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November 20th, 2008
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  • ČEZ -
    • Power company ČEZ completed the acquisition of two Polish power plants, Elcho and Skawina, in Amsterdam May 29. It will pay $383 million (8.5 billion Kč) to PSEG Global of America for majority stakes in the plants, company spokeswoman Eva Nováková said. She added that it is the largest foreign investment by a Czech company.

  • UNIPETROL -
    • Petrochemical group Unipetrol will probably move some of its subsidiaries to Poland, where PKN Orlen, its new owner, is located, Mladá fronta Dnes reported May 30. The paper reported that the company will move its Spolana and Kaučuk units.

  • PURCHASE -
    • Financial group PPF is interested in buying Ukraine's largest nonbank consumer finance company, Prosto Credit, Hospodářské noviny reported May 29. PPF has neither confirmed nor denied the report, only saying that it is in talks with several potential partners in Ukraine.

  • ECONOMY -
    • Confidence in the Czech economy grew both month on month and year on year in May to its highest level since January 1998, the Czech Statistical Office said May 29. The indicator grew 1.6 points from April and 4.2 points compared with last year. The increase indicates that Czech households expect their financial situations to improve.

  • OVERRIDE -
    • The Social Democrats and the Communists joined forces in Parliament May 23 to override President Václav Klaus' veto of a new Labor Code that has been criticized as discriminatory against employers. On the same day, Parliament also overrode Klaus' veto of a bill that would turn hospitals into nonprofit entities.

  • BEER -
    • Czech brewery Budějovický Budvar said May 25 it is still the exclusive owner of the Budweiser and Budweiser Budvar trademarks in Hungary even after a Budapest court ruled that rival Anheuser-Busch of the United States could sell its Budweiser brand in that country. The ruling and subsequent announcement is part of a trademark battle that has been going on between Anheuser-Busch and Budvar since 1906.

  • VAT -
    • The Senate passed a bill May 25 that would transfer some food products, including coffee, tea and chocolate, from the 19 percent value-added tax bracket to the 5 percent bracket. The bill still has to be signed by Klaus before going into law. Jiří Havel, deputy prime minister for the economy, said the measure would take 1.2 billion Kč ($54.7 million) from the state budget.

  • SALE -
    • Czech charter airline Travel Service has sold its Spain-based subsidiary Visig Operaciones Aereas to Airclass, Hospodářské noviny reported May 26. Travel Service is selling the subsidiary because airlines can offer flights to countries in the European Union from here now that the Czech Republic is a member of the EU, according to the company.


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