Topic Archive Business

Business News

09-03-2012 16:50 | Dominik Jůn

In this week’s Business News: the Czech Republic finds itself in a recession; women are earning a quarter less then their Czech counterparts; bankruptcy declaration reach a four year high; computer sales are set to soar in 2012 and a new law is giving the government the muscle to tackle shady employment practices.  More

The Czech Republic investigates the impact of Poland's "saltgate"

08-03-2012 15:09 | Dominik Jůn

Illustrative photo: Ralf Roletschek, CC 3.0 license The Polish media have dubbed it “saltgate” – revelations that at least three Polish companies have been selling industrial salt (normally used to de-ice roads) to milk, fish, meat and bread producers. Several countries to which Poland may have exported potentially contaminated food products have been identified: Lithuania, Ireland, England, Germany and the Czech Republic. This week, the Czech Agriculture Ministry decided to temporarily block the import of salt from Poland, while tests are carried out by the State Veterinary Administration to determine if harmful substances such as dioxins and heavy metals found in road salt have made their way into the food chain. Meanwhile, five people have been arrested in Poland in connection with the affair, while the remaining salt in question has been impounded while the country’s own Chief Sanitary Inspectorate continues its own tests.  More

Trade union group fears that government cuts will weaken stagnant Czech economy

06-03-2012 14:53 | Dominik Jůn

The Czech government is debating continued austerity measures, hoping to save 23 billion crowns in 2012, 42.4 billion in 2013 and a whopping 84.4 billion in 2014. But the plans have been met with opposition from trade unions, who are highlighting that the cuts could lead to as many as 24,000 public sector job losses and include layoffs of as many as 17,000 teachers as well as 3,500 police officers within the next two years. Jaroslav Zavadil, head of the Czech-Moravian Confederation of Trade Unions recently called this “a path to hell, which will destroy the public sector.”  More

Business News

02-03-2012 15:51 | Dominik Jůn

In this week’s Business News: the most absurd bank fee is announced; a study finds that a third of young Czechs are working flexible hours; fears that eurozone unemployment could hit Czech exports; the Finance Ministry is seeking to lure investment funds into the country and Czech Railway cutbacks mean fewer train conductors.  More

Leading economist on austerity package: public sector still squandering money

29-02-2012 17:12 | Daniela Lazarová

The Finance Minister’s austerity plan for 2013, which includes far-reaching measures to increase state revenues and cut public spending, has raised an outcry from the opposition benches with the leader of the opposition Social Democrats Bohuslav Sobotka saying his party would table a vote of no-confidence in the three-party centre-right coalition.  More

Finance minister tells Czechs to brace for succession of lean years

27-02-2012 16:38 | Daniela Lazarová

Miroslav Kalousek Although the Czech government has refused to sign up to the EU’s fiscal discipline pact, frugality has become the order of the day and the finance minister has warned the nation that, come what may, fiscal discipline will be observed in the interest of bringing the country’s public finances under control. On Monday the cabinet’s economic ministers are meeting to debate austerity measures for 2013 which far surpass those previously undertaken.   More

Business News

24-02-2012 15:56 | Dominik Jůn

In Business News: Fuel prices reach new highs at Czech gas pumps; the Czech crown weakens mid-week; zero-percent growth is projected for the Czech Republic in 2012; food giant Hamé says it will mend its ways.  More

Radioactive Waste Depository Authority launches multi-million-crown incentive to win over municipalities for possible nuclear waste sites

21-02-2012 17:17 | Sarah Borufka

Illustrative photo While the Czech Republic relies on nuclear power for some 30 percent of its total energy supply, the Radioactive Waste Depository Authority is facing difficulties in finding new locations for depositing nuclear waste. As an incentive for municipalities to agree to geological research on their territory, the state-run authority is now offering mayors millions of crowns. Sarah Borufka has the details.  More

Business News

17-02-2012 16:19 | Dominik Jůn

In this week's Business News, the Czech Republic sees a fall in truck production; household spending stagnates; January sees inflation up again; social security finds itself in the red for three years in a row and supermarkets are caught re-labelling out-of-date food.  More

Constitutional Court defies EU with ruling on Czech-Slovak pensions

15-02-2012 16:18 | Christian Falvey

The Constitutional Court on Tuesday made a landmark ruling regarding the difference in pensions between the Czech and Slovak Republic. Cases exist where Czechs who worked in the other half of Czechoslovakia now receive the lower pension rate of the Slovak Republic. According to the new decision of the court, such citizens never worked in a foreign country and thus are entitled to compensatory payments to raise their pensions to Czech standards. Among the chaos this creates for the Social Affairs Ministry now is that fact that the ruling directly contradicts the European Court of Justice.  More

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