Archive: Business | Finance Finance

2006 to bring higher social benefits, more expensive utilities

28-12-2005 14:37 | Pavla Horáková

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.   More

Business News

23-12-2005 14:17 | Ian Willoughby

Photo: European Commission In Business News: the National Bank governor warns the government's spending programme for 2006 could jeopardise plans to introduce the euro in 2010; the cabinet rejects an opposition plan to cut bureaucracy for small companies; employers will have to pay the first two weeks' sick pay; the Czech IT market grows by a tenth in 2005; and while over 5 percent of Czechs have broadband internet, plans for free WiFi in Prague meet opposition.   More

Business briefs

09-12-2005 14:05 | Brian Kenety

Skoda Octavia Some 14 business agreements signed during official visit of Chinese prime minister; Skoda Octavia named 'best import' in German automotive magazine's annual 'Auto Trophy' readers' survey; Parliament to debate eminent-domain law for industrial zones - towards securing land for $1.2bn Hyundai plant; Lobbyist at centre of Unipetrol privatisation inquiry says ex-government chief of staff offered him a bribe; The BBC Czech service may continue as commercial venture   More

Busines briefs

25-11-2005 13:14 | Brian Kenety

Former Prime Minister Gross, Trade Minister Urban asked to testify before Parliament on Unipetrol privatisation; CTS Corporation of the US to invest $22m in new electronic components plant in Ostrava region; German retailer Edeka may exit Czech Republic, denies plans to sell its Polish, Austrian and Danish outlets; Police bust illegal alcohol production and distribution network; CNB, financial associations object to Parliament provision in bankruptcy bill compensating holders of anonymous accounts; Health Minister Rath wants Parliament to investigate alleged links between Civic Democrats and 'unfavourable' deals with insurer VZP   More

Business briefs

18-11-2005 13:01 | Brian Kenety

Domestic defence contractors want a piece of the NATO pie; The Cabinet agrees a comprehensive plan for promoting economic growth; Additional $60 million earmarked in support of Hyundai car plant project; DHL Solutions to oversee Lego Group toy maker's new European distribution centre outside Prague; New Agriculture Minister named following scandal at Czech Land Fund  More

Business briefs

04-11-2005 13:41 | Brian Kenety

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   More

Parliament approves significant tax cut that will affect 4 million Czechs

02-11-2005 14:21 | Jan Velinger

The Czech Parliament on Tuesday passed a significant tax cut which will affect some 4 million Czech taxpayers next year. Employees will save an average of around 400 crowns per month - or about 13 US dollars. That isn't much but it is significant when one considers that in the Czech Republic the average monthly salary still averages only 18,000 crowns - around 800 dollars US. In that light, many Czechs will see the break as a significant step.   More

CNB rate hike signals 'end of the cheap mortgage'

01-11-2005 13:57 | Brian Kenety

The Czech National Bank surprised the financial markets by announcing a quarter point higher interest rate of 2.0 percent starting this Monday. The central bank governor said the board was concerned about inflationary pressures, in large part due to soaring global oil prices. But the minister of finance says the rate hike was premature. For the would-be Czech homeowner, it may spell the end of cheap mortgages.   More

Business News

27-10-2005 13:13 | Ian Willoughby

In this week's business news; two mobile operators to provide TV reception from next year; the OECD says of all its members the Czech Republic relies the most on social insurance to fill the state coffers; Czech Airlines records a 22 percent rise in passengers, while Prague airport also sees an increase in numbers; and real estate prices are either stagnating or falling in the Czech Republic.   More

Business briefs

21-10-2005 14:38 | Brian Kenety

Ceska Sporitelna predicts 2013 Czech entry into eurozone; Initial compromise reached with health insurance companies; Czech Republic has among the highest perceived levels of corruption in the EU; Group of Civic Democrats file criminal complaint over Unipetrol deal; Paroubek says France may be willing to relax labour market restrictions on Czechs; COI imposes record fine on Ahold supermarket chian   More

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