Archive: Business | Finance Finance
2006 to bring higher social benefits, more expensive utilities
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.
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Business News
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.
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Business briefs
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
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Busines briefs
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
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Business briefs
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
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Business briefs
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
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Parliament approves significant tax cut that will affect 4 million Czechs
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.
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CNB rate hike signals 'end of the cheap mortgage'
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.
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Business News
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.
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Business briefs
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
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