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Business News
In Business News this week: power giant ČEZ sees its net profits rise by
almost 50 percent; Czech agriculture shows record profits thanks to EU
subsidies and higher prices; CzechTrade mediates CZK 3 billion worth of
exports; after four years in the red Czech Airlines makes a profit; and a
quarter of inspections of chain store outlets last year uncovered
shortcomings.
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Should Czechs rejoice or despair at the strength of their currency?
In 2001, if a Czech paid 50 dollars for a book or a record from an
American-based internet vendor like Amazon, he would have forked out around
2000 crowns for his purchase. Today, he would only have to pay 800 crowns.
That’s because the crown – or koruna as it’s called in Czech – has
been steadily appreciating over the past decade. Since the start of the
year, however, the gains it has made against other currencies like the
dollar and the euro have been spectacular and have taken most economists by
surprise.
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Study ranks Czech Republic first among transforming countries
Germany’s Bertelsmann Foundation has ranked the Czech Republic first
among transforming countries, ahead of Slovenia, Estonia, and Taiwan, in an
important study conducted over the last two years. The foundation’s
so-called Transformation Index rated a total of 125 states, taking into
account both political and economic criteria.
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Business News
In Business News this week: the Czech Republic has posted record trade
surplus in 2007; shopping space in the country is expected to expand by 50
percent; Czechs want to include Olomoucké tvarůžky on EU’s list of
protected foods; a pint of Pilsner Urquell beer is cheaper in Germany than
in the Czech Republic and Czech soft-drinks producer has launched a
sugar-free version of Kofola.
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Business News
Share-prices on the Prague Stock Exchange have slumped to their lowest
level since November 2006, Škoda car sales around the world increased by
14.5 percent last year and Visa has apologized for a glitch in its
transaction system in Poland, the Czech Republic and Hungary that left an
unspecified number of customers with duplicated withdrawals on their
accounts.
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Business News
In Business News this week: state-owned brewer Budvar will probably not be
privatised during the term of the current government, says the minister of
agriculture; top managers at ČEZ are set to take home phenomenal amounts
under a share option incentive scheme; with a rise in the number of
second-hand autos imported, some are suggesting the Czech Republic is
Europe’s car graveyard; ČT24 will soon begin broadcasts from the Prague
Stock Exchange; and the Czech makers of a hit computer game are bought
out by a US firm. More
Czechs expected to spend record billions at Christmas
Packed parking lots, packed stores: that’s the situation in most Prague
shopping malls these days in the final weeks before Christmas. According to
reports, Czechs are spending more than ever: economists are predicting that
this holiday season Czechs will plonk down record amounts, a rise in the
billions.
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Business News
In Business News: with the Czech crown going below 18 to the US dollar, it
is now exceedingly difficult for Czech firms to export to America; a new
study finds the Czech tax system one of the most complicated and burdensome
in the EU; Meinl European Land, owner of over 100 shopping centres in the
Czech Republic, is expanding further; Heineken is reportedly hoping to
acquire another slice of the Czech drinks market; and the country’s
breweries are expecting a merry Christmas.
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Moser: 'King of glass' celebrates 150 years of luxury glass production
The west Bohemian town of Karlovy Vary (also known as Carlsbad) is
well-known as a seat of luxury and wealth. Foreign kings and aristocrats
have for centuries been visiting its healing spas, and in more recent times
it has played host to the Karlovy Vary film festival, attracting scores of
celebrities and famous personalities. It is therefore fitting that it is
home to arguably the most prestigious manufacturer of luxury glass in the
world - Moser. The company is one of the Czech Republic's finest brand
names. And this year, it celebrates its 150th anniversary.
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Petr Litos - producing mobile phone games for the region, and further afield
From his office in the Prague district of Zizkov, Petr Litos runs a company
making mobile phone games for both the Czech and international markets. In
fact, his firm Nostromo successfully exports mobile entertainment to the
whole of central and eastern Europe, the former Soviet Union, Scandinavia
and Turkey (and in some cases the whole world). When we met last week, I
first asked Petr to name some of the big international franchises his
30-strong team have worked with.
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