Archive: Business | Finance Finance
Czechs escape direct costs of Greek contagion package but face stepped up scrutiny of public finances
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.
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Business News
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.
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Czech public finances post worst balance in a decade during first four months of 2010
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.
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Business News
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.
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Will Greek debt crisis impact Czech euro adoption?
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?
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Czech Environment Ministry approves renovation of country’s biggest coal-fired power station
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.
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Top court ruling fuels debate on pension reform
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.
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Klaus given significant chance to influence monetary policy, euro adoption
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.
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Business News
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.
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Business News
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.
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