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Business News
In Business News: the Prague stock exchange has a down and up week; tax on
labour in the Czech Republic is too high, says the OECD; Czech Airlines
plans to trim its operations; Prague is taking in more in property sales
than in previous years; one of the country's richest businessmen invests
in a weekly newspaper; and from next month Czechs will be able to pay many
bills at newsagents.
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Economics, not regionalism, root of Czech voting divide
The weekend's elections have produced a perfect split in parliament. If you
look at a map of the election results, it also shows an almost perfect
split in the way Czechs voted. Throughout Moravia, the eastern part of the
country, more voted in favour of the left-leaning Social Democrats, while
most of Bohemia, the western part of the Czech Republic cast more votes
for the centre-right Civic Democrats.
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Business News
The wave of positive macroeconomic indicators about the Czech economy keep
pouring in this week. A major natural gas company has announced plans to
enter the Czech market. Skoda Auto continues to be riding high and Czech
airlines has a new partner.
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Business News
It's time for this week's business news, which saw the release of some
major economic statistics. With elections only three months away, these
figures are bound to play an important role in whom voters choose at the
ballot box. Yon Pulkrabek brings us a rundown of the surprising numbers.
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Business News
In Business News: new legislation should make bankruptcy proceedings run
more smoothly, while a labour code approved this week has been dividing
opinion; the OECD gives the Czech Republic advice on how to improve its
economy; it seems the Czech Republic may renege on a pledge to increase
the share of its power generated from renewable resources; digital
broadcasting can now be received by a third of Czech households; and beer
exports were up 17 percent last year.
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Government scrambles to save troubled LG Philips Displays
For some 1,300 workers last week as well as the Czech government the
suspension of production at the country's LG Philips Displays plant - the
2nd largest investment project in the country - came as a shock. With
parent company LG Philips Displays Holding filing for bankruptcy, the
obvious question was: would the subsidiary company follow suit? The Czech
government - specifically the Ministry for Industry and Trade - has been
trying to prevent just that. More
2006 to bring higher social benefits, more expensive utilities
This Sunday, New Years Day, will find many Czechs - like people around the
world - making New Year's resolutions. But they won't have any say over
some changes, which have been decided by Parliament and come into effect
on the 1st. Understandably, people are most concerned about those which
will have a direct impact on their wallets. 2006 is going to bring an
increase in a number of social benefits and also a reduction in taxes for
low and medium incomes. But as of January, Czechs will pay more for
utilities - which is expected to bring further price increases of goods
and services.
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Business briefs
Deadline approaching on land-swap deal at proposed $1.2bn Hyundai car plant
site; Hourly wages in Czech Republic among the lowest in the OECD; If
'old'
EU members keep controls, Czech Republic also will consider labour
restrictions against states joining in 2007; Survey shows Czech firms are
among Europe's most chronically late payers; Cabinet expected to decide on
funding for new Brno medical-research centre this month; Former president
Havel weighs in against extending territorial limits on coal mining More
New Czech Labour Code mobilises trade unions into action after sixteen year slumber
The Czech Labour Code is to be amended - but the question is how? Will it
serve the rights of the employer or the employee? The changes proposed by
the senior ruling coalition party, the Social Democratic Party, and passed
through the first reading in the lower house of Parliament, uphold the
authority of trade unions. That, say the opposition Civic Democrats and
the two junior ruling coalition parties the Christian Democrats and the
Freedom Union, is unacceptable: by making it difficult for employers to
let go of unproductive staff and employ new people, the proposed new
Labour Code threatens the flexibility of the labour market and is
unconstitutional.
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Business briefs
CNB rate increase catches market off guard; Minimum wage set to increase
6.6 percent; Microsoft and CzechInvest plan top open 'innovation centre';
Netherlands may fully open labour market to Czechs; Proposed extension for
restitution claims fails to pass
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