Archive: Business | Finance Finance

Pilot emission of government bonds sells like hot cakes

07-10-2011 15:37 | Daniela Lazarová

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

07-10-2011 | Pavla Horáková

Photo: Jakub Krechowicz / Stock.XCHNG 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

01-10-2011 02:01 | Peter Smith

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

30-09-2011 15:35 | Christian Falvey

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

26-09-2011 16:51 | Daniela Lazarová

Miroslav Kalousek, photo: CTK 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

23-09-2011 15:34 | Daniela Lazarová

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

22-09-2011 15:55 | Daniela Lazarová

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

16-09-2011 15:59 | Daniela Lazarová

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

15-09-2011 16:20 | Christian Falvey

Martin Roman, photo: CTK 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

09-09-2011 15:28 | Sarah Borufka

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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