In Business News: the central bank board is likely to extend forex interventions into 2017, the EC rejects a bid for extension of VAT reverse charge mechanism, a Czech firm is rated fastest growing technology company in Central and Eastern Europe, the logistics company Geis CZ is planning to build a new transhipment point in Prague and Millionaire Gallery opens a Prague branch.
Analysts are predicting that the central bank board will decide to extend forex interventions until 2017 at its upcoming meeting on November 5th, the ctk news agency reported Friday. Analysts cited by the news agency say that in its November forecast the bank is likely to predict a slower inflation growth which has been the main factor behind its intervention policy to keep the crown weak against the euro. In earlier statements the central bank said interventions might end in mid-2016. Interest rates are expected to remain at an all-time low.
The European Commission has rejected a bid by four EU member states including the Czech Republic for an exception allowing a broader application of the reverse charge in order to prevent tax evasions. Czech Minister of Finance Andrej Babiš, who has long been pushing for EU member states to be able to decide for themselves what goods and services will be subject to reverse charge, said he was disappointed by the outcome. According to the Ministry of Finance, the Czech Republic was ready to test the possibility of a broader application of the method with help of a pilot project similar to the one prepared by the European Commission in 2008.
A Czech company has been rated by Deloitte as the fastest growing technology company in Central and Eastern Europe. The software company Simplity got top ranking on the Technology Fast 50 list followed by the mobile payments company Skycash Poland and last year’s overall leader, Hungarian online real estate business Szallas.hu. Interestingly, Simplity was sixth in last year’s Rising Star category, when it was still too young to feature in the Fast 50 ranking itself. Four other Czech firms made it into the first fifty.
Logistics company Geis CZ is planning to build a new transhipment point in Prague in the first quarter of 2016. According to the company’s marketing department it also plans a substantial investment into the sorting technology in the new transhipment facility. Geis CZ reported revenues from the sale of its own products and services totalling 2.06 billion crowns in 2014.
The Millionaire Gallery, which sells celebrity memorabilia, this week opened a branch in Prague, the fifth in the world, after Miami, Key West, London and Dubai, the ctk news agency reported. According to the head of the Czech branch collectors and investors will be offered a minimum of 60 items at a time. Besides, customers can order artefacts from the depository in Miami or have new memorabilia tailored on request. The items now on display include a collection of photographs with the signatures of all the actors who ever played James Bond and a collection of grand slam titles won by golf champion Tiger Woods. The most expensive item on offer is the prototype of Steve Job's first keyboard, priced at one million crowns.