The Belgian supermarket chain Delhaize is selling all of its 96 Delvita supermarkets in the Czech Republic and leaving the country. The supermarket chain said Thursday its net profit had more than halved in the third quarter mainly due to its Czech business, which had prompted the decision to sell. Company chief executive Pierre-Olivier Beckers said the divestment would allow Delhaize to focus on higher opportunity markets."
Setting up a company in the Czech Republic takes 24 days, compared to the average of 16 in OECD countries, according to a report released by the World Bank. The Czech Republic ranks 74th in the world in terms of difficulty of starting a company. While there are six steps involved in starting a firm in advanced countries, here there are 10.
In Business News this week: the government prepares to intervene as the national air carrier CSA continues to lose money; the car maker Skoda announces a record jump in profits - and a healthy rise in sales; the financial police's biggest ever operation ends with 100 arrested for cigarette counterfeiting; CD and DVD prices are cut as manufacturers struggle to compete with home copying; and could a new road tolls system lead to inflation?
Canadian FPS suing Czech Republic for 450 million CZK. Ashok Leyland buys lorry-maker Avia. GDX Automotive plans production transfer to Ostrava. Second largest Czech steel and iron company, Metalimex, changes hands. Skoda will produce more than 20 000 Roomsters in 2006. Sale of Ceska Posta and Letiste Praha could generate 23 billion CZK
In Business News: the European Commission warns that the aging population will have a considerable impact on Czech GDP growth; the anti-monopoly office hands down the highest ever fine to a state body, after the Labour Ministry awards a contract without a tender; Czech mortgage and home-building savings loans increase ten times in seven years; sales of second-hand cars rise by over 20 percent; and the diplomats may be at loggerheads but trade between the Czech Republic and Cuba rises considerably.
New figures released by the EU statistics office Eurostat this week show that the Czech Republic attracted 8.8 billion euros in foreign direct investment (FDI) last year. This is 5.2 billion euros more than two years previously and higher than foreign direct investment in any other new EU member state. Overall, the Czech Republic ranked eighth among the Union's 25 members.
Newly-released statistics from Eurostat show that of all the new EU member countries, the Czech Republic received the most direct foreign investment in 2005. Foreign investors brought 8.8 billion euros (nearly 250 billion Czech crowns) to the country last year. The figures also show a steady rise in foreign investment from year-to-year, as the Czech Republic surpassed neighbouring Poland in 2005; Poland has nearly four times as many inhabitants as the Czech Republic.
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