After steadily dropping for five straight months, the unemployment rate
rose slightly in July to 3.1 per cent. However, seasonal factors are behind
the increase, including the entry of new high school graduates on the
According to the Labour Office, the number of unemployed is in fact at its lowest level since 1997 for the month of July.
The number of vacancies now stands at nearly 310,000 and only three regions have more jobseekers than openings: the Ústecký region in northwestern Bohemia and the Moravian-Silesian and South Moravian regions in the east of the country.
Czech utility ČEZ's second quarter revenues and profit dropped
sharply despite increased electricity production due to higher wholesale
electricity and emissions prices after forward selling production at lower
levels. ČEZ said however that the hit from its hedging operations should
dissipate in the second half of the year.
The Prague-listed company’s revenues dropped to 40.9 billion crowns in the second quarter, compared with 48.1 billion in the same period in 2017. Net profit for the quarter dropped to 0.5 billion crowns taking half-year net profit to 7.7 billion crowns, down 54% compared year on year.
Prime Minister Andrej Babiš (ANO) wants a decision on financing majority
state-owned utility ČEZ’s nuclear power plant expansion by year’s end,
he told Reuters in an interview.
The Prague-listed company has refused to invest in new plants without some form of state support. Instead, it proposes spinning off its renewables and energy services, leaving coal and nuclear sources in state hands.
Babiš says ČEZ is big enough to build new nuclear units without being split up and wants a subsidiary to be the main vehicle to build new reactors. ČEZ operates plants in Dukovany and Temelín that together covered 38 per cent of Czech energy needs last year. Its Dukovany reactors start to expire around 2035.
The saga surrounding the legal case of the bankrupt H-system housing project, which cost over a thousand clients millions of crowns, continues to resonate throughout the country. Many are pointing at the shortcomings of the judicial system and asking the question whether the state should intervene. On Tuesday, the head of the Supreme Court suggested the state should step into the case and compensate the damaged clients.
Czech banks may see profits drop by hundreds of millions of crowns due to
the Markets in Financial Instruments Directive (MiFID II), which forces
lenders to reveal how much they bill customers for exchange rate hedging
operations, a source told the daily E15.
Part of Europe’s biggest regulatory overhaul in a decade, the regulations in part were intended to stop banks from selling products that clients do not need or understand.
Czech banks, especially established lenders, have had a reputation of charging high and hidden fees. Newcomers to the market often highlight transparency in this regard to win over customers.
Estate agents have noted increased interest in renting cottages and ski
chalets, and not just in the high season but year-round, according to a
survey by state news agency ČTK.
Bezrealitky.cz executive director Hendrik Meyer said the motivation to rent rather than own is not just a question of money; Czechs increasingly do not want to be tied to a single weekend retreat or holiday spot. The most desirable locations are in the mountains and near waterways, within a reasonable drive from Prague, Brno and other large cities, he said.
Fincentrum Reality's Martin Fojtík said interest in renting cottages has doubled over the past four years, and prices have risen 15 per cent year-on-year. M & M Reality's Jan Martin said demand has risen in tandem with rising concerns over security in some popular foreign destinations, such as Egypt and Tunisia.
A housing cooperative whose members have been ordered to vacate their homes
near Prague are planning to make a complaint to the Constitutional Court
next week. On Tuesday the Supreme Court ruled that the administrator had
the right to dispose of the properties of around 60 families who were
one-time clients of the collapsed building firm H-System.
On Monday cooperative representatives will take part in a meeting with the administrator where Prime Minister Andrej Babiš intends to act as a mediator.
The families say they will not leave their apartments, which they themselves completed after H-System went bust.
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