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Business News
In the week’s business news: the Czech government goes out of its way to
reassure the public that the Czech economy will not be directly threatened
by the global economic crisis, although a fall in growth is expected. A
leading Czech glass maker axes two big companies, putting 1,800 people out
of work, and 700,000 households are bracing for a steep rise in rents next
year.
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Business News
In Business News this week: the main Czech trades union body is threatening
protests over changes to the labour law – and demanding a pay increase of
at least 8 percent; Czech Airlines post a loss but the firm’s chief says
things are looking positive; Prague Airport invests in property in order to
make itself more attractive to potential buyers when it is privatised;
Czech Television is faced with a big bill after failing to pay tax on
license fees; and a mobile operator ups the price of its iPhones to prevent
foreigners buying them up for resale in their own countries.
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Dominator fails to dominate
It isn’t an unusual practice: a well-known sports celebrity sets up a
line of sports clothing. From a marketing perspective, the idea seems
perfect: capitalize on the name-recognition of said sportsperson and either
open a bar, sports-shop or even set up a line of clothing. Dominik Hašek,
former ice-hockey legendary goalkeeper did the latter. But now it seems
that his business venture has hit some bumps in the road. DJ reports:
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Business News
In Business News this week: the Czech National Bank lowers the key interest
rate by one-quarter percentage point to 3.5%; some large exporters are
considering pegging employees’ bonuses to the euro; the Prague Stock
Exchange goes on sale; prices of consumer electronics in the Czech Republic
were second lowest in the EU in 2007; and with the Czech market becoming
saturated, shopping centre developers are looking east.
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Government calm over record-breaking Czech crown
In the course of the last 12 months the Czech crown has strengthened by a
staggering 22 percent, becoming the fastest appreciating currency in the
world. While exporters warn that the super-strong crown will inevitably
slow down economic growth, the government sees no threat in the current
exchange rate.
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Business News
In this week’s Business News, the planned US radar base in the Czech
Republic will apparently use Czech power and be built with the help of
Czech companies; new statistics from the Czech Labour Ministry reveal that
a record number of foreigners came to work in the Czech Republic;
Koh-i-Noor Hardmuth, a pencil and stationary company in the Czech Republic
has announced plans to close down its České Budějovice production plant
after 160 years; a leading Czech consumer advocacy group called SOS has
warned shoppers to be wary of a misleading practice increasingly used by
many Czech retailers and the Czech energy giant ČEZ has caused controversy
by promoting nuclear power in a children’s magazine published by the
company.
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Strong crown sees Czech companies adopt Euro instead.
The Czech Republic’s official road to adopting the Euro is a long and
winding one. While politicians argue over the pros and cons of embracing
the pan-European currency, it seems that Czech businesses, motivated by an
increasingly strong crown have already made up their minds. Battling
against an increasingly strong crown, many companies that export beyond the
country’s borders are instead choosing to do their business in Euros. The
reasoning is simple – countries importing Czech goods, are assured a
better deal with a weaker currency like the Euro. Dominik Jun spoke to
economist Tomáš Sedláček about this issue and began by asking him why
the switch made sense to Czech businesses:
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Ice cream making in the suburbs of Brno
What should you do when the heat, the dust, and the stuffiness of the
capital all gets too much? Well, for this week’s Panorama, I left Prague
in a bid to make my own ice cream. But before you start thinking that I
swapped Prague for Pisa, or Palermo or Perugia, well, stop. My journey took
me much less far afield. To the outskirts of Brno, to be precise.
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Czech shopping mall boom looks set to continue
The Czech Republic has seen a massive increase in the number of shopping
malls in recent years, with around 60 of them dotted around the country.
Rare a decade ago, large shopping centres are now part of the everyday
lives of millions of Czechs. And while the number of malls keeps on
growing, some major retailers are also making inroads into the corner shop
market.
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Business News
This week in Business News: The government is to support Škoda producing
regions, Czech Airlines struggles with high fuel costs, Czechs are starting
to shop for cheaper groceries in Germany, household debt growing faster
than savings and gas prices are set to skyrocket next year.
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