Archive: Business | Finance Finance

Czechs escape direct costs of Greek contagion package but face stepped up scrutiny of public finances

10-05-2010 13:32 | Chris Johnstone

European Union finance ministers have agreed a massive package of funding to stop the spread of Greek financial crisis and save the euro zone from collapse. The Czech Republic escaped lightly from the latest financial commitments. But the wave of concern about European governments ability to pay their way and not live on borrowed time and money will focus even more attention on the fiscal steps of the next Czech government in power.   More

Business News

07-05-2010 14:17 | Chris Johnstone

In this week’s Business News: national banks cuts interest rates and growth expectations; tv ad spending still depressed; Czech bank cleared to make debut on foreign-dominated market, state electricity grid operator seeks to buy up private firms; and solar power tests the water.   More

Czech public finances post worst balance in a decade during first four months of 2010

04-05-2010 14:11 | Jan Richter

The hole in Czech public finances is growing, and will be difficult to patch. Such is the warning message issued by the Finance Ministry on Monday, whose latest figures suggest that over the first four months of this year, the state budget reached the highest deficit in a decade.   More

Business News

30-04-2010 16:36 | Ian Willoughby

In Business News this week: the Finance Ministry revises its growth prediction for the Czech economy upwards; the government delays a sale of international bonds because of uncertainty in the wake of the Greek debt crisis; Škoda Auto sees its profits increase by over 500 percent in the first quarter; agribusiness tycoon Andrej Babiš says the EU is destroying the Czech food industry; and Czechs spend twice as much of their income on booze and tobacco products as the average EU citizen.   More

Will Greek debt crisis impact Czech euro adoption?

30-04-2010 15:52 | Jan Richter

Member states of the Eurozone are discussing ways of helping Greece and its debt-laden economy, while there are growing concerns about some other countries that use the single European currency. But what will the crisis mean for the Czech Republic, which is itself hoping to adopt the euro in around five years’ time?   More

Czech Environment Ministry approves renovation of country’s biggest coal-fired power station

29-04-2010 15:32 | Ian Willoughby

Earlier this year Micronesia called on the Czech Republic not to refit its biggest coal-fired power station, Prunéřov, saying the pollution it will produce threatens the tiny state’s future. The matter also proved controversial in the Czech Republic itself, leading to the departure of one cabinet minister. However, the Environment Ministry has now approved the project, despite the fact the plant’s owners ČEZ are not planning to install the best available technology.   More

Top court ruling fuels debate on pension reform

26-04-2010 15:48 | Jan Richter

Experts are concerned that a recent landmark ruling by the Czech Constitutional Court on the pension system might lead to excessive government expenditures. The verdict gives politicians until September 2011 to change the way pensions are calculated, but could speed up a general overhaul of the contribution-based system.   More

Klaus given significant chance to influence monetary policy, euro adoption

16-04-2010 15:04 | Rob Cameron

There were mild ripples of excitement in the banking world this week when the governor of the central bank announced he would be quitting his post eight months earlier than expected. Czech National Bank governor Zdeněk Tůma said he would step down in June to minimise uncertainty caused by additional changes to the board in February next year. Choosing his successor is solely up to President Václav Klaus, who now has the chance to reshape Czech monetary policy.   More

Business News

16-04-2010 14:00 | Chris Johnstone

In Business News this week: troubled developer Orco raises cash and hackles; Czech coke producer rides high on soaring prices; betting lobby loses battle with opponents; Hyundai workers promised hefty pay rise; and main political parties eye windfall from sale of ČEZ shares.   More

Business News

09-04-2010 15:02 | Chris Johnstone

In Business News this week: unemployment retreats from the feared 10 percent mark; Czech state debt hits a record level; power giant ČEZ says it will shift its investment strategy; a controversial power plant is poised for approval; and financial advisors face a hard sell.   More



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