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December 2nd, 2008
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  • ADSL -
    • Fixed-line operator Český Telecom (ČT) announced June 13 it would reduce its wholesale prices for renting networks to alternative providers by 22 Kč ($1), which could likely mean a drop in prices across the market for high-speed ADSL Internet connection. ČT last changed conditions for ADSL services in February, when it raised connection speeds but kept prices flat.

  • INVESTMENT -
    • Czech households continue to move their money from savings accounts to more profitable financial products, according to a report on the development of financial markets in 2005. For example, the volume of investments in mutual funds rose 56 billion Kč to nearly 225 billion Kč, according to the report.

  • PROPERTY -
    • Development company Orco Property Group is likely to succeed in a bid for 11 billion Kč in property in Berlin, Mladá fronta Dnes reported June 10. Together with U.S. investment fund Morgan Stanley Real Estate, Orco has won a tender to buy a municipal management company, according to the report. Orco did not confirm the report, only saying it had submitted a bid.

  • LAYOFFS -
    • Czech Airlines (ČSA) plans layoffs as part of its turnaround strategy. Dušan Ryban, vice president of human resources, said the company could save hundreds of millions of crowns through layoffs, reorganization and reopening collective agreements. ČSA lost 496 million Kč last year.

  • TELECOM -
    • Mobile operators Eurotel and T-Mobile's UMTS networks cover almost the entire area of Prague, meeting the condition that the third-generation (3G) UMTS networks have to cover 90 percent of Prague's area by January 2007, the Czech Telecommunications Office said on its Web site June 12. T-Mobile launched the 3G service last fall, and Eurotel followed suit in December.

  • CARS -
    • Sales of new passenger cars fell 5 percent between January and May of this year compared with the same period last year to 51,004 units, the Car Importers Association said on its Web site June 9. When utility vehicles are accounted for, sales actually grew nearly 3 percent to 69,251 cars. Some passenger cars have recently been reclassified as utility vehicles, allowing buyers to deduct the value-added tax.

  • ACQUISITION -
    • The Anti-Monopoly Office (ÚOHS) has signed off on Spanish company Aqualia Gestion Integral del Aqua's purchase of 98 percent of water utility Severomoravské vodovody a kanalizace (SmVaK) for 4.8 billion Kč ($218 million), the office said through a spokesman June 9. In 1999 the ÚOHS allowed SmVaK to merge with Anglian Water of the United Kingdom.

  • SUPPLIERS -
    • South Korean automotive manufacturer Hyundai will cooperate with 20 to 30 Korean suppliers for production in its new plant in Nošovice, north Moravia, Eok-Jo Kim, head of Hyundai's Czech branch, told Hospodářské noviny June 9. Hyundai will work with Czech suppliers if their products meet the company's quality and price requirements, he said.


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