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December 4th, 2008
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INVESTMENT - Hyundai hasn't announced a decision about where to build a new automotive plant, but the company is already scouting housing in Nošovice, north Moravia, for a delegation that would launch the project there. Hyundai has been considering several locations in the region for the plant, which is expected to be worth around 40 billion Kč ($1.7 billion), since last year. The Cabinet has aggressively pursued the investment and announced this month it had given the South Koreans its final offer.

PLANT - The first unit at the Temelín nuclear power plant was reconnected to the grid March 18 after a half day shutdown to repair a broken cable, plant spokesman Milan Nebesář said. The first reactor was shut down March 17 after a cable connecting a switching station on the plant's premises and a gas boiler house failed. The plant then reduced output to 50 percent.

CROWN - Martin Jahn, head of human resources at Škoda Auto and former deputy prime minister for the economy, said March 17 that the strength of the crown poses a major threat to the economy. The crown is trading near record highs and causing problems for Škoda because the automotive manufacturer exports the majority of its production; the strong currency makes its cars more expensive abroad.

STOCK - The Securities Commission (KCP) has given U.S. media company Central European Media Enterprises (CME), the owner of TV Nova, approval to issue new shares on the Prague Stock Exchange. The KCP approved the offer almost immediately after CME announced its intention March 16. CME plans to raise $150 million (3.6 billion Kč) through the issue.

ENERGY - Prices of bread and other baked goods will reportedly increase 25 percent in the next two months due to high energy prices. Some bakeries have reportedly seen energy costs increase 60 percent due to a 25 percent hike in natural gas prices and a 13 percent rise in electricity rates over the past year.

CHEESE - A.W., the world's only producer of genuine olomoucke tvaruzky cheese cakes, sold 2,319 metric tons (2,556 short tons) of the pungent cheese last year, an increase of 160 metric tons from 2004, the company said March 20. Demand for A.W. cheese rose after rival producer JD, also based in Olomouc, north Moravia, went bankrupt in 2004.

Work - Czechs spend more time at work than any other nationality in the European Union, according to data from the EU statistical office, Eurostat. The average Czech citizen spends nearly 43 hours a week at work, compared with the EU average of 37.9 hours. In terms of Europeans as a whole, only Icelanders work more than Czechs.

CENTER - Electronic Data Systems is considering Prague for a new service center in Central Europe, but Poland remains the top contender. The center will employ 4,000 people. The Czech Republic is also reportedly being considered by Glaverbel/Asahi Glass for a new 2.8 billion Kč glass factory.


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