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September 8th, 2008
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In BriefNews & notes | Search restaurants | Archives PENSIONS - Pensions in the Czech Republic are among the lowest in economically advanced countries, the Organization for Economic Cooperation and Development (OECD) has reported. The OECD said Czech pensions stand at 58.2 percent of average wage, while the ratio within OECD countries is 70 percent. EIB - The Czech Republic will take a 7.3 billion Kč ($306.3 million) loan from the European Investment Bank in 2006. The money will be used to finance two road construction projects, including the D8 highway to the German border and the long-awaited construction of Prague's bypass. EU - Czech investment projects worth 20.7 billion Kč have been confirmed to receive financial support from the European Union's Cohesion Fund, the Regional Development Ministry has announced. Until the end of 2006, the country can draw a total of 4 billion Kč from the Cohesion Fund. Another 130 billion Kč will be available from 2007 to 2013. KLAUS - President Václav Klaus signed into law Sept. 12 a bill providing more effective supervision over banks, insurance companies and securities dealers that are a part of a financial group. The aim of the law is also to enable a more efficient exchange of information among financial market regulators. SAVINGS - Savings of Czech households have grown by 320 billion Kč over the past five years to 1.5 trillion Kč, the Czech Statistical Office has said. The average savings amount per head equals 150,000 Kč. Bank deposits make up one-quarter of the total volume; investment accounts for the rest. Czechs have recently started to invest in mutual funds and private pension schemes. DEFICIT - The Czech current account deficit fell to 10.465 billion Kč in July, down from June's 15.6 billion Kč, the Czech National Bank has announced. The income balance deficit stood at 12.941 billion Kč. The trade balance surplus fell to 1.151 billion Kč in July, and the surplus of the balance of services decreased to 1.176 billion Kč. ZENTIVA - Czech drug maker Zentiva announced in mid-September it had signed a contract to buy Romanian rival Sicomed for $102 million (more than 2.4 billion Kč). Zentiva will gain a controlling share with the acquisition of Venoma Holdings Limited, which owns 51 percent of Sicomed. Other articles in Banking & Finance (21/09/2005): Browse the Current Issue
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