Archive: Business | Finance Finance
Pilot emission of government bonds sells like hot cakes
The government’s offer of state bonds, enabling citizens to invest in the
national debt, has proved hugely successful. After registering orders for
more than 16.5 billion crowns, way over the set 10 billion crown target,
the Finance Ministry terminated all registrations on Friday, three weeks
ahead of the scheduled date. Although public interest surpassed all
expectations, critics say it was a costly and unnecessary transaction. More
Business News
The Czech government’s pilot bond issue is sold out weeks ahead of
deadline; long-term unemployment rate drops in the second quarter of 2011;
the budget deficit reaches almost 80 percent of 2011 projected figure; next
year’s state budget draft proposes public service job cuts; dozens of
solar power companies demand compensation from Czech government. More
Tax breaks threaten Czech film industry
Radio Prague is introducing Screen Czech - a monthly show devoted to film
and TV production here in the Czech Republic. Over the next few months
Peter Smith will be bringing you news about the industry and interviews
with the people most closely involved, both Czech and foreigners coming
here to work. There will also be a run down of all the latest Czech movie
news coming up. The first edition of Screen Czech deals with a
controversial issue that threatens to derail foreign investment in the
movie and TV industry here in the Czech Republic. Tax. More
Business News
The new kid on the rails is already looking further afield; Česká
spořitelna sues to cancel Sazka tender, unsuccessfully; the government
approves ambitious competitiveness strategy for 2012 to 2020; foreign debt
rises by 32.2 billion; 15 years of GDP revised to account for drugs,
prostitution. More
Miroslav Kalousek named Finance Minister of the Year for Emerging Europe 2011
Czech Finance Minister Miroslav Kalousek has been named “Finance Minister
of the Year for Emerging Europe 2011”, an award presented by the
Washington-based Emerging Markets magazine. The award, given for Mr.
Kalousek’s commitment to consolidating public finances amidst a worsening
global outlook, is seen as confirmation of the Czech government’s prudent
fiscal policy and on picking up the award a beaming Miroslav Kalousek was
quick to promise the nation “more cuts in public spending” in the year
to come. More
Business News
In business news this week: the government approves the 2012 draft budget
amidst concerns over revised economic growth predictions, wages rose by an
average 2.5 percent in the second quarter while the jobless rate remains
essentially unchanged at 8.2 percent. More
Government approves 2012 draft budget
The Czech coalition government on Wednesday approved the 2012 draft budget
with one priority in mind – fulfilling its promise to bring the
country’s public finance deficit under control. The projected deficit of
105 billion crowns fulfills that target. It would narrow the gap in public
finances to 3,5 percent of the GDP, but analysts say that the latest growth
predictions for the Czech economy in 2012 will almost certainly throw a
spanner in the works. More
Business News
In this week’s business news: the unexpected resignation of ČEZ CEO
Martin Roman, the opening of the first gas pipeline between the Czech
Republic and Poland, the Czech Finance Ministry to launch a pilot issue of
retail bonds and Czechs increasingly sceptical with regard to the future of
the Eurozone. More
ČEZ general director suddenly quits
Investors, politicians and the public were taken aback on Wednesday by the
news that Martin Roman, the 42-year-old general manager of power company
ČEZ, was stepping down, also leaving the company’s board of directors.
Mr Roman leaves his post after seven years reportedly of his own
initiative, and will be taking up a position on the company’s supervisory
board. Shares in ČEZ teetered slightly on Thursday with the announcement,
and word that the new ČEZ chief would be second in command Daniel Beneš.
Meanwhile, analysts have gone into high gear assessing what the change of
management might mean for the largest public utility company in Central
Europe. That was the question we put to financial journalist Chris
Johnstone of Czech Position. More
Business News
In this week’s business news: Czech GDP growth slows in the second
quarter of 2011, the Prime Minister admits that raising the lower VAT rate
to 19 percent in 2012 is a possibility, Student Agency’s RegioJet
launches its ticket sales for the Prague-Ostrava route, Škoda Auto saw a
sales growth of 18.3 percent in the first eight months of 2011
year-on-year, and the Czech Republic slips two notches in the WEF Global
Competitiveness Report. More
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