Czech President Miloš Zeman has backed continued mining of uranium in the country after the existing mine shuts down in a few years. But although government ministers support the idea, the overall economic argument is looking weak amid low prices for nuclear fuel. More
Current AffairsCzech Republic has potential to become world leader in nanotechnology, says deputy PM
The Czech Republic has the potential to become a world leader in nanotechnology, Deputy Prime Minister Pavel Bělobrádek said on Tuesday, referring to the country’s long-term commitment in research and development in the field. A patent dating back to 2004 proved a game changer and a number of firms have since added to the initial success. More
Kvasiny, one of Skoda’s three production facilities in the Czech Republic is to undergo a major expansion- the biggest in its 81-year old history. Underlining the significance of the plant’s presence in the region, the Czech government has promised a two billion crown injection to support the transformation. More
Škoda Auto’s plans to expand the Solnice-Kvasiny industrial zone have won government support and the car maker can count on a financial injection from the state. Prime Minister Bouslav Sobotka on Monday signed a memorandum with Škoda Auto representatives according to which the project will get about 2 billion crowns from public resources. The money will be used for infrastructure projects in the zone. Škoda itself will invest 7 billion crowns to expand the plant’s capacity. The plant’s expansion is expected create 1,300 new jobs will present more opportunities for regional suppliers.
In Business News this week: Vodafone seeks damages over high speed Internet connections; KMV bags Hungarian bottled water company; second Chinese bank announced Czech expansion; Škoda Auto looks to remedy slack Indian sales; Gufex gets showcase at world championships. More
Unions at car maker Škoda Auto have warned they are willing to stage protest strikes in pursuit of their pay claims according to a union newspaper cited by the ČTK agency. Unions are currently seeking wage hikes of 6.5 percent but management are sticking to an offer of 2.6 percent. The two sides have already agreed on a record bonus for workers of 25,000 crowns for last year. Škoda Auto employs around 24,000 people and is the biggest car producer in the country.
Car maker Škoda Auto raised its net profit by 46 percent to 665 million euros (more than 18 billion crowns) in 2014, company representatives said at a press conference on Monday. Škoda's sales grew by 13.9 percent to 11.76 billion euros last year. Škoda Auto had said earlier its car sales increased by 12.7 percent in 2014, exceeding the level of one million cars for the first time in its history. Škoda's share on the world market rose by 0.1 percentage points to 1.4 percent. The car maker’s largest market was China where it sold 281,400 cars, an increase of 24 percent compared with the previous year. The car maker also recorded growth in sales in Western and Central Europe, but sales in Eastern Europe declined.
In Business News this week: the current account of Czech Republic’s balance of payments shows the first surplus ever recorded; Czech household debt reached 1.7 billion crowns last year; Czechs spent over 13 billion crowns in foreign online stores in 2014; Honeywell expands its innovation centre in Brno; Skoda Auto launches production of new Superb: More
The operating profit of the biggest Czech car-maker Škoda Auto increased by 56.6 percent to 817 million euros last year, the German concern Volkswagen announced in its annual report, published on Thursday. Škoda Auto’s sales last year increased by 13.9 percent to 11.76 billion year-on-year. The Czech car-maker previously announced that its 2014 sales increased by 12.7 percent to 1.037 million units, exceeding the one million level for the first time in history. A total of 281,400 cars were sold at the company’s largest market in China. Sales also went up in Central and Eastern Europe.
In this week’s Business News: Tesco rings up Czech losses; massive nuclear contract for Czech engineering firm; national bank governor says no bonus from euro entry; PPP projects under consideration again at transport ministry; and tram maker angered by price and cost ‘slur’ More