal-burning power station out of operation. Power Utility
CEZ eying mulls eastward expansion. Sixteen buildings in Prague's
Wenceslas Square are up for sale again.
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MagazineMagazine
What are Czechs placing bets on this summer, how tolerant are Czech men and
women of a partner who cheats on them, and where do you go to enjoy a
Goulash Festival? Find out in this week's Magazine with Daniela Lazarova.
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Business NewsBusiness News
Czech government approves the framework of its fiscal reform package.
Central bank cuts key two-week repo rate to an all-time low of 2.25
percent. The Czech trade deficit for May narrowed well beyond expectations
to its lowest level since January. Czech farmers will receive
compensations for damage caused by sweeping floods last summer. Government
is considering further privatisation of lucrative companies, including
famous Budvar brewery. Telecommunications giant Czech Telecom hopes to
reduce operating cost after taking over mobile operator Eurotel.
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Press ReviewPress Review
The front pages of the Czech dailies today offer a mixed bag of photos and
reports. Lidove Noviny takes a religious note on its page one: it has a
large photo of Pope John Paul II, who is currently in Croatia on his one
hundredth foreign trip. But where Lidove Noviny goes for religion, Pravo
follows with pop culture - and a picture of the Czech Republic's current
Miss Universe Katerina Smrzova, who came seventh in the Miss Universe
Contest held in Panama on Monday.
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Current AffairsSkoda Auto records drop in car sales worldwide
In the last decade or so, the Czech Republic's largest car manufacturer,
Skoda Auto, has managed to make quite a name for itself on the
international scene. As part of the Volkswagen group since 1991, it's
sales have boomed both at home and abroad - until last year, that is.
Estimates have shown that the company's overall international sales
dropped in 2002 by a little under four percent. However, the loss was at
ten percent in the Czech Republic.
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Business NewsFuture of Czech car maker Skoda uncertain as Volkswagen Group reconsiders global strategy
Employees of Czech car maker Skoda staged a protest demonstration outside
the factory in Mlada Boleslav last Friday for fears of lay-offs due to
reported changes in the global strategy of the Volkswagen group to which
Skoda has belonged since 1991. The chairman of Skoda's Trade Unions
Jaroslav Povsik talks about mounting uncertainty and fears among the
employees of the Czech flagship exporter but he remains optimistic about
the future, even if Skoda's product range is reduced to one small model.
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Current AffairsCentral Bank cuts interest rates in response to strengthening crown
On Thursday, the Czech National Bank's board made money cheaper by reducing interest rates by three-quarters of a percentage point. This measure was welcomed by the Finance Ministry, as the cut is expected to curb the recent rise of the crown and come to the rescue of exporters who have been under enormous pressure to reduce costs. Although a cut in interest rates was expected, most economic analysts predicted they would be cut by half a percentage point at most. Dita Asiedu spoke to economic analyst David Marek from Patria Finance to find out what this move meant for the business community and in what way it would affect the average Czech:
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